Maintain a balance to cover your automated repayment
- Since daily automated repayments are calculated based on the prior day’s sales, make sure you maintain a PayPal balance greater than the amount due so that you pay on time. If you don’t, we’ll have to take “catch-up payments” whenever you have a PayPal Balance to keep your loan from defaulting.
- Catch-up payments are a courtesy, not a standard practice. After the first 30 days of the loan, uncollected and catch-up payments cannot account for more than 50% of the cumulative balance due (based on sales that have occurred).
Meet the minimum repayment requirements
- On days that you don’t have sales, you won’t pay a thing. But remember, you are required to pay at least 10% of your total loan amount (loan + the fixed fee) every 90 days so that you make consistent repayment progress regardless of your sales volume.
If you don’t meet these requirements, your loan could go into default status. If that happens, your entire loan balance could become due and limits could be placed on your PayPal account.
For all of the details, read the FAQs.