Genius loans faq

As you make substantial progress on paying towards existing financing or pay the total amount owed, you will automatically be evaluated for a new offer. Paying early does not automatically qualify you for a new offer. Each financing offer is available for 30 days. After that point, your business will automatically be re-evaluated to see if you are eligible for an additional offer.

A minimum payment is the minimum amount that you’re required to pay every payment period. Your payment period will be determined during underwriting and based on the total term of your financing offer. If your automatic payments do not meet the minimum within the payment period, you’ll be required to pay the remaining amount at the end of the period via an automatic debit from your bank account. You can view your minimum payment amount in your financing agreement.

GlossGenius Financing offers two types of financial products, Loans and Merchant Cash Advances. Users will be offered one or the other based on the best fit determined by their payment processing history; users will not be able to choose which type of financing they are offered.

• Loans: Business-purpose term loans that are made by Celtic Bank to eligible merchants. These loans have a maximum term and periodic payments. If withholdings from payment processing receivables don’t meet a minimum amount (typically on a 30 or 60-day basis), shortfalls are debited from a linked bank account.

• Merchant cash advance: A merchant cash advance is a purchase of a merchant’s future receivables by YouLend. It’s not a loan or credit transaction. Purchased receivables are withheld from the merchant’s payment processing volume in a percentage specified in the YouLend Advance Agreement. Unlike a loan, there’s no fixed payment schedule or periodic debits. Instead, a merchant’s payments vary based on payment processing volumes.

Payment towards your financing (Loan or Merchant Cash Advance) is collected automatically through a percentage of your GlossGenius sales as they are processed. The payment terms for your offer will be detailed during the application process.If you have a loan and it has a fixed payment, GlossGenius stops withholding from your sales when you meet the fixed payment amount.

Yes, you can make additional payments or pay the total amount financed in full at any point by clicking the “Make Payment” button in the Stripe financing overview page. There are no additional fees for early payment, and the flat fee will remain the same whether or not you decide to pay early.

Applying for financing through GlossGenius Financing might include a soft personal credit check under some circumstances; however,this soft credit check doesn’t affect your personal credit score. If a personal soft credit check is required, you will be notified during the application process. Offers are determined based on a number of factors with payment volume and your history of payments through GlossGenius as the primary qualifiers.

‍