Missing a payment for a draw on your credit line or term loan
We make automatic debits on Wednesdays at 10am PT, once a week or once every 4 weeks (option only available with Fundbox Plus), depending on the repayment plan.
If there are not enough funds in your account to cover a debit, your bank account details are not up to date, or for any other reason the debit is not successful, you will miss that payment, which will result in an overdue balance.
If you have an overdue balance, your ability to draw additional funds will be suspended. If you are a Plus customer, we will pause auto-renewal of your monthly Plus fee until your overdue balance is resolved.
If you think that an upcoming debit will not go through, we can switch to a different business bank account. Contact us anytime before 9am PT on the day of the scheduled debit to switch the account in time and avoid additional fees. Contact us at (855) 908-3533.
Missed weekly payment
If you miss a scheduled weekly payment the missed payment will result in an overdue balance that is due immediately. Your overdue balance will include all of the following:
- the amount of the missed principal and weekly fees from the originally scheduled payment; and
- a late payment fee equal to the average of the original fees of the repayment plan; and
- a $6 NSF fee, if the missed payment was due to non-sufficient funds in your account.
On a scheduled debit date we may attempt to debit any or all amounts you owe, including regularly scheduled payments and any overdue amount and associated fees. You can review the amount that will be debited on your dashboard. If you have an unresolved overdue balance on the date of a scheduled automatic debit and we attempt to debit your oldest missed payment and associated fees instead of your originally scheduled payment, your originally scheduled payment will become overdue, and it will also accumulate late fees if the debit of your oldest missed payment fails.
Missed every-4-weeks payment
If you are making payments once every 4 weeks and miss a payment, we will attempt the debit again once a week for the next 2 weeks and you will not be able to draw additional funds until the missed payment is resolved. You will be charged a $6 NSF fee for each missed payment that was due to non-sufficient funds in your account.
Missing a payment for a Flex Pay transaction
If you do not repay within the 3-day grace period, the Flex Pay expense will continue as a draw from your line of credit automatically, up to your available credit limit, at the fee rate and repayment schedule as selected in your Borrower Dashboard prior to the creation of the Loan.
If you do not have enough available credit to cover this draw, the difference will be debited from your primary bank account (or your dedicated Flex Pay account, if you have connected one).
If there are not enough funds in your bank account to cover the difference, your dashboard will be suspended—you will not be able to draw funds from your line of credit or transact with Flex Pay.
A fee will be added to your first repayment as follows:
- $9 fee per transaction up to $2,000
- $29 per transaction from $2,001 to $5,000
- $49 per transaction more than $5,000
You will have 3 days to resolve your overdue balance before additional fees are added. If you resolve your overdue balance during those 3 days, once we have confirmation of the payment, your account will be restored and you can continue to draw funds from your line of credit and transact with Flex Pay.
If you do not fully pay the overdue amount within the 3 extra days, an automatic weekly repayment plan with fees will be created for you to repay it. The automatic repayment plan will be at the fee rate and repayment schedule as selected in your Borrower Dashboard prior to the creation of the Loan.
We will debit an installment from your bank account every Wednesday until your overdue balance is paid off. (You can also pay off the balance in a lump sum anytime from your dashboard.) Once we have confirmation that your overdue balance was repaid in full, your account will be restored and you can continue to draw funds from your line of credit and transact with Flex Pay.
Missing a payment for Fundbox Plus
Fundbox Plus fees are debited automatically on the same date each month. Customers who miss a monthly fee will be notified and will not have access to Plus benefits until they renew and bring payment up to date. Existing draws will not be affected.
If you miss a repayment of a draw and therefore have an overdue balance, automatic debiting of your Fundbox Plus fee will be paused, and you will no longer receive Fundbox Plus benefits after your last paid period ends. If you resolve your overdue balance and your account is restored, your automatic debits will be resumed. Your automatic debit date will be updated to be the new date each month.