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

Missing payments

We make automatic debits on Wednesdays at 10am PST. 

If there are not enough funds in your business checking account to cover a debit (non sufficient funds (NSF)), you will miss that payment. You may also miss a payment if we have the wrong bank account information, or if for any other reason the debit does not go through.

If you think that an upcoming debit will not go through, we can switch to a different business bank 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.

 

Rescheduling missed payments

If you miss a payment one week, this overdue payment will be added to 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
  • a $6-NSF fee, if the missed payment was due to non sufficient funds in your account.

 

Carrying an overdue balance

If you miss a payment and therefore have an overdue balance, your ability to draw additional funds will be temporarily turned off. After you resolve your overdue balance and one regularly scheduled weekly payment goes through successfully, we’ll be able to turn back on your ability to draw.

How do fees work?

 

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