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Efundex long-term business loans review

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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.


Min. Amount


Max. Amount


Product NameEfundex long-term business loans
Min. Amount$50,000
Max. Amount$1,000,000
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

Compare more business loan providers

Data indicated here is updated regularly
Name Product Filter Values Loan amount Starting APR Requirements
$500 – $5,000,000
Operate a business in the US or Canada, have a business bank account and have a personal credit score of 675+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$30,000 – $5,000,000
650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Get funding for your small business with a government-backed loan and extended repayment terms.
$2,500 – $5,000,000
$300,000+ of annual revenue, 680+ personal credit score, in business for 3+ years
Get connected with short-term funding, SBA loans, lines of credit and more.
Credibly Business Loans
$5,000 – $250,000
6+ months in business, $180K annual business revenue, 500+ credit $15K+ in monthly deposits
Funding to cover business expenses with daily or weekly repayments.
LendingClub small business loans
$5,000 – $500,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
Main Street Finance Group Business Loans
$5,000 – $1,000,000
1+ years in business, $10,000+ monthly revenue
Apply online and get approved within hours with minimal paperwork. Multiple financing options available.
Monevo Business Loans
$500 – $100,000
Credit score of 500+, legal US resident and ages 18+.
Use this connection service to get paired with a loan you can use for business.

Compare up to 4 providers

What do borrowers say about Efundex business loans?

Not much as of May 2020. Efundex doesn’t have a page on the Better Business Bureau, and it only has a handful of reviews on Trustpilot. However, those that are there all rate the lender as “excellent,” earning it a TrustScore of 4.2 out of 5 — although the most recent review is from February 2018. 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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