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Where does Fora Financial do business?
Fora Financial is a direct lender based in New York, NY. It was founded in 2008 and offers access to business loans in 50 states (and Washington, DC).
What are Fora Financial’s rates?
Fora Financial offers business loans with APRs starting from 10% and up to 50%.
Does Fora Financial charge an origination fee?
Yes, Fora Financial charges a loan origination fee of 2% of the loan amount. Fora Financial deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Fora Financial set on the purpose of the loan?
Some lenders only provide business loans for certain purposes. Fora Financial 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 Fora Financial offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Fora Financial provides access to the following business loan types:
- Unsecured term loans
- Merchant cash advances
Does Fora Financial charge a late fee?
No, Fora Financial will not charge you a late fee. Yes, Fora Financial charges borrowers with a late payment fee.
Does Fora Financial charge prepayment fees?
No, Fora Financial 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 Fora Financial?
Loan amounts start at $5,000 and go up to $500,000.
What is the maximum loan term you can get with Fora Financial?
Fora Financial offers business loans with a maximum term of 15 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 Fora Financial?
Applicants with a credit score of at least 500 can apply for a loan via Fora Financial.
Fora Financial requires businesses to be in business for at least 6 months in business. Active duty servicemembers and their covered dependents cannot apply for a loan via Fora Financial. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of income
What is the estimated funding time for a business loan via Fora Financial?
Fora Financial can provide a credit approval decision in less than an hour and fund the loan within 1 business day.
Does Fora Financial report loan payments to credit bureaus?
Fora Financial reports credit data to the following credit reporting agencies:
519 8th Avenue 11th Floor
New York, NY 10018 USA
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Message from Fora Financial
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Income
- Driver License (or other photo ID)