For a few years now I've been seeing this block on Jobber about financing. I have had to pull out a line of credit before a few years ago but thankfully our jobs are low cost enough and cash flow has been good so I haven't needed it again. I'm wondering if anyone has used it, and what your experience was like?
Also, if you've had to pull out a loan like that, what is your strategy for paying it back quickly?
It's honestly my favorite loan lol. I never set it higher than 5% payback (although I really prefer to keep it under 3%) per transaction. The minimums per period are always met well before the date listed. Usually they offer additional funding when it's 80%-ish paid off. The more often you take funding, the lower the flat rate funding fee is (I guess based on history with them).
I've found the additional cashflow has been helpful when ramping up heavy periods of growth.
We've done it three times now. Paying off the final loan now. Quick, easy and painless. They just take a % off each transaction and you don't have to think about it
