At Arch, it is always our goal to help our customers make their payments on time. To do so, we send a series of reminders via email to let you know that it's time to make a payment.

Statements are due at midnight (UTC-5 timezone). If you haven't covered the full outstanding interest and principal balance by the time of your statement due date. It becomes late. (Note: principal is only due on every statement in the case of amortized loans or on the last statement of an interest-only loan)
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If the balance has not been paid 5 days past the statement due date (or as outlined in your loan agreement), a late fee gets attached to the statement. The late fee is calculated as 1% of the outstanding balance, with a minimum of $10.

If the balance (including the late fee) has not been paid 20 days past the statement due date (or as outlined in your loan agreement), Arch will liquidate a portion of your collateral to cover the full balance. Once done, it's marked as paid and no longer considered late.