Fundbox only offers one product, its business line of credit. Terms of the line of credit are:
- Line of credit of between $1,000 and $150,000
- Repayment period of 12 or 24 weeks
- 12 weeks line of credit begins at 4.66%
- 24 weeks line of credit starts at 8.99%
In certain circumstances, these conditions are fair but ensure that your business can afford the weekly repayments. The APRs offered are expensive, and if you miss payments, they will quickly compound into large amounts.
To be considered for a line of credit from Fundbox, you will need to meet the following criteria:
- Business must have six months of trading history, of which 3 months are in a business checking account
- Annual revenue of greater than $100,000
- A personal credit score of over 600