What if I'm late making a payment?
If Lending Loop's automatic monthly loan payment withdrawal request is denied by the business' bank, an NSF fee of $25.00 will be incurred. This typically occurs when a business has not maintained a sufficient bank account balance for the monthly repayment(s). If the Borrower misses a monthly repayment and is unable to rectify it within 1 business day of the problem, the payment will be marked as overdue. Late payments that are not rectified within 7 days will incur a fee equal to 15% of the outstanding loan payment(s) which will be charged to the Borrower.