When you draw funds, you’ll choose a weekly repayment plan. That plan will include the number of weekly payments, and the amount you’ll be repaying each week. All of the weekly payments will be for the same amount and include a portion of the total principal and fees due on the draw.
Weekly fees
Weekly fees are the standard fees paid on each draw.
When you draw funds, your repayment terms include amortized weekly fees. This means that while the total amount of your weekly payment is the same each week, the breakdown between principal and fees changes. You will pay more of the fees and less of the principal early in the plan. And less of the fees and more of the principal later on. You can always review the fees before you draw.
Other fees
These fees are only relevant in certain cases.
Late payment fees
If you miss a scheduled weekly payment the missed payment will result in an overdue balance that is due immediately. Your overdue balance will include all of the following:
the amount of the missed principal and weekly fees from the originally scheduled payment; and
a late payment fee equal to the average of the original fees of the repayment plan; and
a $6 NSF fee, if the missed payment was due to non-sufficient funds in your account.
On a scheduled debit date we may attempt to debit any or all amounts you owe, including regularly scheduled payments and any overdue amount and associated fees. You can review the amount that will be debited on your dashboard. If you have an unresolved overdue balance on the date of a scheduled automatic debit and we attempt to debit your oldest missed payment and associated fees instead of your originally scheduled payment, your originally scheduled payment will become overdue, and it will also accumulate late fees if the debit of your oldest missed payment fails.
For more information on Fundbox's Missed Payment Policy, click here.
Non-sufficient funds (NSF) fee
If you do not have enough funds in your checking account to cover a debit, the debit will bounce. This is called “debit failed due to non-sufficient funds (NSF)” and it carries a fee from Fundbox and a separate fee from your bank.
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