Line of Credit
How do you apply for a Line of Credit?
Log in to Online Check Writer and go to Line of Credit. Click Get Started and Continue. Select the business. Choose the bank account verified with the instant verification method or add new bank. Click Apply Now to apply for the Line of Credit. Users ...
What criteria are considered when approving a Line of Credit?
The Line of Credit is approved based on the bank connection for verification, the user's bank transaction history, business metrics, users with a minimum of 12+ months in business, the business with $30,000+ in monthly revenue, and the business ...
Can a user who has manually verified bank accounts, KYC, and KYB apply for the Line of Credit?
No, the users who have verified bank accounts using the instant verification method completing KYC and KYB can apply for the Line of Credit.
Who is eligible to apply for the Line of Credit?
The users who have verified bank accounts using the instant verification method completing KYC and KYB can apply for the Line of Credit.
What are the reasons to disable the withdraw button?
Your withdraw button can be disabled if your business bank data feed is disconnected or your business performance has diminished.
How much does it cost?
The only fee you have to pay is a small percentage of your repayment, which is already included in your weekly payments. There are no additional fees.
How are advance fees calculated and applied to the loan balance? Are there any additional fees?
Fees in advance are calculated weekly and applied to your loan balance at the end of each calendar month. Your regular weekly loan payments pay off the principal balance, meaning you do not need to pay any fees manually. The monthly fee is an ...
What is the reason for negative available funds?
Your available limit is a dynamic limit that can be adjusted or changed based on the business's performance. Sometimes, when your business performance is low, your available limit can be reduced below the available funds. This will result in negative ...