Does FreshBooks offer financing?

FreshBooks has partnered with multiple providers to provide a variety of flexible financing paths. Fundbox is an embedded working capital platform for small businesses in the United States and provides a line of credit for short-term gaps, unexpected expenses, or day-to-day working capital needs. YouLend is a leading revenue-based finance provider in the United States and the United Kingdom and provides flexible funding for seasonal income or variable sales. 

• Financing with Fundbox
  • Manage Your Financing with Fundbox
• Financing with YouLend
  • Manage Your Financing with YouLend
• FAQs

Financing with Fundbox

Fundbox offers financing with lines of credit that can be used to help cover short-term gaps like payroll and inventory. Fundbox lets you pay for only what you use with clear fees and repayment schedules upfront.

Fundbox offers the following:

• Withdraw when needed - Draw funds as needed, up to your limit
• Clear fees upfront - Review the fee and repayment schedule before confirming each withdrawal
• Only pay for what you use - Pay only for the funds you use

To start your application, you’ll need to specify the amount for your line of credit, basic details about your business, and connect your bank account. This allows Fundbox to review your application and provide a credit decision in as little as 3 minutes. Once approved, you can review and confirm a repayment plan before withdrawing funds.

Apply to Fundbox

Fundbox owns and manages the application and approval process. The application includes a soft credit check which will not impact your credit score.

To apply for Fundbox financing, follow these steps:

1. Select the Financing section from the left menu
2. Select the Apply Now button 
3. In the Let’s get started section, for How much are you looking for?, enter an amount
   1. Next, for What would you use the funds for?, choose from the available options
   2. For What percent of your revenue is from online sales?, choose from the available options
   3. For Do you have existing short-term financing?, select either No or Yes
   4. Then select Next
4. In the Tell us about your business section, review or enter the following information:
   1. First name
   2. Last name
   3. Date of birth (mm/dd/yyyy)
   4. Social security number
   5. Business address
   6. If not the same as business address, Home address
   7. Phone number
   8. Legal business name or DBA
   9. For Industry, choose from the available options
   10. For Business entity, choose from the available options
   11. If available, Employer Identification Number
5. Then check off both checkboxes and select Next
6. If available, in the Help us get to know the owners section, select either Owners of 25% or more or No one owns 25% or more
   1. If Owners of 25% or more is selected, add the additional owners’ First name, Last name, Percentage of ownership, Social security number, Date of birth, and Home address
      1. Next, if applicable for this owner, check off the box next to Is a key decision-maker
      2. If additional owners need to be added, select Add another owner and repeat steps 6a and 6i until all owners of the business are added
   2. Check off both checkboxes and select Continue
7. In the Securely connect your bank account section, select your bank account from the top banks listed or select Search all of the banks we support link 
   1. Select Continue to allow Fundbox to use Plaid to connect your account
   2. Enter your bank’s login credentials
   3. Select the account(s) you want to share with Fundbox and select Continue
   4. Select Continue to finish
8. If requested by Fundbox, upload a Photo ID and a Proof of Ownership document, then select Submit Documents. Your application will be reviewed and processed by Fundbox within 24 hours. You’ll be required to set up a Fundbox password to manage your Fundbox account.

Fundbox:
Subject to final lender underwriting review and qualification. 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.

Manage Your Financing with Fundbox

You’ll receive an email from Fundbox with a credit decision in as little as 3 minutes. If approved, your email will include a link to your FreshBooks account to review your line of credit.

In the Financing section, your available credit with Fundbox is displayed with the following sub-tabs:

• Draw Funds - Review your available credit line, and any current repayment plans
  • To draw funds, enter an amount and select Review and draw to choose a repayment plan
• Payments Details - Review upcoming payments, history, and reports
  • Upcoming - Review the date of debit, amount, available credit after debit, and payments included for each upcoming payment
  • History - Review the date of debit, amount, draws being repaid, debit method, and status of each payment
  • Reports - Download your monthly report, and/or your balance statement
• Data Sources - Review information used in your credit reviews including your connected bank account
• Settings - Review your Fundbox password, contact information, business details, and security

Financing with YouLend

YouLend offers financing with flexible funding, also known as a merchant cash advance. YouLend’s  flexible payment structure adjusts to your business’s cash flow, including seasonal dips and month-to-month variability.

YouLend offers the following: 

• Repay as you earn - Repayment will happen automatically as an agreed-upon, fixed percentage of your sales
• No fixed monthly payments - Payments adjust based on your sales activity 
• Clear terms upfront - Your total repayment amount and terms are shown before you accept

To start your application, you’ll need to provide basic details about your business and connect your bank account. This allows YouLend to calculate your average daily sales and determine your funding options. Once approved, you can choose the funding amount that fits your business and review the terms. Then, once approved, funds are sent within 24 hours so you can access cash quickly. 

Apply to YouLend

YouLend owns and manages the application and approval process. The application includes a soft credit check which will not impact your credit score.

To apply for financing, follow these steps: 

1. Select the Financing section from the left menu
2. Select the Apply Now button 
3. In the Confirm Company Details pop-up, review or enter the following information:
   • Company Name
   • Company Type
   • Key Contact Name
   • Country
   • Email Address
   • Phone Number
   • Address Line 1, City, Country, and State
   • Employer Identification Number (EIN)
4. Then check the box off next to I consent to a credit search being carried out
5. Then select Submit
6. Next, in the Company details section, confirm your First name and Last name
   1. Next, enter your Date of birth
   2. For Type of person, choose an option
   3. Confirm the Mobile number
   4. Enter a Home address and confirm the address details
   5. Select Next
7. In the Verify your bank account section, select the Verify in 1 minute button
   1. Select Continue 
   2. Search or select your bank account to connect to YouLend
   3. Enter your bank’s login credentials
   4. Select the account(s) you want to share with YouLend and select Continue
   5. Select Allow to finish
8. In the Review your information section, ensure your Company information and Personal information are correct, then select Submit application. You’ll be required to set up a YouLend login to review your application and if applicable, funding.

Review Application and Funding

You’ll receive an email from YouLend within 24 hours of your submission. If approved, your email will include a link to review offers. Use the below steps to review your available funding options: 

1. In the email from YouLend, select the Review offers button, or sign into your YouLend account
2. In the Customize your offer section, review the Offer amount
3. Select Continue with offer
4. In the Review and accept terms section, review the offer details, terms, and under Declarations, check off the available boxes
5. Select Accept and sign
6. Once you sign your contract, you’ll receive funding within 24 hours.

YouLend US:

YouLend charges a one-time fixed fee that is disclosed upfront. There are no ongoing interest charges or hidden fees. Funding is provided by and at the discretion of YouLend US LLC. Merchants must apply for this directly with YouLend US LLC. Neither FreshBooks nor any subsidiary or affiliate company provides regulated lending, financial advice, recommendations, or brokerage services.

YouLend UK:

YouLend charges a one-time fixed fee that is disclosed upfront. There are no ongoing interest charges or hidden fees. Funding is provided by and at the discretion of YouLend Limited. Merchants must apply for this directly with YouLend Limited. Neither FreshBooks nor any subsidiary or affiliate company provides regulated lending, financial advice, recommendations, or brokerage services.

Manage Your Financing with YouLend 

To review your advances, transactions, and company details with YouLend, log into your YouLend account.

FAQs

How do I qualify for a business financing offer?

Eligibility is based on several factors, primarily your payment history and volume on FreshBooks. While FreshBooks works with multiple partners to provide flexible financing, qualification is determined by your real-world business performance. If you’re eligible for an offer, you’ll be notified via email or directly within your FreshBooks account.

If you haven’t received a notification, this means you’re not eligible for an offer at this time. Because our partners leverage your FreshBooks data to assess creditworthiness, we recommend processing more of your business’s payments through FreshBooks to build a sufficient history. While not guaranteed, increased payment volume and a consistent history with FreshBooks can significantly increase your likelihood of prequalifying for a financing offer in the future.