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  • Details
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Fundera business loans
4.9
★★★★★
Finder score
Go to site
Min. Amount
$2,500
Max. Amount
$5,000,000
APR
Varies based on lenders

Our verdict

A highly-rated, no-fee business loan connection service, but partners are limited.

Fundera by NerdWallet is a fintech connection service featuring 15+ top lenders, including Paypal, Bluevine and Funding Circle. It’s best for small business owners who want to quickly compare loan options with a single, easy-to-use form. Options include term loans, SBA loans, lines of credit, short-term options and more.

It’s free to use and potentially fast. Depending on the loan, you could have funds as soon as one business day after approval. However, the website is slim on loan details and APR ranges, and its eligibility criteria isn’t disclosed. But overall, it’s a fast and convenient place to start your search for a business loan.

Best for: Any credit type business owner looking to compare different loan options quickly.

Pros

  • No hard credit check to use
  • Bad credit loan options available
  • No fees to use the service even if you get funded
  • In-house loan specialists to support you
  • Good customer reviews online

Cons

  • Limited number of partners
  • APR ranges not disclosed
  • Your information is shared with partners
  • Origination fees are charged by some lenders
  • Unclear eligibility criteria

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Min. Amount $2,500
Max. Amount $5,000,000
Loan term 3 months to 25 years
Min. Credit Score 520
APR Varies based on lenders
Requirements $60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months

What makes Fundera shine?

Fundera stands out for its simplified intake form, which only takes a few moments to fill out. You don’t need to provide your Social Security number or undergo a hard credit check to get matched with lenders. And unlike some other connection services, there’s no funding fee to use Fundera – even if you get matched and funded by one of its partners. Fundera also gets overwhelmingly high marks from customers on Trustpilot, who praise its loan team for its professional, helpful and responsive service.

Where Fundera falls short

Unlike other connection services, Fundera has a relatively limited number of partners – just 15 at the current time – which may limit your options compared to some other services. And there’s not much information about APRs or eligibility criteria. Instead, you need to fill out the form to see if you prequalify with any of its partners. Also, after getting matched with lenders, you may need to provide additional information for each lender you’re interested in.

Fundera loan details

Minimum credit score/credit range520
APR6% to 60%+
Loan amountsUp to $5 million
Terms3 months to 25 years
Approval turnaround24 to 48 hours
AvailabilityAvailable in all states
FeesNo fee to use Fundera
Other feesLenders may charge origination fees, packaging fees, late fees, prepayment penalties, etc.

Fundera SBA loans

SBA loans are loans backed by the Small Business Administration (SBA) and are a popular choice for business owners that may not qualify for a traditional bank loan. SBA loans are known for their competitive rates and high loan amounts, but they can take several weeks for approval and funding. Fundera partners with lenders that offer SBA loans, including the popular SBA 7(a), 504 and Express loan programs, as well as microloans.

How to qualify for Fundera

Because Fundera isn’t a direct lender, it doesn’t set specific eligibility criteria. Instead, eligibility depends on the specific lender and the type of loan you’re after. For example, you’ll need a minimum credit score in the high 600s for an SBA loan, while merchant cash advances may accept scores in the low 500s.

  • A minimum personal credit score of 520 to the mid-600s
  • A minimum amount in annual revenue (typically from $50,000 to $150,000+ per year)
  • Preferably one to two years in business (six months may be ok for some short-term loans)

Remember, using Fundera is completely free and it won’t impact your credit score to compare lenders. So, even if you have bad or fair credit, it could be worthwhile to check if you prequalify for a loan through its service.

How to apply

Applying with Fundera is fast and straightforward:

  • Select Get Started on Fundera’s website.
  • Answer some basic questions on the prequalification form.
  • If you qualify, you will be presented with a list of lending options.
  • Apply directly with a lender and/or wait for one of Fundera’s team members to contact you within 24 to 48 hours.
  • Formally apply for a loan and upload any requested information and documents.
  • Waiting for final loan approval and funding.

How Fundera compares to other lenders

Fundera by NerdWallet is a fast and convenient place to start looking for lenders. But if you’re looking for a direct lender or want other options, start here instead:

Name Product Filter Values Min. Amount Max. Amount APR Requirements
Lendio business loans
Finder Score: 4.8 / 5: ★★★★★
Lendio business loans
$1,000
$5,000,000
Starting at 3%
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Fundible
Finder Score: 4.9 / 5: ★★★★★
Fundible
$1,000
$10,000,000
Rates start at 1% per month
500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements
Same day approval
Nav business loans
Finder Score: 4.8 / 5: ★★★★★
Nav business loans
$500
$5,000,000
Varies by lender
550+ credit score
Get connected with personalized matches from over 100 lending options. Plus, get the best rates with the help of dedicated funding managers.
BusinessLoans.com
Finder Score: 4.4 / 5: ★★★★★
BusinessLoans.com
$5,000
$3,000,000
Varies by loan type and lender
Must have been in business between 1 to 2 years, have a minimum revenue of $75,000 to $250,000 and have a minimum credit score of 500 to 650.
Complete a three-minute form to see loans that fit your business’s needs. Compare offers without a hard credit check.
Fundera business loans
Finder Score: 4.9 / 5: ★★★★★
Fundera business loans
$2,500
$5,000,000
Varies based on lenders
$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.
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Fundera reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 2 customer reviews
BBB customer complaints 6 customer complaints
Trustpilot Score 4.3 out of 5 stars, based on 928 customer reviews
Customer reviews verified as of 19 February 2024

Fundera gets overwhelmingly positive reviews on Trustpilot from hundreds of customers. Satisfied customers mention helpful and professional – and sometimes above-and-beyond – service from Fundera’s loan officers. Many of these customers mention specific loan officers by name, calling them out for their great service.

Less happy customers mention being surprised by high APRs, which are common with some of the short-term loan options that Fundera offers. And, like many services that connect lenders and borrowers, there are complaints about marketing calls and emails from Fundera’s partners.

Is Fundera legit?

Yes, Fundera by NerdWallet is a legitimate service that works with legitimate lenders. It has helped businesses access over $2.5 billion in funding, and it has a number of programs and resources to help small business owners. It also has a secured website and online form to keep your personal and business information safe.

Frequently asked questions

What is Fundera?

Fundera is a business loans marketplace that lets you quickly compare 15+ of the top business lenders with just a single form. It’s free to use and there’s no impact on your credit score.

Does Fundera do a hard credit pull?

No, Fundera doesn’t require a hard credit pull to use its service. However, you’ll likely need to undergo a hard credit check when applying for a loan through one of its partners.

How does Fundera make money?

Fundera makes money by earning a commission from the lenders it partners with. It never charges a fee to the borrower, even if they get funded through one of its partners.

Who are Fundera’s competitors?

Some of Fundera’s top competitors are other business loan marketplaces like Lendio, Biz2Credit, and businessloans.com.

Is Fundera a direct lender?

No. Fundera is a lending marketplace that matches borrowers with some of the top lenders in the business loans space.

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