A business term loan provides a lump sum of capital at an interest rate that’s usually fixed. You repay this sum through regular scheduled payments over the term length of the loan. Business term loans may also provide higher loan amounts than other funding options.
How is a Fundbox term loan different?
We don’t have the fees associated with many other term loans: At Fundbox, there is no origination fee to establish the loan and no prepayment penalty if you decide to pay off the loan early.
Our term loan is flexible: You can choose to borrow the amount that works for your business, up to your approved limit. You also choose whether to repay over 24 or 52 weeks.
We make it easy to repay: Automatic debiting means you don’t have to think about making payments on time. We let you know exactly how much your upcoming debit will be each week, and as long as you have enough funds to cover the debit in your account, you’ll never miss a payment.
Eligible customers can renew their loan without reapplying. Once you’ve repaid 50% of your loan, we automatically check your eligibility for additional financing. There is no fee, no application, and this assessment does not affect your credit score.