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 Merchant Cash Advance is available in 50 states (and Washington, DC).

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 1.5 will have a total repayment of $30,000, which includes $10,000 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 $500,000.

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 ammount.

What is the estimated funding time for a merchant cash advance via Fora Financial Merchant Cash Advance?

Fora Financial Merchant Cash Advance can approve (or deny) a merchant cash advance application within 24 hours and 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.

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. APRs for the Fora Financial Merchant Cash Advance product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Fora Financial Merchant Cash Advance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Driver's license
• Proof of identity
• U.S. tax identification number

What limitations does Fora Financial Merchant Cash Advance set on the purpose of the merchant cash advance?

Fora Financial Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:

• Business debt refinance
• Equipment purchase
• Hiring
• Inventory
• Lease improvement
• New location
• Payroll
• Product or service expansion
• Technology investment
• Working capital