What happens if I miss a payment? What is the Missed Payments Policy?

If there are not enough funds in your business checking account to cover a debit, you will miss this payment.

If you miss a payment one week, it will be due at the end of your payment plan, and fees will be added to it. That last week you will need to pay 

  • the amount of the missed principal,
  • the missed weekly fee,
  • an additional weekly fee for this additional week that has been added to your repayment plan, equal to the average of the weekly fees for all of the other weeks of the plan, and 
  • a $6-NSF fee, if the missed payment was due to non sufficient funds in your account.

Weekly payments are debited automatically—as long as you have enough funds in your checking account to cover the next debit, you will never miss a payment.

If you think there will not be enough funds in your account to cover a payment, we can switch to a different account. Contact us at (855) 908-3533 by 9am PST on the day of the scheduled debit to switch the account in time and avoid additional fees.

 How do fees work?

 

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