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)
Finance Factory offers business loans with APRs ranging from 0% and up to 8%.
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.
Some lenders only provide business loans for certain purposes. Finance Factory offers considers loan applications for the following reasons:
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:
Yes, Finance Factory charges borrowers with a late payment fee.
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.
Loan amounts start at $5,000 and go up to $500,000.
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.
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.
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