Fundera Review

Fundera is a business loan marketplace where borrowers can compare offers to find the best business loan for their needs.

Fundera is not a direct lender and does not originate loans but matches you up with business loan providers you may qualify for.

Founded in 2014, Fundera has helped thousands of businesses find funding and has secured more than $2.5 billion in loans to date.

The platform is easy to use and comparing loans doesn't hurt your credit score.

How We Rate Fundera

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Here's what we'll cover in this review:

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Fundera Overview

Fundera is based in New York and offers borrowers the ability to secure a business loan of up to $5 million with an easy online application process.

It offers a wide range of loans, including Fundera SBA loans, lines of credit, merchant cash advances, and personal loans for businesses.

Here's a quick summary of Fundera:

Why Fundera Stands Out

Fundera offers a transparent and straightforward application process and they have a good reputation online.

They are selective about the partners they work with and provides various tools and information to help businesses find the loan they need.

Based on your requirements, some lenders Fundera may pair you with include OnDeck, Fundbox, BlueVine, and Credibly.

Products Offered

Fundera offers the following loan products:

• Business term loans

• Invoice financing

• SBA loans

• Business lines of credit

• Equipment financing

• Startup business loans

• Short-term business loans

• Personal loans for business use

• Merchant cash advances

• Commercial real estate loans

• Microloans

Fundera PPP Loans

With Fundera PPP loans, borrowers can learn more about Paycheck Protection Program loans from the Small Business Administration (SBA).

It aims to help businesses affected by the coronavirus pandemic with loans that are 100% guaranteed by the Federal government.

The SBA made a copy of its PPP application form available as this will likely form part of the application process with most lenders.

Other financing options for businesses impacted by the coronavirus pandemic include the following:

• SBA disaster relief loans

• SBA 7(a) loans

• Business credit cards

Installment Loans

Fundera lets you compare installment loans from business lenders. These installment loans are offered as a lump sum with fixed monthly repayments.

Business installment loans typically last a year or longer.

Short-term Loans

Short-term loans are ideal if you need money for your business in a hurry.

Short-term loans often have expedited application processes and term lengths of less than a year. Rather than pay interest, you’ll pay a flat fee.

This fee is typically a percentage of the amount you’re borrowing. So if you’re borrowing $10,000 and have a factor rate of 1.2, you’ll owe $12,000.

Payments are made every week or every business day, so make sure that you are comfortable with a short-term business loan before you commit.

Lines of Credit

With a business line of credit you will receive a credit limit and you can borrow within that limit. As you make payments, you'll have more credit available again, so you can keep borrowing against your credit line when needed.

As long as the amount you borrow never exceeds your credit limit, you can continue borrowing for your business needs.

You only pay interest on the amount you've borrowed.

Equipment Loans

Equipment loans are almost the same as installment loans, but with one difference - as the loan is specifically used to purchase equipment, the equipment you’re buying acts as collateral (security) for the loan.

Secured loans usually come with better rates and terms than equivalent unsecured loans.

Fundera Pros and Cons

Pros

• More than 25 lenders are available

• Easy online application process

• Great customer support and resources

• Lending specialists are available to help you choose the best loan offer

• Loans are available of up to $5 million

Fundera has multiple loan types available for businesses and their terms and conditions are quite transparent. They also have great customer support with multiple contact methods available.

Borrowers get to compare business loans from some of the best lenders in the US.

Cons

• Fundera is not a direct lender

• Limited number of lenders available

As Fundera is not a direct lender the loan rates can be somewhat expensive. Some lenders also charge additional fees.

Related: Compare all business loans

How Fundera Works

With Fundera business loans, small businesses can get loans of up to $5 million without having to undergo a hard credit pull. Comparing business loans is easy on Fundera.com, with fast payouts available for approved loans.

Fundera works with more than 25 online lenders and will pair you with the most suitable lenders and loan offers for your business.

It also does not promote one lender over another, ensuring you are always presented with the best offers.

Loan Requirements

Although lending requirements can differ between lenders, here are the basic loan requirements when applying for Fundera business loans:

• A personal credit score of 600 or higher

• More than one year in business

• At least four months of bank statements

• Details on your annual revenue and profit

Rates & Fees

Fundera does not offer loans directly but rather works with a network of lenders that offer different loan rates.

Checking your eligibility for a loan offer is free as Fundera receives compensation from its funding partners if loans are approved to applicants.

Business term loans from Fundera offer APRs between 7% and 30%.and funds can be available as soon as the next business day.

Fundera does not charge any origination fees.

Payment Terms

Payment terms vary between lenders but in general, Fundera business loans come with repayment terms of from one to 25 years.

Repayment terms will vary based on the type of business loan, the amount being borrowed, and the lender's terms.

With the help of a loan specialist, you can review your personalized loan offers and compare options for your business. Your specialist will also assist in growing your business to find better loan offers in the future.

How Financer.com Rates Fundera

Fundera offers an easy way for businesses to get access to a variety of loans online, including term loans and SBA loans.

The application process for Fundera loans is easy, with a dedicated lending specialist to walk you through your loan options and unique loan offers.

Their website is easy to use, and there are a lot of great resources and guides available to help borrowers understand the different loan options, how they work, and how to choose the best offer from top lenders.

Their website is transparent and they disclose information about how they collect information and how the process works.

Fundera is a signatory on the Small Business Borrower's Bill of Rights and therefore upholds a certain standard when it comes to their business.

You can read more Fundera reviews below and add your own.

Customer Support

Fundera offers reliable customer support with step-by-step guides to help first-time borrowers navigate the lending process.

They have a reliable customer support center with business loan calculators, financial templates, glossaries, and lender reviews.

Customers can get in touch with customer support via phone at 1 (800) 386-3372 or email at support@fundera.com.

Fundera Alternatives

Here's a list of alternatives to Fundera and how they compare:

More Fundera Business Loan Reviews

What Users On the Web Are Saying

Fundera gets 4.5 out of 5 stars on Trustpilot, with customers seemingly happy about the customer service:

Some users were unhappy about receiving higher rates than they were told and customer service representatives not getting back to them.

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