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National Funding small business loans review
Working capital loans and equipment financing for a variety of industries.
finder.com’s rating: 4.5 / 5.0
★★★★★
Bottom line: This lender can fund or connect a wide range of businesses with financing. But it’s hard to get an idea of the rates you’ll get if you work with a National Funding partner.
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$5,000
Min. Amount
$500,000
Max. Amount
Not stated
APR
Details
| Min. Amount | $5,000 |
|---|---|
| Max. Amount | $500,000 |
| Loan term | 4 to 24 months |
| Min. Credit Score | 600 |
| APR | Not stated |
| Financing fee | 1.1 |
| Requirements | In business 6+ months and make at least $250,000 in annual sales. Other loan types have additional requirements. |
Pros
- Funding as soon as the next business day
- Easier credit requirements for short-term loans
- Competitive interest rates
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 a factor rate that starts at 1.1 — or 10 cents for every dollar you borrow. Working capital loans are short-term — 2 years 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 fees. 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.
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, 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
Use our table to see how National Funding holds up to other providers. Select Go to site to compare your business loan options or More info to read our review.
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How to qualify
National funding has different eligibility requirements for its programs. But you and your business must meet the following requirements to qualify for a business loan from this provider.
- In business 6 months or more
- At least $250,000 in annual sales
- Credit score of 600
National Funding reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.4 out of 5 stars, based on 25 customer reviews |
| BBB customer complaints | 64 customer complaints |
| Trustpilot Score | 4.7 out of 5 stars, based on 1,495 customer reviews |
| Customer reviews verified as of | 03 June 2022 |
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 matters less for its term loans, though you’ll need a credit score of 600 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.
Business loan ratings
★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
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National Funding business loans is not currently available on Finder
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