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Fora Financial Business Loans

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Fora Financial Business Loans

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in Business Loans from Fora Financial

SuperMoney Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+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.

Strongly recommended

9 users recommend
0 users are unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
Loan Amount $5,000 - $500,000
APR  (Fixed APR) 10% - 50%
Loan Term (Months) 6 - 16 months
Number of Reviews 9

Fora Financial Business Loans Review

Fora financial is a business financing offering by Fora Financial, based in New York, NY. Founded in 2008, Fora Financial offers access to small business loans in 50 states (and Washington, DC).

Fora financial FAQ

What are Fora financial’s rates?

Fora financial offers a fixed APR business financing product that ranges from 10% APR up to 50% APR.

Does Fora financial charge an origination fee?

Yes, Fora financial charges a loan origination fee of 2% of the business loan amount. Fora financial deducts the fee directly from your business 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 business loan?

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

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

What types of small business loans does Fora financial offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Fora financial provides access to the following business loan types:

  • Unsecured Term Business 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 business loan off early.

How much can you borrow from Fora financial?

Business loan amounts start at $5,000 and go up to $500,000.

What is the maximum business loan term you can get with Fora financial?

Fora financial offers small business loans with terms ranging from 6 to 16 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 Fora Financial Business Loans?

Fora Financial Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $150,000 to be considered.

Applicants with a credit score of at least 500 and up to 850 may be eligible for Fora Financial Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Fora Financial Business Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Fora Financial Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent bank statements
  • Driver's license

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

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

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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 40,000 individual transactions to more than 25,000 unique customers. The company has funded over $2 billion in working capital solutions for small businesses since its inception.

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Other Services by Fora Financial

Availability

  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

NSF Fee $0
No Prepayment Fee
Origination Fee (%) 2%
Credit Score Range 500 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 12
Minimum Revenue $150,000
Verification Documents Required
  • Recent Bank Statements
  • Driver License (or other photo ID)
Approval Speed 24 hours
Funding Time Range 3 - 5 days
Payment Options Automatic Payments
Loan Amount $5,000 - $500,000
APR (Fixed APR) 10% - 50%
Loan Term 6 - 16 months

Fora Financial Business Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+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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