National Funding provides small businesses with working capital loans. The company networks with a wide variety of vendors and offers equipment leasing for some borrowers.
With National Funding, no collateral is required and funding turnaround can be as quick as 24 hours. The small business lender offers a wide variety of lending solutions ranging from $5,000 to $500,000.
Continue reading our National Funding review to learn about the company's pros and cons or jump straight to the National Funding reviews from past borrowers.
Even if you have poor credit, you may be able to obtain business financing with National Funding since it is an alternative lender. The company has provided these types of financing to business owners with a low FICO score:
To improve your chances of obtaining a loan, take the following steps:
The lender has a wide range of business funding solutions with loan amount options ranging from $5,000 to $500,000. Many business loan companies only offer $200,000 or less. Having a large range of business loans means that the lender is a viable option for more borrowers than those qualifying for cash from a traditional lender. This increases your chances of funding and ensures the company can best serve you with offerings that fit your financing needs as a borrower.
With National Funding, there are two solutions for business owners to choose from:
National Funding offers small business loans up to $500,000. The company has helped over 50,000 businesses and funded more than $3 billion in loans. With such high numbers, borrowers can have peace of mind knowing National Funding is a trusted lender among business owners.
National Funding’s small business loans are not limited to certain industries and expand to a variety of different needs, including truck loans, retail business loans, construction business loans, agriculture loans, and many more. Loan use may vary by loan type, but loan funds can generally be used for payroll, debt consolidation, equipment, marketing, or other needs.
You can get a secure working capital loan for inventory, payroll, marketing, cash flow, equipment costs, taxes, or other expenses. National Funding offers working capital loans that are deducted daily based upon the business's future credit card invoices.
When applying for this type of loan, you’ll need three months of statements from your bank account. To qualify, you need to be in business for at least one year and have a minimum of $150,000 in annual gross sales, or $12,500 per month.
Following your application, you’ll receive approval or denial in as little as one business day.
National Funding offers equipment financing and leasing to help businesses access equipment without compromising their existing capital.
National Funding offers equipment financing and leasing for new or used commercial vehicles, medical equipment, farm equipment, restaurant equipment, office equipment, construction equipment, and much more. The company has a list of all offered industries on its site.
Because every business owner and business is unique, National Funding will establish a loan term that works for your needs. If you want equipment financing and leasing for a short period of time, you can make your repayment term a couple of years. Or, if you need financing for longer — even as long as a decade or more — National Funding has longer repayment terms that the company will customize to best fit your financial needs.
To qualify for National Funding’s equipment financing, you need at least six months in business as well as a minimum credit score of 575. You’re also required to supply National Funding with an equipment quote from the vendor you plan to use. You can receive up to $150,000, but funds will vary based on credit score, time in business, etc.
National Funding does not require collateral where some other business lenders do. That means if you're a small business owner, you don’t have to provide the company with leverage such as a mortgage or car loan to cover your loan costs in case you don’t repay the loan in full and default on your account.
But keep in mind that if you have poor credit, choosing to offer collateral can increase your chances of obtaining a small business loan.
Similar to other financial institutions, applying for National Funding’s loan services will not impact your credit score. Until you complete the application process and officially borrow the funds, your credit score will not be affected. This can give borrowers peace of mind that they can submit a loan application and compare the offer against other lenders before having their credit affected.
You can fill out the loan application online. National Funding will also supply you with a loan specialist that will assist you in deciding which financing option works best for your business. Once your application is completed, you’ll receive an answer within 24 hours.
After you are approved for a National Funding loan, you will receive your funds in as little as one business day. Receiving your money in less than 24 hours makes the lending process quick and simple and ensures you can begin expanding your business and attending to its needs as soon as possible.
Unfortunately, National Funding does not display key pieces of information for every loan type on its website. With little exception, the company does not provide application requirements such as revenue requirements, minimum credit score, or minimum time in business.
Furthermore, National Funding does not disclose sample interest rate, annual percentage rate (APR), term length, or origination fee details on its website. While these numbers can be highly customized to each applicant, it would be helpful for prospective borrowers to have access to case studies or a preliminary loan calculation estimate.
Some alternative lenders provide case studies by loan type or industry to give prospective borrowers a feel for what types of loans their peers qualify for. But with National Funding, customers must contact the company for preliminary information on requirements, interest rates, terms, and fees.
National Funding makes a point of affirming that it provides business loan options to minorities, veterans, and women, which demonstrates the company’s commitment to serving all small business owners.
However, there are no special loan products for those groups. Prospective borrowers should be aware that additional, specialized assistance to these groups is limited to a curated list of resources on National Funding’s blog, not specific loan products.
Additionally, National Funding does not appear to provide merchant cash advance, SBA loan, or line of credit financing options at this time.
For $150,000, the interest and fees are almost at 40% well over the 6.25% banks charge which lead to a payback of $207,000. These types of fees cause your business to be dependent on the renewal process increasing your debt and fees paid. I am shocked that these types of companies are allowed to be in business. You are better off working with your bank.
Well they are so helpful in funding a business especially one with credit issues the interest rates are exorbitant."
Gemini cut glass co inc
Great service. Great follow up. Quick responses
Because they did everything fast and easy for me to get the approval
Very easy to work with on loans worked really quick on my application and was able to get me approved very quickly"
Easy application process and smooth transaction
Always very good ,helpful and for what I am looking for fair.
The services was excellent. I was impressed with the fast and efficient way my application was processed. The agents were also very professional in the way they communicate with me. I am happy with the company.
They are easy to get along with and always willing to help out.
I've used National Funding a couple of times and they are efficient.
I felt like they were customizing what they had with what I needed. It was effortless. Everybody that I talked to was super friendly and made sure that I had all my questions answered. The process was pretty easy. I did an online application. It didn't take very long. Very simple. I would recommend them to anyone. They are awesome folks to work with.
It's a very good service. The gave me a good offer for a loan and it took about 2 or 3 days to get it.
It's quite simple but very expensive. They were very attentive and quick with any questions and answers.
They are very courteous and get right on it when you ask for a loan.
They are prompt and got me exactly what I needed. It was pretty fast and pretty easy.
They were just easy to work with and great.
Applied several different places and National Funding came through first. They're friendly and helpful. I think the actual loan came from a different company and it was pretty pedatory.
I've had good experiences with them every time I've dealt with them. They are knowledgeable, helpful and everything is fast.
The rates are a little high but when you need money quick it's a good loan. The customer service was super helpful. We've been real happy with them. It's a little bit expensive but if you're looking short term it's not so bad. We appreciate them.
It wasn't complicated. Everything was quick and easy. The staff helped a lot. They kept us updated and answered all our questions.
The process was pretty simple. Never had a problem with customer service they've always answered my questions. They've always been up front and worked in a timely manner.
Easy to collect money but it's still expensive.
I sent in bank statements and they got me the loan. They were courteous and prompt calling me back. I appreciated the fact that I got the cash fast but the short term repayment with daily withdrawal was a little annoying.
I think the loan percentage is way to high
interest is high, but its unsecured funds, so I understand. I would put 5 stars if our rates were lower.
Great customer service and attention to detail and always following up with me about my business needs
Very responsive and easy to work with. The process was seamless and I was able to keep my focus on making sure my new business had the financial room to grow.
They are Very understanding and great customer service
Grace de paz
Good and fast service very happy I worked with Zach and he was very knowledgeable of his product
Great to work with, very responsive, and very helpful through the process.
Rabbika Sohale/Amaani jewelers
excellent customer service,show care,good approval,and creative and helpfull just overall good experience.
very fast from start to finish and money was in mt account that fast, and cameron was very understanding of my needs and wants
Lifeway Au' t' o & Towing
There always here when needed. They are fast really good at communicating and always on time
Everyone we have worked with at National Funding has been very professional and honest.
Very good to work with they are fast and honest
Have used them in the past and they always deliver.
fast Action good customer service so far they helped my business a lot
Easy to get money and over charges no changes in any problem
Reply from National Funding
Nov 25, 2019
Hi Sammy – Thank you for taking the time to provide feedback about your experience. We have a culture of constant improvement, and feedback like yours helps us shape the way we do things. We hope that you will give National Funding another chance should the need arise – in the meantime, our sincere apologies.
It was an easy application. They just needed 3 months of our bank statements and we were approved in minutes. And they answered any questions I had during the process.
I'm extremely satisfied with the National Funding's service. They are great people to work with
Ease and speed of getting money is great however their payback time (usually 12 tro 15 months) is very short so your daily payment is high.
very helpful and quick answers on during the approval process
Very helpful great for businesses that need funding great customer service!
It is challenging to make the weekly payments and then have to wait to reach the 50% pay back before you can access anymore funds.
they gave no issues just good business everytime
Great customer service. I have never had an issue with payments or anything to do with our contract. Gentleman who helps us out is fantastic.
OSMIN PADILLA / OPFLEETSERVICE
THEY HAVE EXCELLENT CUSTOMER SERVICE IF YOU HAVE ECONOMIC NEED THEY ARE VERY QUICK TO HELP YOU
We appreciate the service and funding provided.
no communication with customer service and staff
Reply from National Funding
Oct 17, 2019
Thank you for your feedback as it helps us improve our processes. We strive to give our customers the best possible experience. Clearly this time around that was not the case and for that we are sincerely sorry. Please let us know if there is anything we can assist with in the future.
Always rapid in having Funds in account in less than 24 hours no long paper work no long interviews just money when small businesses need with no hassle