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
- Earn over $150,000 annually
The minimum credit score requirement is unknown.
This Loan Is Good For…
- Businesses established at least one year ago with low revenue
- Businesses looking for funding in one day
- Businesses with no collateral
- Fast funding
- Easy requirements
- Nationwide availability
According to the claims on the ForwardLine website, they use non-traditional credit algorithms that allow them to provide financing for 98 percent of small businesses that traditional banks would consider either too small or too risky. The process for a merchant loan or cash advance is much faster than traditional business loans. The application approval process typically takes one business day. Once approved, it takes another day to get the funds, so the whole process can be as short as two business days.
ForwardLine’s requirements are fairly straightforward: make $150,000 in annual revenue and be in business for one year. It is not disclosed, however, if credit score is a requirement. There is also no collateral needed, and no prepayment penalties. Repayments are simply deducted automatically from daily sales for maximum convenience.
ForwardLine’s services are available in all 50 U.S. states, as well as the District of Columbia.
- Undisclosed rates
- User complaints
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. They also state they issue a small origination fee, but the amount/percent is undisclosed.
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.
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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.