A Fundbox term loan is a one-time lump sum of cash that you repay over 24 or 52 weeks—whichever you choose. There is no origination fee. Once you repay 50% of your loan, you may be eligible for additional financing. We’ll review your account automatically and let you know. There is no fee or application for this review and it will not affect your credit score. If you are offered a term loan, the offer is valid for 30 days. Our customers tend to prefer a term loan for a big investment like buying new equipment or expanding their space.
A Fundbox line of credit allows you to draw funds and repay them on a revolving basis without reapplying. While credit lines usually have lower limits than term loans, they allow you to borrow more flexible amounts repeatedly without reapplying. You can choose a 12 or 24 week repayment plan each time you draw funds. There is no inactivity fee if you don’t need the funds right away. Our customers tend to prefer a line of credit for bridging cash flow gaps and for unexpected expenses.
For both a term loan and a credit line; You can repay early with no prepayment penalty; funds should arrive in your bank account within 2 business days; and automatic debits make repaying easy and hassle-free.