- Fundbox
Fundbox
check_circle VerifiedFundbox was founded in 2012 and started offering its invoice financing product in 2014 with a niche business model of providing advances on outstanding invoices to businesses and freelancers. One of the company's founders, Eyal Shinar, came up with the idea for Fundbox after he watched his mother struggle with cash flow in her staffing business in Israel.
The company's goal is to help small businesses maintain adequate cash flow by reducing the wait time for customers to pay invoices. Fundbox aims to address a more narrow and immediate need: paying business owners for the work they've already done.
It also offers lines of credit and term loans.
Fundbox offers a hassle-free, easy application process where merchants simply connect their Quickbooks or business checking accounts to Fundbox's platform and then they receive a credit decision in three minutes or less. There is one flat weekly fee and no draw fee, no front-loaded fees, and no pre-payment penalty.
Fundbox has a minimum FICO score requirement of 600. The higher your credit profile, the more favorable terms you'll qualify for.
You can find Fundbox reviews below to see how Fundbox funding measures up against other business loan providers.
The Good
- Fast Credit Decision
- Flexible Requirements
- Flexible Funds
- Fundbox Reviews
Fast Credit Decision
If you're looking to fund a growth investment or business expense, you know how limited that window of opportunity can be. A slow credit decision process or delayed transfer of funds could make or break that crucial inventory purchase or marketing launch you have planned.
Fundbox has designed a simple application process that gives you a credit decision in under three minutes (based on the median decision time for Fundbox customers), allowing you to make faster, smarter financial decisions with your limited time. The process is:
- Sign up in minutes and get a credit decision in hours without paperwork
- If approved, draw funds for your business at any time
- Funds transfer as soon as the next business day
According to the company's website, business owners need the following to apply for a revolving line of credit:
- A business bank account (specifically a checking account)
- At least two months of activity in supported accounting software
- An ideal minimum of $100,000 in annual income (but you can still apply if you have less)
- A business based in all 50 states in the United States or these U.S. territories: Guam, American Samoa, North Mariana, Islands, Puerto Rico, and U.S. Virgin Islands
To receive net terms on business purchases you make through Fundbox, you need the following to qualify:
- A business bank account (specifically a checking account)
- At least three months of transactions if you use the business checking account as your data source on your Fundbox credit application
- A minimum of $25,000 in annual income
- A business based in all 50 states in the United States or these U.S. territories: Guam, American Samoa, North Mariana Islands, Puerto Rico, and U.S. Virgin Islands
After the application process is complete and you are approved for a Fundbox loan, you will receive your loan funds in as little as one business day.
Flexible Requirements
Fundbox underwrites Direct Draw business loans—which go up to $150,000—using your business bank account transactions and other business data sources and determines your eligibility and fee based on that data. Your personal credit score is just one small piece of the equation, but Fundbox does require a minimum credit score of 600.
There is also not a hard pull until you decide to draw funds, so there is no risk to your score until you've seen your credit limit.
Flexible Funds
Fundbox makes it easy to use your funds how you want. Stay in control with transparent pricing and funds that you can use for your business, however you see fit. Decide how much you want to draw and choose a 12- or 24-week repayment term. From there:
- Pay a simple flat fee only for the weeks you use your funds.
- Repay early and Fundbox will waive any remaining fees from your 12- or 24-week term. Since fees aren't front-loaded, you save big.
- When you make a payment, that amount (minus the fees) becomes available again for you to use.
- You'll always be able to see the full cost of drawing before transacting.
Fundbox Reviews
Fundbox reviews are overwhelmingly positive, highlighting a quick and easy loan application and process, a user-friendly online portal, and impressive customer service. With such a satisfied customer base, you can have peace of mind knowing Fundbox is a quality lender that puts its customers' needs at the forefront of its business.
The Bad
- Limited to the United States
- Short-Term Financing
- Fees Vary
- Small Maximum Loan Amount
Limited to the United States
Currently, Fundbox only offers small business loans to businesses registered in the United States. The company also will not advance funds for outstanding invoices that are in a foreign currency or are being billed to international clients.
Short-Term Financing
Fundbox offers 12- and 24-week repayment plans. While these repayment terms work well for quicker business investments or expenses, they are not usually suited for longer-term financing needs.
Fees Vary
Fundbox's flat fees for its business loans vary from business to business depending on the amount you draw, the payment plan you select, and other factors. You will always be able to see the full cost before you confirm a draw.
Small Maximum Loan Amount
Fundbox only offers up to $150,000 in financing options. With Fundbox funding being limited, small business owners may need to research other short-term financing options from alternative lenders. Many financing companies offer closer to $500,000 or $1 million in funding.
The Bottom Line
To recap, Fundbox strives to help small businesses maintain good cash flow through invoice financing, reducing the wait time for customer invoice payments.
The lender also offers lines of credit and term loans. There is no origination fee with the term loan and no prepayment penalty with either loan type.
Unlike traditional lending institutions, Fundbox has taken the things that matter most in your financial decisions and has designed a funding process to match. Its fast credit decisions and flexible funds make it simple for small business owners to seek funding and use new resources for any business endeavor. By taking your total business performance into account and aligning pricing with what's best for your business, you get a fast, straightforward decision and more control over your funding.
Before applying, make sure your business meets their business owner eligibility requirements:
- A FICO score of at least 600
- A business checking account
- Two months of activity in accounting or payroll software
- A minimum of $25,000 to $100,000 in annual revenue, depending on your loan type (invoice financing, line of credit, or term loan)
Fundbox succeeds when the businesses that use it succeed, and its products reflect that. However, if your business operates outside of the United States and its territories or you need to borrow more than $150,000, you're out of luck.
Business owners considering Fundbox financing should read through Fundbox reviews below to get a better grasp of what the company has to offer. Currently, the majority of reviews note the company as a quality lender with competitive offerings, giving Fundbox a competitive edge over lenders with a less-satisfied customer base.
User Reviews
Star Rating
71 Reviews
Review Breakdown
Sentiment Criteria
STEPHANIE JONES
The only lender I could get to respond!!! Fast and helpful
Andrea Godsave
This company does not have the means to help. We have been a customer, had a 50,000 credit limit. Used and paid it off several times, have a 800+ credit score, and today they dropped my limit to 1,000. What a joke. This may be the time that I actually need it. they are protecting their money, not caring about their customers. They are greedy, and hurt small companies more than they help.
Scott Campbell
Easy to understand and use, Fundbox is a great source for bridging.
dino molina
Quick funding when you need it with fair rates and terms.
George Makridis
Easy to use, great customer service fair deal to help the growth of your company.
North Bay Mercantile
Simple. Seamless. Every small business should sign up because at some point or another a great buying opportunity will present itself. A great business relationship.
Will W
The instant approval process was nice and when I needed help my account specialist Katelyn was super easy to get in touch with and spent a good 20 mins with me on a call explaining everything I needed to know.
Patterson Management Group
Fundbox is an efficient process. I have never submitted an application and gotten an approval so fast. Thank you for believing in my business, I look forward to our partnership!
John Boynton
They approched me on freshbooks and offered me cash for some of my receivables and I tried them out. seems to work good with weekly payback schedules
Wake Robin Inn
Easy to set up, navigate and trust. Highly recommended.
Dirk Elliott
Very easy to set up and start using. This line of credit will give me peace of mind when having to make payroll while waiting on checks to come in and process. Thank you!
Carlos M Gomez
Katelyn B provided spectacular service!!! Amazing customer service! Interested working with you!
Zachery Hysong
Smooth process. As a FreshBooks user, I was able to connect to Fundbox easily and quickly, and requesting credit was fast and easy.
Brad F
Web site is easy to use and convenient. Early payback without penalty is a great feature.
Rebecca Baldwin
Fundbox has been a great resource for our business. It allows us the ability to keep a reliable cash flow when AR is slow to come in. No hidden fees, and easy and quick to use. Love it!
Ginnie Halling
Fundbox helped our company meet short term cash flow needs twice in 2019. It was simple, efficient and no hidden penalties for early repayment. A very good service!
Scott Cowan
The process of using Fundbox is very easy and also very transparent. The terms and conditions of use are also very clear and to the point. No personal guarantees required, no loads of data to be reviewed, no waiting for a decision, payments are set up weekly, term is at choice either 12 weeks or 24, no prepayment penalties, no leaving my office to go meet with them, no deposits required, fees are very reasonable, no minimum bank balance. What else do you need? I wish I had thought of this business back in the day. It makes total sense to the small business owner with a track record of steady growth, sustained but maybe uneven cash flow, good credit and no BS.
Lisa Desjardins
Great resource for our company. Very smooth and easy experience!
WAG MORE PET GROOMING
easy to use and reasonable criteria for a small business.
Seth Brune
Really simple and convenient. Only need to take as much as I need and can repay it at anytime. Very affordable too.
Michele Johnson
They really helped us get through some lean times and extended more credit after we paid them off early!!!
Brianne Futrell
I think this is a good alternative funding option for short term needs
M K
Simple, accessible and reasonably priced for alternative financing
Con tho
Easy , fast approval , get the money deposit next couple day to your account. It helps so much with growing businesses with extra help from Fundbox. Thank you so much
Alisa S.
Fundbox makes it easy! The customer service has been top notch. The approval process was smooth and the credit line was available immediately. Also, the rates are better than average. I look forward to growing my business with Fundbox.
Gin
Very easy to use and efficient. The dashboard when you log in is simple to navigate and provide all information needed from an accounting standpoint.
Jay H
So far really enjoyed using Fundbox and implementing it into our business. Easy process and easy repayment process. Look forward to establishing a relationship and building more credit so it can accelerate our business inventory purchasing process. Our rep Matthew has been very attentive and called a couple times to make sure everything has been going smoothly for us. Thanks again for an easy process.
Rejean Rheaume
Fundbox made it so easy for us to get their services. Highly recommend this company! Thank You Fundbox and a shout out to Matthew H 😊
JODI L FRANKLIN
Fast, easy, and hassle free! Which is very important to me because I am a small business business owner and I am always busy. I would recommend them to anyone needing funding for their business.
monster plumbing
it was quick simple and no hidden fees!!!
Alicia
Very simple and easy to use. Straightforward you get all the info and things are easy to read. Very pleased with everything would definitely say check them out!
Lilly S
I love using Fundbox. I got my funds within 2 days and it gave the capital I needed fast and easy. The interest on it is much lower than some of the other options I came across and you can pay off early with no penalty. I strongly recommend fundbox to anyone who is considering them for business landing.
Joshua Garno
Most microloans charge interest on the first day whether you pay back the loan early or not. Fundbox only charges interest if you have a balance so if you pay it back early then you save any interest that would have been paid. The system is very easy since it uses your accounting software to approve your microloan and it's instant so it really helps especially with clients that take a long time to pay.
Michael Hairston
Chris made the process for me simple and easy from start to finish. Also the payments are fair and it's such a relief to find a company that do not lock you into long term loans. I was amazed how easy and the flexibility was with fundbox. I am 1 satisfied customer again thank you Chris!!!!
Abdul Haddad
Love the process. Simple, efficient and straight forward. I didn't have to submit any paperwork, send bank statements or anything. Just added my credentials for Quickbooks account and Fundbox did everything else. My money was in the bank by next business day.
Paisal Lertpatanakul
I've been borrow from FundBox many times. It easy and fast funding to my bank account. Thank you Funding Box for help out when I need it.
Thomas cross
Great fit. Funds are quick and when you need them. Easy pay options. Highly recommend
John
Fundbox is a great product and was especially helpful for getting funding for my new business when other options failed. Great app for access to account and repayment info and easy access to customer service.
Patrick m
Very easy and straightforward. They make it simple to withdraw and the payback options are easy and you are always updated of upcoming payments
Julio
It was fast and easy! Super user friendly and the menu should be deposited fairly soon they said.
Jo Williams
Easy to work with. Matthew H takes the time to follow up.
John
Very reasonable interest rates. Quick turnaround!
Marilyn Mensching
I received a call from Soniya S today about my account and she was awesome about helping me fix a problem with connection to my bank that has been occurring for several weeks. Great customer service!
Paul Z
So far it was super convenient both online and with the personal contact. Soniya S is the best!
Tony
Diego is very friendly, knowledgeable, helpful and coreous. What an nice interface with a money lender. Good job. Without the heavy New York accent. Well done Fundbox for choosing your representatives wisely.
MRJ
Process is very simple and the staff is professional, patient and caring.
Amy
So easy and efficient. A way to get you through slow times. Never a penalty to pay back early.
Carol Bahou
They are great! Very quick, responsive and helpful :)
Julie Parker
Application process was smooth and quick. An abundance of customer service. Draws fund very quickly and the online interface is extremely intuitive even for a beginner. It gives me great peace of mind to know that I have the Fundbox LOC to draw upon whenever I may need it. Thumbs up!!
Michael Fox
Fund box is so easy to use and convenient. I never worry about cash flow anymore. From the initial application to the online experience, fund box is fantastic!