What if the credit isn't approved?
In some cases, Leanpay requires immediate first payment to approve the payment with installments. In other cases, Leanpay does not require this, and the first obligation to pay the user is to pay the first installment.
If a ring purchase requires immediate first payment, I can see this in the application process, for example in standard preliminary information, which I can view in the Leanpay app as the first step before I decide to proceed with the application.
A successful first payment confirms my seriousness in major purchases and confirms that I hold a valid and acceptable payment method for Leanpay (and online purchases).
Leanpay uses the amount of the deposit as an immediate partial payment with installments (reduction of the principal of the credit), as is clear in the credit amortization plan.
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If, after the first payment was made, the credit agreement is not concluded for any reason (for example, due to a subsequent finding that I have provided incorrect or untrue information as a user) without drawing payment in installments (payment for goods or services to the store has not been made), Leanpay returns the first payment received to the same payment method from which it was received (payment card).
If the credit has been drawn down and I have a payment obligation to Leanpay as a user, but it is not possible to enter into a credit agreement, Leanpay can set off the first payment against my obligation and only claim me for the difference in payment of the liabilities.
It takes up to 4 working days to repay the first payment process made through the Leanpay payment card processing system provided I have settled all other liabilities to Leanpay).