| Products |
Line of credit |
Overdraft Facility |
Finaxar Credit Line |
| Funds |
Line of credit offers secured cash advances as well as unsecured funds. |
An overdraft facility is a credit agreement made with a bank that allows an account holder to use or withdraw more money than what they have in their account up to the approved limit. |
Finaxar credit line allows merchants to receive an advance against their future cash and credit card sales |
| Credit Line |
Line of credit will give you access to a predetermined credit line. Once you reach your credit limit, apply again to get more funds. |
An overdraft facility gives you access to extra funds that is more than what you have in your bank account. It is also typically secured against your business assets. |
Finaxar credit line lets you access funds until you reach your credit limit. Each repayment tops your credit line up. |
| Application Process |
Funds can take up to 48 hours or more depending upon the minimum requirements are fulfilled. |
An overdraft facility is like a credit card, you can use funds exceeding the current amount that you have in your account, however at an expensive fee. |
Credit assessment can be done in as quick as 30 mins and funds will be in the bank account in 24 hours*. |
| Accessibility |
Business credit line will allow you to access funds for your small business but in some cases small working capital may take a long time. |
You can easily and quickly borrow what you need at the time. However, the facility can be just as quickly closed down by the bank if you breach the terms and conditions of the facility or even the covenant reporting requirements of the overall business loan. |
You can borrow as little as you need from your credit line and get access to more funds within 24 hours*. |
| Fees |
Some banks or online business funds provider may charge several fees like admin cost or processing fee. |
Banks typically charge high interest rates on the funds used and also charge an overdraft facility fee on top of that. |
Finaxar only charges a single simple percentage fee on the amount used. No application & processing fee. |
Comments
0 comments
Please sign in to leave a comment.