We will review your cashflow needs and expectations. Our funding adviser will offer you a business funding your business can sustain. A written business loan offer will contain the amount your business will have easy access to. You have no restriction on how you can use the money. Buy equipment, pay down debt, hire employees or use it for whatever your business needs.
As always there is no compounded interest it is a set payback amount. A small pre-determined percentage is taken out of your bank account via the ACH process every day until you have satisfied the advance. You dont have to worry about late payments, penalties or compound interest. Your payout percentage does not increase if you need to take a bit more time to pay off the advance.
If your business is closed for the day or week or you are on vacation, just let us know and we will suspend your payback for that short duration and your balance does not move up. There are no late fees, penalties, minimum monthly payments or checks to write.
Once the loan is paid off, if you still require access to more cash, payments stop and you can still have the pre-approval for another business loan.