Fundivo Business Lines of Credit

Fundivo Business Lines of Credit Review

Fundivo Business Lines of Credit is offered by Fundivo, founded in 2013 and based in New York City, NY. Fundivo Business Lines of Credit is available in 51 states across the USA.

What APRs does Fundivo Business Lines of Credit offer?

Fundivo Business Lines of Credit offers a 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:

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. APRs for the Fundivo 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.

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

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:

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:

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?