You now have the option to make additional repayments toward your active PayMongo Capital loan. This gives you the flexibility to accelerate payments on your loan by supplementing the automatic repayments that we collect as a portion of your daily sales.
How can I make a loan repayment through Pay Early?
Log in to your PayMongo account and go to the Capital page.
Below your active loan summary, click the Pay early button.
Deposit your payment to PayMongo's bank account listed in the instructions (e.g. via InstaPay, PESONet, etc.)
Upload your proof/screenshot of the deposit in the included form.
Our team will review the submitted details and update your loan balance once successfully validated.
Frequently Asked Questions
For Pay Early, do I need to settle the full outstanding balance of my loan, or can I make a partial payment?
You can choose to settle the full outstanding balance or make a partial payment.
How long will it take to reflect my Pay Early deposit?
2-3 business days; however, depending on your method of deposit, it may take additional time to clear and reflect in PayMongo's bank account, and therefore may extend beyond the 2-3 business days. For example, PESONet transfers may take an additional banking day to be credited to PayMongo's bank account due to PESONet cutoffs and clearing cycles, while check deposits may take 2 banking days to clear.
Additionally, to avoid delays in the processing of your payment, kindly review the details for accuracy when filing your transaction, and ensure that the proof/screenshot of deposit shows the transaction details clearly.
How will I know my Pay Early transaction has been credited to my loan's outstanding balance?
You'll see a record of your successfully matched repayment in your loan dashboard, and your outstanding loan balance will be updated.
Why was my Pay Early transaction rejected?
Possible reasons include the following:
The deposit/fund transfer never made it to PayMongo's bank account - double check with your bank on the final status of your transfer; for example, PESONet transactions that fail during the clearing process may take an additional 1-2 banking days to be credited back to your bank/e-wallet account by your sending bank/e-wallet.
You filed a duplicate Pay Early request, referencing the same deposit/bank transfer transaction as another request.
We were unable to verify the transaction due to discrepancies/missing information.
In these cases, a member of our team may reach out to you for additional information.
Can I file multiple Pay Early requests?
Yes, if you made multiple deposits. However, please avoid filing duplicate requests as this may slow down the review process.
Can I consolidate multiple deposits into one Pay Early request?
We recommend filing a different Pay Early request for each unique deposit transaction to facilitate more efficient matching of each individual amount sent to our bank account.
I initiated the deposit of the full outstanding loan balance to PayMongo's account, but before it was approved, I received a customer payment through PayMongo, which reduced my outstanding loan balance (resulting in overpayment of my loan). How do I get the overpayment back?
Any overpayments collected will be credited back to you via an adjustment to your next weekly payout.
If I fully repay my active, how soon will I qualify for a new loan offer?
A new loan offer may become available as soon as the day or the week after a loan has been fully repaid. However, new loan offers are not always guaranteed, as these are still subject to continuous evaluation together with our partner.