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).
Fora Financial offers business loans with APRs starting from 10% and up to 50%.
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.
Some lenders only provide business loans for certain purposes. Fora Financial 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. Fora Financial provides access to the following business loan types:
No, Fora Financial will not charge you a late fee. Yes, Fora Financial charges borrowers with a late payment fee.
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.
Loan amounts start at $5,000 and go up to $500,000.
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.
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:
Fora Financial can provide a credit approval decision in less than an hour and fund the loan within 1 business day.
Fora Financial reports credit data to the following credit reporting agencies:
Since 2008, Fora Financial has remained dedicated to developing new, innovative ways to serve small businesses in an ever-changing financial market. Fora Financial has funded over 22,000 individual transactions to more than 13,000 unique customers. The company has funded over $750 million in working capital solutions for small businesses since its inception.