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Fora Financial business loans review

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Get funding of up to $500,000 with the benefit of early repayment discounts for qualifying borrowers.

Bottom line: A prepayment discount might be appealing to businesses that are quickly gaining sales. But the high fees and short terms can make borrowing from Fora Financial more expensive than its competitors if you’re not able to pay off your loan early.

$5,000

Min. Amount

$500,000

Max. Amount

Details

Product NameFora Financial business loans
Min. Amount$5,000
Max. Amount$500,000
Loan Term4 to 15 months
Min. Credit Score670
APRVaries
Requirements6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Go to Fora Financial's website

Pros

  • Early repayment discount
  • Qualify with just six months in business
  • Accepts bad credit

Cons

  • Not transparent about costs on website
  • Approval may take up to three days
  • Daily or weekly repayments common with this type of loan

Fora Financial rates, fees and terms

Fora Financial isn't completely transparent about the cost of its short-term loans. In the past, it's charged a fixed fee rather than interest. This was represented by a factor rate of 1.1 to 1.3, which you multiply by the funds you borrow to calculate the total amount you owe. Its small business loans also came with an origination fee of 2% to 4% of the loan amount.

We weren't able to confirm the accuracy these fees in February 2021. However, we could confirm that it offers a discount on the repayment fee fee of 10 cents on the dollar if you repay the loan early.

Loan terms run as long as 15 months, which can translate into high repayments. A loan of $500,000 over a 15-month term gives you a monthly cost of around $3,333 — before fees.

How Fora compares to other lenders

Here's how Fora compares to other business loans available to new businesses or bad credit.

Data updated regularly
Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans

Fora Financial business loans
$5,000 – $500,000
Varies
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Great for SBA loan applicants.

ROK Financial business loans

ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.

OnDeck small business loans
Finder Rating: 4.7 / 5: ★★★★★

OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$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.

Rapid Finance small business loans
Finder Rating: 3.74 / 5: ★★★★★

Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

Fora Financial reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.7 out of 5 stars, based on 11 customer reviews
BBB customer complaints 4 customer complaints
Trustpilot Score 4.4 out of 5 stars, based on 565 customer reviews
Customer reviews verified as of 22 February 2021

Fora's most recent reviews on its Trustpilot and BBB pages are mainly negative — with multiple customers complaining about high rates. However, some borrowers were pleased with customer service and the simple application process.

How to qualify

The best way to find out what type of loan you’re eligible for with Fora Financial is to complete its online form and request a free quote. But here are the three primary points of eligibility Fora Financial expects you to meet:

  • At least six months in business
  • Monthly revenue of $12,000 or more
  • No open bankruptcies

If you want to apply for a. merchant cash advance, you must have at least $5,000 in monthly credit and debit card sales.

How the application works

Applications with Fora Financial are fairly straight forward.

  1. Fill out a simple form on its website.
  2. Wait for a loan specialist to contact you and verify your information.
  3. Submit a handful of documents, including a copy of your driver's license, a voided check, proof of business ownership and three months of business bank statements.

If approved, your loan could be funded in as little as three business days.

What sets it apart

Fora Financial is a nontraditional online lender, which means its eligibility criteria and funding practices aren’t quite as slow and stringent as those of big banks and other traditional lenders. It works with businesses as new as six months, with as little as $12,000 in monthly gross sales or $5,000 in credit card receipts.

If you're not sure about the high fees, or just want to compare more options, read about our picks for the best business loans to find competitive rates and terms that work for your financial needs.

Frequently asked questions

Answers to common questions about borrowing from Fora Financial.

Do I need to offer collateral to secure my loan with Fora Financial?

No. Fora Financial business loans are unsecured, which means no collateral is required to secure the loan.

I've already received a loan through Fora Financial but need additional capital. How do I apply?

To apply for additional funds, speak to a member of Fora Financial’s Relationship Management team about the current terms of your loan and the possibility of obtaining more capital. Your loan will be reviewed, as well as the last six months of revenue for your business.

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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