Fora Financial Review: Poor Credit OK, but High Revenue Requirements

Is Fora Financial legit?

Yes, Fora Financial is a legitimate business lender. It was founded in 2008 and is headquartered in New York City. To date, it has supplied over $4 billion in working capital for 55,000 small businesses across the US. It has been accredited with the Better Business Bureau (BBB) since 2011 and has an A+ rating.

What makes Fora Financial shine?

Fora stands out by offering up to $1.5 million in funding to businesses that have been operating for as little as six months. It also has a low credit score requirement of only 575700, making it a solid option for newer business owners with poor credit.

It also advertises approval within four hours and funding in as fast as 24 hours. This speed can be particularly helpful for companies that need to access cash quickly to jump on time-sensitive business opportunities — or to meet short-term cash flow shortages.

Where Fora Financial falls short

However, while some of its lending requirements are lenient, you’ll need to earn at least $20,000 a month (or $240,000 annually) to qualify for funding. This amount is a relatively high revenue requirement compared to some business lenders, which can put it out of reach for small businesses that don’t have that kind of sales volume.

In addition, Fora Financial doesn’t disclose rates and fees on its website, but customer reviews and third-party assessments seem to agree that rates are on the high side. In fact, a review by Lending Tree states that factor rates may reach as high as 1.4. For example, if you borrowed $100,000 at a factor rate of 1.4, the total cost of the loan would be $140,000.

There are other options for bad credit business loans that may not be as expensive, so be sure to look around and compare all your options.

Fora may also require weekly or daily repayments. These rigorous repayment schedules can sometimes be difficult to manage compared to other types of business loans that may offer fixed repayment schedules and longer loan terms.

Fora Financial business loan details

Fora Financial contact info

How to qualify for Fora Financial

Here are the basic requirements to qualify for a business loan from Fora Financial.

• Six months in business
• $240,000 in annual revenue (or $20,000 a month)
• 570+ FICO score
• Business bank account
• US-based business
• No open bankruptcies

How to apply

Follow these steps to apply to Fora Financial.

1. Fill out the quick and easy online application to prequalify.
2. Receive a call from a funding specialist and review your options.
3. Submit the required documentation and get a decision in as little as four hours.
4. Access your funding within 24 hours, if approved.

Applying for funding only requires a soft credit check, but a full credit inquiry is required prior to approval.

How Fora Financial compares to other lenders

6 of 6 results

Updated regularly

Finder Score	Min. Amount	Max. Amount	APR	Requirements
Promoted Finder score 9.9 Excellent Pinnacle Funding	Finder score 9.9 Excellent	$5,000	$3,000,000	Varies by loan type	6+ months in business, 525+ credit score, $180,000 in annual revenue	Apply in minutes with funding as fast as 24 hours and zero impact to your credit score.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 9.5 Excellent Lendzi	Finder score 9.5 Excellent	$5,000	$20,000,000	Varies by lender	Minimum credit score of 580, minimum annual revenue of $120,000, preferably one to two years in business	Compare lending options and get funded fast.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 9.6 Excellent Lendio business loans	Finder score 9.6 Excellent	$1,000	$5,000,000	Varies by lender	Operate business in US for 6 months or more, have a business bank account, minimum 580 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.5 Excellent Fundera business loans	Finder score 9.5 Excellent	$2,500	$5,000,000	Varies by lender	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore info Compare product selection Compare	loading
Finder score 8.9 Great Best Money	Finder score 8.9 Great	$5,000	$5,000,000	Varies by lender	Depends on the lender	Apply in minutes. Get funded fast.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.6 Excellent Advance Funds Network	Finder score 9.6 Excellent	$10,000	$5,000,000	Varies by lender	6 months in business, at least $10,000 in monthly revenue	A range of funding options for your business	Go to siteMore info Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.

Read the full breakdown

Fora Financial reviews and complaints

Fora Financial has mixed reviews on both Trustpilot and the BBB. Many customers praise the easy process, fast funding and professional and knowledgeable staff. But others complain of high rates, frequent repayments (daily or weekly) and poor customer service. A few reviewers also expressed disappointment that their loan amount was lowered after they’d already been approved.