We offer two services, a revolving line of credit and net terms on business purchases. Making payments to Fundbox works differently for each.
When you draw funds:
You will be able to review and confirm your payment terms.
Payment terms include the number of weekly payments you’ll be making and the total amount that will be debited each week. You'll also be able to review the breakdown of your weekly payments into principal and fees.
Debits are made automatically every Wednesday at 10am PST, starting no less than eight days after you draw funds. That means if you draw on a Tuesday, your first weekly payment will not be debited the next day, rather, your first debit will be scheduled for the following Wednesday, eight days from when you drew funds.
Similar to how a credit card works, whenever you draw funds, that amount is taken from your total credit limit, and whenever you make a payment, your available credit goes back up. Your credit is usually replenished within 3 business days of a successful payment.
When you use Fundbox to make a business purchase with net terms:
You will also be able to review and confirm your payment terms.
You will always start with free net terms. During net terms, no payment is due. In most U.S. states, once net terms end, extended terms will begin automatically. With extended terms, you can pay in up to 52 equal weekly payments. Weekly debits are made automatically every Wednesday at 10am PST.
Whenever you make a payment, your credit limit goes back up. Your credit is usually replenished within 3 business days of a successful payment.