|Loan Amount||$5,000 - $500,000|
|APR||5.9% - 29.9%|
|Loan Term||Up to 60 months|
National Funding Review
Where does National Funding do business?
National Funding is a business financing offering by National Funding, based in San Diego, CA. Founded in 1999, National Funding offers access to business loans in 50 states (and Washington, DC).
What are National Funding’s rates?
National Funding offers a business financing product that ranges from 5.9% APR up to 29.9% APR.
Does National Funding charge an origination fee?
Yes, National Funding charges a loan origination fee of 1% to 5% of the loan amount. National Funding 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 National Funding set on the purpose of the loan?
National Funding considers loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Technology Investment
- Working capital
What types of business loans does National Funding offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. National Funding provides access to the following business loan types:
- Unsecured term loans
- Merchant Cash Advances
Does National Funding charge a late fee?Yes, National Funding charges borrowers with a late payment fee of up to $10.
Does National Funding charge prepayment fees?
No, National Funding 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 National Funding?
Loan amounts start at $5,000 and go up to $500,000.
What is the maximum loan term you can get with National Funding?
National Funding offers business loans with a maximum term of 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 National Funding?
National Funding 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 500 and up to 850 are eligible for National Funding.
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. Active duty service members and their covered dependents are eligible to apply for a loan via National Funding. Their rates 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 income
- Driver's license
What is the estimated funding time for a business loan via National Funding?
National Funding can approve (or deny) a loan application within 4 hours and fund business loans within 1 business day of approval.
Does National Funding report your account activity to credit bureaus?
National Funding reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Late Fee Amount||$10|
|Origination Fee||1% - 5%|
|Credit Score Range||
500 - 850
|Employment Statuses Considered||
|Immigration Status Considered||
|Minimum Months in Business||12|
|Verification Documents Required||
|Funding Time Range (in days)||Starting at 1|
|Approval Speed (Hours)||4|
|Credit Bureau Reporting||
|Loan Amount||$5K - $500K|
|APR||5.9% - 29.9%|
|Loan Term||Up to 60|