Repayments are spread evenly across 12 or 24 weeks, depending on the terms you choose when you draw. Each weekly repayment is made up of two parts: a fraction of the amount drawn, and a simple, flat fee.
Your weekly repayment will be automatically debited from your bank account each Wednesday, using ACH. All you need to do is make sure there are sufficient funds in your account when we debit it to avoid additional fees associated with a missed payment.
As soon as you draw funds, we'll send you an email with your repayment plan. The repayment period is spread over twelve or twenty-four weeks (depending on which plan you chose), starting no less than eight days after you cleared the invoice.
Please note that the dates in the payment schedule email are optimal, and depending on your bank, it may take up to 3 business days for the transaction to appear on your bank statement.
If at any point during the repayment period you wish to repay the amount due early, we will waive the fees for the remaining period. So you only ever pay for the time you used our service.