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Fundbox Small Business Loans

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Fundbox Small Business Loans

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in Business Loans from Fundbox

Net Recommendation Score -50%

SUPERMONEY NET RECOMMENDATION SCORE

-50%

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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Highlights
Community Rating

Rating not yet determined  

Loan Amount $1,000 - $100,000
APR  (Fixed APR) 7% - 59%
Loan Term (Months) 3 - 6 months

Fundbox Small Business Loans Review

Fundbox Small Business Loans is a business financing offering by Fundbox, based in San Francisco, CA. Founded in 2013, Fundbox offers access to business loans in 50 states (and Washington, DC).

Fundbox Small Business Loans FAQ

What are Fundbox Small Business Loans’s rates?

Fundbox Small Business Loans offers a fixed APR business financing product that ranges from 7% APR up to 59% APR.

Does Fundbox Small Business Loans charge an origination fee?

No, Fundbox Small Business Loans does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does Fundbox Small Business Loans set on the purpose of the loan?

Fundbox Small Business Loans considers loan applications for business purposes, such as:

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

What types of business loans does Fundbox Small 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. Fundbox Small Business Loans provides access to the following business loan types:

  • Lines of Credit
  • Invoice Financing

Does Fundbox Small Business Loans charge prepayment fees?

No, Fundbox Small 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 Fundbox Small Business Loans?

Loan amounts start at $1,000 and go up to $100,000.

What is the maximum loan term you can get with Fundbox Small Business Loans?

Fundbox Small Business Loans offers business loans with terms ranging from 3 to 6 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 Fundbox Small Business Loans?

Fundbox Small Business Loans requires companies to be in business for at least 3 months. Businesses must have a minimum annual revenue of $50,000 to be considered.

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

U.S. citizens are, of course, eligible for the services offered by Fundbox Small 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 Fundbox Small Business Loans?

Fundbox Small Business Loans can approve (or deny) a loan application within 1 hour and fund business loans within 1 business day of approval.

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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 Our Editor

Founded in 2013, Fundbox is a financial services company providing small business loans and lines of credit. The company offers access to rapid funding based on unpaid customer invoices, not your credit score or your business' assets.

“Customers use the credit they secure from Fundbox for everything from cash flow optimization to business acceleration,” says Tim Donovan, head of Corporate Communications at Fundbox, which, to date, has served more than 50,000 small businesses.

“Fundbox is focused on helping small and medium-sized businesses looking to grow,” says Donovatan. “Rather than granting credit based on personal FICO credit scores, which were never designed to determine small business credit, Fundbox determines creditworthiness based on the transactional data that a small business conducts with other businesses within its immediate ecosystem.  This data then   provides meaningful insight into the holistic health and credit worthiness of the small business.”

Fundbox provides an extra financial cushion while you wait for payments to come in, which can give you the funds you need to keep your doors open. Here’s more on how Fundbox works and how the company might help you grow your business.

Who are Fundbox Loans designed for?

Fundbox loans are well-suited for business owners who aren’t able to get a traditional line of credit, due to a low personal credit score, short time in business, or lack of collateral. The company’s Direct Draw program allows business owners to apply for credit by simply supplying access to a business bank account. You can borrow up to $100,000, receiving 100% of the value of outstanding invoices.

“Rather than granting credit based on personal FICO credit scores, which were never designed to determine small business credit, Fundbox determines creditworthiness based on outstanding invoices and the holistic health of the business.”

“Fundbox was founded with the idea that there are a lot of credit options for consumers, but not that many for small businesses,” says Donovan. “The ability to access credit is the lifeblood of the small business. There’s a large market of underserved small business owners stuck in a gray zone of not being able to qualify for financing with traditional banking institutions that consider them too risky, yet who have robust companies that require financing to operate efficiently.”

For many Fundbox customers, the funds help them retain momentum, which is critical to business success. Approval often takes just hours and, once approved, business owners can draw down on credit within 24 hours.

What are the advantages of funding through Fundbox?

  • Fundbox technology biometrics examine the health and wellness of your business to access creditworthiness without the subjective opinion of an underwriter
  • Lending decisions are based on the strength of the business, not the personal credit score of the owner
  • You can get a line of credit ranging from $1,000 to $100,000
  • You choose the amount you wish to withdraw and pay just on that amount
  • It's a simple application process that only requires you to provide a business bank account or accounting software
  • You repay with your choice of 12 or 24 weekly payments
  • Fast approval, usually within 24 hours
  • Payments collected on a weekly basis through automatic withdrawals from the company bank account
  • No prepayment penalties, origination, maintenance, or inactivity fee

What are the disadvantages of funding through Fundbox?

  • More expensive than traditional financing
  • Missed payments will affect the owner’s personal credit score
  • The maximum loan amount is $100,000, which may not be enough for your growing business

What are the interest rates and terms for Fundbox lines of credit?

The fees charged by Fundbox translate to an Annual Percentage Rate (APR) between 15%-80%. You choose a repayment plan of 12 or 24 weeks and then repay weekly, including a fee, which varies.

“Fundbox is transparent about fees,” according to Donovan. He adds, “For a $5,000 credit line, for instance, you might have $348 in fees.”

Eligibility for Fundbox financing

  • No minimum FICO score required
  • No minimum annual revenue
  • If you're applying using online accounting software, it must link to Fundbox. Software programs that do so include QuickBooks, Harvest, FreshBooks, Clio, InvoiceASAP, Kashoo, Jobber, Sage One, and Clio. If you take the Direct Draw path, you only need to supply a business banking account.

Carefully evaluate small business credit options and loans

While having sufficient capital is certainly the key to small business success, it’s important to proceed with caution when taking out credit. When you do borrow, ask for as little as possible, and only what you can repay. Don’t start stacking loans or things will spiral out of control very quickly.

If you’re not sure this is the right product for your company, visit SuperMoney’s business loans review page and compare dozens of online business loans. Our user-friendly filters make it easy to pick the right lender for your business based on your revenue, years in business, credit score, and the loan amount you need.

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

No Origination Fee  
No Prepayment Fee  
Credit Score Range 500 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Months in Business 3
Minimum Revenue $50,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
Approval Speed 1 hour
Funding Time Range 1 - 3 days
Loan Amount $1,000 - $100,000
APR (Fixed APR) 7% - 59%
Loan Term 3 - 6 months

Fundbox Small Business Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

-50%

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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