Fundbox Review

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Fundbox

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Fundbox Reviews

WRITTEN BY

Lauren Le-Hair

Simple and Fast Short-term Funding

About Fundbox

Fundbox was launched in 2013 to fill a gap for small businesses requiring short-term funding. The business loans company realized that it was challenging for businesses with less than 12 months of trading history to obtain finance through traditional methods. Using advanced technology, Fundbox offers companies with as little as six months of trading history access to up to $150,000 of funds.

While Fundbox only offers one product (business Lines of Credit), it has funded over 500,000 businesses since its launch. The company only provides short-term loans that can be used for working capital purposes and charges no origination, application, or prepayment fees.

7.8

LS SCORE

7.6

CREDIBILITY

8.2

SUPPORT

8.0

ACCESSIBILITY

Business Loans

Business Loans

Fundbox Business Loans Review

Fundbox provides one simple business loan funding product which looks to solve small businesses working capital needs. Fundbox offers lines of credit of up to $150,000 for 12 or 24-week periods, with weekly repayments required. You don’t need a good credit score to be eligible, and funding can be available the next day. It is important to note that the lines of credit provided are not cheap with high APRs, so ensure that you can afford your weekly repayments before proceeding.

Fundbox Business Loans Highlights

LOAN AMOUNT

Max $150,000

LOAN REPAYMENT TERM

12 or 24 weeks

FUNDING TIME

24 hours

TIME IN BUSINESS

5 months

ANNUAL REVENUE

$100,000

ORIGINATION FEE

None

PREPAYMENT FEE

None

MIN CREDIT SCORE

600

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

Pros & Cons

Receive a business line of credit within 24 hours
Fewer hurdles to go through than with traditional loan financing
Accepts businesses with only six months of trading history
No fees or prepayment penalties

High APRs compared to traditional business loan funding
Only short-term loans are available
Not practical for equipment purchasing, only working capital management

Business Loans Type

Business Line of Credit

Fundbox Business Loans Terms & Requirements

Fundbox only offers one product, its business line of credit. Terms of the line of credit are:

Line of credit of between $1,000 and $150,000
Repayment period of 12 or 24 weeks
12 weeks line of credit begins at 4.66%
24 weeks line of credit starts at 8.99%

In certain circumstances, these conditions are fair but ensure that your business can afford the weekly repayments. The APRs offered are expensive, and if you miss payments, they will quickly compound into large amounts.

To be considered for a line of credit from Fundbox, you will need to meet the following criteria:

Business must have six months of trading history, of which 3 months are in a business checking account
Annual revenue of greater than $100,000
A personal credit score of over 600

How to Apply

Much of Fundbox’s appeal is its claims of business funding in minutes. We put this to the test by trying out the application process for ourselves to see if it is really as easy as it claims to be. We visited the Fundbox homepage to start the process.

Screen 1

Step 1: click on “Get Started”

We were then asked to enter details about ourselves and our business, including SSN, personal address, business address, legal business name, industry, and business entity.

The final stage was to add our company financials by connecting our accounting software. We were worried that this stage might be complicated, but the process was swift. After connecting to our accounting software, we submitted our application and received approval within five minutes.

Overall, the application with Fundbox went as smoothly as advertised, and we would recommend that anyone looking for very short-term business funding consider Fundbox.

Qualification Requirements

To be considered for a line of credit from Fundbox, your business will need to meet the following list of requirements:

Be operating for at least six months
Have over $100,000 in annual revenue
Have a personal credit score of greater than 600
Have a business checking account with at least 3 months of trading history
US citizen or permanent resident

Required Information

During the application process for a line of credit, you will need to provide the following information:

Proof of ID
Proof of address
Proof of business ownership
Three months of checking account statements
Up-to-date financial statements
Link to your accounting software

Application Steps & Time Frames

Applying for a line of credit with Fundbox was one of the most straightforward business loan transactions we have experienced. The whole application process was completed in less than ten minutes, including uploading our documents and linking our accounting software. We then received approval for our application within minutes. Finally, funding was received in our bank account the following day. The whole process could not have been quicker or easier.

State Availability

Available in all states

Privacy & Security

As per the company’s privacy policy, it collects the information you give them to provide you with a better service. Fundbox is 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 its terms of use, including through an investigation into your information.
Detecting or preventing fraud or security issues.
Protecting you, the public, or the company against harm.

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

Customer Support

Fundbox has a highly-rated customer support team you can reach via phone, email, or social media. The company also has a comprehensive Help Center with tons of answers to the most common business loan questions.

We wanted to test whether Fundbox’s customer support was as good as it claims to be, so we called up the helpline. The call was answered immediately, which is always a good sign, and the customer support agent was helpful, polite, and knowledgeable about Fundbox’s products and offerings. Our experience with customer support was good, which is supported by most online reviews of the company.

Phone Support

(855) 572-7707

Mon - Fri

8:00 AM - 8PM EST

Sat - Sun

Closed

Email Support

support@fundbox.com

Social Media

In Conclusion

Ultimately, if you are looking for quick, short-term funding, then Fundbox offers a simple service that could see you with funds within 24 hours. However, it’s important to note that the APRs charged can be very expensive due to the short-term nature of the loans. Plus, the maximum loan term available is 24 weeks. Therefore, you should ensure that you can afford the weekly repayments if you proceed with a line of credit from Fundbox.

FAQ

Do I need an excellent personal credit score to get a Fundbox business line of credit?

You will need a personal credit check to receive business funding from Fundbox. However, you do not need a good credit score, with Fundbox considering people with scores of 600 or above.

What is a revolving line of credit?

A revolving line of credit operates similarly to a credit card. As you repay drawn-down amounts, you replenish your credit and can draw down again.

Can I apply with a soft credit check?

You can prequalify with a soft credit check. However, on the formal application, you will need to submit to a hard credit check being performed.

Fundbox Disclaimer

Fundbox makes capital available to businesses through business loans and lines of credit made by First Electronic Bank, a Utah chartered Industrial Bank, member FDIC, and invoice-clearing advances, business loans, and lines of credit made directly by Fundbox.

Disclosure