What is the difference between Novo Business Loans and Novo Funding (Merchant Cash Advance)?

Novo Business Loans™ are traditional loans starting with as little as $2,000 up to the pre-approved amount mentioned in the Loan section of your Novo app. Once approved, funds land directly in your Novo checking account, usually in minutes. You pick the repayment schedule that works for you: monthly or biweekly installments over 12 months. The payment amount is based on risk-based APR.

Novo Funding, on the other hand, is a merchant cash advance. If approved, you will gain access to a funding amount that you can draw from when needed. You won't owe anything unless you use the funds. Any amount you draw is repaid over time with fixed monthly payments, and instead of interest, you will pay a flat monthly rate.