National Funding provides small businesses with loans and merchant cash advances for working capital. The company does equipment leasing for some customers, networking with a wide variety of vendors.
Like most other business loan companies, the two biggest factors that National Funding looks at are credit score and annual revenue. Having a low credit score won’t necessarily disqualify you as long as it is above the company’s threshold. Additionally, a company must make over $100,000 in revenue per year.
Business loans from National Funding can be used to expand, increase or replace inventory, advertise, consolidate debt, or even pay taxes.
- Credit score at least 500
- $100,000 in revenue per year
- Offers a Variety of Products
- Fast Approval Time
- No Collateral Required
There are lots of products for business owners:
- Small business loans of up to $500,000
- Merchant Cash Advances that are deducted daily based upon the business’s future credit card invoices.
- Equipment leasing to help businesses get access to equipment without compromising their existing capital
A big incentive to use National Funding financing is their fast access to cash and loan approval time. Generally, customers can apply for and receive approval for a lending product from National Funding instantly. Access to cash happens within 24 hours. For other unsecured lenders in the industry, it could take as long as two weeks to get access to cash and even longer with traditional banks – 30 days.
With unsecured loans from National Funding, no collateral is required. You can get unsecured loans up to $250k.
- Hard to Find Information on Site
- BBB Complaints
One of the big reasons we rank National Funding so low is because they do not display key pieces of information on their website. For starters, there are no application requirements (credit score, time in business, or current revenue requirements). There is also no information on the company’s interest rates, term lengths, or fees.
We also saw a concerning trend on the BBB of National Funding complaints. Of the 92 complaints filed within the last three years, 51 of them were filed under the “advertising/sales issues” category. Complaints were typically about contracts and unsolicited mail.
The website was a little bit difficult to navigate. We had to browse press releases, read other online reviews, and make a phone-in to answer some key questions about the lending products offered by National Funding. As stated above, there was not a lot of information to find.
Types of Loans Offered
- Small Business Loans – Up to $500,000
- Equipment Financing – Up to $150,000
- Merchant Cash Advance – Up to $250,000
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The Borrowing Process
National Funding offers a simple and fast application process with minimal paperwork. Regardless of whether you are approved or not, there is no obligation with the application. The company will tailor a loan that meets the borrower’s needs and budget. Funding can come in as few as 24 hours with loans up to $500,000. Additionally, Smaller, more frequent payments rather than one lump sum monthly payment is a type of payment that can be easier to manage for some borrowers.
Before applying for a small business loan with National Funding, we recommend contacting them to see what their minimum requirements are (since they do not display them online).
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