4.5
6.6
Overall Score
Author: Kaitlyn Short
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.
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:
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.
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:
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.
With Fora Financial, a company only has to have been in business for six months in order to be eligible for funding.
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.
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.
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.
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.
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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Brian Avar Laguna Hills, CA
5 years ago
Reply from Fora Financial
Feb. 19th, 2019
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