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Where does Finance Factory do business?
Finance Factory is a marketplace lender based in Towson, MD. It was founded in 2006 and offers access to business loans in 50 states (and Washington, DC).
What are Finance Factory’s rates?
Finance Factory offers business loans with fixed APRs starting from 0% to 149%.
Does Finance Factory charge an origination fee?
Yes, Finance Factory charges a loan origination fee of 5% to 10% of the loan amount. Finance Factory deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Finance Factory set on the purpose of the loan?
Finance Factory considers loan applications for business purposes, such as:
What types of business loans does Finance Factory offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Finance Factory provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Lines of Credit
- SBA Loans
- Invoice Financing
- Merchant Cash Advances
- Commercial Real Estate
- ACH Cashflow Loans
- Bridge Loans
Does Finance Factory charge prepayment fees?
No, Finance Factory does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from Finance Factory?Loan amounts start at $5,000 and go up to $350,000.
What is the maximum loan term you can get with Finance Factory?
Finance Factory offers business loans with terms ranging from 36 to 120 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Finance Factory?
Applicants with a credit score of at least 660 can apply for a loan via Finance Factory. Finance Factory does not require borrowers to have been in business for a minimum number of years. Businesses must have a minimum annual revenue of . Finance Factory will also consider borrowers who are unemployed. To qualify, applicants may need to provide the following documentation:
- Business Formation Documents
- Government Issued Photo ID
- Proof of Identity
- Proof of Income
- Recent Bank Statements
- Recent Pay Stubs
- U.S. Tax Identification Number
What is the estimated funding time for a business loan via Finance Factory?
Finance Factory can approve (or deny) a loan application within 48 hours and fund business loans within 1 business day of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Origination Fee||5% - 10%|
|Credit Score Range||
660 - 750
850 300 660 750
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$5K - $350K|
|Loan Term (Months)||36 - 120|
|APR (Fixed APR)||0% - 149%|