National Funding Business Loans
National Funding is an online small business loan company from California, who first opened their doors in 1999. Over the years, they’ve served to strengthen over 40,000 business owners from a variety of industries as one of the country’s largest private providers of small business loans.
You can secure funding ranging from $10,000 to $500,000 with their short-term small business loans. National Funding all offers equipment financing & leasing, working capital loans, and business loans.
Unlike many of their competitors, National Funding places less of an emphasis on your credit score, but they do have high interest rates, making them a great option for business owners who are unable to qualify for a traditional loan.
To qualify for a loan with National Funding, businesses need to be at least 1 year old and have an annual revenue of at least $100,000. Generally, those with a score of 500 or higher are most likely to get approved.
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National Funding Loan Types Available
- Small Business Loans
- Equipment Financing & Leasing
- Working Capital Loans
- Business Loans
Financing Types
Small Business Loans
Good for: Small business owners
- Loan Amounts: $10,000-$500,000
- Loan Terms: 3 months – 5 years
- Requirements: 1 year in business, $250,000 in annual revenue, 3 months of bank statements
As its name might suggest, National Funding’s small business loans are a solid option for small business owners. They can provide a short-term cash infusion to grow and expand your business, hire more employees, and cover general capital expenditures. No collateral is required and there are no restrictions on the use of a small business loan.
Equipment Financing & Leasing
Good for: Financing new or used equipment
- Loan Amounts: Up to $150,000
- Loan Terms: 2-5 years; short term and long term, depends on several factors, such as how expensive the equipment is
- Requirements: 6 months in business, credit score of 575+, an equipment quote from a vendor.
With traditional lenders it’s much more difficult to secure a loan for buying equipment because of depreciation. National Funding can help businesses by designing a customized equipment loan or lease program. It doesn’t require a down payment and it’s available for both new and pre-owned equipment.
Working Capital Loans
Good for: Managing cash flow
- Loan Amounts: $250k and up
- Loan Terms: 4-24 months
- Requirements: 6 months in business, $100,000 in annual revenue, 3 months of bank statements
A working capital loan is a great option for small business owners in need of short-term cash to manage their cash flow and continue running operations seamlessly. After applying, a Loan Specialist will help you select the right business capital financing.
National Funding: Pros
- Easy and quick online application
- Same day approvals
- Fast funding
- Early payoff discounts
- Automatic payments
- No collateral
National Funding: Cons
- Rates are not available online
- Not all loan types explicitly state requirements
- No startups
Application Process
Like many of its online competitors, applying for a loan with National Funding is fast, simple, and all online. Just click on the “Apply Now” button to get started. They offer same day approval and funds in as little as 24 hours, depending on the loan type and how much you qualify for.
To get started, visit their website and fill out their short online form. You’ll be required to answer a few questions about yourself, such as your name, business name, and contact information. You’ll then be required to answer questions regarding your business, such as the age of your business, annual gross sales, and business address.
From there, you can fill out a digital loan application in minutes. You’ll be connected digitally to a Loan Specialist who will contact you. You’ll be able to see that person’s phone number and email, making it easy to speak with someone about your application.
To see rates and terms, you’ll need to complete the application and they’ll run a soft credit check. You’ll need your social security number, three months’ worth of business bank statements, time in business, and annual sales.
A Loan Specialist from National Funding will then call you to verify the details and guide you through the last steps. If approved, the funds will be deposited into your checking account within one business day.
Privacy & Security
With an A+ rating at the Better Business Bureau (BBB), National Funding has a positive reputation in the lending business and has helped originate over $2.5 billion in loans to over 40,000 business owners.
With National Funding, your information is not for sale. According to their privacy policy, they don’t sell, share, or trade borrowers’ information with third parties without their consent.
Customer Support
You can contact National Funding via phone number or email. If you’re going through the online application process, you’ll be assigned a National Funding Loan Specialist with their contact information, making it easy to get support.
Final Thoughts
Unlike many alternative lenders, National Funding has been around for just over two decades helping small business owners grow and prosper. They offer a variety of business financing options without the need for a high credit score or other strict requirements but also have higher interest rates.
National Funding has a simple and straightforward application process, which takes just a few minutes to complete. A downside is the lack of details on their website about rates and terms. You’ll only see them once you submit their preliminary application, making it difficult to comparison shop.
Overall, a business loan with National Funding can be a great option for businesses in need of fast funding and not-the-best credit score.
Address
9820 Towne Centre Drive
San Diego, California 92121
