Fundbox is a company that offers business lines of credit. They make the process fast and easy for small business owners to access the cash they need quickly. Registering with Fundbox is free, and applying will not affect your credit score. With Fundbox’s repayment plans of either 12 or 24 weeks, you will have a clear understanding of your obligations before getting your funds.
Small Business Line Of Credit
A line of credit is a set amount of money a business can borrow and payback later. These are the advantages of using a line of credit instead of a traditional term loan:
- You can use the funds when you need.
- Use the funds for business purchases like inventory, supplies, or operating expenses.
- Pay back your credit line anytime vs. a fixed term.
- There are no early repayment fees.
- They are “revolving”: you can use the funds up to your approved amount and make the funds available again once you have repaid them.
A line of credit can help you handle extra expenses or challenging business times, giving you access to working capital to run the business. For example, you may be waiting on an invoice to pay paid, or you may need a large purchase in advance of a job. You can get the extra cash flow to fund the projects with a line of credit in these cases.
How Fundbox Works
Fundbox makes the process of getting a business line of credit easy and fast:
- Apply: Share some basic information about your company and connect your accounting software and bank account. They will not save your login details, and applying will not affect your credit score.
- Get Funds: After the line of credit has been approved and you are happy with your interest, you can use your funds right away. You will only pay Fundbox when you draw the funds.
- Pay It Back: Pay equal installments in either a 12 or 24-week plan. As you pay, your credit will replenish, and if you decide to pay early, there are no penalty fees.
Get started with Fundbox to get an easy process to get access to funds, no early repayment fees, clear repayment plans and pricing, and automated debits from your bank account as you pay for your credit.