Fundbox Review

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Fundbox

APR Range

About 10% to 80%

Funding amount

$2,000 to $150,000

Term

12 weeks or 24 weeks

Min. credit score

600

Time to funding

As soon as the next business day after approval

Fundbox is an online lender that offers business owners and freelancers a straightforward and quick way to access funds. The lender stands out primarily for its quick funding speed and flexible eligibility requirements, making it a compelling option for small businesses in need of immediate financial support.

Pros

  • Relatively low minimum credit score requirement.
  • Short time in business requirement.
  • Two repayment term options.
  • Quick funding.

Cons

  • Limited maximum credit amount.
  • Weekly payments

Fundbox

Apply through Lendio How it works

APR Range

About 10% to 80%

Funding amount

$2,000 to $150,000

Term

12 weeks or 24 weeks

Min. credit score

600

Time to funding

As soon as the next business day after approval

Fundbox is an online lender that offers business owners and freelancers a straightforward and quick way to access funds. The lender stands out primarily for its quick funding speed and flexible eligibility requirements, making it a compelling option for small businesses in need of immediate financial support.

Pros

  • Relatively low minimum credit score requirement.
  • Short time in business requirement.
  • Two repayment term options.
  • Quick funding.

Cons

  • Limited maximum credit amount.
  • Weekly payments

Loan offerings through Fundbox.

Fundbox offers business lines of credit for small businesses and freelancers. With a line of credit, a business will draw from an account as it needs funds. Fundbox makes quick financing decisions to ensure that businesses can get the funds they need without delay.

Fundbox line of credit quick facts
Loan amount range$2,000 to $150,000
Time in business6 months
Minimum credit score600
Minimum annual revenue$100,000
Repayment scheduleWeekly
FeesNo application fees, origination fees, or prepayment penalties
Funding speedAs soon as the next business day after approval

See if your business is eligible for financing.

How much money are you looking for?

Things to consider.

Quick delivery of funds.

Like many online lenders, Fundbox is known for its quick delivery of funds. Once your application is approved, you can get access to your funds within a business day. This is fairly standard for online lenders but fast compared to traditional bank loans that can take a week or more after getting approved.

Smaller line of credit range.

A line of credit from Fundbox gives you limited access to funds compared to some other lender options. The maximum amount you can access is $150,000. Some small business financing options offer qualified applicants as much as $2 million.

On the flip side, Fundbox has a low minimum line of credit threshold of just $2,000. So smaller companies that need just a small access to capital or that want to build their business credit can do so with this option.

No LOC maintenance fees.

One of the notable advantages of opting for a line of credit with Fundbox is the absence of maintenance fees. This means businesses won’t face additional charges just for having access to funds. Many lenders impose annual or monthly maintenance fees on lines of credit, which can increase the overall cost of borrowing. Eliminating these fees makes Fundbox’s financial products more accessible and cost-effective for small businesses, especially those monitoring their expenses closely.

Moderate approval requirements.

Fundbox’s moderate approval requirements make it an appealing option for small businesses that might not qualify for traditional bank loans. The platform requires a minimum credit score of 600, which is lower than many other lenders, allowing businesses with less-than-perfect credit histories to obtain financing. Additionally, Fundbox only requires six months in business to qualify, making it accessible for newer companies that need financial support to grow or manage cash flow challenges. 

However, Fundbox does need to see at least $100,000 in annual revenue. This comes to just over $8,300 a month. So if you are a new business, you still need to have consistent revenue in place to demonstrate your ability to repay the borrowed funds.

Weekly repayment plan.

Fundbox offers a unique weekly repayment plan for loans which can be helpful for businesses with steady weekly income. However, it may be challenging for businesses with fluctuating cash flows, especially during slower business periods. Fundbox offers two repayment terms: 12 weeks or 24 weeks.

Excellent third-party reviews.

Fundbox has an A+ rating with the Better Business Bureau. The lender’s reviews from happy borrowers are excellent on Trustpilot, with an average 4.3 out of 5 star rating. 88% of customers give Fundbox an “excellent” rating, with another 6% saying the company is “great.”

When looking at individual Fundbox loan reviews, customers often cite an easy user experience and fast funding times. Reviews also call out knowledgeable and helpful customer service representatives.

Evaluation

Fundbox is best for:

Where Fundbox might fall short:

How to apply for financing from Fundbox through Lendio.

Applying for financing through Fundbox via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

  1. Complete Lendio’s online application form: You will need to fill out a brief online application on Fundbox’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
  2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
  3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Fundbox is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
  4. Finalize the deal: If you decide to proceed with Fundbox, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

Fundbox is a platform that stands out as a viable option for small businesses and freelancers who require fast and flexible financial solutions. Its streamlined application process, moderate eligibility requirements, and swift fund disbursement make it particularly appealing to those looking for quick cash injections to manage or expand their business. Although it might not be suitable for those who need larger loans or longer repayment terms, Fundbox’s lack of maintenance fees, coupled with its flexible repayment options, make it a great resource for many.

Ready to compare Fundbox with other financing options? Check your eligibility 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 (September 26, 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.

Fueling the
American Dream

$12,000,000,000+

DOLLARS FUNDED THROUGH LENDIO

74+

LENDERS IN Lendio’s NETWORK

300,000+

LOANS FUNDED

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Applying is free and won’t impact your credit.

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