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  Fundivo Business Lines of Credit

Fundivo Business Lines of Credit

in Business Lines of Credit from Fundivo

Unaffiliated

Fundivo Business Lines of Credit

Unaffiliated

in Business Lines of Credit from Fundivo

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Highlights
APR  (Fixed APR) 6% - 25%
Credit Score Range 560 - 850
Loan Amount $20,000 - $500,000

Fundivo Business Lines of Credit Review

Fundivo Business Lines of Credit is offered by Fundivo, a financial services company founded in 2013 and based in New York City, NY. Fundivo Business Lines of Credit is available in 50 states (and Washington, DC).

Fundivo Business Lines of Credit FAQ

What APRs does Fundivo Business Lines of Credit offer?

Fundivo Business Lines of Credit offers a fixed APR product that ranges from 6% APR up to 25% APR.

Does Fundivo Business Lines of Credit charge an origination fee?

Yes, Fundivo Business Lines of Credit charges an origination fee starting at 1% of the line of credit amount. Fundivo Business Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

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

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

  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • New Location
  • Payroll
  • Product or Service Expansion
  • Working capital

Does Fundivo Business Lines of Credit charge prepayment fees?

Yes, Fundivo Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

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

Line of credit amounts start at $20,000 and go up to $500,000.

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

Fundivo Business Lines of Credit offers business lines of credit with terms ranging from 3 to 120 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 Fundivo Business Lines of Credit?

Applicants with a credit score of at least 560 and up to 850 may be eligible for Fundivo Business Lines of Credit.

Fundivo 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. Active duty service members and their covered dependents are eligible to apply for a loan via Fundivo Business Lines of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Fundivo 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 Fundivo Business Lines of Credit?

Fundivo Business Lines of Credit can approve (or deny) a line of credit application within 24 hours and fund business lines of credit within 1 business day of approval.

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

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

  • Business license
  • Business bank account

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

Yes, Fundivo 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 Fundivo offer?

Fundivo offers both secured and unsecured lines of credit. Secured lines of credit are typically secured by a blanket lien on your assets or a certificate of deposit.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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Other Services by Fundivo

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee (%) Starting at 1%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 560 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Months in Business 12
Minimum Revenue $25,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
  • Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Inventory
  • Payroll
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 - 7 days
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) 6% - 25%
Loan Amount $20,000 - $500,000
Loan Term 3 - 120 months

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