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Some products require a lengthy application process with forms to complete, or they might even do a hard pull on your personal credit as part of the application. Too many hard pulls on your personal credit can affect your personal credit score.
Depending on the company, they may make you wait up to almost a full week to transfer funds into your bank account. If you need the money quickly, this could be a problem. Make sure you investigate the amount of time it typically takes them to make the deposit into your account.
Many invoice factoring companies contact your customers directly to collect payment. This can create an awkward dynamic with or even some unwanted questions from your customers.
Keep a close eye out for payment terms that dictate how quickly you must repay the amount advanced. If they’re requiring payment too quickly after the advance you might not be in a position to repay the full amount, which can lead to more fees. If the repayment amount is longer but they have prepayment penalties, you will be stuck with payments on your books for the entire term, even if you have the cash to pay them back earlier.
Fundbox is unique because you can connect your accounting software or your bank account to get a credit decision. We do not require personal credit to get started. We do not collect directly from your customers. Our application process is really simple, we transfer funds as soon as the next business day, and we have no prepayment penalties.