Fundbox Reviews - Financial Lender Pros & Cons
An Overview Of Fundbox
Fundbox Business Loans offers lines of credit that can help you buy additional merchandise, pay vendors, make a firm acquisition or use borrowed funds to build your business.
Fundbox is an online lender and financial technology startup that offers revolving lines of credit for small business loans.
This simplifies the application and underwriting procedures while removing the need for documentation.
Fundbox's tech-based procedure distinguishes them from competitors. Plus, they have flexible credit line limits and may provide cash in as little as one business day.
Pros and Cons of Fundbox
It is a simple and automated method that requires very minimal paperwork. It is also simple to qualify for. This makes it accessible to new enterprises and those with weak credit.
With quick access to a flexible revolving credit line, you can expect approval in minutes. And money will be available as soon as the next working day. In addition, there are no origination, maintenance or draw fees.
There is no prepayment penalty and no need for collateral. Only a personal guarantee is required for bigger lending lines.
On the offside however repayments must be made often. And the rates might be rather high.
Additionally, there are no credit lines available for more than $100,000.
Fundbox Business Loans
With their business credit line offers. Fundbox provides a single form of funding. The Fundbox credit line is a real revolving credit line.
This means you may borrow cash from it only limited by your authorized amount. And then return it to make those funds accessible again.
For businesses that require the flexibility of a revolving credit line it is the perfect business loan.
You can pick an invoice and obtain an advance on that payment through your credit line using your associated accounting software and Fundbox account.
Cash will be transferred to your bank account as soon as the following business day. And you will only be charged when you use the funds repaying throughout your 12- or 24-week plan.
This tool is a twist on more standard invoice financing. It is great for B2B companies that charge clients regularly.
Fundbox Borrower Eligibility
Fundbox requires the use of a business bank account.
Fundbox recommends two months of activity in any supported accounting software or three months of transactions in a company bank account.
Fundbox can deal with any corporate entity.
Fundbox does not function with the following types of businesses:
- Non profit organizations
- Adult services
- Gambling and online gaming
- Weapons and firearms
- Money transfer services corporations (MSBs)
- Dispensaries, drugs, and drug paraphernalia
Fundbox works with companies in all 50 states and any of the U.S. territories that are supported.
What You Need To Apply
To apply you'll need to be able to give credentials for your company bank account or accounting software.
Fundbox works with about 11,000 banks across the United States and its territories. Bluebird, Green Dot, American Express, Centurion Bank and Payoneer are not supported.
In addition to linking your business bank account or accounting software you'll need to give some basic information about yourself – the business owner – and your company.
Fundbox now supports the following accounting software:
- FreshBooks Classic
- FreshBooks New
How To Get A Credit Line With Fundbox
If you believe a Fundbox small business credit line is ideal for your company, you may apply on their website in just a few minutes. In addition, Fundbox offers one of the easiest and quickest underwriting processes of any business lender.
Process of Application and Underwriting
- After clicking "Apply" on the Fundbox website you'll sign up for a Fundbox account by entering some basic information about your company.
- Connect the Fundbox platform to your accounting software or company checking account. In general, you can select whichever has a larger or more steady sales history.
- Fundbox will examine your information and may request further information once you've linked. As part of their credit evaluation, they will perform a soft credit draw at this time which will not affect your credit score.
- Fundbox will analyze all of your information and make a judgment within minutes. If your application takes longer than expected they will tell you and email you when a decision is made.
The Funding Procedure
If you are authorized for a Fundbox credit line your decision will contain the amount of credit you are granted as well as your interest rate.
Most of the time Fundbox will only want a personal guarantee for greater credit line amounts.
With your acceptance you will be able to instantly log in to your account and access your online dashboard. As well as begin pulling cash.
Fundbox does not impose origination, maintenance, termination or draw fees on its credit lines.
In most cases money should be available in your bank account within two business days. Fundbox will do a hard inquiry on your credit when you withdraw cash from your Fundbox credit line for the first time.
If you connect your bank account to the Fundbox system it will be evaluated regularly to determine if you became eligible.
Fundbox suggests waiting at least 90 days before reapplying If you prefer to unplug your data.
Procedure for Repayment
When you make your initial withdrawal, you will have the option of choosing between two alternative weekly payback arrangements.
Fundbox will deduct money from your company bank account weekly. Fundbox's payback terms are structured as weekly fees that are amortized.
As a result, if you can repay the cash you borrowed earlier then you will save on interest. In addition to which prepayment fines are not imposed by Fundbox.
If you pay off your loan early, they waive any leftover costs.
Fundbox Customer Service
Fundbox offers phone and email customer care.
To apply for a Fundbox credit line call their application specific support number at 855-262-5307.
You may also contact their general customer service representatives at 855-572-7707 or send an email to firstname.lastname@example.org.
Fundbox Customer Reviews
Customers appear to have largely favorable things to say about Fundbox.
Fundbox is a BBB-accredited company with an A+ rating. Still, they also have an average of 4.59 out of 5 stars based on user evaluations on that site. This is remarkable for alternative lenders.
It is really simple to apply for a credit line. Everything is clearly stated on Fundbox's website.
The only issue was that it took some time to locate the necessary information. An online search yielded more results than Fundbox's webpage.
Is Fundbox In Working Capital’s Network?
Fundbox is not a member of Working Capital’s Lender Network. However, we recommend applying directly on their website if you're looking for a Fundbox credit line.
The Working Capital team has thoroughly examined Fundbox. They have found that their offering is one of the finest in its product area. As a result, when you partner with Fundbox you can be confident that you receive reasonable pricing on the best small business line of credit available.