If your loan is approved, you’ll receive an instant pre-qualified offer to review and select your desired repayment terms and the initial amount for withdrawal. Once signing the contract, you’ll need to supply 3 recent months of business bank statements for underwriting purposes.
Finally, you’re ready to draw the initial amount of funds to be deposited into your bank account, and you’re welcome to draw funds up to the maximum amount of your available credit limit right away. Since your funds replenish as you make payments, that money becomes available again as soon as you pay against your outstanding principal balance.
Every time you take out funds, you can select a new repayment term, and Headway will re-amortize your full outstanding balance, so you’re only paying interest on funds drawn.