We offer two services, a revolving line of credit and net terms on business purchases. Discounts on fees are currently available only for the line of credit service.
Yes. There are three ways to get discounts on your fees. The first two, coupons and CashBack, are collectively called "Rewards”.
Coupons
For some holidays and other occasions, we send out coupons which automatically add Rewards to your balance. Your Rewards will automatically be applied to your next draw, lowering the fees due for that draw.
In preparation for rolling out a new Rewards program, all current coupons will expire on December 31, 2020.
CashBack
Some Fundbox accounts include a CashBack program. With CashBack, each time you make a weekly payment, a percentage of the fees you pay is added to your Rewards balance. These Rewards are also automatically applied to your next draw, lowering the fees due each week for that draw.
We are currently phasing out our CashBack program in preparation for launching a new and improved program. Existing customers will continue to accumulate Rewards on repayments equal to 10% of weekly fees paid before September 30, 2020. Any fees paid after this date will not add to the Rewards balance. We will apply Rewards automatically to draws made before December 31, 2020.
Early repayment
If you pay an outstanding balance in full before your payment term ends, we'll waive all remaining fees for the weeks of the term that you did not use. The portion of your Rewards that were applied to those remaining weeks will not return to your Rewards balance.