Interest-Only Flex Pay Loan
Check out the following powerful changes to this amazing product effective May 1, 2022:
The minimum initial loan amount to begin the interest-only period is now only $50,000 (down from $150,000).
Pay only the interest for up to 1 year (52 weeks) with a built-in safety net rollover term loan option up to 2 years (104 weeks).
The product will now carry a line of credit available for their entire interest-only period (26, 40 or 52 weeks). The line will be issued for the difference between your max loan approval and your initial loan amount taken.
During the line of credit period, you may take unlimited* draws of $25,000 or more up to your maximum loan approval amount.
You can even take your initial loan amount via several draws on consecutive business days to allow for ease of early payoff when funds become available. The first draw shall total a minimum of $50,000 with subsequent draws totaling $25,000 or more. Each IO Flex Pay Loan (or draw) will have minimum finance charges due for the entire interest-only period upon early payoff.
*To qualify a merchant must have been in business 4 years or more, with a guarantor that owns a home and has an Equifax Beacon Score of 651 or more. Merchant draw requests will receive a desktop underwriting to ensure the Merchant’s creditworthiness has not materially changed since the original Loan was initiated. The Merchant will be required to submit updated bank transactional data via PLAID or via paper statements prior to a draw request being funded. Catapult will strive to fund all qualified draw requests within 2 business days of receipt.
Pay only the interest for up to a year!
Catapult has had the most aggressive interest-only product in the marketplace, our Interest-Only Flex Pay Loan. Now, it's even better. We believe growing your business shouldn’t mean sacrificing your cash flow, and with our new and improved Interest-Only Flex Pay Loan it doesn’t. It now allows you to quickly access loan amounts from $50,000 to $750,000 without collateral and low, interest-only payments for up to 1 year! And now, it also carries a Line of Credit with unlimited draws for up to a year. After the interest-only period, you have the option to pay the principal, or we’ve created the perfect safety net – a built-in rollover amortization up to 2 years. With flexibility like this you can truly borrow with confidence!