What happens if I miss a payment?

Our missed payment terms have been updated as of September 1, 2018.

(Please scroll down to read the terms of payments missed before this date.)

If you miss a payment, you’ll be notified via email. To get back on track, resolve the missed payment with a credit or debit card as soon as possible—either directly on your dashboard or by calling (855) 908-3533.

Each time a payment is missed, it is moved to the end of your repayment schedule and considered an additional week on your payment plan. The weekly fee for this additional week will be appended to your repayment, as well as a late fee, on top of the original fee owed.   

 

If you missed a payment AFTER September 1, 2018:

The late fee is made up of 2 parts:

  1. A late payment penalty equal to $1 per active advance/draw
  2. An ACH missed payment reimbursement fee (NSF fee equal to $6 total)

Let’s break it down:

Say your regular weekly fee is $10, your weekly payment consists of two active advances/draws and you missed a payment. The missed payment would be moved to the end of your repayment schedule and look like this:

   Weekly principal

+ $10 (original weekly fee for the week missed)

+ $10 (weekly fee for the additional week)*

+ $2 ($1 penalty fee per active advance/draw)

+ $6 (flat $6 NSF fee) for the ACH missed payment reimbursement fee

Total fee repayment including late fee: $28.00

 

If you missed a payment BEFORE September 1, 2018:

 The late fee is made up of 2 parts:

  1. A late payment penalty equal to $1 per active advance/draw
  2. An ACH missed payment reimbursement fee per advance (NSF fee)

Let’s break it down:

Say your regular weekly fee is $10, your weekly payment consists of two advances and you missed a payment. The missed payment would be moved to the end of your repayment schedule and look like this:

   Weekly principal

+ $10 (original weekly fee for the week missed)

+ $10 (weekly fee for the additional week)*

+ $2 ($1 penalty fee per active advance/draw)

+ $4 ($2 NSF fee x two advances) for the ACH missed payment reimbursement fee

Total fee repayment including late fee: $26.00

 

*If you resolve the missed payment with a credit or debit card before the end of your repayment schedule, we'll waive the weekly fee for the additional week.

We strongly recommend keeping us in the loop regarding the status of your account and maintaining good communication with us.

If you are going through more serious financial difficulties that preclude continuing with the original weekly repayment plan, plus any missed payments, let us know so we can discuss options for a mutually amicable resolution. Please keep in mind that some resolutions may affect future use of your Fundbox account and could impact your future Fundbox Credit™ limit or pricing.

Our team's primary goal is to help small businesses succeed with excellent customer service. Tell us your thoughts, concerns or feedback at payments@fundbox.com.

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