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 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.
If you miss a payment and therefore 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.
Rescheduling a missed payment for a draw on your credit line or term loan
If you are making weekly payments and miss a payment, the overdue payment will be added as an extra week at the end of your repayment plan, and late payment fees will be added to it. That week you will be automatically debited for:
- 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 over the course of the plan)
- a $6 NSF fee, if the missed payment was due to non-sufficient funds in your account.
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 payment. 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.