Fora Financial business loans review

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.

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Name	Product	Filter Values	Loan amount	APR	Requirements
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.	Go to site More Info	Compare	loading Fetching your data…
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.	Go to site More Info	Compare	loading Fetching your data…
OnDeck small business loans Finder Rating: 4.7 / 5: ★★★★★			$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.	Go to site More Info	Compare	loading Fetching your data…
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…
Rapid Finance small business loans Finder Rating: 3.74 / 5: ★★★★★			$5,000 – $1,000,000	Fee based	Steady flow of credit card sales, bad credit OK	Go to site More Info	Compare	loading Fetching your data…
First Down Funding business loans			$5,000 – $300,000	Fee Based	At least 2 years in business, an annual revenue of $300,000+, and a minimum credit score of 400	Alternative financing up to $300K with highly competitive rates.	Go to site More Info	Compare	loading Fetching your data…
Fundbox business loans Finder Rating: 4.76 / 5: ★★★★★			$1,000 – $150,000	4.99%	You must have an established business.	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…
Kickpay e-commerce business loans Finder Rating: 3.7 / 5: ★★★★★			$20,000 – $1,000,000	Not applicable	At least $250,000 in the past 12 months of revenue, e-commerce business, use a 3rd party fulfillment center for storing and shipping inventory, at least one US location.	Get a loan for your e-commerce business based on your sales history.	Go to site More Info	Compare	loading Fetching your data…
LendingClub business loans Finder Rating: 4.5 / 5: ★★★★★			$5,000 – $500,000	12.15% to 29.97%	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 12 to 60 months, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.	Go to site More Info	Compare	loading Fetching your data…
Monevo business loans			$500 – $100,000	3.99% to 35.99%	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.	Go to site More Info	Compare	loading Fetching your data…

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Fora Financial reviews and complaints

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.