Features

Where does Finance Factory do business?

Finance Factory is a lending platform 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 APRs ranging from 0% and up to 8%.

Does Finance Factory charge an origination fee?

No, Finance Factory does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees. 

What limitations does Finance Factory set on the purpose of the loan?

Some lenders only provide business loans for certain purposes. Finance Factory offers considers loan applications for the following reasons:

  • Equipment purchase
  • New location
  • Product or service expansion
  • Working capital
  • Business debt refinance

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
  • SBA loans
  • Merchant cash advances

Does Finance Factory charge a late fee?

Yes, Finance Factory charges borrowers with a late payment fee.

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 $500,000.

What is the maximum loan term for a Finance Factory business loan?

Finance Factory offers business loans with a maximum term of 300 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 640 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. Active duty servicemembers and their covered dependents cannot apply for a loan via Finance Factory. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.

  • Max Loan Term (Months)
    300
  • Institution Type
    Other
  • Credit Score Range
    640 - 750
  • No Origination Fee
  • No Prepayment Fee
  • Business Loan Type
    • Unsecured Term Loan
    • SBA Loan
    • Line Of Credit
    • Merchant Cash Advance
  • Intended Use of Funds
    • Business Debt Refinance
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Approval Speed (Hours)
    48
  • Loan Amount
    $5000 - $500000
  • APR
    Up to 8%
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