Is there fee to apply for a line of credit?
Absolutely not! There’s no separate charge to apply for a line, open an account or even save funds for which you qualified until you need them. Pay only for what you take.
What fees are charged for taking a loan?
There is one simple monthly fee to take a loan. This fee helps recover costs associated with processing and underwriting your application. There are no origination fees, annual fees, monthly maintenance fees, documentation fees, or other hidden fees.
How is the monthly fee calculated?
Business Lines of Credit have a monthly fee for every month you have a balance. Every month, you’ll pay back 1/6 of the total loan amount (for 6-month loans) or 1/12 of the loan amount for (12-month loans) plus a monthly fee.
Are there any prepayment penalty fees?
No, prepayment penalty fees. In fact, the faster you pay off your loan, the more money you’ll save by avoiding fees.
What is the difference between a monthly fee rate and an APR?
Your monthly fee rate determines the amount of fees you will be charged on your loan. Business Lines of Credit through the Network lending partners have a monthly fee for every month you have a balance. A traditional APR is the amount of interest on your total loan amount that you’ll pay annually. Our loans do not operate off a traditional APR. Rather, we charge a monthly fee incurred for the duration of the loan. There is no penalty for early payback. While reviewing loans based on APR is a method of comparison widely used across financial services, it’s important to take into account the intended purpose of loans and the returns they provide. Your loan agreement will disclose both your monthly fees and the APR.