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As of August, 2019, Wave has discontinued Wave Capital. No new offers can be taken, but repayment for outstanding loans will continue under the same terms. Thank you for using Wave Capital.
With Wave Capital, you can quickly access funds to run and grow your business. Borrow the amount you need, and funds are delivered to you within one business day. Repayment is handled automatically—no need to let cashflow issues hold you back.
Wave Capital allows you to borrow money to grow your business. Select the amount you need, and you’ll get the funds the next business day. Repayment is in four instalments and triggers automatically, starting two weeks after you receive the loan. You pay back the funds in four equal instalments every two weeks.
Under Banking > Capital, you’ll see your available capital and the Get Funds button. Clicking on Get Funds lets you select that amount from the available funds.
To accept a loan, click Review to have a last look at the amount you’ve selected and the fee. After confirming details, accept the offer.
View loans you’ve received under the Your Loans tab and upcoming repayments for active advances under the Scheduled Repayments tab.
View all the advances you’ve taken and repayments you’ve made under the History tab.
What is Wave Capital? How does it work?
Wave Capital is a loan that enables you to borrow an amount from funds available. After you take a loan, repay the funds biweekly over 8 weeks, plus a fee.
For example, if you take out a loan for $1,000 on April 1 with a 5% fee, you repay $1,050 in total ($1,000 + 5%).
Your first repayment of $262.50 (¼ of the total owed) is due on April 15th, two weeks after you received the advance funds. Your three remaining repayments are for the same amount and are withdrawn automatically every two weeks until the advance is repaid in full.
When will I receive the funds?
If your request is approved, you’ll receive the funds by the next business day.
What’s the fee? When do I pay it?
Wave will charge a percentage on the amount you receive. For example, for a $1,000 invoice with a fee of 5%, the total fee is $50. You’ll pay ¼ of the fee back with each repayment instalment. There's no compound interest, hidden fees or penalty for early repayment.
How do I pay back my loan?
Wave will automatically debit your bank account on a biweekly schedule over 8 weeks. You can view your scheduled repayments under Banking > Capital > Schedule Repayments. Ensure sufficient funds are in your account on the day repayment is scheduled.
What is my borrowing limit based on? Can I increase it?
Your borrowing history is based on your activity in Wave. As you use Wave more, there will be opportunities to increase your credit limit.
What happens if I need to postpone a payment?
To postpone a payment, get in touch with our Support team via live chat in your Wave account between 9 a.m. - 5 a.m. Eastern. Please note that requests to postpone payment need to be submitted at least two business day before the payment due date, and are subject to approval.