Frequently Asked Questions
Q1: When is the annual fee charged?
The annual fee is charged upfront once your requested approved limit is approved, and must be paid before the limit is activated.
Q2: Can I change my limit?
Yes. You can request an increase or decrease at renewal, subject to updated assessment and approval.
Q3: Is the annual fee refundable?
No. The annual fee is non‑refundable, even if you do not end up using your approved limit during the year. Similar non‑refundable annual or line fees are standard in business credit and card products.
Q4: What happens if I don’t pay the annual fee?
Your approved limit will not be activated, or an existing limit may be suspended until the fee is paid.
Q5: What happens if I fall behind on monthly payments?
Your account or limit may be suspended; balances continue to accrue fees/interest until brought up to date.
Q6: Can I cancel an approved limit?
Yes. You can cancel a limit once all associated obligations are settled and you provide at least 30 days’ notice before the end of the annual period.
Q7: What happens to the cancelled limit?
Access to that limit ends. Any remaining balances must still be repaid in full under your agreement.
Q8: What if I don’t use my approved limit?
The annual fee is still payable and remains non‑refundable. The fee covers the cost of maintaining the facility and keeping funds and risk capacity available, not just actual usage.
Q9: Will I be notified before my limit renews automatically?
Yes. Cloudfloat will send a renewal notice at least 30 days prior to auto‑renewal so you can review, adjust, or cancel your approved limit before the next annual fee is charged.