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Product Name | Fundzio business cash advances |
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Loan Term | 3 to 12 months |
Requirements | Not stated |
Fundzio charges a flat fee instead of interest, which you repay plus the advance with a percentage of daily deposits in your bank account or daily credit card sales. You can get an advance on 25% up to 150% of your average monthly credit card sales or bank account deposits with terms between three months and one year.
It doesn't disclose the range of fees it charges. But cash advances from businesses typically come with a fee that is 0.14 to 0.30 times your loan amount. In some cases, the fee can run as high as three times your loan amount. The short terms of these advances combined with the high fees can be equivalent to an APR of 300% — or higher.
Cash advances are almost exclusively based on your business's sales. This means your credit score and time in business generally won't affect your loan amount, terms or fees. The higher your monthly sales are — and the less nonsufficient funds fees there are — the more you can borrow and the lower the fee.
Fundzio doesn't list any requirements on its website. However, your business will need to receive either daily credit card transactions or daily bank account deposits to qualify for this type of financing.
Typically your business only needs to provide bank or credit card statements when applying for a Fundzio advance. You'll also need to provide basic information about your business and yourself.
Fundzio works with a wide range of industries — even some industries that most lenders would consider to be high risk. It specifically lists the following types of businesses as eligible for a Fundzio advance on its website.
Fundzio business loans may be useful to some businesses, but it might not be right for yours.
Use the table below to see how Fundzio compares to other online lenders.
Fundzio is a legitimate lender in that it has an easily accessible privacy policy and customer service line. But its privacy policy hasn't been updated since 2014. And while it uses SiteLock software to secure its website, we received an error message when we clicked on the icon at the bottom of the page in June 2020 — which could indicate that it isn't currently effective.
BBB accredited | No |
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BBB rating | N/A |
BBB customer reviews | 2 out of 5 stars, based on 4 customer reviews |
BBB customer complaints | 7 customer complaints |
Customer reviews verified as of | 13 October 2020 |
Fundzio doesn't get many customer reviews, and the few that exist are mixed. A couple claim that Fundzio made unauthorized repayments or harassed them when they weren't able to make a repayment — which Fundzio denied. But several said the process was easy, especially if you struggle to find financing on your own.
Fundzio and merchant cash advance company Bitty Advance are owned by the same company. Bitty Advance offers smaller advances of $2,500 to $10,000 with a turnaround as soon as the same business day. You can find out how it compares by reading our Bitty Advance review.
You can get started on your application online or over the phone by calling 855-386-3946. To get started online:
Typically, you'll be required to submit documents, such as your business's bank statements.
After you sign the loan contract, Fundzio wires the funds directly to your business's bank account. You'll likely receive your money within 24 to 48 hours.
Fundzio automatically deducts a percentage of your daily bank deposits or daily credit card sales, depending on the type of advance you sign up for. If your sales take an unexpected dip and you think you won't pay off the advance by the end of your term, reach out to Fundzio to learn what your options are.
See how Fundzio compares to other lenders by visiting our guide to business loans.
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Fundzio offers two types of cash advances to small businesses: A merchant cash advance based on your business’s daily credit card sales and a business cash advance based on your business’s daily bank account deposits. It accepts all credit types and even some high-risk industries like auto repair shops and liquor stores.