Founded in 2003, ForwardLine Financial was the brainchild of a team of financial experts who wanted to provide an alternative source of financing for small businesses. Today, the company offers both business loans and merchant cash advances, although they focus on business loans. These loans are based on a business’s monthly sales volume.
- Be in business at least a year
- Live in one of the states they serve (all states except Nebraska, North Dakota, Rhode Island, South Dakota, Vermont, or the District of Columbia)
The minimum credit score requirement is unknown.
This Loan Is Good For…
- Businesses established at least 1 year ago with low revenue
- Businesses looking for funding in 1 day
- Businesses with no collateral
According to the claims on the ForwardLine website, they use non-traditional credit algorithms that allow them to provide financing for 98% of small businesses that traditional banks would consider either too small or too risky. Other benefits include:
The process for a merchant loan or cash advance is much faster than traditional business loans. The application approval process typically takes 1 business day. Once approved, it takes another day to get the funds, so the whole process can be as short as 2 business days.
Loans Not Based on Credit Scores
For businesses that might not have the best credit score, ForwardLine boasts that they are not credit score driven. Instead, they are much more interested in the strength of the business. Repayments are simply deducted automatically from daily sales for maximum convenience.
Even though ForwardLine may be one of the only options for some businesses looking for financing solutions, there are some questions surrounding their service. Prospective borrowers should be aware of the following limitations of the ForwardLine platform:
Undisclosed Interest Rates & Other Information
ForwardLine is vague on their website about the interest rate they charge. All they say is that the interest will be based on many factors, including the type of industry your business is in and the length of time the business has been in operation.
ForwardLine is not available in Nebraska, North Dakota, Rhode Island, South Dakota, Vermont, or the District of Columbia.
There are several ForwardLine complaints about company representatives being difficult to get ahold of. One reviewer said he worked with ForwardLine, and that the company had very high-interest rates.
*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.
Types of Loans Offered
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Before you apply for a business loan with ForwardLine, you should know that (according to them) this application will NOT affect your FICO score.
Also note that just because ForwardLine says that loans are as low as 8.99%, you will not necessarily get a loan at an interest rate this low.