Instant Business Line of Credit ~ How it Works?
- Your approval amount is designed as a revolving line of credit. You can borrow however much you need.
- You only pay fees on the months you carry a balance. (Pay the loan back in the first 30 days, you only pay the first month fee).
- Don’t have an application fee, an origination fee, or early payment penalty fees.
- Each time you draw, it’s treated as its own separate 6 or 12 month loan with its own fees associated with it.
- If you have multiple loans, they will consolidate to the same due date.
- Fees for each month post to the account on the anniversary day of the withdraw.
- By starting the relationship with Kabbage, you can request to have your line increased after 3 months and the factor rate reduced after 6 months. The system may automatically update your account as well every 30 days.
- You can download the free Kabbage app, and transfer funds into you ACH. Transfers into the ACH take 0-3 business days. Transfers into PayPal are instant.
Instant Business Loan or Line of Credit repayment terms:
- You will repay 1/6th of the principal + monthly fee rate each month up to 6 month.
- For 12 month term, you are going to repay 1/12th of the principal + monthly fee each month.
- For 18 month term, you pay back 1/18 of the loan principal plus the monthly fee.
Alternative Business Funding ~ Gotorro Lenders Marketplace:How it works: Get loan up to $500K. Fill out the online app form to see if you qualify. Enter business details like address, owner info, loan amount, annual business revenue, and average bank balance.
- Min 6 months in business
- Credit score min 500+