If your Loop Credit account becomes past due, you'll need to bring your balance current before regaining access to credit. This guide answers common questions about payments, due dates, fees, and next steps to resolve a past due balance.
Overview
When your Loop credit card account is past due, it means your payment wasn't received by the due date listed on your statement. While this can happen for a variety of reasons, Loop's goal is to help you understand your balance, avoid further fees, and restore your credit access quickly.
This FAQ covers how to make a payment, what fees or restrictions might apply, and who to contact for assistance.
What does "past due" mean?
A Loop Credit account is considered past due if the minimum amount due on your statement is not received by the due date. This means the required payment for that billing period has not been paid on time.
How and where can I make a payment?
1. Navigate to the Cards page.
Log in to your Loop account.
Click Cards in the left-hand menu.
You'll see Cards, Balances, and Pay Card as tabs on the Cards page.
2. View your statement.
Monthly statements are generated within the first 5-8 business days of the new month.
You can also view or download current and past statements directly in your account.
Balances are listed by currency, with all transaction sums shown.
3. Pay your balance.
To view your available payment options, click the Pay Card tab. You can also get there by clicking the Pay Card button above the Latest statement table on the Balances tab.
On the Pay Card tab, you have the following payment options:
Option 1 — Pay each currency balance separately. Use this if you hold funds in each of your currency accounts.
Click Make a Payment.
Choose one of:
Outstanding Balance – Amount owing from your last statement. If you have already made payments toward your statement, these amounts will be lower than the full statement balance.
Current Balance – The full amount owing from your previous statement and any charges made in the current period, less any payments you have already made against your balance.
Minimum Amount Due – Available only for CAD balances. Per your card agreement, non-CAD balances (USD, GBP, EUR) must be paid in full.
For Outstanding Balance or Current Balance, select Multiple Accounts and choose which account to pay each currency balance from.
Click Review, then Submit Payment.
Option 2 — Pay all card balances in CAD or USD. Pay your entire statement across all currencies with one click.
Click Make a Payment.
Select Outstanding Balance.
Select the One Account option instead of Multiple Accounts.
Select the account to pay from.
Click Review and then Submit Payment.
Loop automatically converts all outstanding balances into your chosen payment currency.
Option 3 — Make a custom payment. If you'd like to pay a specific amount:
Click Make a Payment.
Select Custom Amount.
Enter the custom amount to be paid next to each currency.
Click Continue, then select Multiple Accounts.
Choose which account to pay from for each currency.
Click Review, then click Submit Payment.
Where can I view my statements?
You can view and download statements any time under Cards → Balances → scroll to Download Statements.
If your account becomes past due, you will receive email notifications from Loop. If you're not receiving email notifications:
Make sure your email address is correct under Settings.
Check spam or junk folders.
Confirm that you're opted in to receive Loop emails.
FAQs
When is my due date, and is it always the same?
Your due date appears on each monthly statement and remains the same every month.
To find it, check your Loop Dashboard or your most recent statement.
Payments from external accounts can take 3–4 business days to clear, so pay a few days early.
Using your Loop account for payments ensures the fastest posting time.
Where can I find my interest rate?
Your current interest rate (APR) is listed on your monthly statement.
Go to Cards → Balances → scroll to Download Statements to view balances and transactions by currency.
How is my interest calculated?
Unlike many other capital providers, Loop only charges interest on the outstanding balance rather than a % of the total amount borrowed. This means that as you pay off your balance, the amount of interest you pay also decreases. Interest is calculated monthly by taking the cumulative amount drawn during the respective monthly billing period and multiplying it by the applicable interest rate.
Why was I charged additional fees?
Possible additional fees include:
Late payment fees: Greater of $25 or 2.99% of any past due amount.
NSF fees: When a payment fails due to insufficient funds.
Program fees: Monthly fees linked to specific card programs.
You can review all fees on your statement or in the Transactions section.
Who can I contact about payment issues or plans?
For past due balances or payment plans, please contact us at support@bankonloop.com.
I can't pay my full balance. Do you offer payment plans or interest reduction?
Loop may offer payment plan options depending on your eligibility. Please contact support@bankonloop.com to discuss available solutions.
Interest rate changes aren't available, but repayment options can be adjusted to suit your needs.
What is the grace period for payments?
Loop offers a longer grace period than most traditional business credit cards.
For example, if your statement is from January 1 to January 31, you'll have until February 25th to make your payment (whereas with most bank credit cards your payment would be due around February 10th). With almost all credit cards, interest accrues on each purchase from the date of the purchase, but you can avoid any interest being charged by ensuring you pay your balance in full every month by the due date. Loop uses the same premise, but gives you the extra days to repay to make sure you can avoid any extra charges (because they can really add up).
Where can I find my cardholder agreement?
Your Loop credit card agreement is available in your dashboard under Settings → Documents.
How can I request a credit limit increase?
To be eligible, ensure:
You have maintained an excellent internal repayment history with Loop to date.
You have never been late with your payment.
You have never missed any payments.
You repay your full statement balance each month.
You have good external credit, with no delinquencies.
It has been at least 3 months since your last credit limit increase review.
To apply, email support@bankonloop.com with your requested limit and reason.
If you're requesting over $25,000, include recent financial statements in your email.
I made a payment but it says it'll take 3–4 days to clear. Will this make me more past due?
If your payment was submitted on or before your due date, it won't be considered late.
If it was made after the due date, you may still incur late fees or interest while it clears.
Why is my card declining or my limit reduced?
If your credit limit has changed or your card is being declined, contact payments@bankonloop.com.
Loop may adjust limits based on internal and external credit evaluations.
Will my credit limit be reactivated once I pay my past due balance?
Not automatically.
If your credit limit was reduced by the credit team, making a payment will not instantly restore it. While we can't guarantee a timeline or outcome, maintaining a strong payment history over time can support a future review.
You can reach out to our team after a period of positive account activity to discuss whether a limit review is possible.
Notes
Always use your Loop account for faster payment processing.
Paying your balance early helps avoid late fees and interest.