Fora Financial Logo

Fora Financial

star star star star star_half

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.

Top Ranked Companies

thumb_up

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 
search

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. 

thumb_down

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. 

gavel

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. 

View Best Business Loan Lenders

Was this content helpful?
thumb_up Yes thumb_down No

Star Rating

info

4.5

star star star star star_half

28 Reviews

Review Breakdown

5 grade

79%

4 grade

11%

3 grade

0%

2 grade

4%

1 grade

7%

Sentiment Criteria

Value

star star star star star_half

Quality

star star star star star_half

Service

star star star star star_half

Trustworthiness

star star star star star_half
cancel

Filter by:

arrow_drop_down

Sort by:

arrow_drop_down
info
star star star_border star_border star_border

Brian Avar Laguna Hills, CA

i have already gotten 3 loans from you and one would have thought that after establishing such a relationship the interest rate would drop but that was not definitely the case also more importantly you are running a very self serving strategy by not reporting the established payment history to the credit bureaus and all the very high interest payments that we have made to you did not help us a bit to establish any credit history in our profile at all, all and all you are running a highly predatory financing and for those reasons i would never ever do business with your company again.

5 years ago

Fora Financial Logo

Reply from Fora Financial

Dear Mr. Avar:

We are in receipt of your recent Best Company online review and rating. As you are aware, we responded to your October 8, 2018 email the next day, regarding the same issues you raised in your current online review. We are sorry you remain dissatisfied. However, we do appreciate your business and thank you for being a Fora Financial customer. If you would like to further discuss this matter, we invite you to contact our Customer Service Department at (855) 326-8523.

Very truly yours,

Fora Financial

Feb. 19th, 2019