When you draw funds, you will be able to choose a repayment plan and review the exact terms for that draw including the number of weekly payments and the fee structure. Your first repayment will be on Wednesday, no sooner than 8 days after you drew the funds.
Weekly payments are debited automatically from the business checking account you provided, every Wednesday at 10am PST, though it might take a few days to appear on your bank statement.
If you would like to switch the bank account for auto debiting, anticipate not having enough funds in your account to cover the debit, or any other questions that might affect the upcoming debit, please give us a call at (855) 572-7707, before 9am PST on the Wednesday that the debit is scheduled for.
We recommend calling in or making these changes from your dashboard by Tuesday as we experience a higher volume of calls on Wednesdays and want to make sure we’re able to handle your request in time.