The standard term for paying back your PTO Advance from Sorbet is 2 years (24 months), with monthly payments. For your convenience, the first 23 monthly payments are interest-only, followed by a principal amount (and your last interest payment) paid at the end of your term or if you leave your current job, whichever comes first. So, for example, if you've taken a $1,000 advance with an APR of 10%, you'll only pay $4.34 for the first 23 payments. We hope this helps clarify any questions you might have. If you need further assistance, please reach out to our support team.
Please note that while our Sorbet PTO Advance is designed to be paid back with your PTO payout. If your company does not pay you out for your accrued and unused PTO, upon separation or otherwise, you will still be obligated to pay your loan in its entirety when the loan comes due.