Finance Factory business loans review

First, do I qualify?

Finance Factory’s partners typically require you and your business to meet the following requirements:

• Good or excellent personal credit.
• At least two years in business.
• Strong cash flow.

What is Finance Factory?

Finance Factory is a loan connection service that helps business owners find financing. Through its business express program, a specialist can help you find a lender that’s right for you and walk you through the entire process to funding.

Its partner lenders offer loans or lines of credit between $25,000 and $250,000 with fixed APRs ranging from 7.99% to 24.99%. Terms vary by lender, but businesses typically have between 2 years and 5 years to pay it back.Finance Factory doesn’t charge any fees for its services, and most of its providers don’t charge application or origination fees for a business express loan. Most loans though Finance Factory are unsecured, so you won’t need to provide collateral.

There are also no fees for using Finance Factory’s services, and its partner lenders usually don’t charge application or origination fees.

More Finance Factory programs

In addition to the business express program, Finance Factory also has several other business loan programs. These include:

• Startup funding. Finance Factory connects startups with personal and business loans backed by a personal guarantee. These loans can go as high as $350,000 and come with a 0% introductory interest rate for up to 21 months.
• SBA loans. Finance Factory guides you through the SBA loan process to get a government-backed loan with interest rates from 6% to 8% and terms from 10 to 25 years. This program typically takes between two weeks and two months.
• Revenue-based loans and advances. Loans from $10,000 to $1 million are extended for business owners with bad credit but steady revenue. Qualification is based on your business’s cash flow and other factors — not just credit scores.
• Equipment financing. get financing for computers, signage, vehicles and any other equipment your business uses, backed by that equipment. Loan amounts, rates and terms vary. Startups are eligible.
• Franchise funding. Finance Factory guides you through the process of qualifying for loans specifically designed for franchises. Loan terms go as long as 25 years with variable rates from 6.25% to 7.25% APR.

What are the benefits of a Finance Factory business loan?

• Loan packaging services. Not only does Finance Factory help connect your business with a suitable lender, it also helps you complete your application and get your documents together.
• No fees on business express loans. Finance Factory doesn’t charge any fees for its services, and most of its providers don’t charge application or origination fees for a business express loan.
• Competitive rates. While not as low as an SBA or bank loan, Finance Factory’s partners offer rates starting from 7.99% to 24.99% APR.
• Transparent about rates and fees. Though it doesn’t advertise rates and fees for all programs on its site, its customer service team can provide quick answers to any questions you have about a specific program.

What to watch out for

• Partners pay to get connected. This means the service could be free for business owners, but that the partners’ interests are the priority — not yours.
• At least good credit required. Your business might have a hard time qualifying if you have a personal credit score below 700.
• Long turnaround time. It can take between one and two weeks to get your funds through the business express program. This isn’t the best provider for fast business loans.

Compare more business loan options

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Name	Product	Filter Values	Loan amount	APR	Requirements
Lendio business loans Finder Rating: 4.75 / 5: ★★★★★			$500 – $5,000,000	Starting at 6%	Operate business in US or Canada, have a business bank account, 560+ personal credit score	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Go to site More Info	Compare	loading Fetching your data…
National Funding business loans Finder Rating: 4.75 / 5: ★★★★★			$5,000 – $500,000	4% to 8%	Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to site More Info	Compare	loading Fetching your data…
Fundbox lines of credit Finder Rating: 4.2 / 5: ★★★★★			$1,000 – $150,000	Not stated	6 + months in business, $100,000+ in annual revenue, 600+ credit score	Get flat rate, short-term financing based on the financial health of your business, not your credit score.	Go to site More Info	Compare	loading Fetching your data…
Bitty Advance business cash advances Finder Rating: 2.8 / 5: ★★★★★			$2,000 – $25,000	Not applicable	$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 450+ credit score	With APRs in the triple digits, this is best saved as a last resort.	Go to site More Info	Compare	loading Fetching your data…

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Finance Factory reviews and complaints

Finance Factory has mostly positive online reviews. Customers are most pleased with the quality of customer service, calling its team responsive, professional and helpful. Only two weren’t happy with their experience, both complaining about how long the process took.

Finance Factory doesn’t have a Trustpilot page, but it’s won a spot on LendingTree’s top three list for customer satisfaction in 2016 and 2017.

How do I get started?

You can get prequalified with Finance Factory through its site. Since it’s a connection service, you don’t necessarily need to have any documents on hand. But make sure you meet the basic eligibility requirements.

Eligibility

• Two or more years in business.
• Good or excellent credit
• Steady cash flow

Some lenders might have additional requirements, like a minimum annual revenue.

Steps to get started

1. Go to the Finance Factory website and click See What’s Available.
2. Fill out the form with information on your personal credit, business revenue and how you want to use your funds. Hit Next.
3. Complete the required fields with your personal and business contact information. Read the e-consent agreement, terms of use, privacy policy, credit report authorization and telephone and email consents. Then hit Finish.
4. Wait to be redirected to the credit authorization page. Complete the form with more detailed personal information. Sign your full name and enter the verification code provided at the bottom of the page. Hit I agree/Submit.
5. Wait for Finance Factory to conduct a soft credit pull that doesn’t affect your credit score. If you’re approved, you should get an email from your funding specialist.
6. Schedule a time to talk to your specialist and go over your options.
7. Pick an option and work with your funding specialist to find a lender, prequalify and submit your forms.

Finance Factory’s funding specialists work with business owners throughout the entire process. Typically, it takes one to two weeks from start to finish.

What documents do I need?

While document requirements vary by lender and the specific circumstances of each business, you might be asked to provide:

• Two years of tax returns. Lenders use this to get an idea of how much your business makes each year.
• Three months of bank statements. Bank statements help your lender determine how much your business can comfortably afford each month.
• Debt schedule. A debt schedule tells your lender what other debt obligations your business already has.
• Profit and loss (P&L) statement. Lenders also use this to evaluate your business’s overall cash flow.

I got a loan through Finance Factory. Now what?

Your relationship with Finance Factory ends once you get your loan from the lender. Once your business has its funds, you’ll start making payments directly to the provider you borrowed from. If it’s an option, consider signing up for autopay. That way, you won’t have to worry about taking the time out of your work schedule to pay off your loan each month.

If you have any questions about your loan or concerns about paying it back, reach out to your lender’s customer service team as soon as possible.

Bottom line

Finance Factory could be a great service for established business owners who don’t have the time or experience to find the financing their business needs. It’s free to use and gets great customer reviews. But the turnaround time might be too long for owners who need funds as soon as possible.

To learn more about your business loan options and start comparing providers, check out our business loans guide.

Frequently asked questions