Last Updated: 04/18/2025
Fora Financial Merchant Cash Advance
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in Merchant Cash Advance from Fora Financial
Last Updated: 04/18/2025
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Highlights
Factor Rate
1.1 - 1.3
Amount Range
$5,000 - $1,400,000
Minimum Revenue
$15,000
APR (Fixed APR)
10% - 30%(Verified 06/21/2024)
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Fora Financial Merchant Cash Advance Review
Fora Financial Merchant Cash Advance is offered by Fora Financial, a direct lender founded in 2008 and based in New York, NY. Fora Financial are available in 50 states and Washington, DC.
Fora Financial Merchant Cash Advance FAQ
What APRs does Fora Financial Merchant Cash Advance offer?
The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Fora Financial offers merchant cash advance with a factor rate starting from 1.1 to 1.3 . The higher the factor rate, the higher the fees. For example, an advance of $20,000 with a factor rate of 1.25 will have a total repayment of $25,000, which includes $5,000 in fees.
However, we ran the numbers and we estimate it has an equivalent APR that ranges from 10% APR up to 30% APR. Does Fora Financial Merchant Cash Advance charge prepayment fees?
No, Fora Financial Merchant Cash Advance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the Fora Financial Merchant Cash Advance off early.
How much cash can you advance from Fora Financial Merchant Cash Advance?
Cash advance amounts start at $5,000 and go up to $1,400,000.
What types of repayment method does Fora Financial Merchant Cash Advance accept?
Fora Financial Merchant Cash Advance accepts the following repayment method from the Merchant:
- Split withholding
- ACH withholding
How often does Fora Financial Merchant Cash Advance process payments?
Fora Financial Merchant Cash Advance processes payments daily based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to Fora Financial Merchant Cash Advance as payment for your cash advance until the full amount is paid.
Does Fora Financial Merchant Cash Advance charge an origination fee?
Yes, Fora Financial Merchant Cash Advance charges a origination fee of 2% of the total amount advanced . Fora Financial Merchant Cash Advance deducts the fee directly from your merchant cash advance amount before disbursing merchant cash advance proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What is the minimum repayment amount required by Fora Financial Merchant Cash Advance?
There is no minimum repayment amount.
What is the estimated funding time for a merchant cash advance via Fora Financial Merchant Cash Advance?
Fora Financial Merchant Cash Advance can fund your merchant cash advance within 3 business days of approval.
What do you need to qualify for Fora Financial Merchant Cash Advance?
Applicants with a credit score of at least 500 and up to 850 may be eligible for Fora Financial Merchant Cash Advance. Fora Financial Merchant Cash Advance does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders with a U.S. tax identification number are eligible to apply for the services offered by Fora Financial Merchant Cash Advance.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Bank account information
- Business formation documents
- Driver's license or other government photo ID
- Proof of identity
- U.S. tax identification number
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