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Starting at 4.66% (12 weeks) and 8.99% (24 weeks)
$2,000 to $150,000
12 weeks or 24 weeks
Min. credit score
Time to funding
As soon as the next business day after approval
Getting a business line of credit with Fundbox offers a flexible financing opportunity for businesses looking to expand, build a financial safety net, or smooth out cash flow issues. The eligibility requirements are fairly relaxed, especially for newer businesses looking for access to credit. The maximum line of credit amount is fairly limited compared to other business loans available, but your capital won’t be crunched by excessive administrative fees. Check out what to expect when applying for a business line of credit with Fundbox.
A line of credit is different from a term loan in that you draw from an account as you need the funds, rather than receiving a set lump sum from your lender all at once. Fundbox has two different repayment options so you can choose the one that makes the most sense for your company. Many small businesses use lines of credit to fund ongoing projects, even out cash flow, or to have on hand for financial emergencies. The application processes are similar and Fundbox’s eligibility requirements are on par with the best small business loans out there.
Overall, Fundbox is a competitive lender for small businesses that need fast financing. The company is known to have an easy user experience and fast funding times. Fundbox is a great option for newer businesses. However, there is a fairly limited maximum credit amount that businesses can utilize. Here’s how Fundbox stacks up compared to some of the other best business loans out there.
Like many online lenders, Fundbox is known for its quick delivery of funds. Once your application is approved, you could 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. And it’s practically lightning-fast compared to SBA loans, which can take several weeks once your loan application gets the green light. So if you’re looking for fast access to capital, Fundbox loan reviews definitely come in strong.
A Fundbox line of credit gives you limited access to funds compared to some other 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.
Fundbox stands out when it comes to financing fees because the lender doesn’t charge any for a line of credit. With other business lines of credit, you may be charged an ongoing maintenance fee or inactivity fee if you don’t draw any funds. But Fundbox doesn’t charge any of these administrative costs, leaving more cash on your balance sheet. You’ll still pay interest (more on that below), but you won’t be surprised by additional hidden costs.
Borrowers applying for a line of credit with Fundbox will appreciate fairly flexible eligibility requirements, especially when it comes to personal credit score. The minimum you’ll need is a 600. Newer businesses are also welcome to apply since the minimum time in business is just six months. Many lenders only serve companies that have been around for at least one or even two years.
Fundbox does need to see at least $100,000 in annual revenue, however. That comes to just over $8,300 a month. So if you are a new business, you still have to have consistent revenue in place to demonstrate your ability to repay the borrowed funds.
All Fundbox lines of credit come with a weekly repayment plan. This is pretty flexible compared to other business lenders that require daily payments. And since you’re in control of how much you draw from your line of credit, you can also control how much those payments will be to make sure they’re affordable.
Fundbox offers two repayment terms: 12 weeks or 24 weeks. Weekly payments are lower with a 24-week repayment term, but the fee (similar to an interest rate on a small business term loan) is higher, so you’ll end up paying more.
Additionally, for both repayment terms, there is a higher fee during the first period and then it drops. For the 12-week line of credit, week one through four have a higher rate, then it will drop during weeks five through 12.
With the 24-week line of credit, the fee is much higher during weeks one through eight. Then it drops to a lower fee from week 9 through 24. This ensures the lender still makes a profit even if a borrower repays the funds early. But there is no specific prepayment penalty and you don’t have to pay any fees that would be due after your last payment.
One final feature we love about Fundbox is that there is no initial draw requirement. That means you have access to the line of credit whenever you need it, rather than being required to immediately borrow funds from your account.
Fundbox reviews from happy borrowers are awesome on Trustpilot, with an average 4.8-star rating. 89% of customers give the lender an “excellent” rating, with another 7% saying the company is “great.” That means only 4% have an average or worse experience with the lender.
When looking at individual Fundbox loan reviews, customers cite an easy user experience and fast funding times. Customer service representatives are also called out for being knowledgeable and helpful.
Compare your small business financing options with Fundbox and others with a single application through Lendio. We make it easy to make sure you choose the best line of credit or loan for your company.
*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.
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