National Funding small business loans review April 2021 | finder.com
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National Funding small business loans review

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Working capital loans and equipment financing for bad credit and high-risk industries.

finder.com’s rating: 4.5 / 5.0

★★★★★

Bottom line: This lender can fund or connect a wide range of credit types and industries with financing — including cannabis. But it’s hard to get an idea of the rates you’ll get if you work with a partner.

$5,000

Min. Amount

$500,000

Max. Amount

Details

Product NameNational Funding business loans
Min. Amount$5,000
Max. Amount$500,000
Loan TermUp to 12 months
APR4% to 8%
RequirementsBe in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
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Pros

  • Funding as soon as the next business day
  • No credit requirements for short-term loans
  • Works with high-risk industries like cannabis

Cons

  • Not transparent about costs and terms online
  • Doesn’t fund all loans itself
  • Short-term loans come with daily repayments

National Funding rates, fees and terms

National Funding offers working capital loans and long-term equipment financing both directly and through its network of lenders. Both come with APRs ranging ranging from 4% to 8%, including a 1% to 3% origination fee. Working capital loans are short-term — 1 year or less — that you repay each day, rather than each month. Equipment loans come with terms of five years or more.

We spoke directly with a representative from National Funding to gather up-to-date information about loan amounts, terms and APR ranges. Info on its site may vary from what you see in our review. Use our calculator to see how much a National Capital loan might cost you.

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National Funding partners may offer different rates and terms

These rates and terms don’t necessarily apply to National Funding’s partner lenders, however. If you work in a high-risk industry like cannabis, it’s possible you’ll end up with less favorable terms. You also might want to do some research into the lender you’re connected with to make sure its terms and conditions work for your business.

How National Funding compares to other lenders

Fill out the form to see how National Funding holds up to other providers your business might qualify with.

Data updated regularly
Name Product Filter Values Loan amount APR Requirements

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

OnDeck small business loans
$5,000 – $250,000
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

Fora Financial business loans
Finder Rating: 3.4 / 5: ★★★★★

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.

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.

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.

LendingClub personal loans for business

LendingClub personal loans for business
$1,000 – $40,000
8.05% to 35.89%
US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.
Get prequalified for a personal loan up to $40,000 to help you grow your business. Great for new business owners with at least fair credit.

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

Fundbox business loans
Finder Rating: 4.76 / 5: ★★★★★

Fundbox business loans
$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.
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Compare up to 4 providers

How to qualify

National funding has different eligibility requirements for its programs.

Working capital loan requirements

  • Be in business one year or more
  • Make at least $100,000 in annual sales

Equipment financing requirements

  • Be in business six months or more
  • Have a credit score of 620 or higher

National Funding reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 2 out of 5 stars, based on 25 customer reviews
BBB customer complaints 25 customer complaints
Trustpilot Score 4.5 out of 5 stars, based on 1,324 customer reviews
Customer reviews verified as of 14 October 2019

National Funding receives mixed reviews. Borrowers are most enthusiastic about its customer service, even mentioning National Funding employees by name.

Not all borrowers were happy with their experience, however. Some claim they were misled into thinking they were going to get lower rates than they actually received. Another reviewer complained that they got spam calls from the lender, which used a geolocation system that makes the call look like its coming from a local phone number.

How the application works

You can apply online or over the phone. If you apply online, you'll fill out a form with information about your business and its financing needs. After you submit the form, National Funding should display a few offers that your business prequalifies for.

Select the offer that best meets your needs and follow the instructions to submit documents — or apply through a partner lender. For working capital loans, you typically need to submit three months of bank statements. Equipment financing usually requires a quote from a vendor.

It can take a few days for National Funding to get back to you with your final loan documents. But after you send in your signed documents, you can receive the funds within 24 hours. Be prepared to start daily repayments if you have a working capital loan.

What sets it apart

National Funding working capital loans come with some of the most competitive rates for a short-term loan. It’s also more open to different types of industries than your typical business lender and even offers programs by industry type. Your credit score doesn’t matter for its term loans, though you’ll need a credit score of 620 or higher if you’re applying for equipment financing.

Is National Funding legit?

Yes, National Funding is a legitimate online lender. It's won several awards, landing on Inc. 50000's list of America's Fastest-Growing Private Companies eight years in a row. And its website is encrypted to protect the personal information you submit online.

But if you're connected with a partner, you'll want to check its legitimacy too before signing up. Read customer reviews on sites like Trustpilot and the BBB. Watch out for government actions against the provider. And make sure it uses encryption before submitting any personal information.

Want to compare more lenders or learn about how business loans work? Check out our business loans guide.

Frequently asked questions

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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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