How do you determine who qualifies for an offer?
Eligibility is determined based on a combination of factors, including overall sales volume and history with RentRedi. Eligible US businesses will receive an email if they have an offer available.
Do I have to pay interest?
No, you’ll pay one flat fee that does not change. You won’t pay any interest on top of this fee.
Will applying for an offer affect my personal credit rating?
No, applying won’t affect your personal credit rating.
Can I request a different offer amount?
When you log into your RentRedi Dashboard, you can use a slider to choose a custom amount (up to the maximum offer amount). The financing fee and payment rate adjust based on the amount you choose.
When do I need to pay the flat fee?
You’ll automatically pay the flat fee through a percentage of your sales until the total amount financed is repaid. The fee isn’t charged up-front.
How does payment work?
Payment is collected automatically through a percentage of your RentRedi rent payments as they’re processed, which means you pay down more when business is busy and less if things slow down..
What is a minimum payment?
For Stripe Capital loans, a minimum payment is the minimum amount that you’re expected to repay every repayment period. That period will be determined during underwriting and based on the total term of your loan offer. If your automatic repayments do not meet this minimum, you’ll be required to pay the remaining amount at the end of the period. You can view your minimum payment amount in the Dashboard or your loan agreement.
How do I make my minimum payment?
For Stripe Capital loans, if your payments deducted from sales cover the minimum payment requirement for the payment period, no action will be taken. If you have not met the minimum payment amount by the end of the payment period, Stripe will automatically debit your bank account or account balance the amount needed to meet your minimum payment. There’s no action needed on your part.
After I accept an offer, how quickly will I get my funds?
If your application is approved, you’ll see the funds in your bank account typically in as soon as 2 business days. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.
Can I have my Capital funds paid out to a card?
We currently don’t support disbursal of funds to a card. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.
What happens when my offer expires?
Each offer is available for 30 days. After that point, your business will automatically be re-evaluated to see if you’re eligible for an additional offer.
Can I pay my financing early?
Yes, you can make additional payments or pay the total amount financed in full at any point by clicking the ‘Make Payment’ button in your Dashboard. There are no additional fees for early payment.
Will paying early qualify me for a new offer?
Once you pay the total amount financed, you’ll automatically be evaluated for a new offer. Paying early does not automatically qualify you for a new offer.
How should I report these funds on my taxes?
Tax reporting is often dependent on your specific situation, so we encourage you to talk with a tax advisor to ensure appropriate accounting. In general, Stripe Capital funds would not be considered taxable income at the time of receipt, and the amounts withheld to satisfy your obligations are not tax-deductible.
Who can I contact to learn more about the Stripe Capital program?
If you have additional questions about how our financing program through Stripe Capital works, you can contact our partners at [email protected].
Stripe Capital offers financing types that include loans and merchant cash advances. All financing applications are subject to review prior to approval. In the US, Stripe Capital loans are issued by Celtic Bank, and YouLend provides Stripe Capital merchant cash advances. See your Dashboard for the terms of your offer.