We offer two services, a revolving line of credit and net terms on business purchases. This article applies to the net terms service.
Yes. When you make a purchase with Fundbox, you get free net terms. That means you do not have to pay anything until your net terms end. When net terms end, you will need to pay the exact amount of the original purchase — there is no interest or fee for the net terms. To get net terms without extended terms, just make sure to pay in full by the time the net terms end. To make sure that payment is debited in full at the end of net terms, before weekly payments begin, customers can turn on autopay. Autopay can be turned on from the customer’s dashboard, or whenever they confirm a request for payment with Fundbox from a vendor. It can also be turned back off anytime before the payment is processed.
In most U.S. states, extended terms—up to 52 weekly payments—begin automatically when net terms end. However, you can pay in full anytime before the 52 weeks are up by calling Support or directly from the dashboard.
There is no prepayment penalty for paying off a draw in full before the 52 weeks are up. In fact, all remaining weekly fees will be waived. You only pay fees on the weeks you use.
Within 3 business days of each debit going through, your credit limit is replenished and can be used for additional purchases.