Loan prepayment question

Did I mess up big time? I made a $100 prepayment (deducted from my daily sales, not from a third party account) 

I did not do my research that I guess that it could now take up to 10 days to receive a loan offer. 
does anyone know if it will actually take 10 days to process that one payment?  Did the fact that I even made a repayment hurt my chances? Again, I didn’t think much of it since it came from my daily sales! My past 3 loans I’ve gotten between 50-60%, and I hit 60% this morning.  So I’m really kicking myself at the moment.

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Square Champion

Hi @Brewbabe 

 

Making an additional payment doesn't hurt your chances of receiving a new offer as you are still paying down your balance.  Yes it does generally take that long for a manual payment to fully process.  If I am reading it correctly you are around 60% paid off now, but the way that the loans have been being disbursed has been much higher 80%+ before new offers are being sent. 

Most sellers seem to get discouraged when we point out that new offers are being sent out at a higher % paid off, but realistically, that is more funds that can be kept and used to grow your business versus paying off the previous loan.

Dan
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