Genius loans faq

FAQ

How do you determine who qualifies for an offer?

Eligibility is determined based on a combination of factors, including overall sales volume and history with GlossGenius. Eligible U.S. businesses will receive an email if they have an offer available.

Do I have to pay interest?

No, you’ll pay one flat fee that does not change. You won’t pay any interest on top of this fee.

Will applying for an offer affect my personal credit rating?

No, there is no personal credit check. All offers are based on your history with GlossGenius Payments.

Can I request a different offer amount?

When you access the Capital offer, you can use a slider to choose a custom amount (up to the maximum offer amount). The loan fee and repayment rate adjust based on the amount you choose.

How does repayment work?

Repayment is collected automatically through a percentage of your sales through GlossGenius as they are processed, which means you pay down your balance more when you’re booked, and less if things slow down. As long as you meet your minimum payment requirement, what you pay each day adjusts to your sales.

What is a minimum payment?

A minimum payment is the minimum amount that you’re expected to repay every repayment period. That period will be determined during underwriting and based on the total term of your loan offer. If your automatic repayments do not meet this minimum, you’ll be required to pay the remaining amount at the end of the period. You can view your minimum payment amount in your loan agreement.

How do I make my minimum payment?

If your payments deducted from sales cover the minimum payment requirement for a payment period, no action will be taken. If you have not met the minimum payment amount by the end of the payment period, Stripe will automatically debit your bank account the balance needed to meet your minimum payment. There’s no action needed on your part.

After I accept an offer, how quickly will I get my funds?

If your application is approved, you’ll see the funds in your bank account typically in as soon as two business days.

What happens when my offer expires?

Each offer is available for 30 days. After that point, your business will automatically be re-evaluated to see if you’re eligible for an additional offer.

Can I repay my loan early?

Yes, you can make additional payments or pay the total amount owed in full at any point by clicking the “Make Payment” button in the Stripe financing overview page. There are no additional fees for early repayment.

Will repaying early qualify me for a new offer?

Once you repay the total amount owed, you’ll automatically be evaluated for a new offer. Repaying early does not automatically qualify you for a new offer.

How should I report these funds on my taxes?

Tax reporting is often dependent on your specific situation, so we encourage you to talk with a tax advisor to ensure appropriate accounting. In general, Genius Loans funds would not be considered taxable income at the time of receipt, and the amounts withheld to satisfy your obligations are not tax deductible.

Who can I contact to learn more about the Genius Loans program?

If you have additional questions about how our financing program through Genius Loans works, you can contact our partners at capital-support@stripe.com.

Loans are issued by Celtic Bank, member FDIC. All loans are subject to credit approval.

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