|Financially Reviewed by Gordon Scott on 7/20/2021|
Though it’s only been on the market since 2008, reputable fintech lender Fora Financial has quickly become the first choice for thousands of new enterprise owners looking to get quick and easy access to small business funding. Between merchant cash advances and short-term business loans, Fora Financial funding is available to provide quick funding in up to 72 hours - between $5,000 and $500,000 to those that are eligible.
What Is Fora Financial?
Fora Financial is a fintech lender that offers merchant cash advances and short-term loans to small businesses. The company offers loans between $5,000 and $500,000 that can be available in up to 72 hours to those that are eligible.
Following a free online quote, Fora Financial is ready to lend capital with up to 15-month terms and without the need for collateral. What’s more, and what really sets this lender apart from others, is that it only takes 24 hours to gain approval, and early payoff means you’ll get discounts on your remaining balance. From construction to hospitality, a range of industries can benefit from lending here.
Advantages and Disadvantages Of Fora Financial
Fora Financial Advantages
- Funding In As Little As 24 Hours - It only takes minutes to fill out your application with Fora Financial. What’s more, getting the financing you need can take as little as 24 hours. At the most, 72 hours. This is perfect for anyone that’s facing some funding emergency or wants to drive a part of their business that needs improving
- Ideal For Plenty Of Industries - Whether you’re starting out in the medical industry or fancy stepping into hospitality, Fora Financial ensures that its loans are ideal for a wide range of industries. Simply visit the website and you’ll see exactly how this lender has tailored its borrowing options to meet the needs of a variety of emerging essential businesses for the economy.
- Credit Isn’t Important For Borrowing - Lenders relying solely on credit is precisely what holds plenty of businesses back. A cash injection is often essential in making sure that some businesses can survive and progress with their plans for further development. Borrowers can rely solely on their time in business as well as minimum earnings to secure greater chances of getting a loan that helps to encourage growth.
Fora Financial Disadvantages
- Rates May Be A Little High For Some - The nature of short-term business lending is that you can often expect to pay higher rates to get quick access to funds. This is a fair trade-off for many small businesses, as it’s what allows them to develop and cover much-needed expenses.
- Fees Outside Of Loan Acquisition - Not everyone is comfortable paying fees alongside the APR of their loan. Commitments like origination and late payment might be a put-off, but if you’re looking for a quick loan with short repayment terms, these added fees are somewhat acceptable. Plus, paying loans early will earn you discounts on your remaining loan.
Fora Financial supports a variety of industries, which is why you can find a handful of small business owners’ positive borrowing experiences on the website.
Fora Financial Loan Features
Fora Financial lets you use your loan however you need it. Whether it’s equipment that needs repairing or it’s time to enhance new services and products, you can secure up to $500,000 within 72 hours and just 24-hour approval. Its short-term loans range between four and 15 months, which might be too short for some, but merchant cash advances don’t come with fixed-term repayments.
Fora Financial small business loans come with some charges and an interest rate factor between 1.1 to 1.3.
Fora Financial Short-Term Loans
Fora’s short-term loans are best suited to solving immediate cash flow gaps as well as responding to any emergency financial issues. With borrowing amounts up to $500,000, they’re also ideal for business development and for growing your infrastructure.
Fora Financial Merchant Cash Advance
A Fora merchant cash advance is a lot more flexible than the alternative as it’ll allow you to borrow against future card sales. The borrowing amounts are the same but you’re not bound to strict terms like you are with short-term small business loans.
Fora Financial recently announced a new credit facility - with Credit Suisse and Hudson Cove in order to enhance its services. This means even better access to small businesses and an increase in borrowing capacity up to $150 million.
Fora Financial Interest Rates and Fees
Some fees come with Fora Financial loans, which means they’re possibly not for everyone - this really depends on what you can afford in terms of repayments. Really, though, where this lender thrives is short-term funding and helping businesses meet short-term capital requirements. The access to quick funding, large lending amounts, and fast approvals is the perfect trade-off to grow your business and meet goals without other departments and your development plans taking a hit.
Short-Term Loans Rates and Fees
10-30% Of The Loan
Up to 2.5%
Late Payment Fees
Factor 1.1 - 1.3
Early Repayment Discounts
Merchant Cash Advance Rates and Fees
10-30% Of The Loan
Up to 2.5%
Late Payment Fees
Factor 1.1 - 1.3
Early Repayment Discounts
How To Qualify For A Fora Financial Business Loan
Small businesses will be pleased to know that Fora Financial doesn’t look to credit scores for its application approvals. That means, if your company hasn’t quite built up the required score just yet, you’re not guaranteed to be rejected. The lender looks to both time spent in business as well as the total amount of gross sales you’ve made so far. You only need to meet one of these obligations.
The only other requirement here is that you haven’t got any bankruptcies currently open and unsettled.
$5,000 - $500,000
Minimum Credit Score
Minimum Time In Business
Fora Financial Loan Application Process
Running a business that needs fast funding? Fora Financial might well be the lender for you. The application process is as simple as they come. You only need to fill out a one-page form, upload three months of bank statements, and you’re well on your way to being approved. In fact, you can have your answer within minutes and in no longer than 24 hours. Should you get approval, you’ll get funding in 72 hours at the latest.
Anyone applying for Fora Financial will be pleased to know that any attempts at securing a loan will only require a soft credit pull, so you won’t have to worry about your credit score getting harmed.
Fora Financial Customer Support
The Fora Financial customer service team receives some pretty solid praise online and rightly so. A quick look on Trustpilot and you’ll see that the support staff that’s on hand is known for responsiveness and reliability. You can reach the company by either telephone or email and will get the chance to speak directly to one of the expert account managers that are available.
If you have urgent queries about your loan or wish to speak to the service team directly, your best option is to contact the relevant department via telephone. One real advantage of Fora Financial’s customer support system is that it’s also available in Spanish, something that not all online lenders are able to offer. On review sites like Trustpilot, this is a feature that’s greatly appreciated by borrowers.
Fora Financial Loan Reviews
Fora Financial earned its positive reputation among borrowers for various reasons. Aside from its responsive customer support, Trustpilot reviews are filled with positive experiences relating to just how efficient the loan process is. People in need of fast financing are able to get it through Fora which means the lender holds up to its promises on quick turnarounds.
Another notable trend found in Trustpilot reviews is just how simple the lending process actually is. There are only several parameters your business needs to meet in order to get a loan, which should be relatively easy enough for most small businesses to achieve. Many reviews highlight how Fora is the one lender that was prepared to fund their business development plans when no other company would, so it’s definitely worth giving this one a try if you’re in a similar position.
The positive reviews are related to
The negative reviews are related to
Excellent Customer Service
Slightly High-Interest Rate
Quick Turnaround On Loans
No Online Portal
Its Very Simple Lending Process
Too Many Emails
- Fora Financial actually does have an online portal, but not everyone utilizes it. Moreover, in situations where Fora doesn’t lend the capital and broker the deal to another lender, they can’t control if that lender has a portal or not.
Fora Financial is no doubt one of the better options out there for small businesses looking to get their hands on capital fast. With funding in no longer than 72 hours and up to $500,000 available, those plans you have for expansion or developing new products are a lot closer than you think. Plus, unlike many other lenders, early repayments actually earn you discounts, rather than penalties.
Sure, you’re likely to pay an origination fee and you’ll be charged for late payments, but there are few options out there that give such quick access to funding and with such high amounts.