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Fundbox Business Loans

Myles Leva Myles Leva Last update:
Loan Amount
$1K-$100K
Min Credit Score
500
Funding time
1mo

For a small business looking to make its next big move, time is money. If it takes a long time to get a loan, or you simply can’t get one because you’re still in your first year of business, you’ve simply been cheated of an opportunity to do what’s right.

This is where Fundbox can help you. Fundbox specializes in speed. Their minimal requirements for loans aren’t too bad, either. As long as you make $50,000 a year in revenue and have been in business for three months, you are eligible for their loans. Their loans have short terms, but they’re secured quickly.

Fundbox Loan Terms

Business Line Of Credit

  • Loan amount: $1000-$100,000
  • Loan term: Repayment up to 12 weeks
  • Requirements: At least three months in business with annual revenue of at least $50,000

Fundbox’s business line of credit service was introduced in 2017. Their line of credit doesn’t depend on unpaid invoices, but it still maxes out at $100,000.

The main similarity that Direct Draw has with Fundbox’s invoice financing service is that the size of your credit pool depends on your business’s finances. Once you’ve gone through their checks and been approved, you can withdraw from your line of credit up to the limit you were given. You can request more money from your line of credit at any time.

A great perk with Direct Draw is that it’s a revolving line of credit. This means that your line of credit replenishes itself when you repay your borrowed money. Repayments on a direct draw loan are made in installments of 12 or 24 weeks.

Fundbox Business Loans: Pros

Simple & Fast

It’s always fast and easy to get a loan through Fundbox. Their requirements of only three months in business and $50,000 in annual revenue offer a low bar of entry to business owners. These requirements are very simple, and it’s easy to find out whether you meet them. They’re also relatively easy requirements to meet when it comes to business loans.

When it comes to waiting times, Fundbox truly excels. Their line of credit should only take one or two days.

No Personal Guarantee Or Collateral Required

With Fundbox, you don’t need to pay complicated fees or put down any collateral. It’s easy to secure a loan with them. Their requirements for your business aren’t too high and neither are the things they ask of you. Furthermore, what they ask of you is little compared to what many other business lenders ask.

Fundbox Business Loans: Cons

Potentially High Rates

While Fundbox is great in many ways, it’s not a great option when it comes to cost. When it comes to their APRs, they start at 4.66% and only grow higher. If you should have a problem paying them back, you can expect to get stuck in a relatively nasty debt cycle.

If you’re looking for speed, convenience, and a low bar of entry, Fundbox is a great choice for you. If you’re looking for a better deal on strictly financial grounds, you might want to shop around.

Caps Out At Under Six Figures

In the business world, $100,000 might not go as far as you think. For this reason, Fundbox is primarily great for younger enterprises. Many business credit cards can gain you credit in the thousands for low-interest rates. When it comes to the usefulness of a $100,000 loan limit, this might hinder your business’s future growth.

Application Process

This is another strong point of theirs. Fundbox offers a fast, simple application process that won’t take up too much of your time.

The first step of their application process is creating an account on their site. From here, you need to connect your accounting or invoicing software through the new account. At this point, they will know which of their products you’re trying to access based on the software you gave them access to.

Fundbox will use the software you gave them to perform a soft pull on your credit score. This information will be used to determine how much money you can borrow from them. You can use your given limit to clear invoices or draw money, based on the software you gave them access to.

This application process is completely automated. Borrowers typically receive their funding decision in a matter of minutes. Once this decision has been made, you can start requesting the funds immediately and they should be in your bank account the next business day. Fundbox may take more than one business day to transfer money to your bank on certain occasions, but it is typically very fast.

Privacy & Security

As per the company’s privacy policy, they collect the information you give them to provide you better service. They are not at liberty to disclose your information to anyone except for the purposes of:

  • Complying with any applicable regulations at the government’s request.
  • Enforcing their terms of use, including through an investigation into your information.
  • Detecting or preventing fraud or security issues.
  • Protecting you, the public, or their company against harm.

So, the standard kind of situations.

Fundbox is accredited by the Better Business Bureau and was given an A+ rating by them. There is currently no reason to believe that Fundbox represents a security threat to any individual or institution.

Customer Support

Fundbox is highly regarded by users and professional reviewers alike. They usually offer quality customer service and can be reached by either phone or email. If you have any problems with them, you can reach their support staff by writing yourfriends@fundbox.com or calling 855-572-7707.

Final Thoughts

Fundbox offers a simple, straightforward service that should see you paying off your invoices and other expenses quickly. If you’re looking for competitive rates, you’d be better off looking elsewhere. However, if you’re looking for fast access and/or less stringent requirements, Fundbox has exactly what you’re looking for.

Address

300 Montgomery St, San Francisco, CA 94104, USA

Disclaimer
This website is an independent comparison site that aims to help consumers find the most suitable product for their needs. We are able to maintain a free, high-quality service by charging an advertising fee to featured brands whenever a user completes a purchase. These advertising fees might impact the placement of the brands on this page and combined with the conversion rates might impact the scoring as well which are further based on a combination of review findings, user experience and product popularity. For more information please review our how we rate page. We make best effort to present up-to-date information; however, we do not compare or include all service providers in the market.
Myles Leva Myles Leva
Myles has been covering trends in personal finance for years. He writes for a number of financial blogs, columns, and fintech startups. With extensive knowledge of business financing and the financial challenges of business owners and individuals, Myles puts his skills to use by providing engaging and useful information.