Afterpay on Cash App - Pay Monthly Recurring Payment Authorization

In this Recurring Payment Authorization for the Afterpay on Cash App - Pay Monthly Loan Product (“Authorization”), “we,” “us,” and “our” mean the lender for your Afterpay on Cash App Pay Monthly  loan and its successors, assigns, and loan servicers and other agents. The words “you” and “your” mean the consumer providing this Authorization. The term “Payment Method” and, with respect to the account associated with such Payment Method, each a “Payment Account”) means your balance of funds stored in Cash App (the “Cash App Stored Balance” or “Cash App Balance”) and/or the debit card you linked to your Cash App account designated as your payment method for purposes of a particular Afterpay on Cash App Pay Monthly loan or as your default payment method in your Cash App account. We will attempt to deduct payment amounts due from your Cash App Balance. If the payment amount due is greater than your Cash App Balance, then we will initiate the full payment amount due from the debit card you linked to your Cash App account. This Payment Authorization sets forth terms and conditions, in addition to those contained in your Afterpay on Cash App Pay Monthly Loan agreement, that govern these automatic payments. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in your Afterpay on Cash App Pay Monthly Loan agreement. If you change the debit card linked to your Cash App account, it will automatically change the debit card that we use for future Installment Payments as set forth in the Cash App Pay Monthly Loan agreement.

You execute this Authorization by electronically authorizing recurring payments as indicated in the origination process for your Cash App account or an individual Afterpay on Cash App Pay Monthly loan. The term “Authorization Screen” means the website or mobile screen through which you execute this Agreement.

Authorization for Debit of Down Payment and Recurring Debit of Remaining Payments

You authorize us to initiate electronic debits to your Payment Method: 

(i)                   For any down payment required in connection with the Afterpay on Cash App - Pay Monthly loan to which this Authorization relates on the date such down payment is due (as described in your loan agreement); and

(ii)                 On a recurring basis, for any deferred installment payments due in connection with the Afterpay on Cash App - Pay Monthly loan to which this Authorization relates in the amounts and timing disclosed in your Remaining Payment Schedule for such loan (as provided in your original loan agreement or as superseded by any subsequent Final Payment Schedule delivered to you as a supplement to your original loan agreement).

You also authorize us to initiate payments for any fees incurred on your Afterpay on Cash App Pay Monthly loan, and to aggregate your any fees owed into any payment under this Authorization for processing as one electronic debit or to process debits for additional fees separately.

You authorize us to rely on the Payment Method we have on file at the time a payment described above is initiated. You are responsible for ensuring that you have sufficient funds available through your Payment Method to make all authorized payments on the dates due. You understand that, to change your Payment Method, you must update your Cash App account with all necessary changes to your Payment Method on file and must do so at least [three] business days in advance of any scheduled payment in order for us to ensure that such scheduled payment will be processed using your new Payment Method. If we are unable to charge your Payment Method for an amount due, you will be subject to late fees based on your loan agreement, and you also may be charged fees by your financial institution that we do not control or impose.

Re-Initiation of Failed Debits

 If your Payment Method is rejected, we may attempt to re-initiate the payment, but we are not required to attempt re-initiation.  Please note that your financial or banking institution may charge you a fee for a returned or unsuccessful payment. We will not be held responsible for any fees assessed by your financial or banking institution for returned or unsuccessful payment agreement payments.

Authorization for Credit Entries and Correction of Errors 

You also authorize us to debit or credit your Payment Method as we deem necessary to correct any erroneous transactions with respect to the Afterpay on Cash App - Pay Monthly loan to which this Authorization relates.    

Additional Terms for Payment Methods that are “Electronic Fund Transfers”

If your Payment Method is covered under the rules for electronic fund transfers (e.g., a debit card or similar payment), the following terms also apply.

You may revoke this authorization at any time by contacting Cash App Support. Any notice of revocation must be received at least three (3) business days prior to the next scheduled payment due date to avoid the next scheduled payment from being automatically debited from your account. If you revoke this authorization, you understand that you will be responsible for making your payments by another payment method. 

You have the right to receive advance notice if any payment we seek will vary from the amount authorized above or from the prior payment in this authorization. We will notify you of such changes via email at least ten (10) business days before the varying payment is due.