What Is Finaxar Line Of Credit And How Does It Work

Posted by Team Finaxar on Jun 8, 2019, 12:56:00 PM

What is Finaxar Line of Credit-1

To better understand Finaxar credit line, let's look into what is a line of credit.

What Is A Line Of credit?

Imagine you get approved for a bank loan for a fixed amount. You may or may not use up the entire amount that is available to you. When you repay, you need to pay the complete loan amount plus the interest on the entire amount. Line of credit is a financing facility which provides the flexibility of funds withdrawal as per your business requirements.

When it comes to a line of credit, you are approved for a credit line with a maximum credit limit. A credit limit is set for a time period. You can withdraw any amount within that credit limit. You need to repay the amount you withdrew and the interest is charged only on the withdrawn amount.

Line of credit can be of different nature, secured or unsecured depending on the categories of services. Businesses prefer a line of credit for its flexibility. A line of credit can help businesses overcome unexpected and urgent cash flow gaps. 

What Is Finaxar Credit Line?

Finaxar is a financial institution offering its own line of credit services to small and medium enterprises.  We offer a line of credit for a fixed tenure with a flexible repayment plan. There is no collateral required and only a single fee is charged on the drawdown amount.

You can avail a credit limit as high as $500,000 and can draw any amount (within the maximum limit), as and when you need. The eligibility criteria for the applications are not stringent either.

How does Finaxar Line of Credit work

What Is The Eligibility Criteria For Finaxar Credit Line Application?

Finaxar accepts applications from companies with at least 6 months of revenue generation. We are dedicated to helping businesses of all sizes. Keeping that in mind, we are open to applications from companies that have been successful in the business for at least 6 months.

Your personal credit score doesn’t affect your application for Finaxar credit line. That being said, there are no minimum credit score or minimum monthly income requirements to apply for Finaxar credit line. The application process is completely online, easy and fast.

How To Apply For Finaxar Credit Line?

The online application process takes 5 minutes to complete and gets verified within 30 minutes. You need to sign up on the Finaxar web app with your email address and phone number. In the following steps, you will need to submit your company/business details and link your accounting software to your dashboard.

Your account will be verified by our expert team within 30 minutes and you will be provided with all information on the Finaxar Credit Line. At Finaxar, we believe in complete transparency at each and every step. You will be informed on the amount approved on, facility details including interest and repayment schedule. Upon approval from Finaxar and agreement from you, the funds will be available within 24 hours when you submit a drawdown request. You can access all the information about your transactions with us through Finaxar app.

Repayment

Finaxar makes it easy for you to repay at your own pace. The repayment schedule is fixed according to the agreement between you and Finaxar. For the ease of repayment, we utilize direct debit from your company bank account, upon agreement on the direct debit authorization.

All the details about the installments, schedule and amount are disclosed to you before signing the agreement. Also, you can track all the details through your account dashboard on Finaxar app. Other than the one-time finance fee, Finaxar doesn’t charge you any other fee for the services.

Fee

As said before, Finaxar believes in transparency and values a good relationship with our customers. There is only a single fee charged on the drawdown amount which is disclosed to you before you sign an agreement with us. There are no other hidden charges in the whole process, whatsoever.

How Is Finaxar Credit Line Different?

Finaxar Credit Line is considered a smart way of funding your business for the special benefits offered. Finaxar takes a step further to ease the burden of getting funds with the following solutions:

  • Advancement of funds against future sales
  • Ease of access to your funds
  • Fast application process
  • One-time fee

The traditional line of credit from a bank or financial firms require you to re-apply for the credit line once you have used up the amount approved. At Finaxar, the amount you repay is added back to your credit line and is available for you to use again whenever necessary. 

Your credit line grows with your company growth. Finaxar stands out in this regard and we value quality customer relationships.

The endnote...

Finaxar Credit Line is an easy and reliable way to fund your business. You can withdraw any amount within the credit limit anytime you are in need. This gives you the safety of having a reserved fund for emergency situations. Unlike a bank loan or overdraft, you don’t have to worry about any hefty interest rate on the entire amount approved. You are only charged on the amount you used and no other hidden charges. With Finaxar Credit line, there is only a one time fee charged and you need to repay the amount you have used from your credit line. We believe our success is aligned with the growth of your company.

Get started with your Finaxar credit line with the online application here.

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We work hard every day to make Finaxar the beloved modern small business financing institution. Our blog is to educate the business owners about financial know-hows, so that they can make an informed decision every time.

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