ForwardLine Business Loans Review

ForwardLine is a business financing offering by ForwardLine, based in Woodland Hills, CA. Founded in 2003, ForwardLine offers access to small business loans in 50 states (and Washington, DC).

What are ForwardLine’s rates?

ForwardLine offers a fixed APR business financing product that ranges from 10% APR up to 26% APR.

Does ForwardLine charge an origination fee?

Yes, ForwardLine charges a loan origination fee starting at 0% of the business loan amount. ForwardLine 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 ForwardLine set on the purpose of the business loan?

ForwardLine considers business loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of small business loans does ForwardLine 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. ForwardLine provides access to the following business loan types:

• Unsecured Term Business Loans
• Merchant Cash Advances

Does ForwardLine charge prepayment fees?

Yes, ForwardLine charges additional fees to borrowers who pay off their small business 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 business loan early.

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

ForwardLine offers small business loans with terms ranging from 6 to 60 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 ForwardLine Business Loans?

ForwardLine Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $100,000 to be considered.

Applicants with a credit score of at least 640 and up to 850 may be eligible for ForwardLine 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 ForwardLine 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 ForwardLine Business Loans. Permanent resident / green card holders are also eligible to apply.

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

• Proof of income
• Proof of identity

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

ForwardLine can approve (or deny) a business loan application within 24 hours and fund small business loans within 1 business day of approval.

Does ForwardLine Business Loans report your account activity to credit bureaus?

Yes, ForwardLine Business Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.