How much do you charge members for the BNPL program? Currently, our Split Your Payments plans are offered at 15.00% Annual Percentage Rate (APR).

Is there a late fee if I do not pay my plan on time? Yes. There is a 14-day grace period after the payment due date where no late fee is charged. After the grace period expires, a late fee of 5.00% of the payment amount will be charged to the member, with a minimum of $15.00 and maximum of $40.00.

Can I change my installment plan from 6 months to 9 months? No, once you establish an installment plan, the terms cannot be changed.

What if I create a plan, and then return the item that I purchased? What will happen to the BNPL plan? The store’s return policy will determine how you receive a refund. The BNPL plan will not be affected. You can choose to pay off the plan early or allow the plan to be repaid as scheduled.

How will using BNPL affect my credit score? Rave Financial does not perform a credit check when determining a member’s eligibility for BNPL. Additionally, BNPL plans are not reported to the credit bureaus, so a BNPL plan that is created and paid timely does not affect a member’s credit score.

An unpaid BNPL plan that becomes delinquent and is subsequently referred to Collections may be reported to the credit bureau.

Why would I choose a BNPL plan over a credit card? Credit cards are strong payment vehicles. They allow members to make purchases they need and repay over time – like BNPL. However, credit cards require different qualifications and, for some members, are not an available option.

Regardless of a member’s ability to qualify for our credit card program, some will still prefer the low cost, convenient access, and simple terms provided through our BNPL program.

Where can I find my BNPL offers? BNPL offers are displayed within the Buy Now, Pay Later section of the digital banking session.

If my account is overdrawn, will I qualify for BNPL plans? If your account has been in a Non-Sufficient Funds (NSF) status more than 5 times during the last 60 days, you are not eligible for BNPL.

What happens after I accept a BNPL offer? When a member accepts a BNPL offer, you are creating an installment loan. The loan automatically books and, just like any other personal loan, the funds are disbursed to your checking account.

How long will it take for the loan disbursement to post to my checking account? It typically only takes a minute or two, but it may take up to 24 hours before the deposit posts into your checking account.

When are loan payments due? The first loan payment is due 1 month from the date the loan was created and reoccurs monthly thereafter for the duration of the plan.  The loan must be set up for autopay.

Can I change my loan payment due date? No. Loan payment due dates cannot be changed.

If I want to change to manual payment, can I do that? No, the loan repayment method cannot be updated.

Can I cancel a BNPL plan? An installment loan cannot be canceled; however, you can choose to pay the loan off early.

Can I pay my plan off early? Yes, members can pay off early through online banking or by contacting a credit union employee.

Where can I view my active and paid-off plans? All current and historical plan information is found in digital banking.

How soon after becoming a member will BNPL offers be available? Members must have established their account 90 or more days before they will qualify for BNPL.

Additional Information About Split Your Payments Plans

How do I know if my debit card purchase qualifies for a BNPL offer? When a debit card purchase qualifies for BNPL, the offer will display in digital banking. If an offer is not displayed, then the purchase was not eligible for BNPL. This could be due to several factors, including:
• The transaction amount was too small or too large.
• The transaction was made at an ineligible merchant type. Some common merchant types that are not eligible for BNPL include cash advances, gambling & lotteries, and money transfer services.
• Your account may have been overdrawn too frequently. A member who has been in a Non-Sufficient Funds (NSF) status more than 3 times in the last 60 days is not eligible for BNPL.

How long does it take for an offer to display after a qualified purchase is made? When an eligible member makes a qualified debit card purchase, you can generally expect to see an offer for that purchase within a few hours of transaction settlement.

How long will an offer be displayed in digital banking? BNPL offers expire 60 days after the transaction posting date. If it has not been 60 days since the debit card purchase posted, then the offer was removed for another reason.
This can happen for several reasons, most commonly:
• The member accepted a different offer and does not qualify for any additional offers.
• The member’s account activity changed, and they no longer qualify for new BNPL plans

What are the minimum & maximum transaction amounts for a qualifying debit card purchase? Qualified debit card purchases must fall between $80 - $2500.

Subject to approval. Member must have a checking account. Member's eligibility is determined by account relationship, including: average deposits, average daily balances, outstanding loans, existing repayment behavior, and insufficient funds history. For Debit card purchases to qualify they must be recent, within the approved dollar amount range, and made at a qualifying merchant category type. See credit union for more details.