Best for startups
Only six months in business
No collateral required
Min credit score 500
No open bankruptcies
Must have at least $12,000 in gross sales
Origination fee of 2.5% of the loan amount or $300, whichever is higher
What you need to know: With many lenders requiring a minimum of two years in business, it can sometimes can be hard to get a startup business loan. Fora Financial’s business loan only requires you to be in business for six months to receive funding of up to $1,400,000.
If you’re a small business looking for strategic working capital from $5,000 to $1.4 million in as little as 72 hours, you may want to consider Fora Financial. Fora Financial reviews vary, but overall they’ve helped thousands of businesses get the funding they need. To qualify for a loan, you will need at least six months in business, $12,000 per month in revenue, a 500+ FICO score, and no open bankruptcies. See why more than 35,000 companies have turned to Fora Financial; keep reading.
Launched in 2008, Fora Financial started when two friends had the idea of leveraging the internet to help small businesses. Still, with the company today, this dynamic duo and their team have lent over $2 billion to over 25,000 business owners. They are still headquartered in New York City, New York, and today can boast a revenue of $68 million.
Fora Financial offers two financial products:
Small businesses choose Fora Financial because Fora Financial understands the kinds of day-to-day challenges that businesses are facing, they take a big-picture, holistic approach when reviewing applications, and Fora's Capital Specialists build trusting relationships with each of their customers.
Yes. Fora Financial is a legitimate business. According to TrustPilot, it has a 4.1 out of 5 ratings (with more than 600 reviews). It’s also accredited by the Better Business Bureau (BBB) and has an A+ rating. That being said, Fora Financial is not an approved SBA lender and does not provide SBA loans.
One area where Fora Financial excels is its ease of approval. First, you must meet the following qualifications:
If you meet all these requirements and are interested in Fora Financials’ financial products, then, next, you’ll need to gather the required documentation. Documents you might need include:
Fora Financial has been in business for 15 years, starting in 2008. It all began when two college roommates – Jared and Dan – were determined to leverage the power of digital technology to provide small businesses with the capital they need to thrive. In recent years digital technology has unlocked opportunities for small businesses, especially when it comes to accessing technology and operating more efficiently. Fora Financial may have been a bit ahead of the game, but continues to stay one step ahead of the needs of business owners.
You might choose to use Fora Financial compared to its competitors for many reasons, although it will be up to you to decide what’s best for your benefit. Some of the highlighted benefits of Fora Financial include the following.
Fora Financial is not for everyone. They have been criticized on the following fronts:
Fora Financial is praised for the following:
According to the Federal Reserve Small Business Credit Survey, only 68 percent of business loan applications were approved by small banks and 56 percent by large banks. If you can’t get approved by these sources, alternative lenders like Fora Financial can be a good option.
Fora Financials’ offerings are not best for all businesses, but what they excel at is helping businesses who prioritize the following:
Fora Financial isn’t right for everyone. They require $12,000 a month in gross sales and at least six months up-and-running to qualify for financing. Additionally, although there is a low credit score requirement, your business can’t have any open or dismissed bankruptcies within the past year. Last, suppose your business has a high credit score and can qualify for traditional term loans or lines of credit with competitive interest rates. In that case, you might be happier with the financing experience and overall cost of capital.
To apply for a Fora Financial business loan is simple. Follow the steps below:
1. Complete a one-page application form plus three months of bank statements for your business.
2. Next, Fora Financial might ask for additional information such as a:
3. Then, you may be approved. Many businesses receive an approval within 24 hours.
4. After approval, you must provide:
5. Receive your funds! You can receive a lump-sum payout within 24 - 72 hours.
You must meet three main requirements to qualify for a Fora Financial business loan. First, you must have a minimum annual revenue of $60,000 in credit card sales or $144,000 combined among all transaction types. Additionally, you must have been in business for at least six months. Last, you will need a minimum credit score of 500.
If you lack confidence about what you might qualify for regarding a business loan or financing, mySMBscore can help. Access to valuable credit insights lets you understand how a lender will analyze your credit history. You can then use this information to make improvements and connect with lenders that can help. Not only does this step save you time, but it can save you tons of money too. Before applying for any kind of business loan, you should visit mySMBscore.