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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% 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 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?

Some lenders only provide business loans for certain purposes. Fora Financial considers loan applications for the following reasons:

  • Business Debt Refinance
  • Equipment Purchase
  • Hiring
  • Inventory
  • New Location
  • Payroll
  • Product or Service Expansion
  • Technology Investment
  • Working capital

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:

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.

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 22,000 individual transactions to more than 15,000 unique customers. The company has funded over $750 million in working capital solutions for small businesses since its inception.

    Availability

    Available in 50 States and Washington, DC
    • 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%
    Minimum Months in Business
    6
    Military Status
    • Non-Military
    • Veterans
    Credit Score Range
    500 - 850
    850 300 500
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Minimum Revenue
    $150,000
    Verification Documents Required
    • Proof of Income
    • Driver License (or other photo ID)
    Loan Term (Months)
    Up to
    15
    Loan Amount
    $5K - $500K
    $100 $1M+
    APR
    ()
    10% - 50%
    0% 100%+

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