In Q1 2023, some Fundbox Term Loan accounts were converted to Fundbox Line of Credit accounts. Here are some frequently asked questions to help you better understand this change:
Will my existing loan change in any way?
Your existing loan, including your terms and payment schedule, will not change. However, as you repay, you will now gain access to additional credit through draws up to your credit limit.
Will my credit score be impacted by this change?
No. There have been no additional pulls on your credit report as part of this change.
How does a Fundbox Line of Credit work?
A Fundbox Line of Credit allows you to draw funds and repay them on a revolving basis without reapplying. As you pay down your outstanding balance, you will be able to draw additional funds, up to your available credit limit. You can choose a 12 or 24 week repayment plan each time you draw funds. You will not be charged any inactivity fees if you choose not to draw additional credit.
Do I have to continue using a Fundbox Line of Credit?
You are under no obligation to draw against your Fundbox Line of Credit, and you may close your account by emailing support@fundbox.com.
Why has Fundbox made this change?
By converting existing accounts to a Fundbox Line of Credit, we are providing our customers a means to access additional credit, without requiring customers to reapply.
Where can I find information (e.g., payment history) about my term loan?
You can find previous loan information under ‘History’ in the Payments Details tab in your dashboard, or you may request documentation of your account history at any time by emailing support@fundbox.com
Can I get a larger line of credit?
You have the ability to request a review for a larger line of credit by uploading more information, such as a tax return, in the Data Sources area of your dashboard.
Why didn’t my Term Loan account get converted to a Fundbox Line of Credit?
Eligibility for conversion to a Fundbox Line of Credit is determined on a case-by-case basis, looking at account status, outstanding balance, and other criteria.