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Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses or reviews expressed in this article are those of the author alone and have not been approved or endorsed by any partner.
Pros
Cons
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 Length | 4-15 Months |
| Repayment Period | Monthly |
| APR | Varied |
| 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 Length | N/A |
| Repayment Period | Monthly |
| APR | Varied |
| 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 Loans | Merchant Cash Advance | |
| Borrowing Fee | 10-30% of the loan | 10-30% of the loan |
| Origination Fee | Up to 2.5% | Up to 2.5% |
| Late Payment Fees | $35 | $35 |
| Interest Rate | Factor 1.1 - 1.9 | Factor 1.1 - 1.9 |
| Early Repayment Discounts | Yes | Yes |
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.
| Criteria | Short-term Loan | Merchant Cash Advance |
| Minimum Credit Score | 500 | 500 |
| Minimum Monthly Revenue | $12,000 | $5,000 minimum in credit card sales |
| Minimum Time in Business | 6 months | 6 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.
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 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
American Express® Business Line of Credit
If you don’t meet Fora Financial’s monthly revenue requirement of $12,000, consider a line of credit from American Express Business Blueprint. American Express Business Line of Credit requires at least $3,000 in average monthly revenue. Additional requirements include a credit score of 640 and a minimum time in business of one year. However, all businesses are unique and are subject to approval and review.
American Express Business Line of Credit come with six, 12 or 18 month terms, and payments are made monthly. You can expect to pay 3-9% in interest and fees for six-month loans, 6-18% for 12-month loans, and 9-27% for 18-month loans. American Express does not charge origination fees or maintenance fees on their lines of credit, and applying takes just a few minutes.
Learn more in our American Express Business Line of Credit 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.
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