A progress draw is where customers have the flexibility to draw funds to make milestone payments progressively to their merchants, so rather than paying all at once you’ll pay a merchant partner in instalments instead. Customers don’t need to make any repayments until the funds are fully drawn under your Loan Agreement or your progress draw period ends.

A progress draw is helpful when you have been given indicative costs by your merchant initially (e.g. dentistry, home improvements) but you will be given more certainty as it progresses and are required to do service milestone based payments

Currently this feature can only be initiated by merchants instore.

If a merchant partner initiates a progress draw for a purchase you have made from them, you will receive an SMS asking you to confirm and approve the progress draw payment by providing a unique 6 digit code.

It is important when you receive that SMS to:

– review the progress draw amount being requested and confirm the amount is correct;

– confirm any questions about your purchase with the merchant partner; and

– if in doubt you can always contact us.

If you approve the progress draw, the progress draw amount will be added to the Outstanding Amount under your Loan Agreement and you will be charged a Progress Draw Fee.