Interest payments are paid in arrears based on the monthly interest charged for the prior months borrowing activity.
Borrower payments are due to Ignite Funding on the 1st of each month with a 10-day grace period. Once we receive the payment from the Borrower, we clear the funds through our bank and distribute the interest payments directly to the Investors on the 15th of each month, or the business day prior if the 15th falls on a weekend or holiday. Interest is charged each month using a 30-day month interest calculation.
