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.
Highlight: National Funding considers prospective borrowers with poor credit.
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 several 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.
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