in Business Loans from Fora Financial
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|Community Rating||Strongly recommended|
|Loan Amount||$5,000 - $500,000|
|APR||10% - 50%|
|Loan Term (Months)||6 - 15|
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:
- Business Debt Refinance
- Equipment Purchase
- Lease Improvement
- New Location
- 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:
- 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 to be considered.
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:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Credit Score Range||
500 - 850
|Immigration Status Considered||
|Minimum Months in Business||6|
|Verification Documents Required||
|Loan Amount||$5K - $500K|
|Loan Term (Months)||6 - 15|
|APR (Fixed APR)||10% - 50%|