I have had a few working capital loans already. Just paid off another one last week. I was told by a rep that it is based on sales from the last 12 months and activity. For example if I apply in April it is based on April 2017 - March 31 2018/ if I apply in May it would look at May 1 2017 - april 30 2018.. The loans have helped us grow tremendously. Our earnings over the current period (if I apply in may) are almost $6k more than prev period (if I apply in april).
I am curious to know if I apply now, and decide not to move forward with the loan....Can I reapply in a week or so (in May 2018) again and will it affect my eligibility for approval because I declined a previous loan that was approved?
Mostly out of curiosity to determine if the time frames really do make a difference in the amounts offered.
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I had the same issue and was told by a rep earlier this year that all of your initial payments go to paying back the "fee" of the working capital loan. My CPA took all of the initial payments on the loan as interest payments until the bal was paid for the fee. If there was a partial payment taken on the final fee payment, she took the portion that was the fee bal and then put the rest into the loan amt. I was told that we pay the fee up front before anything is applied to the balance. HOPE THIS HELPS!
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When I called about limits, I was told that they base it on the previous 12 months of sales, for example if you applied today 4/23/18, it would base your numbers 4/1/2017 - 3/31/2018. if you apply 5/1/18 it is based on 5/1-4/30 2018. I was also told that the alghorithms also look at the most recent 3 months of sales to view consistency, amounts and defect rate/refunds. Not sure if this helps but thought I would add my 2c 🙂
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When you are on the activity page, find your original transaction. Then click on it to view the Details, there should be a button midway which reads "issue refund". Click on that, be sure to update the amount as it automatically defaults to the full amt paid. After you have pdated it will give an option to a note for buyer. Its very simple to do. Best of luck to you!
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