Can I modify my repayment schedule?
Written by Marketing Team
Updated over a week ago

Yes! You can modify your upcoming weekly repayment date and amount using the Custom Payment feature. 

Simply log in to your FundThrough account and click on the 'Advances' tab. Then click on the green 'Make Payment' button sitting above your list of advances.

When should I use Custom Payments?

1. To change the date of your next regularly scheduled repayment

If you prefer to make your next repayment ahead of Wednesday, you can schedule a custom payment in an amount equal to your regular payment.

2. To make a lump sum payment towards your outstanding balance
You can make a custom payment towards your balance in any amount over the $10 minimum. If your Custom Payment amount is less than your next Regular Payment, your next Regular Payment will be reduced by the amount of your Custom Payment and you will pay the balance on the date of your upcoming Regular Payment.

To save on fees, you can make a Custom Payment in an amount greater than your regular payment. This will pay off your next regularly scheduled repayment and the difference (or remainder) will pay off early your last regularly scheduled repayment. If the difference from the Custom Payment is enough to pay off all of the principal on the last Regular Payment, the fees from that last Regular Payment will be waived and your schedule of Regular Payments will end one week earlier.

3. To pay off your entire balance
If you have multiple advances outstanding and want to pay off your entire balance, you can schedule a custom payment in the amount of your full balance. You'll be able to save on fees and refresh your available credit so you can fund again.

Can I Schedule a Custom Payment anytime?

You can schedule a Custom Payment to occur as early as the next business day and as late as your next regularly scheduled repayment. The Custom Payment you schedule cannot be reversed.

How are Custom Payments applied to my outstanding balance?

Custom Payments reduce the amount due on your next Regular Payment. The Custom Payment amount you choose will apply towards your next Regular Payment in the following order: principal, weekly fees, any additional fees (from skipping a repayment or a failed payment).

Are there any restrictions on Custom Payments?

Yes, there a few restrictions to be aware of when using Custom Payments.

  • Feature usage: Custom Payments cannot be scheduled if you already have an advance scheduled for early repayment.

  • Payment Amount: Custom Payment amounts must meet a $10 minimum requirement.

  • Payment Timing: You can submit Custom Payments on a weekly basis. When selecting a Payment Date, you'll be able to select a date as early as the next business day (if you submit your request before the cutoff time) and as late as the upcoming Wednesday (when your next Regular Payment is scheduled). 

Cutoff time (Mon, Wed-Fri): 1:00pm EST

Cutoff time for Canadian Businesses (on Tuesday): 1:00pm EST
Cutoff time for U.S Businesses (on Tuesday): 11:30am EST

For example:

On Thursday before 1:00 pm EST, you can schedule a Custom Payment to occur as early as Friday and as late as Wednesday. 

On Thursday after 1:00pm EST, you can schedule a Custom Payment to occur as early as Monday and as late as Wednesday. 

On Tuesday after the cutoff time (based on geography - see above), the Regular Payment on the next day can no longer be modified by a Custom Payment.

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