Understanding Refunds
Refunds are handled according to the merchant’s refund policy. Please contact the merchant directly to understand your options.
Processing Your Refund
Once the merchant initiates a refund, we will return the refunded amount to the original payment method used for your order. Any remaining payments on your loan will be canceled, and we will send you an email confirming the refund.
Refunds may sometimes be issued in instalment amounts to match how the original payments were made. In these cases, check for any transactions labeled "Elective" rather than specific amounts.
If the merchant has confirmed they have sent a refund but you haven’t received an email from Elective, please follow up with the merchant for an update.
If Your Payment Method Is Canceled or Closed
By industry regulations, refunds must go back to the original payment method. However, most banks and card issuers can handle this:
- If you have a new account with the same institution, they may automatically credit the funds to the new account.
- If all accounts with the institution are closed, they may notify you of the credit or issue a check.
We recommend contacting your financial institution directly, as they will provide the most accurate guidance for handling refunds in these situations.