Repayment of loan
The loan from Fundbox is paid from the business savings or checking account linked to the Fundbox account. Also, the borrower can set automatic payments to avoid late payments and late fees. Such a payment does not require payment of additional fees. The borrowers can also pay the loan debts from Fundbox using a credit card, debit card, or PayPal. In this case, additional fees may appear.
A revolving credit line implies that the applicant can borrow money again if they promptly repay the current debt on the credit balance. Also, payments made on time can help the borrower get a loan balance for a larger amount. The borrower is advised to make payments several weeks in advance as weekly payments can be difficult to track.
Payment schedule
Payments on the loan from Fundbox are made every week. Debits will be automatically made every Wednesday at 10 am PST. The starting date is not less than 8 days after you withdraw the funding. If you draw money on Tuesday, your payments will be due the following Wednesday.
When you draw the funds, the available credit limit goes down. It goes back within 3 business days once you make a payment.
Early payoff
Fundbox welcomes early repayment and does not require any prepayment fees. Moreover, with such a short repayment term of 12 or 24 weeks for a credit line and 24 or 52 weeks for a standard loan, making early payments is a good solution, since, with a short loan term, the probability of being late with payments and worsening credit is higher.
