Strongly not recommended
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Where does Fundivo do business?
Fundivo is a financial services corporation based in New York City, NY. It was founded in 2013 and offers access to business loans in 50 states (and Washington, DC).
What are Fundivo’s rates?
Fundivo offers business loans with fixed APRs starting from 6% to 25%.
Does Fundivo charge an origination fee?
Yes, Fundivo charges a loan origination fee starting at 1% of the loan amount. Fundivo 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 Fundivo set on the purpose of the loan?
Fundivo considers loan applications for business purposes, such as:
- Equipment Purchase
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does Fundivo offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Fundivo provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Lines of Credit
Does Fundivo charge prepayment fees?Yes, Fundivo 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 Fundivo?Loan amounts start at $5,000 and go up to $2,000,000.
What is the maximum loan term you can get with Fundivo?
Fundivo offers business loans with terms ranging from 12 to 120 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 Fundivo?
Applicants with a credit score of at least 560 can apply for a loan via Fundivo. Fundivo requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $25,000.
Only U.S. citizens and permanent residents can apply for a loan.
What is the estimated funding time for a business loan via Fundivo?
Fundivo can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Active Duty Military
- Military Dependent