Overview
Established in 2014, this New York-based money lender opened its business to help small business owners financially. Getting loans from banks or the government is incredibly difficult and pricey, especially for small businesses, as it takes a long process with the requirements needed.
Fundera Loans values reliability, competence, and affordable service which resulted in having a strong positive reputation. They provide a wide variety of funding options that business owners can choose from. Considering the business owner’s demands and financial situation, Fundera can help a business to find a lender that can offer up to $5 million to help them establish their small business. With only less than 10 years in service, Fundera is at the top with its seasoned competitors.
Fundera is best for
Startups run to Fundera to obtain their early capital, which the platform is renowned for. Smaller loans, merchant cash advances, and equipment loan financing are some of the available early funding options at Fundera.
To be more precise, it focuses its service on connecting small business owners to find lenders that can help them to expand their business or if they are going through a financial crisis. Moreover, it endorses favorable loans to business owners.
Fundera prepares small businesses for success by combining easy access to funding with extensive guidance and informative resources. Not only do they help small businesses, but even big companies can acquire factoring loans and corporate credit lines.
Small Business Loans Features
This a reminder that Fundera does not provide you with the funds that you need for your business but connects you with possible lenders. This online platform uses an algorithm to link a lender and a business owner. If you’re going to browse its webpage, you may notice that they have fewer loan partners compared to its competitors. That’s because Fundera prioritizes quality rather than endorsing incompetent lenders.
A broad range of business loans is made available to borrowers by the different partners including:
• Line of Credit (LOC)
• Merchant cash advance
• Term Loan
• Business Equipment Loans and Financing
• Small business loans (SBA loans)
• Short Term Loans
The Fundera service is provided without charge but their lending partners usually impose additional fees in accordance with their own conditions, including early repayment fees and factoring fees. You can expect that you are provided options with low interest rates and long repayment terms.
How to Apply for a Loan?
As a lending platform, Fundera has a similar registration procedure to other lending portals. Several lenders can be contacted at once thanks to the simple and quick application process that can be done online. You can find the lender that matches everything that you look for.
If you wish to find a lender for your business, you may start by going to their website (fundera.com/apply). The platform will require you to provide basic information about your company such as its monthly revenue, your credit score, and the purpose of your loan. Then, you’re just only one click away from finding your lender. Choose the loan that best suits your needs, and the creditor will reach out to you over the phone or email to settle the terms.
The process may take up to two weeks as many things should be considered before finalizing the loan. Although, a request can be approved as fast as two days depending on the borrower’s credit and the lender’s decision.
After Fundera analyzed the information you gave by their system, they will then present you with the type or size of loan your company is eligible for. However, there will always be a possibility of not qualifying. A factor of this is you have a low credit score or you don’t have enough experience running a business or income. Don’t worry about this as Fundera will still monitor your accounts. And when the time comes that you qualify for the loan you sought, their tracker will immediately contact you and you’ll be able to apply again.
Borrowing Loan Amount
The credit history of your company will have a great influence on the amount that you want to borrow and the repayment term as it will decide whether you qualify or not, along with the type of loan you seek. For a line of credit, you may borrow amounts between $10,000 and $1,000,000 with three months to the two-year repayment period. In contrast, you may borrow a minimum of $500 for a merchant cash advance, and the loan is repaid every day by automated withdrawals from your bank account.
Depending on the lender, the loan criteria differ. However, common requirements that you have to submit are your income tax return, your company’s balance sheet, your bank statement, repayment terms, and having a minimum credit score of 600.
Meanwhile, there are a number of factors that will affect the APR and duration of the repayment period such as how much was borrowed, the type of loan you asked for, chosen creditor, and the financial situation of your company.
To assist borrowers in calculating their monthly payments over the course of the loan, Fundera offers a number of loan calculators.
Company’s Reliability and Security
Fundera is not responsible for any transactions as they do not lend borrowers money themselves. But the platform works hard to establish and keep up a trustworthy network for borrowers, such as providing a number of tools to support borrower protection.
Values Data Privacy
When you apply, lending platforms immediately distribute your information to every lender. Contrarily, Fundera only shares your information with the lenders you choose. By doing this, candidates are spared a bombardment of unsolicited calls and emails.
Customer Rights
To safeguard the borrower against fraud, Fundera emphasizes the borrower’s rights. You can find the scope of your rights in the borrower’s bill of rights.
Safety Certification
Fundera offers the highest level of security systems, such as Norton Secured, to help its customers. The Better Business Bureau has given it an A+ rating, while TrustPilot has given it a five-star rating for its service.
Customer Service
Customers have great feedback about Fundera’s customer support. They allow customers can speak with professional loan consultants immediately. If there are questions that need to be addressed, a response team will quickly get on them and resolve the problem.
The website of Fundera contains a comprehensive information center and a FAQ area. Moreover, phone and email help is available for customers.
Bottom line
Given that Fundera is a relative newcomer to the market, some borrowers could be discouraged by this. But Fundera has proven that it is reliable, effective, and affordable. The lending platform receives high grades as a portal for company loans because of its ethical lending processes, online effectiveness, considerate privacy regulations, and reasonable rates.
