Note: This article will answer some common questions about loan billing but you should always refer to your contract package for the final say on billing specifics for your loan.
Before any funds can be disbursed from their loan proceeds, all Wunder borrowers must connect and validate a bank account that will be used for automatic withdrawal of monthly loan payments. Wunder with withdraw payment via ACH (Automated Clearing House) transactions. You can update the payment account connected to your loan at any time.
See the Bank Connect article for more information about connecting a payment account.
As soon as your Wunder loan has been fully disbursed OR has passed it's Term Activation Deadline, you will begin making monthly loan payments according to your contracted long-term billing schedule.
The date that you enter this schedule will be your billing date for the remainder of your loan. This means that if your final disbursement is initiated on the 6th of the month, the 6th of every month will represent the end of one billing period and the beginning of the next.
A withdrawal for the total amount due will be initiated at midnight on the last day of each billing period. Because of the timing delay associated with ACH transactions, it might be anywhere from 3-5 days before you see the funds removed from your account.
There are a number of emails that borrowers should keep an eye out for as it relates to the loan billing process. All members of the borrowing organization will receive emails related to payments so make sure that relevent staff have been invited to the Wunder platform.
Each month, borrowers will receive an Upcoming Payment notice 5 business days before the end of your billing cycle. If there is any doubt about how much will be withdrawn or whether there are sufficient funds in the bank account, borrowers should login to their Bank as well as their Wunder account to make sure that the transaction will clear.
After the payment has been initiated, you will receive an email confirmation that the transaction is being processed and a link to download the payment statement.
You can view and download your statement history under 'Statements' on the loan page in the Wunder platform.
Because your loan accrues interest at a daily rate each billing period is defined by the calendar month, your monthly bills will be variable depending on the number of days in that billing period. Each statement will show the amount of interest, principal, and fees that were accrued during that period and withdrawn in that month's transaction.