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Fora Financial Reviews: Expert Analysis & User Insights for 2022

Fora Financial is a small business lender ideal for companies looking to borrow up to $750,000. Fora Financial offers low credit requirements, flexible payment plans, early payoff discounts, low minimum loan amounts, and more.

Fora Financial Review
fora financial logo reviewed on Finimpact.com
3.9
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Credit Score
Min. Credit Score 550+
Loan Amount
Loan Amount $5K-$750K
Loan Repayment
Loan Repayment 4-15 months
TJ Porter
Personal Finance Writer

Reviewed by: Sarah Brooks, Personal and Business Finance Writer and Editor

Fact Checked by: Somer G. Anderson, Accounting and Finance Professor Ph.D., CPA, CGMA, CFE

Expert Reviewer’s Verdict

Fora Financial is a small business lender offering two types of loans: short-term small business loans and merchant cash advances. The lender is perfect for smaller companies in need of cash and businesses that have less-than-perfect credit scores, thanks to approval not solely based on credit.

Fora Financial is ideal for companies in industries like construction, auto, wholesale, and manufacturing. It comes with perks such as discounts for early repayment and no collateral required.


Fora Financial Customer 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 Financial, 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 is, with just a few parameters your business needs to meet in order to get a loan. Many reviews highlight how Fora Financial is the one lender that was able 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.

Customer reviews for the company are overall positive, with Fora Financial receiving a 4 .3 out of 5 rating on Trustpilot and an A+ on BBB rating.

Trustpilot rating: 81% of customers rated Fora Financial as "Excellent" and 10% rated as "Great", only 5% of customer rated Fora Financial as a "Bad" experience.

Better Business Bureau rating: A+ rating

The positive reviews are related to The negative reviews are related to
Excellent Customer Service

High-Interest Rates

Quick Turnaround On Loans No Online Portal
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.

Summarized Ratings

This parameter considers loan terms, repayment optionality, and loan limits. For each financing arrangement offered, each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Fora Financial gets a 2.9 for Loan Features. This slightly below average score reflects relatively short loan terms (< 1 year) and low loan limits ($500K-$750K or $250K-$500K, depending on loan type). The score is strengthened by accommodative repayment options.

Fora Financial Review Video

Our financial expert, Gordon Scott, provides an in-depth analysis, including pros and cons of Fora Financial business funding.

 

What Is Fora Financial?

Fora Financial is a fintech lender offering merchant cash advances and short-term loans to small businesses. Loan amounts range from $5,000 to $750,000 and can be funded in 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. It takes just 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 choosing Fora Financial.

 

Fora Financial Pros and Cons

Pros
Loan approval within 24 hours
Loan amounts up to $750,000
Not strictly credit-based
Loan terms up to 15 months
Discounts for early repayment
Free online quote that will not affect your credit
Cons
Undisclosed loan fees
Interest rates can be high

Fora Financial Loan Features

Fora Financial has no restrictions on how you use your small business loan. Whether it’s equipment that needs repairing or purchasing new inventory, you can secure up to $750,000 within 72 hours. Its short-term loans range between four and 15 months, but merchant cash advances have no set repayment terms.

Fora Financial small business loans have an origination fee of 2.5% and an interest rate factor* between 1.1 to 1.9.

Fora Financial Short-Term Loans

Due to their 15-month term length, Fora Financial short-term loans are best suited for solving immediate cash flow gaps or responding to any emergency financial issues. With borrowing amounts up to $750,000, they’re also ideal for business development and growing your infrastructure.

Term Length4-15 Months
Repayment PeriodMonthly
APRVaried
Min-Max Amount$5,000-$750,000

Fora Financial Merchant Cash Advances

Fora Financial merchant cash advances are more flexible than the alternative, as they allow you to borrow against future credit card transactions. The borrowing amounts are the same (up to $750,000), but you’re not bound to strict terms like you are with short-term small business loans.

Term LengthN/A
Repayment PeriodMonthly
APRVaried
Min-Max Amount$5,000-$750,000

Fora Financial Interest Rates and Fees

Fora Financial charges an origination fee of 2.5% of the loan amount, and interest rates are on the higher side due to the company not requiring collateral. However, access to quick funding, large lending amounts, and fast approvals are the perfect trade-off to grow your business and help meet business goals.

 Short-term LoansMerchant Cash Advance
Borrowing Fee10-30% of the loan10-30% of the loan
Origination FeeUp to 2.5%Up to 2.5%
Late Payment Fees$35$35
Interest RateFactor 1.1 - 1.9Factor 1.1 - 1.9
Early Repayment DiscountsYesYes

How To Qualify for a Fora Financial Loan

One of the things that sets Fora Financial apart from the competition is that it looks at much more than just your credit score when deciding whether to approve your loan application.

Your business’s financial situation, including its revenue and time in business, also plays a significant role in your ability to qualify.

CriteriaShort-term LoanMerchant Cash Advance
Minimum Credit Score500500
Minimum Monthly Revenue$12,000$5,000 minimum in credit card sales
Minimum Time in Business6 months6 months

Fora Financial Application Process

Applying for a loan from Fora Financial is easy. The company has a one-page application that takes just minutes to fill out, it won’t affect your credit score, and you have no obligation to take the loan. If you’re applying for a term loan, you’ll have to provide three months of bank statements along with your application. If you are seeking a cash advance, you’ll have to provide three months of credit card statements and three months of bank statements.

You may also need to provide tax returns, a profit and loss statement, a balance sheet, and annual business revenues.

You can apply for the loan directly online.

fora financial review

Once you fill out the form, you’ll have to wait for one of the company’s specialists to give you a call. Alternatively, you can call to get quicker support.

fora financial review

Fora Financial also has a referral program that you can use once you’ve applied. If you refer another business that gets a loan, you’ll get up to $500 as a bonus. You can get that amount in cash or use it to pay off your loan balance. You can even refer a friend even if you don’t own a business.

Fora Financial Customer Support

Fora Financial offers a few ways to get in touch with support.

Once you fill out an application, you’ll get a call within 24 hours from a loan specialist. If you’d rather reach out directly, the company’s contact page lists phone numbers and extensions for sales inquiries, customer service, and other departments, though it does not list operating hours.

You can also submit a request form to receive a call back if you have specific questions regarding Fora Financial products.

Fora Financial Perks and Bonuses

One of the top reasons to work with Fora Financial is its highly flexible lending policies, along with other perks.

Flexibility

One of Fora Financial’s main draws is that it is a flexible lender. You can apply for a small business loan for as little as $5,000, giving smaller companies a way to get the funding they need. At the same time, larger businesses can get loans for up to $750,000, making Fora Financial a lender for all types of businesses.

The company also has flexible loan approval terms and minimum credit scores of just 500.

Transparency

Fora Financial is transparent when it comes to the requirements for getting a loan (six months in business, no open bankruptcies, $12,000 minimum monthly revenue, and minimum credit score of 500), but not as transparent when it comes to the fees.

The rates and fees are not seen until you fill out an application and get a quote from a lender.

Technology

Fora Financial’s one-page application makes it easy to apply for loans. The fact that you can get a quick approval by uploading a few months’ bank or credit card statements is also a plus.

However, once you apply, the process becomes a bit lower-tech. You’ll have to wait for a call from a lender to get your loan offer. Additionally, the company doesn’t have a mobile app that you can use to manage your account.

Fora Financial Alternatives

Kabbage

If you don’t meet Fora Financial’s monthly revenue requirement of $12,000, consider a line of credit from Kabbage. Backed by American Express, Kabbage requires just $3,000 per month in revenue. Additional requirements include a credit score of 640 and a minimum time in business of one year.

Kabbage lines of credit come with six, 12 or 18 month terms, and payments are made monthly. You can expect to pay 2-9% in interest and fees for six-month loans, 7.5-18% for 12-month loans, and 15.75-27% for 18-month loans. Kabbage does not charge origination fees or maintenance fees on their lines of credit, and applying takes just a few minutes.

Learn more in our Kabbage review

Credibly

Credibly offers small business owners a multitude of financial products, including small business loans, working capital loans, business lines of credit, merchant cash advances, and more. Loans are typically up to $400,000 and terms are between six and 18 months. To qualify, you’ll need a credit score of 500, be in business for at least six months, and have $180,000 in annual revenue.

Credibly’s application is simple and straightforward, and they offer same-day loan approval and funding. While Credibly is not available to startups, they are open to high-risk businesses and low credit scores are accepted.
 

Learn more in our Credibly review

Final Thoughts

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.

Frequently Asked Questions(FAQ)

Is Fora Financial an approved SBA lender?
No, Fora Financial is not an SBA-approved lender and the company does not provide SBA loans to small businesses. You’ll need to work with another lender to get an SBA loan.
Can I apply for Fora Financial if I have a bad credit score?
Yes, Fora Financial does offer loans to people who have bad credit, though approval isn’t guaranteed. The primary credit requirement is that you have no open bankruptcies on your record.
Is Fora Financial a direct lender?
Yes, Fora Financial is a direct lender. If you apply for a loan with Fora Financial, you can borrow money directly from the company instead of from another lender it is partnered with.
TJ Porter

Written by: TJ Porter

Personal Finance Writer

TJ has an in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.

More about me

Reviewed by: Sarah Brooks

Personal Finance Writer and Editor

Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.

More about me
Somer G. Anderson Ph.D., CPA

Fact Checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor Ph.D., CPA, CGMA, CFE

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

More about me