Fundbox Business Lines of Credit Review

Fundbox Business Lines of Credit is offered by Fundbox, a financial services company founded in 2013 and based in San Francisco, CA. Fundbox Business Lines of Credit is available in 50 states (and Washington, DC).

What APRs does Fundbox Business Lines of Credit offer?

Fundbox Business Lines of Credit offers a fixed APR product that ranges from 4.66% APR.

Does Fundbox Business Lines of Credit charge an origination fee?

No, Fundbox Business Lines of Credit does not charge an origination fee. An origination fee is what some lenders charge for processing, underwriting, and funding a business financing product. Typically fees range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does Fundbox Business Lines of Credit set on the purpose of the line of credit?

Fundbox Business Lines of Credit considers line of credit applications for business purposes, such as:

• Business Debt Refinance
• Emergency Repairs
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• Marketing
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

Does Fundbox Business Lines of Credit charge prepayment fees?

No, Fundbox Business Lines of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from Fundbox Business Lines of Credit?

Line of credit amounts start at $100 and go up to $100,000.

What is the maximum term you can get with Fundbox Business Lines of Credit?

Fundbox Business Lines of Credit offers business lines of credit with terms ranging from 3 to 6 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Fundbox Business Lines of Credit?

Applicants with a credit score of at least 500 and up to 850 may be eligible for Fundbox Business Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Fundbox Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Fundbox Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Fundbox Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Proof of identity

What is the estimated funding time for the Fundbox Business Lines of Credit?

Fundbox Business Lines of Credit can approve (or deny) a line of credit application within 1 hour and fund business lines of credit within 1 business day of approval.

What are the business financing requirements for Fundbox Business Lines of Credit?

To apply for Fundbox Business Lines of Credit, the applicant needs to provide the following documentation:

• Business license
• Business bank account

Does Fundbox Business Lines of Credit report your account activity to credit bureaus?

Yes, Fundbox Business Lines of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does Fundbox offer?

Fundbox only offers unsecured lines of credit.