Glossary
A fixed amount taken from the business account each business day.
✓ Checking what you qualify for does not affect your credit score.
A fixed amount taken from the business account each business day.
The funder withdraws the same amount on every business day regardless of sales. It is simple to track and easy to budget.
Predictability helps planning, but a fixed amount does not flex with revenue.
$62,500 repaid over 126 business days is about $496 a day.
Daily debits are common in Canada, usually on business days only.
A daily debit is read as a fixed obligation, so the question is how it behaves on the slowest day of the week. A funder looks at Mondays and the days after holidays to see whether the balance is comfortably above the debit. If it is not, a weekly or percentage structure may suit better.
A daily debit is sometimes mistaken for a daily interest charge. It is a slice of the fixed payback, taken in equal parts.
Usually not. Debits are on business days.
See the related guides and the comparison pages, or apply and ask.
No. It is educational information, and agreements vary.
Educational information only. It is not legal, tax or accounting advice.
Same-day decision. Applying takes a few minutes and will not affect your credit score.
