A security deposit may be required for Pay in 4. It is separate from your installment payment, processing fee, application fee and monthly membership fee. It is not a fee and is refundable subject to the conditions below.
Who needs to pay a security deposit?
We assess whether a deposit is needed for your account. If one is required, we will show you the amount and relevant conditions before you confirm payment.
Why does Deferit require a deposit?
The deposit helps protect Deferit against losses if payment obligations are not met.
When do I get the deposit back?
The deposit will be refunded back to the original payment method once all your payment obligations on your bills have been fulfilled. Your financial institution may take additional time to make the funds available.
If you do not meet your payment obligations, we may use the deposit to offset the loss incurred under the Terms and refund any remaining balance. It is therefore not always refundable in full.
Canceling or pausing membership does not itself trigger a deposit refund or cancel outstanding repayments. The refund conditions still apply.
Need help?
Contact Support through the website Chat widget if you have a question about your deposit or refund. For the full conditions, see our Terms: https://deferit.com/en-us/terms/