Fora Financial operates with working capital specialists to provide both merchant funding and small business loans. They specialize in unsecured debt, and have funded over $450 million in working capital. The company has also funded over 9,000 businesses.

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The Good

The company offers funding to a variety of small businesses in the following industries: medical, manufacturing, retail, wholesale, transportation, service, restaurant, construction, and the auto industry. Other benefits of the service include:

Minimal Entry Requirements

Fora Financial has an easy application process with minimal entry requirements. The company boasts a free non-committal quote, and an application that people can complete in minutes. We like that Fora Financial offers a convenient funding calculator where you can input your monthly revenue, years in business, and average ledger to see your eligible funding. There is no minimum credit score, and they don’t require collateral. Additionally, the application process only requires a few bank statements, in comparison to extensive paperwork some business loan companies make you turn in.

Variety Of Terms

Even though Fora Financial does not offer specific information online about their plans, we spoke with a phone representative to learn more. Fora Financial offers short term plans from 3-5 months. Their average term is 12-15 months, and they can sometimes offer a term up to 18 months.

New Businesses Welcome

Fortunately, your company only has to be in business for 3 months to be eligible. We have seen a lot of other companies that require you to be in business for longer, so 3 months is very convenient for new startups.

Transparent Customer Service

The company puts a lot of emphasis on transparency, and with phone representatives we have seen this come through. We love how easy it is to get ahold of a representative, and that you don’t have to sit through a long list of options read by an automated machine. When we talked with a Fora Financial phone representative, they were extremely helpful and happy to answer questions about their company.

The Bad

While Fora Financial can help businesses get the funding they need to finance various projects or initiatives, there are some limitations that need to be pointed out as well. Prospective borrowers should be aware of the following items:

Unknown Interest Rates

For Financial does not provide a calculator or chart for business owners to estimate interest rates.

High Monthly Required Amount

Unfortunately, Fora Financial has a higher than average required monthly amount for businesses. Businesses must be making $10,000 a month in gross sales, and $5,000 a month in credit card sales. We have seen other companies only require $4,500 a month.

Website Lacks Key Information

For a company that focuses on transparency, we were very disappointed on how the website lacks so much in key information. The company’s website lists virtually no specific information on fees, or interest rates. However, Fora Financial has started to improve its transparency by slowly making more information available to consumers, like a new repayment discounts.

No Long Term Loan

In order to even apply, companies need to be in business for at least 3 months. The absolute highest Fora Financial can fund is up to 18 months. However, we learned from a phone representative that their average term is 12-15 months. This is quite restrictive in the industry, as other companies typically offer long term plans that go from 15-36 months. The average time of funding in general is around 24 months, so 18 is shorter for people who are looking for long term funding plans.

The Bottom Line

Fora Financial’s application is simple and doesn’t require complicated documents. There’s no minimum credit score requirement, and you can get funding within 72 hours of approval. These factors make this company convenient for new businesses.

We’re concerned that the website lacks key information like fees and interest rates. Fees and interest rates depend on how long a company has been in business and credit score, so Fora Financial would be best for businesses who excel in the prior, and are looking for funding fast.

*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.

More Information

Types of Loans Offered

Rates Offered

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Term Lengths

3-18 months
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Funding Fast

They can provide funding in as little as 72 hours of approval. The website does not provide any information on the specific factors that lead to an approval, or the minimum time you can receive funds not yet being approved. Dependent on level of credit and time in business, you can receive up to $500,000 in funding.

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