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Efundex long-term business loans review

Upfront costs with a variety of loan options — but only for established businesses.

  • Best for businesses in relatively high-risk industries looking for smaller loans.
  • Pick something else if you want to avoid potentially high APRs and fees.
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Min. Amount$50,000
Max. Amount$1,000,000
Min. Credit Score620
APR5.49% to 27.79%
Requirements2+ years in business, 620+ credit score, not a sole proprietorship or nonprofit, strong financial history

First, do I qualify?

You need to meet the following criteria to qualify for a long-term business loan from Efundex:

  • In business at least two years
  • 680+ FICO credit score
  • No business or personal bankruptcies in the past seven years
  • No history of felonies or financial crimes
  • Not a sole proprietorship or nonprofit
  • No tax liens over $5,000

What makes Efundex long-term business loans unique?

Unlike many lenders that shy away from working with businesses in high-risk industries, Efundex doesn’t. It offers long-term business loans to companies in a variety of industries, including:

  • Construction
  • Restaurant and bars
  • Transportation
  • Medical
  • Manufacturing
  • Wholesale
  • Retail

What is an Efundex long-term business loan?

Efundex offers long-term business loans ranging from a low $50,000 all the way up to $1 million with terms lasting from one to five years. It’s rates start relatively low at 5.49% and go up to 27.79% — not including an origination fee between 0.99% and 4.99% that’s based on the strength of your credit profile. Your specific rate will depend on your loan term. The shorter your loan term, the lower your maximum APR will be.

Funding is relatively quick, although not the fastest out there for an online lender. While you can apply online in just a few minutes, it could take up to three business days to hear back about a decision. And it may take up to 10 business days to receive your funds.

What other financing options does Efundex offer?

On top of its long-term business loan, Efundex offers several other financing options:

  • Simple-interest term loan. Borrow up to $500,000 with terms as long as three years and rates starting at 6%.
  • Business line of credit. Businesses in need of flexible financing might prefer Efundex’s line of credit — available in amounts up to $100,000 with APRs starting at 13.99%.
  • Merchant cash advance. Borrow against your future sales with no set terms and factor rates ranging from 1.09 to 1.42.
  • Invoice financing. If you serve other businesses or government agencies, you can sell your invoices to Efundex with weekly rates ranging from 0.25% to 1.25% and terms up to six months.


  • Open to high-risk industries.
  • Fast approval for QuickBooks users
  • Transparent rates, fees and terms


  • Origination fee of 0.99% and 4.99%
  • Not open to startups
  • Slow turnaround for an online lender

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Efundex reviews and complaints

BBB accredited
BBB rating N/A
Trustpilot Score 4.2 out of 5 stars, based on 6 customer reviews
Customer reviews verified as of 12 October 2020

Efundex doesn’t have a page on the Better Business Bureau, and it only has a handful of reviews on Trustpilot. But for the most part, customers seem happy with Efundex’s simple application and quality customer service.

How do I apply?

Before you get started, double-check that you’re eligible. You can then begin the application process by calling 212-213-5680 or visiting its website.

Follow these steps to begin the process online:

  1. Go to the Efundex website and click Apply Online Now.
  2. Provide details about the loan you’re interested in taking out and your business. Click Continue.
  3. Enter your name, email, phone number and business name. Click Continue.

You’ll then be asked to create an account or connect with QuickBooks to start the application. You should hear back about a decision within three business days. If your application is approved, it could take up to 10 business days to receive your funds.

What documents do I need to apply?

Have the following information and documents on hand before you apply:

  • Two years of your most recent business tax returns
  • Most recent personal tax return
  • Six months of your business’s bank statements
  • Details on your business’s current debts

You may be asked to provide year-to-date profit and loss statements and balance sheets if you’re interested in borrowing more than $300,000.

I got an Efundex long-term business loan. Now what?

You’ll be on the hook for either biweekly or monthly repayments based on your loan term. Late payments come with a 10% fee of the amount due, so you might want to ask about setting up autopay to avoid this. And since Efundex doesn’t charge prepayment penalties, you could save on interest by paying back your loan early. If you have any questions or concerns, reach out to customer service as soon as possible by calling 212-213-5680.

Bottom line

Efundex’s long-term business loans are ideal for businesses in high-risk industries looking for financing with transparent rates and fees. It’s not the quickest option out there, though. And you might have trouble qualifying if you don’t have good credit or haven’t been around for too long.

See how Efundex compares to the competition with our guide to business loans.

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