Before you draw funds, you will be able to review and confirm your repayment terms. You will also receive a confirmation email with these details each time you make a draw.
Each draw acts like an individual loan, and has a fixed repayment term (12 or 24 weeks). Payment terms include the number of weekly payments you’ll be making and the total amount that will be debited each week. You'll also be able to review the breakdown of these weekly payments into principal and fees.
Debits are made automatically one day per week at 10am PT on your scheduled due dates weekly or quad weekly (only available with Fundbox Plus) depending on the repayment plan. If you have multiple draws, the payments get added together each week and the total will be debited via ACH. Once your draw repayment is completed, your total weekly payment will drop.
You can consult the Payment Details section of your dashboard to see which day of the week your payments will be debited.
Similar to how a credit card works, when you draw funds your available credit goes down. When you make a payment, your available credit goes back up, usually within 3 business days.
You can find answers to more frequently asked questions and support from the Fundbox team at help.fundbox.com or reach out to Joist's customer support team at hello@joist.com