Benefits of a Renewal can be a higher loan amount or lower rate with good repayment history. (ioufinancial.com)
This comes in the form of the waiver of late fee if you don't make timely payment for once but have a good repayments history otherwise. (thebankly.com)
Additionally, online business loan providers (like OnDeck) report your good repayment history to the business credit bureaus and are subject to federal lending laws. (ondeck.com)