1. How do I actually go about doing this with Telarus?
Once you make a minimum of bronze status, contact your partner support director with the amount you would like to advance.
2. How long does the advance take to fund once it is approved?
Once your request has been approved you will receive the advance, via ACH, within a week.
3. Am I guaranteed to get 10X my monthly residual?
No. Each advance is subject to approval by our finance team. Some things we take into consideration are current sales growth, a book of business, average customer life, number of customers, and other factors that help us determine how much risk we can assume.
4. Can I pay the advance back early without any penalties?
Yes. You do not have to wait to pay the entire advance back early. Just know that the loan begins accruing interest the day you receive the advance, so you’ll be responsible for both the principle and the accrued interest when you pay the advance back.
5. Do I have to accept the total amount for which I am approved?
No. You may take any amount up to your approved limit, or anything in-between.
6. What is the pay back grace period?
Once you take receipt of the advance, no payments are due for an entire year. This is to give you enough time to put the money to work and to grow your business. Once the grace period has expired, we will sum your accrued interest and principal, and begin deducting 1/24th of that number each month for the next two years from your Telarus commission check until the advance is paid off.
7. Does everyone qualify for this program?
Although the program is available to every Telarus partner of Bronze status or higher, each loan is subject to approval on a case by case basis. There is no guarantee that you will qualify for the full 10X, and if you have yet to earn any commission with Telarus you will likewise have to wait until you have commissions until you can be considered for this program.