If you draw funds from Fundbox into your bank account:
You will be able to choose between a 12-week and a 24-week plan for each draw. Other plans may be added in the future.
Weekly payments and the flat weekly interest will be automatically debited 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 send funds to a vendor through Fundbox:
You will not have to make any payments at all until the end of your net terms. In most U.S. states, extended terms—up to 52 weekly payment, including a flat weekly interest amount—begin automatically when net terms end. However, you can pay in full anytime before the 52 weeks are up by calling Support or directly from the dashboard.
Once in extended terms, there is no prepayment penalty for paying off a draw in full before the 52 weeks are up. In fact, all remaining weekly interest will be waived! Customers only pay a fee for the weeks they used.
Within a week of each debit going through, the customer’s credit limit is replenished and can be used for additional purchases.
For customers who are not eligible for extended terms, the complete amount of the purchase will be debited automatically at the end of the net terms period. Customers in the following states receive net terms when they purchase with Fundbox, but will not continue to extended terms.
- New Mexico
- South Dakota
Regardless of the service you’re using:
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.
Within 3 business days of each debit going through, your credit limit is replenished so that you can use your Fundbox credit again.