Repayment of loan
The user can enable the Auto-pay function in the Grain mobile application. If this function is enabled, the required amount is automatically debited from the user's checking account using ACH debit. Also, the borrower can make payments manually in the Grain mobile application. The payment will also be debited from the bank account. Grain does not charge transaction fees.
If you set up the automatic payment feature. Custom Auto-Pay automatically selects the date of replenishment of the Grain account based on the date on which the borrower has the most optimal cash flow. If you don’t have the auto-payment and want to make payments manually, you need to access the Credit Tab in the Grain mobile application and make the payments from there.
A borrower who builds credit will receive credit tips that will help them improve their credit. After 6 months of on-time payments and a low credit utilization rate, the credit limit may increase. Grain does not specify to what amount the line limit is increased.
If the user's payment is returned, it means that at the time of making the payment, that is, ACH debit, there were not enough funds on the user's checking account. Due to the nature of the ACH network, banks have up to 4 business days to recall a payment for insufficient funds even after they have initially made the payment.
How to get the earned money?
The client receives funds from the Grain credit line to their bank account. The standard time for processing the earned funds is one business day. You will have to pay a 1% fee of the amount you want to withdraw.
There is an option to make quick transfers. This requires you to contribute a 1.5% fee from the sum you are withdrawing.
