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.

$5,000

Min. Amount

$500,000

Max. Amount

Details

Product Name Fora Financial Business Loans
Min. Amount $5,000
Max. Amount $500,000
Loan Term 6 to 15 months
Min. Credit Score 300
Requirements 6+ months in business, $12,000+ monthly revenue, no open bankruptcies

Application Criteria

  • 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 $2 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 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.
Go to site

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% to 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 years, 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.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *