We understand that knowing the payback schedule of your advance is important. With Sorbet, you will make 23 monthly payments, and the amount you pay each month depends on your advance's APR. For your convenience, Sorbet offers low, interest-only payments for the first 23 monthly payments.
The standard term for paying back your Sorbet PTO Advance is 2 years (24 months), with monthly payments. For your convenience, the first 23 monthly payments are interest-only. For example, if you've taken a $1,000 advance with an APR of 12%, you'll pay $10 per month for the first 23 months. The final payment will cover your final interest payment plus your principal balance with Sorbet ($10 + $1,000 = $1,010). If at any point during the term of the loan you leave your job, you will need to use your PTO payout from your employer to pay back your Sorbet PTO Advance. We hope this helps clarify any questions you might have. If you need further assistance, please reach out to our support team.