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Fora Financial

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6.6

Overall Score

Author: Kaitlyn Short

LAST UPDATED: September 27th, 2024

Fora Financial was founded in June 2008 and has provided over $2 billion in funding to over 25,000 small businesses nationwide.

Fora Financial provides working capital solutions to small businesses in need of financing to sustain or grow their enterprise. The company places a high value on trust and transparency and provides businesses with quick, customized financial solutions, utilizing state-of-the-art technology platforms.

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The Good

  • Application and Eligibility
  • Small Business Options 
  • New Businesses Welcome
  • Customer Service

Application and Eligibility 

Fora Financial has an easy application process with minimal entry requirements. The company boasts a free non-committal quote and an application that can be completed in minutes. Additionally, the application process only requires a few bank statements, in comparison to extensive paperwork banks and some business loan companies make you turn in.

Fora Financial also offers a convenient funding calculator where a user can input their monthly revenue, years in business, and average ledger to see eligible funding. 

Basic eligibility requirements include the following:

  • At least six months in business
  • $12,000 in gross sales for a short-term loan
  • $5,000 in credit card sales for a merchant cash advance
  • No open bankruptcies 
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Highlight: Fora Financial does not require collateral. 

Whereas most banks require collateral to obtain a business loan, Fora Financial does not. The company doesn't charge prepayment penalty fees, either.

Small Business Options 

Fora Financial offers short-term loan term plans ranging from 4 to 15 months. 

Working capital loans are in amounts from $5,000 to $500,000 and there are no restrictions in regards to how to use your loan. Some common uses include the following: 

  • Pay taxes
  • Purchase inventory
  • Upgrade equipment
  • Hire staff
  • Advertise
  • Expand operations
  • Finance payroll 
  • Renovate workspace 

Fora Financial also offers a merchant cash advance. A merchant cash advance requires no collateral, has no set terms, and offers early payoff discounts. The company can approve merchant cash advances up to $500,000 in as little as 72 hours from approval, so the funding is extremely fast. 

New Businesses Welcome

With Fora Financial, a company only has to have been in business for six months in order to be eligible for funding. 

Customer Service

Fora Financial puts a lot of emphasis on transparency and customer service. It's easy to get ahold of a representative, and borrowers don't have to sit through a long list of options read by an automated machine in order to get through. Fora Financial reviews speak highly of the company's customer service. 

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The Bad

  • Undisclosed Interest Rates
  • Monthly Revenue Required
  • No Long-Term Loan

Undisclosed Interest Rates

Fora Financial does not provide a calculator or chart for business owners to estimate interest rates on its website. Potential borrowers are encouraged to reach out to the company for more information on interest rates.

Monthly Revenue Required Amount

Fora Financial has a higher-than-average required monthly revenue amount for businesses. Businesses must be generating at least $12,000 per month in gross sales or $5,000 per month in credit card sales in order to qualify for a loan.

No Long-Term Loan

The lengthiest loan term Fora Financial offers is 18 months. This is quite restrictive in the industry, as some other lenders offer loan terms up to 36 months.

Additionally, Fora Financial does not offer a line of credit or SBA loan options. 

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The Bottom Line

Fora Financial has an application that is simple and doesn't require complicated documentation. There's no collateral required, and you can get funding within 72 hours of approval. However, there are no long-term loans, line of credit, or SBA loans available through this lender, so keep that in mind. 

Fees and interest rates depend on how long a company has been in business and their total annual revenue, so Fora Financial would be best for businesses with at least six months of consistent revenue that are looking for funding fast.

Fora Financial reviews are overwhelmingly favorable. Read reviews below to hear directly from customers. 

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Star Rating

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4.5

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28 Reviews

Review Breakdown

5 grade

79%

4 grade

11%

3 grade

0%

2 grade

4%

1 grade

7%

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Dr Jeff Lawson Pensacola, FL

I currently have a loan with Fora Financial and am being Charged 80% on $10,000 or just over $4,000 on a 6 month loan. I didn't even get the full 10,000 because they took fees from the amount I was actually borrowing! they are taking over $70 a day out of my bank account despite a Pandemic and every state in the nation being declared a disaster area simultaneously for the first time ever. I contacted them 21/2 weeks ago expressing concern at having to servicing what amounts to an illegal contract to start with due to the 80% interest rate which is not only illegal in any jurisdiction but immoral and repugnant in this unprecedented time of our nations history. They had me give them access to my bank account so they could give me a decision on working something out. They then immediately directed me to a stimulus/SBA site and told me to apply quickly. I never heard a word back from them. They were just handing me lip service while the continued to take over $70 a day out of my account. A total of $1260 since I was told they would get back to me in a few days! I have a small chiropractic practice which is basically at a stand still due the stay at home order. I was supposed to get funding to buy my office from the people that are owner financing my office. They will not renew the 2 year balloon contract in July and this is just going to be the last nail in the coffin. Fora financial didn't disclose all the terms and are very high pressure and rush you while handing you a contract to sign that doesn't reflect what they are telling you prior to asking you to sign what is in essence an illegal contract. I am currently pursuing a class action lawsuit after reading so many other reviews that reflect my own personal experience with this very unsavory company. DON'T TRUST ONE THING THEY TELL YOU.. Dr. Jeff Lawson

4 years ago

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Reply from Fora Financial

Dear Dr. Lawson:

We have reviewed the concerns you raised in your online posts. We take complaints of this nature very seriously. To that end, our Director of Servicing called you yesterday and sent a follow-up email to you to discuss your account. We are working with all of our distressed customers who request assistance during this challenging time and would welcome the opportunity to talk with you. Please contact our Customer Service Department at (855) 326-8523. They will forward you to our Director of Servicing to discuss this important matter. Feel free also to reach out via email to the address you have already used.

Regards,
Fora Financial

Apr. 17th, 2020

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TERRY SEMANKO Duluth, MN

They were not straight forward about early payoff and took advantage of my company for $8000.00

2 years ago