Where does Forward Financing do business?
Forward Financing is a direct lender based in Boston, MA. It was founded in 2012 and offers access to business loans in 50 states (and Washington, DC)..
Does Forward Financing charge an origination fee?
Yes, Forward Financing charges a loan origination fee of $300 to $995
What limitations does Forward Financing set on the purpose of the loan?
Some lenders only provide business loans for certain purposes. Forward Financing offers considers loan applications for the following reasons:
- Equipment purchase
- New location
- Product or service expansion
- Working capital
- Business debt refinance
What types of business loans does Forward Financing offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Forward Financing provides access to the following business loan types:
Does Forward Financing charge a late fee?
No, Forward Financing will not charge you a late fee. Yes, Forward Financing charges borrowers with a late payment fee.
Does Forward Financing charge prepayment fees?
Yes, Forward Financing charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from Forward Financing?
Loan amounts start at $5,000 and go up to $300,000.
What is the maximum loan term you can get with Forward Financing?
Forward Financing offers business loans with a maximum term of 12 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 Forward Financing?
Applicants with a credit score of at least 500 can apply for a loan via Forward Financing.
Forward Financing does not require borrowers to have been in business for a minimum number of years. Active duty servicemembers and their covered dependents are eligible to apply for a loan via Forward Financing. Its rates and terms fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of citizenship or residence permit
- Proof of income
What is the estimated funding time for a business loan via Forward Financing?
Forward Financing can approve (or deny) a loan application within 1 hour and fund business loans within 1 business day of approval.
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36 Bromfield Street, 2nd Floor
Boston, MA 02108 USA
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- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Active Duty Military
- Military Dependent
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Proof of Identity
- Proof of Income
- Proof of citizenship/residence (Green Card)