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Invoice factoring can be a quick solution to cash flow problems. It involves selling your outstanding invoices to a third party in order to be paid more quickly. Small- and medium-sized businesses can continue filling orders and developing operations while servicing a small, short-term loan.
FundX offers a competitive invoice financing solution; read more about it in this guide.
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FundX invoice factoring loans are repaid over a period of three months in 12 weekly installments. This includes an advance rate starting at 2%. Invoices submitted must be for a minimum value of $1,000. FundX charges no upfront fees and won't penalise borrowers for settling the balance before the end of the loan period.
Here's how the process works:
Here are some of the features of FundX invoice factoring business loans:
FundX charges no upfront fees and no penalties for early repayment.
You will be charged an advance rate starting at 2%. This rate varies depending on your invoice and business profile.
If you default on your loan payments, the advance rate increases to cover the cost of any administrative adjustments FundX may need to make.
The application process is carried out online and you can upload invoices directly through the website. FundX requires access to your accounting application. If you don't use a cloud accounting system, you'll have to send FundX hard copies of your bank statements and ownership information.
Businesses must meet the following criteria:
Once approved, money will be deposited in the nominated account within 24 hours.
Invoice factoring can mean the difference between growing your business and developing a reputation for not being able to fill orders. It can be a way to plug a financial hole without missing a beat, but it's always a good idea to compare lenders to make sure the product is right for your business.