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Up to $1.4 million
Up to 16 months
Min. credit score
Time to funding
As soon as 24 hours
Fora Financial is an online funder for small businesses that focuses on a streamlined application process that delivers fast funding decisions. Their cash advance offers financing of up to $750,000 so that business owners can effectively utilize working capital as needed. Fora Financial is a direct funder, so while you’ll only receive one loan offer, you’ll enjoy a straightforward process and dedicated customer service every step of the way.
Fora Financial reviews point to a fast and easy application process. But before you get started, make sure you meet the minimum requirements for a small business loan with this online lender.
Overall, Fora Financial is a competitive funder for small businesses that need fast financing. The company is known for its easy online application process and quick time to funding. On top of that, the majority of customers give their ForaFinancial.com reviews a positive rating. However, there are some moderately strict business requirements that need to be met in order to qualify. Here’s how Fora Financial stacks up compared to some of the other best business loans out there.
Fora Financial offers fast funding times. Applications are evaluated within 24 hours and require just a one-page application and bank statements from the preceding months. Once approved, funds could be received in as little as 72 hours, making Fora Financial a major competitor in terms of speed.
This funder also ranks well in terms of smaller loan amounts; in fact, the minimum loan is just $5,000, whereas other funders may require a much higher minimum. Businesses with less revenue may find those larger loan minimums cost-prohibitive, but may still need some help with a business loan. In this situation, Fora could be a good option.
On the flip side, Fora Financial’s maximum loan amount is just $750,000. Businesses looking to fund major purchases, capital expenses, or large purchase orders may need a larger amount from funders that offer loans of $1 million or more.
Our Fora Financial review also uncovered a fairly low funding fee of just 2.5%. This amount is typically charged to cover the funder’s administrative costs and is deducted from the loan amount before the funds are disbursed. Fora’s fee is relatively low considering that many funders charge between 3% or 5%. Others charge a flat fee, which can make smaller loan amounts much more costly when looking at it as a percentage.
On a $100,000 advance, for instance, Fora would charge $2,500. A funder with a 5% fee would charge $5,000 on the same loan.
Fora Financial is relatively relaxed with some business loan requirements, while more stringent on others. Here’s how they break down.
The good news is that Fora Financial focuses more on your business financials than credit score. That means if your personal credit score isn’t great, but your business is healthy and thriving, you have stronger approval chances. The minimum credit score borrowers need to qualify with Fora Financial is just 500.
The minimum time in business, however, is just six months, which is one of the less stringent requirements among lenders. Some of the strictest funders have a two-year minimum. So Fora Financial lands on the more flexible side.
Additionally, your business needs to be bringing in at least $12,000 in revenue each month. More flexible funders typically require that minimum threshold to be in the $8,000 to $10,000 range.
Note that advances from Fora Financial do require a personal guarantee. On top of that, any loan totaling $75,000 or more requires a UCC filing to secure the balance.
Fora Financial has both daily and weekly payment options. A daily payment plan is less risky for the funder, but borrowers typically prefer weekly or monthly payments because they’re easier to budget.
Borrower loan activity is also constantly monitored in real-time. Fora Financial then lets you know when you qualify for more financing in case you need it. Typically you’ll need 60% of your first loan paid off in order to renew with another loan. Subsequent loans only require 55% repaid in order to apply for additional financing.
Fora Financial also offers prepayment incentives. That means you can get a discount if you repay your loan funds ahead of schedule. Some funders actually charge a prepayment penalty because they’ll make less money on interest than they planned, so this is a great feature for Fora to offer.
We rate the best business funders as having at least a 4.5 star review on TrustPilot. Fora Financial comes close with an average rating of 4.3 stars. 81% of reviewers rank the company as “excellent,” and another 10% say the funder is “great.” That means only 9% of customers thought their experience with Fora was average, poor, or bad. Positive reviews reference things like an easy application process and fast response times.
Ready to compare Fora Financial with other financing options? Check your eligibility on Lendio and get multiple financing offers for your small business in one place.
*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (August 29, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.
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