Strongly not recommended
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Where does Fundivo do business?
Fundivo is a lending platform 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 APRs starting from 6% and up 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 depositing your money, 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?
Some lenders only provide business loans for certain purposes. Fundivo offers considers loan applications for the following reasons:
- 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
Does Fundivo charge a late fee?
No, Fundivo will not charge you a late fee. Yes, Fundivo charges borrowers with a late payment fee.
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 a maximum term of 5 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 businesses to be in business for at least 12 months in business. Active duty servicemembers and their covered dependents are eligible to apply for a loan via Fundivo. 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.
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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