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Fundit Reviews

7

bestfor-icon Quick business loan funding

stevenwalters
Written by Steven Walters

About Fundit | Read More

7

LS Score

6

Credibility

8

Support

7

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Fri 7am-5pm
Sat-Sun Closed
Contact Information Contact Information drop-down-btn
  • contactus@fundit.io
  • 800-804-6006
  • Headquarters: 300 SE 2nd Street Fort Lauderdale, FL 33301
Social Media Social Media drop-down-btn
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Fundit Business Loans Review

Fundit is a lending marketplace for small and medium businesses. It connects prospective borrowers with lenders who are able to offer a number of different business loans. It offers solutions including short-term, SBA, and business term loans, merchant cash advance, line of credit, working capital, commercial mortgage, and equipment and account receivable financing. As a lending marketplace Fundit offers no loans itself, it simply provides a valuable service that can speed the loan process for businesses. Rates can be requested quickly and easily from the company website, and in some cases funding for those loans can be as rapid as 12 hours.

Fundit Business Loans Highlight

480

Min Credit Score

Min 4.66%

APR. Fixed Rate

$1K-$30M

Loan Amount

1 month - 30 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Varies

Other Fees

Varies

Origination Fee

Varies

Prepayment Fee

12 Hours

Funding Time

$12K

Annual Revenue

3+ Months

Time in Business

Pros & Cons

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  • con-icon Same day funding
  • con-icon No minimum credit score
  • con-icon Plenty of funding options
  • con-icon Limited customer reviews
  • con-icon Not available in all 50 U.S. states
  • con-icon Does not service or provide support for loans

Business Loan Types

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  • SBA Loans
  • Business Line of Credit
  • Business Term Loan
  • Working Capital Loans
  • Equipment Financing
  • Short-Term Business Loan
  • Merchant Cash Advances
  • Commercial Real Estate Loans
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Fundit Business Loans Terms & Requirements

As Fundit has a number of different loan types it offers, there are also a number of terms based on the loan type. The lender who funds the loan will also make a difference in the terms. That said, we found that the terms shown on the lending marketplace website are good, sometimes even better than most in the industry. In terms of requirements, Fundit has fairly standard requirements in terms of required credit score, time in business, and minimum monthly revenues.

How to Apply

Getting a quote for a business loan on the Fundit website takes just minutes. You will need to start by filling in the brief form on their website, which asks you what loan amount you are seeking, what the funds will be used for, when your business was established, and what the business credit score is currently.

In the next step you’ll provide personal information such as your name, email address and phone number.

The following pages ask for some additional information, such as:

  • When was the business established?
  • What industry is the business in?
  • What were your average revenues over the past three months?
  • Any previous bankruptcy?
  • Any currently outstanding loans for this business?
  • Business entity type?
  • Owner address
  • Business address
  • Social security number
  • Date of birth
  • Business name
  • Business Federal tax number

 

As you can see, the application process takes just 2 minutes to complete.

Required Information

The application and prequalification process begins with the online steps outlined above. Once you are prequalified you’ll work with one of the lending professionals at Fundit to have the loan accepted and funded by one of their lending partners. There are a number of documents that you may be required to provide during the approval process. These include, but may not be limited to:

  • Name
  • Name of business
  • Business tax ID
  • Business address
  • Proof of identity
  • Phone number
  • Credit score
  • Social security number
  • Bank account details
  • Proof of revenue
  • Desired amount to borrow
  • Loan purpose

Application Steps & Time Frames

As seen above the application to get pre-qualified for a loan at Fundit takes just a few minutes. For well situated businesses funding for the business loan can happen on the same day, but some loan types do require longer. For example, an SBA loan can take up to two months to be funded. Given the wide variety of loan types available at Fundit they do make the application and approval process quite straightforward.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Not Available - California, Nebraska, Nevada, North Carolina, North Dakota, Oregon, Rhode Island, Tennessee, Vermont

stevenwalters
Written by Steven Walters facebook-icon linkedin-icon

Steve has been writing in the financial products space for over a decade, with interests ranging from personal loans to investing. He is also deeply into the blockchain space. In his free time, you can find him in the kitchen preparing delicious meals, or outside hiking and biking.

faq-icon

FAQ’s

Is Fundit a direct lender or a marketplace?

Fundit is a marketplace lender providing value added services meant to connect small-medium businesses with funding providers.

What’s the smallest loan amount available from Fundit?

Fundit has lenders in its network who can offer loans as small as $5,000.

How fast can I get a loan from Fundit?

In some cases Fundit may be able to find a lender willing to fund loans on a same day basis, although this is not guaranteed.

Customer Support

We contacted the customer support team via phone and after a brief menu option we were connected with a human representative within seconds. That person was very friendly and helpful, and seemed knowledgeable about the service provided by Fundit. We did note there is no call back option in the phone menu, but given the exceedingly short wait time it seems as if this is unnecessary. It is worth noting that Fundit does not provide customer support for loans that have been funded by one of their third-party lenders.

Privacy & Security

According to the privacy policy on the Fundit website they do not rent, sell, or share Users’ information with third parties except as described in this Privacy Policy. Some of the ways in which they use or share information is as follows:

  • Communicating with you.
  • Sharing your Application with our trusted third party providers, in order to provide you with applicable offers and solutions.
  • Calculating our services fees from our third party providers.
  • Conducting statistical and analytical purposes, intended to improve the Site and our services.
  • Inform you of additional products, services or promotions (unless you have opted out of receiving such communications).

In addition to the different uses listed above, we may transfer or disclose Personal Information to our subsidiaries, affiliated companies and subcontractors for the following purposes:

  • Providing you with our service, including providing a personalized display of our Site.
  • Storing and processing such information on our behalf.
  • Performing research, technical diagnostics or analytics.

In Conclusion

Fundit is a marketplace lender, offering a variety of business loans for various purposes. Businesses cannot find out the repayment terms and APR of loans without requesting a quote, and since Fundit is a marketplace lender these terms and APRs will vary, sometimes widely, not only based on the creditworthiness of the business, but also based on the criteria of the individual lenders. We found customer support to be helpful, although they do have limited hours. In some cases Fundit may be able to provide same-day funding. The service is provided without any fees from Fundit, and there is no need for a hard credit check that could impact the potential borrower’s credit score.

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