If you do not repay within the 3-day grace period, the Flex Pay transaction will continue as a draw from your line of credit automatically. 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).
Starting on April 25, 2022 if you do not have 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 until you resolve your overdue balance.
- You’ll be charged a $9–$49 extension fee and you’ll get 3 extra days to resolve your overdue balance. The extension fee will be automatically applied—$9, $29, or $49, depending on the overdue amount. You’ll then get 3 extra calendar days to resolve your overdue balance.
- $9 fee for transactions up to $2,000
- $29 for transactions from $2,001 to $5,000
- $49 for transactions more than $5,000
If you do not resolve the overdue balance in the 3 extra days, a payment plan for the overdue balance will begin automatically. The automatic repayment plan will be at the fee rate and payment schedule in your Borrower Dashboard for Flex Pay Loans. 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.