Fora Financial Business Loans Review

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

What are Fora Financial Business Loans’s rates?

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

Does Fora Financial Business Loans charge an origination fee?

Yes, Fora Financial Business Loans charges a loan origination fee of 2% of the loan amount. Fora Financial Business Loans 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 Business Loans set on the purpose of the loan?

Fora Financial Business Loans considers 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 business loans does Fora Financial Business Loans 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 Business Loans provides access to the following business loan types:

• Unsecured term loans
• Merchant Cash Advances

Does Fora Financial Business Loans charge prepayment fees?

No, Fora Financial Business Loans 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 Business Loans?

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

What is the maximum loan term you can get with Fora Financial Business Loans?

Fora Financial Business Loans offers business loans with terms ranging from 4 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.

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 Business Loans?

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