Fundbox Small Business Loans: 2023 ReviewCheck Your Rate
Overview of Fundbox
Pros and Cons of Fundbox
Types of Small Business Loans Offered by Fundbox
Business Line of Credit
Fundbox Small Business Line of Credit Terms, Rates, and Fees
Who May a Fundbox Small Business Loan Be Right For?
Needs access to capital quickly. With minimal documentation required, you can complete Fundbox’s online application and receive a decision the same day. Once your application is approved, funds are available as fast as the next business day. Owns a startup. Many online lenders require that you have at least one year in business before you’re eligible for financing. With Fundbox, you may qualify for a line of credit with only six months in business, and depending on the strength of your business, you may qualify with just a few months of business history. Has sufficient revenue to make weekly repayments. With a Fundbox line of credit, you will need to make weekly repayments over a 12- or 24-week term. This can result in large payment amounts, making Fundbox best for businesses that have enough revenue to comfortably cover those payments.
Who Fundbox May Not Be Right For
Is well-established. Business owners who can qualify for financing through a traditional bank or online lender with stricter qualification criteria will likely benefit from longer repayment terms and more competitive interest rates. Has large upcoming expenses. Fundbox’s financing options are only available up to $150,000, and repayment terms are short. For that reason, the lender is not a good option if you are planning to make large business purchases. Operates in certain industries. The following businesses or industries may not be eligible for Fundbox lines of credit: Adult entertainment and services; firearms and weapons; online gaming and gambling; drugs, dispensaries, and drug paraphernalia businesses; money services businesses; non-profit organizations.
Fundbox Loan Fee Structure
Fundbox Loan Repayment
Fundbox Funding Eligibility Requirements
Based in the U.S. $100,000+ in annual revenue Ideally, 6+ months in business 600+ personal FICO® score Have a business checking account
Applying for a Fundbox Small Business Loan
Fundbox Alternatives to Consider
Bluevine: Bluevine offers a larger credit line, with amounts up to $250,000. Like Fundbox, Bluevine is a good option for businesses that need quick access to capital, with same-day approval and funds available the next business day. Unlike Fundbox, Bluevine offers both weekly and monthly payments and terms of up to 12 months. Kabbage: Kabbage offers business lines of credit of up to $250,000 to borrowers with a minimum credit score of 640 and at least one year in business. Unlike Fundbox, Kabbage only has a monthly repayment schedule, and offers terms of six, 12, or 18 months. Like Fundbox, Kabbage is a good option for quick access to working capital, typically offering funding within a few days. Bank of America: If your business is well-established, you may want to look at a line of credit with Bank of America. Compared to Fundbox, qualification requirements are stricter and the application process, and time to funding, are generally slower. However, rates and terms will likely be more competitive. Lantern by SoFi: Unlike Fundbox, Lantern by SoFi is a lending platform that connects borrowers to small business loans offered by a variety of trusted lenders. By filling out a single application, you get access to multiple loan options, including lines of credit, short-term loans, term loans, invoice financing, and commercial real estate loans. Loans up to $2 million are available to help you grow your enterprise.
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