The best alternative providers to Fundbox for business loans.
But if decided against a Fundbox loan as well because of its accounting software or bank account requirements, you may be looking for even more alternatives. Find out what other providers you can consider to get your invoices financed and expand your business.
- Apply for invoice financing in seconds
- Personal credit score doesn’t matter
- Small credit lines available
- Competitive rates
- Funding in as little as the next business day
- No prepayment penalty
- Only works with some bookkeeping software
- Short loan terms
- Weekly repayments
- Only up to $100,000 in financing
BlueVine is another online lender that specializes in lines of credit and invoice factoring. Like with FundBox, invoice factoring comes in the form of a credit line, though both come in different amounts and rates.
BlueVine’s invoice factoring is designed to help businesses with a slightly larger invoice load starting at $20,000 and can go up to $2,500,000. Typically, your business can get a credit line worth 80% to 90% of the invoice value. With both Fundbox and BlueVine, your factoring funds come in the form of a credit line and your business can retain its relationship with its customers. BlueVine’s standard credit lines come in the same amounts as Fundbox at similar rates.
While Fundbox can typically get your funds as soon as the next business day, you’ll have to pay a $15 fee for that kind of speed with BlueVine. Lines of credit through BlueVine aren’t available in Kentucky, Nevada, New Hampshire, North Dakota, South Dakota, Tennessee or Vermont. Both provider’s loans are secured by a lien on your business assets and require a personal guarantee.
Kabbage is an online lender that specializes in lines of credit, so you might want to skip this one if you’re only interested in invoice factoring. It offers some of the quickest financing out there for small businesses, thanks in part to its business debit card that you swipe to access funds.
Like Fundbox, it also considers other aspects of your business’s finances by linking to your business’s accounts, though these aren’t just limited to accounting — your eBay or Amazon account could also help your application. Its credit lines also come in higher amounts, ranging from $500 to $250,000. Like with Fundbox, each withdrawal turns into a short-term loan, though with Kabbage you have 6 months to 1 year to pay it back, longer than Fundbox. It also takes monthly, rather than weekly repayments.
Kabbage has harder requirements than BlueVine: You must have an annual revenue of at least $50,000 or monthly earnings of at least $4,200. It’s also not available to businesses under a year old.
OnDeck is an online lender that offers business lines of credit and term loans. One of its main draws is fast decisions. While it can take a few hours to get approved through Fundbox, OnDeck can give you an answer in just a few seconds. And if you apply for a term loan, your business can get as much as $500,000. You also have a choice between short- and long-term loans with OnDeck, which range from 3 to 36 months .
If you’re looking for bigger loans, OnDeck may be a good choice with lending starting at $5,000 capping at $500,000.
Both of OnDeck’s loan options are also slightly more expensive than Fundbox’s. Its term loans come with an annual interest rate (AIR) starting at 9.99%, and its credit lines come with an APR starting at 13.99%. On top of this, OnDeck can come with weekly or even daily repayments, which give your business less flexibility.
- Faster decision
- Rewards loyalty with lower fees
- Up to $500,000 for a loan term
- Available in all 50 states
- Cares more about cash flow than your personal credit score
- Origination fee on line of credit
- Smaller range of loan amounts on credit line
- Weekly or daily repayments
- Can’t save much with prepayment on short-term loans
4. National Business Capital
While not a direct lender like Fundbox, National Business Capital can be a great place to start when you’re looking for business financing. That’s because it’s a combination between a lender and service that connects borrowers with several different types of business loans, including lines of credit and accounts receivable financing.
While you won’t be able to get Fundbox’s small-dollar financing through this provider — its loans start at $10,000 — your business can potentially access up to $5,000,000 from its lenders. A wider range of financing amounts comes with a wider range of terms, from 3 months to 25 years .
This marketplace has slightly tighter requirements than Fundbox: Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000. It can also take a bit longer to get your funds — up to five days after getting approved. On top of that, it can get expensive with costs as high as 30 cents on the dollar.
Unlike Fundbox, LendingTree doesn’t fund loans directly. It’s a connection service that can help your business quickly get offers from lenders offering eight different types of business loans, including lines of credit and accounts receivable financing.
Rates, loan amounts and terms vary widely, depending on the lender and type of financing, so it’s difficult to compare with Fundbox. However, most lenders it works with rely on alternative data rather than your credit score, so your likelihood of getting approved might be similar. The benefit of using LendingTree is that you can get several offers after filling out just one application — apply to Fundbox and you only get one offer from one lender.
You might want to avoid LendingTree or other connection services if privacy is a concern. The reason you get all those offers at once is because LendingTree shares your information with several third parties. This can sometimes translate into constant calls and emails from lenders, even after you’ve taken out a loan.
6. Excel Capital Management
When it comes to lines of credit, Excel Capital Management has more options than Fundbox. You can choose between a secured and unsecured line of credit — Fundbox’s only offers unsecured financing. Unfortunately Excel Capital Management is less forthcoming about invoice factoring — how much you’re eligible to borrow depends on factors like your customers’ creditworthiness, revenue and sales volume and how long it takes to process your invoices.
Your business must meet tougher eligibility requirements than with Fundbox: Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000. But Excel Capital Management combines direct lending and business loan connection services to give you more chances for approval.
Fill out an application and your business will get offers from Excel and its partners for over nine different types of business financing. It specializes in funding small and mid-sized businesses, though it also has options for startups.
- Choose between in-house and partner financing for multiple offers
- Secured and unsecured lines of credit
- Available in all 50 states
- No upfront fees
- Can’t apply for specific loan type
- Website lacks informations on potential terms and rates
- Calls from lenders
- Less control over who gets your information