Fundbox offers fast, paperwork-free lines of credit (LOC) to businesses with as little as six months in business and a personal credit score as low as 600. It’s also in the process of launching a short-term loan. But rates can be high, starting at 4.66% per week — that’s equivalent to an APR over 240%. Its credit limits stop at $250,000, which is on the low end next to its competitors.
Many Fundbox alternatives also offer low-doc online applications, fast turnaround times and flexible requirements. And you’re not limited to traditional lenders or fintechs. You can also consider connection services to quickly narrow down your options or peer-to-peer lending platforms for an alternative lending option.
Fundbox is a low-fee provider with no application, maintenance or origination fees. And unlike many other business lenders, its time-in-business requirements are more lax, only requiring six months in business versus the typical 12. But its line of credit caps out at $250,000, whereas other lenders like OnDeck offer up to $250,000.
Fundbox shines in its simple, low-doc application, and it accepts credit scores as low as 600. So if your business has been active for less than 12 months and your credit score isn’t ideal, Fundbox might be the provider for you.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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A review of Ualett, a cash advance app for gig workers and small businesses.
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