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Fundera Small Business Loans Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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Fundera is a New York-based online marketplace that enables small business owners to compare various different lender options for SBA loans, term loans, equipment financing, business lines of credit, invoice financing, short-term loans, merchant cash advances, small business startup loans, and personal loans for business.

The company was founded in 2013, and has an A+ BBB score, as well as a 4.9-star TrustPilot rating.
 
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How is Fundera rated?

Breakdown

4.8/5
Loan Options
4.0/5
Application Requirements
4.5/5
Average Rates & Fees

Overall Rating: 4.4 / 5 (Excellent)

Fundera is a great one-stop resource for determining what kind of small business loan you need, and getting the right help to follow through with the process.

The company gets high marks for customer service, as well as for its informative website. Many of the loan products offered through its marketplace are available with higher than average maximums and very flexible repayment terms.

However, it is difficult to predict what kind of rate you are going to get, as the company only provides a base rate range in lieu of actual APRs, which will vary by lender.

Also, the service can be a bit prohibitive, as Fundera only works with a small pool of select lenders.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

SBA Loans

Min. Loan Amount
$5,000
Max Loan Amount
$5,000,000
Min Term Length
5 years
Max Term Length
25 years

Term Loans

Min Loan Amount
$25,000
Max Loan Amount
$500,000
Min Term Length
12 months
Max Term Length
60 months
Repayment Terms
Repayment terms will depend on the lender.

Business Lines of Credit

Min Loan Amount
$10,000
Max Loan Amount
$1,000,000
Min Term Length
12 months
Max Term Length
60 months
Repayment Terms
Depends on chosen lender

Invoice Financing

Loan Amount
From 50% to 90% of accounts receivable. The additional 10% to 50%, minus fees, will be advanced once invoices are paid.
Repayment Terms
Fundera will fund you approximately 50%-90% of the invoice amount. When the customer pays the invoice you will receive the remaining balance minus fees.

Merchant Cash Advance

Min Loan Amount
$2,500
Max Loan Amount
$250,000
Repayment Terms
Fixed daily repayments.

Loan Options - 4.8 / 5

Fundera is an online marketplace that partners with a few, select direct lenders to offer their clients most types of small business loans.

The aggregator currently offers a high term loan maximum, and the highest line of credit maximum available, at $1 million. It also bears mentioning that Fundera also offers a higher than average maximum on merchant cash advances at $250,000.

Additionally, when compared to other lenders, the repayment terms for term loans and lines of credit offered by lenders on Fundera's platform are highly flexible, at 1-5 years.

Fundera Rates & Fees

SBA Loans

Min APR
6.5%
Max APR
9.0%

SBA Loans

Fees: There may be origination, application, processing, prepayment, late payment, guarantee, or check processing fees, depending on the lender and type of loan requested.

Term Loans

Fees: Fundera advertises term loan rates of 7%-30% with repayment terms of 1-5 years.

Since origination, application, processing, prepayment, late payment, guarantee, or check processing fees will depend on the lender, we are unable to calculate accurate APRs.

Lines of Credit

Fees: Fundera advertises term loan rates of 7%-25% with repayment terms of 6 months to 5 years. Since origination, application, processing, prepayment, late payment, guarantee, or check processing fees will depend on the lender, we are unable to calculate accurate APRs.

Invoice Financing

Fees: The invoice financing options offered through Fundera’s marketplace have a factor fee of 3%.

Merchant Cash Advances

Fees: Merchant cash advance factor fees range from 1.14 to 1.18.

Equipment Loans

Fees: Fundera advertises equipment loan rates of 8%-30% with repayment terms equalling the expected life of the item financed.

Since origination, application, processing, prepayment, late payment, guarantee, or check processing fees will depend on the lender, we are unable to calculate accurate APRs.

Average Rates & Fees - 4.5 / 5

Fundera advertises interest rates for all of the loan products offered through its marketplace, but since associated fees and term lengths depend on the lender selected, it is impossible to calculate APRs with any degree of accuracy.

The low range rates Fundera quotes would likely translate to competitive APRs, but these would only be available to the most qualified borrowers.

Application & Qualifications

Online Application
Approval Time
As quick as 24 hours
Funding Time
From 1 day to 3 weeks.
Min. Credit Score
550

Application Requirements - 4 / 5

Fundera offers a standard approval time of 24 hours, but funding can take as long as three weeks.

The company works with lenders that require a minimum credit score of 550, which is on the lenient side and ideal for businesses just starting up.

Further qualifications depend on the lender Fundera pairs you with. Some lenders may ask for tax returns, balance sheets, a profit and loss statement, and bank statements.

Fundera Reputation

Customer Feedback

Trustpilot Score
4.9 out of 5
BBB Rating
A+
BBB Positive Reviews
1
BBB Neutral Reviews
0
BBB Negative Reviews
0
Date Collected
2020-09-08

Consumer Education - 4.5 / 5

Fundera has a stronger than average Trustpilot score of 4.9. Out of 584 customer reviews, the company received 95% as excellent or great.

Fundera is also a BBB accredited business with an A+ grade. Customers mostly single out Fundera for praise for how easy their interface is to use and understand, and for their speed of funding.

Contact & Additional Information

Homepage URL
https://www.fundera.com/
Company Phone
(800) 386-3372
Headquarters Address
123 William Street, 21st Floor, New York, NY, 10038
Year Founded
2013

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Customer Comments & Reviews

Loading Reviews ...
B
Ben R
8/19/2016
Excellent company! Fast. Easy. They really care about you.

Top Rated
Our Partner

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000

  • Average Yearly Revenue requirements:$100,000

  • Minimum Credit Score: 625 FICO

  • Minimum Time in Business to apply: 1 year

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