If you are consolidating debt or you’ve decided to work with another lender, it is likely that you will have to provide them with a payoff letter from Fundbox to zero-out your outstanding balance. To get a payoff letter, contact Fundbox Support.
It’s important to note that when you request a payoff:
- The payoff amount is valid for a two week period.
- Auto payments will be paused during that period and you will not be able to draw funds.
- There must be no pending payments in order to issue the payoff letter. (Remember: Payments are processed on Wednesdays and finalize on Mondays. Please see below.)
- If you decide to cancel your payoff, or if the amount is not received by the date provided, we will restart auto payments and add the fee for each payment that was not debited during the payoff period.
- All Fundbox payments must be posted* (See below).
- It is best to request a payoff letter on a Monday or Tuesday, up until the time Fundbox weekly payments process on Wednesday morning.
*Requesting a payoff letter after Wednesday morning and before payments have finalized on Monday:
Because we use the ACH system, you may have a Fundbox payment pending. We are still happy to provide you with a payoff letter but we may need proof of payment from you first.
Simply sending in a screenshot of your online banking displaying the posted transaction or showing a balance greater than the pending payment to email@example.com is the best way for us to provide you with your payoff letter quickly.
Is a balance statement the same as a payoff letter?
No it isn't! A balance statement can be downloaded from Fundbox dashboard, but does not accurately show your payoff balance. It shows your current balance if you were to stay on your original repayment plan. Remember, you save in fees when you request a payoff letter so your payoff balance may be less than your balance statement shows.
For an official payoff letter, email firstname.lastname@example.org.
Why is my account disabled when I've requested a payoff?
To ensure that the balance on your payoff letter remains accurate, your account will be frozen to prevent weekly payments from processing and new funds from being drawn.
Can I use Fundbox again after a payoff?
After we have received the payoff from the third party and applied it to your account, if you would like to continue using Fundbox, let us know.
Since you are receiving funds from an alternate lender, your Fundbox account may need to undergo a manual reevaluation to determine if your Fundbox credit will remain the same.
Your Fundbox credit line may be adjusted, but we will keep you in the loop every step of the way.
This process can take 1-2 weeks.