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Related Questions
How can I contact Fundbox for support or inquiries?
Businesses can contact Fundbox's customer support team via email, phone, or live chat on the company's website. Fundbox prides itself on offering excellent customer service and support to help businesses navigate the funding process, answer any questions, and address any concerns promptly and effectively.
What type of businesses can benefit from using Fundbox?
Any small business that invoices customers can benefit from using Fundbox. Whether a business is a freelance professional, small retailer, or service provider, Fundbox provides quick and flexible access to working capital. Businesses experiencing cash flow gaps, looking to cover expenses, or seeking to invest in growth can benefit from Fundbox's services.
How do I qualify for a line of credit with Fundbox?
To qualify for a line of credit with Fundbox, businesses must have been in operation for at least six months, have a business checking account, and be based in the United States. Additionally, businesses must have a minimum annual revenue of $100,000 and have at least three months of invoicing history with a supported accounting software or business bank account.
Is there a minimum credit score required to qualify for a line of credit with Fundbox?
Fundbox does not have a minimum credit score requirement to qualify for a line of credit. Instead, Fundbox uses proprietary algorithms and analyzes the applicant's invoicing history to determine creditworthiness. This allows small businesses with varying credit histories to access funding.
What is the interest rate charged by Fundbox?
Fundbox charges a weekly fee rather than an interest rate. This fee ranges from 0.5% to 0.7% of the invoice amount for 12-week terms and 0.7% to 0.3% for 24-week terms. When a business repays the advance early, it can save on fees, as Fundbox only charges fees for the time the funds are outstanding.
How quickly can I access funds from Fundbox?
Businesses can access funds as soon as the next business day after applying and being approved for a line of credit with Fundbox. The platform offers quick and seamless access to funding, allowing businesses to cover immediate expenses or take advantage of growth opportunities.
Can I use Fundbox for multiple funding needs?
Yes, businesses can use Fundbox for multiple funding needs, including covering payroll, purchasing inventory, investing in equipment, or managing cash flow gaps. Fundbox provides businesses with the flexibility to access funding as needed, allowing them to address various financial needs and opportunities for growth.
What is Fundbox and how does it work?
Fundbox is a financial technology company that provides small businesses with access to lines of credit. Through its platform, businesses can apply for a credit line based on their outstanding invoices. Fundbox analyzes the invoices and quickly provides businesses with the working capital they need to cover expenses and grow. Businesses can then choose to pay back the funds over a 12 or 24-week period, along with a fee.
What sets Fundbox apart from traditional lenders?
Fundbox stands out from traditional lenders due to its quick and straightforward application process, flexible repayment terms, and focus on providing funding to small businesses based on their outstanding invoices. Unlike traditional lenders, Fundbox does not require collateral and does not have a lengthy approval process, making it an ideal option for businesses in need of quick funding.
What are the repayment terms for a line of credit from Fundbox?
Businesses can choose between 12 or 24-week repayment terms for a line of credit from Fundbox. The weekly fee is automatically deducted from the business's account until the advance, along with the fee, is repaid. Businesses can also choose to repay the advance early without any penalties.