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Fundible

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Fundible provides commercial loans to tailor-fit businesses in any industry and with any credit profile. Based in Great Neck, New York, Fundible is a new company founded in 2020.

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The Good

  • Variety of Products
  • Starting Rates 
  • Accepts Poor Credit 
  • High Loan Amounts 

Variety of Products

While many loan companies specialize in one or more loan types and leave out others, Fundible finances all of the following loan types: 

  • Working capital loan
  • Line of credit 
  • Term loan
  • Equipment financing
  • Invoice factoring 
  • SBA loan 

Starting Rates 

Often, prospective borrowers aren’t aware of sample rates offered by lenders that aren’t forthcoming with this information. But Fundible is transparent about its rates, which are competitive within the industry. Here’s what you can expect for each loan type: 

  • Working capital loan — starting at 1.99% per month 
  • Line of credit — 7%–21% 
  • Term loan — starting at 7.99%
  • Equipment financing — 10%–28%
  • Invoice factoring — 0.75%–1% per week outstanding
  • SBA loan — starting at 6% 

Accepts Poor Credit 

To apply for a working capital loan with Fundible, you only need a credit score of 450. Setting the credit profile bar low allows for more applicants to be considered and opens the door to businesses that may otherwise not be able to receive funding. 

For the other loan types, the minimum credit score is as follows: 

  • Line of credit — 600
  • Term loan — 680
  • Equipment financing — 600
  • Invoice factoring — 590
  • SBA loan — 650 or above  

High Loan Amounts

Whereas some loan companies cap loan amounts at $250,000 or other numbers in the hundred thousands, Fundible is equipped to fund even the biggest financing needs up to 5 million. Here are the maximum loan amounts for the following loan types: 

  • Working capital loan — $2 Million 
  • SBA loan — $5 Million 
  • Equipment financing — $3 Million 
  • Invoice factoring — 85% of receivables
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The Bad

  • No Startup Loans 
  • Approval Times Vary 

No Startup Loans

Fundible requires six months of bank statements with your loan application. If you’re looking for startup funding, you’ll need to look elsewhere for funding. 

Approval Times Vary

In most cases, Fundible is very quick to approve your loan, but be aware that your approval time may take longer depending on your desired loan type. Approval times vary between same day and 15 days: 

  • Working capital loan — same day 
  • Line of credit — 1 day
  • Term loan — 2 days 
  • Equipment financing — 6 days
  • Invoice factoring — 10 days
  • SBA loan — 15 days 
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The Bottom Line

The company’s mission is to understand clients’ financial needs and provide them with a solution, and it seems to be meeting that goal in the short time it's been in business. 

Fundible’s working capital loan is a great option if you have poor credit. And if you have fair or good credit, Fundible’s other loans are definitely worth looking into due to reasonable rates, approval times, and loan amounts. 

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dale williams Great Neck, NY

Highly recommend working with Fundible. They explained every step of the process to me and got me a line of credit in 2 days. They also helped me get my SBA loan approved in a few weeks. Overall great experience with a friendly bunch.

1 week ago

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