Invoice Simple now gives you the ability to acquire funding for materials and projects through Fundbox with Invoice Simple Lending for all customers located in the U.S.A. If you need quick access to capital to cover business expenses like materials, payroll, equipment, or unexpected costs, Invoice Simple Lending lets you acquire funds quickly.
How do I set up Invoice Simple Lending?
Start by going to the app settings a selecting Invoice Simple Lending in the Payments box.
If you are not seeing this integration, you may need to install the latest app version. Once the latest app version is installed, you can navigate to the Settings page to see the Fundbox components.
Create a new account with Fundbox or log in with your existing Fundbox account.
You'll be prompted to for some basic information about your business earnings. A soft credit inquiry will be performed during the review process; this will not affect your credit score.
You'll receive confirmation by email when your application is approved.
What is the limit on how much I can borrow?
Fundbox offers loans up to $250,000*
If you are approved for Fundbox credit, you may borrow up to your available credit limit. The limit will be determined according to the information you provided in your application.
How do loans and repayments work?
You will be asked to review and confirm your repayment terms when you draw funds. You will also receive a confirmation email with these details each time you make a draw.
Each draw acts like an individual loan and has a fixed repayment term of 12 or 24 weeks. Payment terms include the number of weekly payments you’ll be making and the total amount that will be debited each week. You'll also be able to review the breakdown of these weekly payments into principal and fees.
Debits are made automatically once per week at 10am PT on your scheduled due dates weekly or quad weekly (only available with Fundbox Plus) depending on the repayment plan. If you have multiple draws, the payments get added together each week and the total will be debited via ACH. Once your draw repayment is completed, your total weekly payment will drop.
Similar to how a credit card works, when you draw funds your available credit goes down. When you make a payment, your available credit goes back up, usually within 3 business days.
You can review your repayment terms on the Fundbox dashboard under Payment Details.
Will there be any further credit inquiries beyond my soft assessment?
Yes, Fundbox will perform a hard credit inquiry when you use Fundbox Credit for the first time. They may also perform additional soft assessments from time to time.
Can I reach out to Fundbox directly if I have questions?
Yes, you can contact Fundbox through their help center here.
*All financing is subject to final lender underwriting review and approval. Credit line amounts, rates, and terms are based on creditworthiness and subject to change, additional documentation may be required.
Loans and lines of credit are made available by Fundbox or its bank partners, First Electronic Bank and Lead Bank.