An additional $960 is kept above and beyond the reserves.
The loan option gives the payee the option to receive a draw at any time and is paid back on the week of the payees draw
Ex. The payees pay out is on the 3rd week of the month.. the payee would like a loan against their Draw and would like to receive the payout on the 2nd week. The Draw is taken from the Loan Funds.
The loan is repaid on the 3rd week when the payee receives their payout.
Max Payout $960
- Draw $480
- Loan $480
A. Loan can be taken out
- on the day of the draw
- before the draw
- after the draw
B. You cannot have more than 1 outstanding loan
C. Any outstanding loan must be repaid prior to receiving additional loans
D. You cannot take an early draw and a loan
E. Maximum of 2 payee outstanding loans simultaneously
F. You cannot have 2 open repayments simultaneously
- Early draw to repay
- Loan to repay