When you draw down on your Line of Credit, we will set up a payment schedule with weekly payments over 12 months. The weekly payment will include interest and any applicable fees. For example, the first time you draw down on the Line of Credit you will be charged the one-off establishment fee. Once a month, your weekly payment will also include your monthly service fee.
You don’t need to worry about missing a payment, these will be automatically debited from your nominated business bank account.
You can choose to pay just your interest charges or you can make additional repayments of principal at any time at no cost. It’s up to you.