Fora Financial business loans review October 2018 | finder.com

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?

We review Fora Financial’s business loan options, taking the challenge out of navigating the wealth of loan products out there.

Product NameFora Financial Business Loans
Min Loan Amount$5,000
Max. Loan Amount$500,000
Interest Rate TypeFixed
Minimum Loan Term.5 year
Maximum Loan Term1.25 years
RequirementsBusiness age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
  • Business in operation at least 6+ months
  • Minimum monthly revenue $12,000
  • No open bankruptcies

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 $1.3 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 As little as 72 hours 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 2–4% 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 year(s), 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

Rates last updated October 21st, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
At least 6 months in business, average $10,000 in monthly deposits.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly revenue.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What does the Internet say about Fora Financial?

Both the Better Business Bureau and Trust Pilot have positive things to say about Fora Financial and the services they provide.

Fora Financial has been accredited by the Better Business Bureau (BBB) since 2011 and gets an A+ rating based on BBB’s criteria that includes transparency.

According to Trustpilot, where Fora scores a 5-star rating across more than 250 reviews, the short-term lending institution is known for its easy, quick application process and reputable customer service. One reviewer explains:

“The experience working with Fora was wonderful. Giovani was a terrific help as he guided me and our business as we begin to understand some first-time short-term borrowing. Closing was fast and simple and the funds were there the next day — just like Giovani said they would.”

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 your other 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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