Do you own a business that needs quick and easy funding with fast approval?
Fundbox might be just what you need, so let’s check out the good and bad things about this company.
In this Fundbox review, I am going to provide information about:
- Their loans
- Borrower qualifications, fees, and repayment process
- Fundbox reviews
- Competitors
- The application process
- Customer Service and Technical Support
- Pros and Cons
Let’s start with the basics you need to know about Fundbox:
Fundbox Bio and History
Who are they? What do they do?
- Fundbox is an online lender that provides small businesses with loans in revolving lines of credit and net terms on business purchases.
- Fundbox is a San Francisco-based company founded in 2013 by Eyal Shinar.
- The company has been accredited since 2014 with the Better Business Bureau with a lot of positive feedback from users.
- Fundbox offers a maximum business loan of $100.000, with an APR of 10.1% – 79.8%
- The requirements to apply for a loan at Fundbox include:
– A credit score of 500
– Connecting your accounting software bank account
– 2-3 months in business (6 for invoice financing)
– Annual revenue of $50.000
But these are just to name a few of the most important things you need to know about Fundbox.
Let’s not wait and dive into the Fundbox Reviews to find out even more.
Fundbox borrower requirements, Terms, and Repayments
What types of loans does Fundbox offer? Let’s check them out and see:
Fundbox has a revolving line of credit (also called Fundbox Direct Draw), or invoice factoring (also called Fundbox Credit)
1) Direct draw: Revolving line of credit
- Loan amount: $100-$100.000
- APR: Beginning at 4.66%
- Weekly rate: Weekly fee ranges from 0.5% – 0.7%
- Terms: 12 weeks; repayment weekly
2) Fundbox credit: Invoice factoring
- Loan amount: $100-$100.000
- APR: Beginning at 4.66% for a 12-week term and 8.99% for a 24-week term
- Weekly rate: Weekly fee ranges from 0.5% – 0.7%
- Terms: 12-24 weeks; repayment weekly
Fundbox loan qualifications
How can you qualify for a loan at Fundbox? Let’s see:
- Your business has to be at least 2-3 months old, or six months if you apply for Invoice financing.
- Your credit score must be at least 500 or above.
- You are required to have annual revenue of at least $50,000, and you must connect your accounting software or bank account.
- You must also be based in the USA. You can also apply for funding if your business is in Guam, American Samoa, Northern Mariana Islands, Puerto Rico, or the US Virgin Islands.
- You must have three months of transactions in a business bank account.
What about the Repayment Process?
- For both the Revolving line of credit and the Invoice factoring, you have to pay on time, as scheduled.
- The repayments are made by direct withdrawal from your business checking account through the ACH.
- A calculator on the Fundbox website can give you an idea of exactly what your weekly payments will be for either the 12 weeks or 24-week product.
Fundbox works with over 12,000 banking institutions across the USA.
Fundbox Application Process
Fundbox has a quick application process. Let’s see the steps:
- Step 1 – https://app.fundbox.com/signup/ Go to this link to start the application.
- Step 2 – Fill out the sign-up form, including your personal information and information about your business.
- Step 3 – Connect your Fundbox profile with your accounting profile.
- Step 4 – The account you hook up will determine which product you’re applying for. If you hook up your accounting or invoicing software, Fundbox will evaluate your candidacy.
- Step 5 – If you are approved for funding, you will know right away since the process is automated.
- Step 6 – Get funding as soon as the following day.
- Step 7 – Decide whether you want the 12-week repayment schedule or the 24-week repayment schedule.
Additionally, there are no prepayment penalties, which is great if you want to pay up earlier than anticipated.
Competitors
One of Fundbox’s top competitors is Kabbage and BlueVine. Let’s see why:
1) Fundbox vs. Kabbage
One of the differences between Fundbox and Kabbage is that Fundbox charges a weekly fee on its lines of credit, while Kabbage charges monthly fees. The monthly fees can range between 1.5% – 10% (this depends on many factors such as credit score, annual revenue).
2) Fundbox vs. BlueVine
BlueVine offers invoice factoring, where the company buys your unpaid invoices at a discount, while Fundbox (also called Fundbox Credit) uses the invoices as collateral.
Customer Service and Technical Support
How can you reach Fundbox? Let’s see the list and find out:
- By Phone (Their application-specific support line is 855-262-5307, and you can reach their general customer support representatives at 855-572-7707)
- Via Email ([email protected])
In addition, you can submit a ticket-based inquiry from their help center.
Fundbox customer service is available from Monday through Friday, 8:00 a.m. to 8:00 p.m ET.
Fundbox User Reviews
Fundbox has an excellent online reputation. The company has an A+ rating and is accredited with the Better Business Bureau. There are nine complaints on file, all of which have been resolved by the company. The 81 customer reviews on the site are overwhelmingly positive. There are some negative reviews, but most of the people seem pleased with Fundbox.
I have divided the reviews into two categories. Let’s check them out.
Negative Reviews and Complaints
- Low borrowing amount
People have had a problem with the low borrowing amount. The maximum amount they offer is $100.000. - Too expensive
Fundbox’s fees might be expensive for some customers, but on the other hand, they are similar to other online lender’s fees. - Communication issues
Some of the conflicts which have been resolved revolve around how (and how quickly) Fundbox addressed their complaints.
Positive Reviews and Testimonials
Despite the fact that there are some complaints, customer reviews of Fundbox are overwhelmingly positive. The company receives 4.67/5 stars on GetApp (based on 60+ ratings). It also rates a 4.7/5 on Trustpilot.
Let’s see some of the reasons why people like Fundbox.
- The quick and easy application process
Users appreciate how easy and quick the Fundbox application is and how fast it is to receive funds. - Low borrower requirements
Fundbox users appreciate the low borrower requirements, including no time in business requirements and a minimum credit score of 500. - Great cash flow solution
Many businesses praise Fundbox for being a great cash flow solution. Instead of waiting for customers to pay their invoices, businesses can have immediate cash to continue functioning and avoid the waiting game. - Good customer support
A large handful of users also praise Fundbox’s level of customer support.
Unlike other lending companies (which only advance 80-90% and don’t give you the rest until the invoice is paid), Fundbox funds 100% of the invoice, which many customers like since they have to access more money.
Pros and Cons
Now that we have mentioned some user reviews, let’s check out some general pros and cons about Fundbox:
Pros:
- Borrower qualifications are lower than banks
- The application process is fast and easy
- Low credit score requirements
- Multiple avenues of customer support
- No origination, maintenance, or draw fees
- No collateral required; personal guarantee only required on larger credit lines
- No prepayment penalties
Cons:
- Rates can be expensive
- Repayments are required frequently
- No credit lines available over $100,000
Conclusion
People mainly say positive things about Fundbox, and it isn’t hard to see why.
Fundbox offers two types of financing and the application process is quick and easy. Additionally, the requirements are much lower than banks or some other online lenders, which might make Fundbox the obvious choice for your business.
The fees might be a little too expensive for some people, but you pay what you get – which is quick funding and great customer service and support from the Fundbox representatives.
We hope that in this Fundbox Review, you have found all the useful information that you might need if you want quick access to funding for you and your business.