How will we use CPA?

A Continuous Payment Authority (CPA) will be set up towards the end of the Fintern loan application journey on your primary bank account, where you provide us with the 16-digit card number, the expiration date and CVV on your debit card. The following processes will take place:

• For your security we need to verify your debit card against the details you've provided. We do this using a pre-auth which checks that the card is valid, but does not take a payment. This card must be linked to your primary bank account. Once the loan is active, we may need to repeat this process to ensure the card is still valid;
• We will then exercise the rights under the CPA on your monthly payment date to collect your regular monthly payments.

Where we have live access to your Open Banking data, we will confirm you have sufficient funds in your account prior to taking a payment.