Who Fora Financial Is Best For
Fora Financial is best for business owners who:
- Can afford short repayment terms. Fora Financial term loans have a maximum 18-month repayment period, which is much shorter than other business loans.
- Experience inconsistent sales. Because revenue advances take a percentage of your sales instead of a fixed monthly payment, businesses with varying sales month to month may find it easier to meet payment obligations.
Featured Partner Offers
1
OnDeck
$5,000 to $250,000
Varies by loan
625
2
American Express Business Blueprint™
$2,000 to $250,000
Varies by loan term
of at least 660 FICO at the time of application
3
National Funding
$10,000 to $500,000
Buy rates start at 1.11%
600
Who Fora Financial Isn’t Right For
Fora Financial may not be right for business owners who:
- Want a long-term loan. Many businesses don’t have enough cash flow to repay a loan quickly. If you need more flexible payment options, you’re better off using another lender.
- Have any recent bankruptcies. Companies with bankruptcies on their record won’t qualify for Fora Financial loans.
- Don’t have sufficient sales. If your business doesn’t meet the minimum monthly revenue requirement of $20,000, it won’t qualify for a Fora Financial loan.
What Fora Financial Offers
- Revenue advance: These advances provide business owners with a lump sum of money they can use for building upgrades, marketing, hiring new staff or other working capital needs. Instead of repaying through fixed monthly payments, as with a traditional business loan, payments are taken as a percentage from each sale.
- Short-term business loans: These loans can help businesses get a cash flow injection and pay off the balance quickly. Terms vary depending on the lender but typically are shorter than two years.
Fora Financial Loan Details
Short-term Business Loan
Fora Financial offers short-term small business loans with terms of up to 18 months and loan amounts up to $1.5 million. Businesses that can pay off the loan early may receive a discount of 10 cents on the dollar.
SHORT-TERM BUSINESS LOAN | |
---|---|
Loan amount | $5,000 to $1.5 million |
APR | Not disclosed |
Terms | Up to 18 months |
Repayment schedule | Flexible |
Fees | Not disclosed |
Availability | All 50 states |
Funding speed | Funds may be transferred as soon as 72 hours after loan approval |
Revenue Advance
Fora Financial offers its revenue advance, which is based on your total sales revenue, up to $1.5 million.
TERMS | AMOUNT DUE AT CHECK OUT | INTEREST | LATE FEE | |
---|---|---|---|---|
Pay in 4 | 6 weeks | One fourth of the total price | None | $7 or 25% of your order amount, whichever is less |
Pay in 30 | 30 days | None | None | None |
Financing | Up to 36 months | None | 0% to 24.99% | None |
How To Qualify for a Fora Financial Business Loan
Business loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as business revenue. Meeting the requirements below won’t guarantee approval, but they can help you decide if a business loan is the right fit for you.
Personal Credit Score
Fora Financial does not disclose its minimum credit score requirement, but a score of at least 570 is recommended. Additionally, a business can’t have any open bankruptcies or dismissed bankruptcies within the past year.
Time in Business
Fora Financial requires businesses to be in operation for at least six months for both its revenue advance and short-term business loans. These requirements are more flexible than other lenders as most lenders require businesses to be in operation for at least one to two years.
Annual Revenue
Businesses must have minimum revenue of $20,000 per month or $240,000 annually.
How To Apply for a Fora Financial Business Loan
To apply for a business loan through Fora Financial, you will have to complete a one-page application form and provide three months of bank statements for your business. Fora Financial may reach out and ask for more documentation about your business, including a month-to-date bank statement, annual revenues, tax returns, profit and loss statement, and balance sheet. However, many businesses receive approval within four hours.
Once approved, you’ll need to provide your driver’s license, a voided check and proof of ownership of the business. Prepare these documents ahead of time to speed up the funding process.
Related: Best Small Business Loans
Customer Reviews
Fora Financial has a 4.5 out of 5 rating from Trustpilot with more than 800 reviews. There are several positive reviews that focus on Fora Financial’s customer service. It’s also an accredited business with the Better Business Bureau (BBB) and has an A+ rating. Its average customer rating on the BBB website is 3 out of 5 based on 10 reviews.
Methodology
We reviewed Fora Financial based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Fora Financial based on the weighting assigned to each category:
- Loan cost. 35%
- Loan details. 25%
- Customer experience. 20%
- Eligibility and accessibility. 10%
- Application process. 10%
We also considered several characteristics within each major category, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score, time in business requirements and the geographic availability of the lender. Finally, we evaluated Fora Financial’s customer support tools, borrower perks and features that simplify the borrowing process, like online applications, prequalification options and mobile apps.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Business Loans Rating & Review Methodology.
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