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Fora Financial

in Business Loans

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Fora Financial

Claimed

in Business Loans

SuperMoney Net Recommendation Score +100% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

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Overview

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 fixed APRs starting from 10% 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 disbursing loan proceeds, 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?

Fora Financial considers loan applications for business purposes, such as:

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 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 terms ranging from 6 to 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 companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $150,000.

Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:

  • Proof of Income

What is the estimated funding time for a business loan via Fora Financial?

Fora Financial can approve (or deny) a loan application within 24 hours and fund business loans within 3 business days of approval.

Does Fora Financial report loan payments to credit bureaus?

Fora Financial may report credit data to the following credit reporting agencies:

  • Equifax
  • Experian
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Contact

  • Headquarters
  •   519 8th Avenue 11th Floor
    New York, NY 10018 USA
  •   Visit Site

Message from Fora Financial

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 33,000 individual transactions to more than 20,000 unique customers. The company has funded over $1.3 billion in working capital solutions for small businesses since its inception.

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee  
Origination Fee 2%
Credit Score Range 500 - 850
850 300 500
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 6
Minimum Revenue $150,000
Verification Documents Required
  • Proof of Income
  • Driver License (or other photo ID)
Loan Amount $5K - $500K
Loan Term (Months) 6 - 15
APR (Fixed APR) 10% - 50%

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