Finance Factory Business Loans Review

Finance Factory Business Loans is a business financing offering by Finance Factory, based in Towson, MD. Founded in 2006, Finance Factory offers access to business loans in 50 states (and Washington, DC).

What are Finance Factory Business Loans’s rates?

Finance Factory Business Loans offers a fixed APR business financing product that ranges from 0% APR up to 79% APR.

Does Finance Factory Business Loans charge an origination fee?

Yes, Finance Factory Business Loans charges a loan origination fee of 2% to 9.9% of the loan amount. Finance Factory Business Loans 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 Business Loans set on the purpose of the loan?

Finance Factory Business Loans considers loan applications for business purposes, such as:

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

What types of business loans does Finance Factory Business Loans 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 Business Loans provides access to the following business loan types:

• Unsecured term loans
• Secured Term Loans
• SBA Loans
• Invoice Financing
• Merchant Cash Advances
• Commercial Real Estate
• ACH Cashflow Loans
• Bridge Loans

Does Finance Factory Business Loans charge prepayment fees?

No, Finance Factory Business Loans 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 Business Loans?

Loan amounts start at $25,000 and go up to $350,000.

What is the maximum loan term you can get with Finance Factory Business Loans?

Finance Factory Business Loans 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 Finance Factory Business Loans?

Finance Factory Business Loans does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 680 and up to 850 may be eligible for Finance Factory Business Loans. The minimum age to be eligible is 25 or the state minimum, whichever is higher.

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 Finance Factory Business Loans. Their rates fall within the limits of The Military Lending Act.

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

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

• Recent pay stubs
• Proof of income
• Recent bank statements
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity
• U.S. tax identification number

What is the estimated funding time for a business loan via Finance Factory Business Loans?

Finance Factory Business Loans can approve (or deny) a loan application within 48 hours and fund business loans within 1 business day of approval.