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.
How and where can I make a payment?
You can make payments directly from your Loop dashboard.
Log in to your account and click Cards on the left side.
Next to Statement Balances, click Pay Balance.
Option 1 – Pay each currency balance separately.
This is a great option if you are holding balances in each of your currency accounts.
Choose In Individual Currencies.
Select whether to pay your
Statement Balance - The outstanding amount owing from your last generated statement. If you have already made payments toward your statement, these amounts will be lower than the full statement balance., Current Balance, or Minimum Amount Due.
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 - Per your card agreement, balances in amounts other than CAD must be paid in full in the currency shown, however this option enables you to have non-CAD balances converted to CAD so a minimum payment can be made.
Select the Account to Pay From for each currency.
Click Review, then Submit Transfer.
Option 2 – Pay all balances in CAD or USD.
This is a great option if you're looking for a one-click way to pay your entire statement balance across all currencies
Choose Pay all in CAD or Pay all in USD for a one-click payment across all currencies.
Loop automatically converts outstanding balances into the chosen payment currency.
Why can’t I pay the minimum amount due?
Once your account is past due, the full outstanding balance must be paid before credit access is restored. This safeguard helps prevent further delinquency and maintain responsible credit usage.
Why am I not receiving my statements? Where can I view my statements?
You can view and download statements any time under Cards → scroll to Download Card Statement.
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.
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 → scroll to Download Card Statement 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—about 15 extra days.
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 give 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 limit was reduced by the credit team, making a payment won’t instantly restore it. Maintain positive payment behaviour for 6–12 months, then request a re-review.
Notes
Always use your Loop account for faster payment processing.
Paying your balance early helps avoid late fees and interest.