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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.

A Fora Financial business loan is just one of many short-term loans that gives you the opportunity to fund your business’s next venture. From purchasing new inventory or expanding a product line to hiring new talent or investing in real estate, this startup-friendly loan can get you cash fast — think only three days. But at what cost?

$5,000

Min. Amount

$500,000

Max. Amount

Details

Product NameFora Financial business loans
Min. Amount$5,000
Max. Amount$500,000
Loan Term6 to 15 months
Min. Credit Score300
Requirements6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Check eligibility

Am I eligible?

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:

  • Your business must be at least six months old.
  • You must have a monthly revenue of $12,000 or more.
  • You must have no open bankruptcies.

What is Fora Financial?

Fora Financial is a nontraditional provider of business loan products. Founded in 2008 by college roommates Jared Feldman and Dan Smith, Fora Financial has since grown to fund more than $2 billion in working capital for small businesses around the US.

Fora Financial offers two funding options for small businesses that need access to capital: short-term business loans and merchant cash advances.

What makes a Fora Financial loan unique?

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.

After you complete a brief online form, Fora Financial provides you with a free quote in a matter of minutes. It claims it provides loans of up to $500,000 in after application approval.

What are the benefits of a Fora Financial business loan?

  • Online application process. With an application process that’s entirely online, you don’t need to worry about bank appointments or tedious paper applications.
  • Fast funding. Once your application with Fora Financial is approved, you can expect access to your funds in as little as three business days.
  • Startup-friendly. As long as your business is at least six months old, you could be eligible for a business loan through Fora Financial.
  • Early repayment discount. Fora Financial waives prepayment fees and offers an early repayment discount of up to $0.10 on the dollar.

The drawbacks of a Fora Financial business loan

Fora Financial offers a short and straightforward application process accompanied by quick access to unrestricted funds. But a business loan with Fora Financial isn’t without its drawbacks:

  • High fees. A 2% to 4% origination fee reduces the amount of capital you have access to. The repay fee is typically 1.1 to 1.3 times the amount of capital extended to you. So for every dollar you borrow, you’ll pay from $0.10 to $0.30 in fees.
  • No long-term options. The longest loan term available is 1.25 years, which isn’t long. Borrowers who require lengthier terms will need to seek a loan elsewhere.
  • $500,000 loan cap. If you’re in need of a larger loan, you’ll need to apply for funding with a different provider. Fora Financial caps its business loans at $500,000.

Compare other online business loan providers

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
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.
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
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
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 1.38 out of 5 stars, based on 9 customer reviews
BBB customer complaints 6 customer complaints
Trustpilot Score 4.4 out of 5 stars, based on 564 customer reviews
Customer reviews verified as of 12 October 2020

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 do I apply?

Download and complete Fora Financial’s loan application form. A loan specialist will be in touch to verify the information on your application. If approved, your loan could be funded in as little as three business days.

What documents do I need to apply?

After completing Fora Financial’s online application form, have the following documentation on hand to verify your submitted information:

  • Your driver’s licence.
  • Your business’s tax return.
  • Your business’s income statement.
  • Proof of business ownership.
  • Six months of bank or credit card statements.
  • A voided check.

I got the Fora Financial business loan. Now what?

Grow your business. Now that you have working business capital, it’s time to grow your business. Invest in a marketing campaign, expand your inventory, stabilize your cash flow or take care of retail renovations. Fora Financial imposes no restrictions on how you use your loan.
Manage your online account. Keep track of your upcoming loan payments and sign up for automated payments using Fora Financial’s online platform.

Bottom line

Fora Financial can quickly connect you to available capital should you need a short-term business loan, and it even offers discounts for early loan repayment. But while its borrowing practices and criteria are more flexible than most, you’ll pay for the convenience with high origination fees.

Look into the best business loan options to find competitive rates and terms that work for your personal business needs.

Frequently asked questions about Fora Financial

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