full review
We start with a quick survey to better understand your business's unique needs.
Once we have found your personalized match, our team will be happy to discuss the further process.
Fundbox is ideal for borrowers who:
-
Need cash quickly: With minimal documentation required, you can complete your application on Fundbox and receive a decision on the same day. If your application is approved, your funds will be available as early as the next business day.
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Weekly repayments can be tolerated in the short term: Fundbox requires weekly repayments over a 12- or 24-week period.
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If you don't have perfect personal credit: Fundbox accepts borrowers with the following minimum credit scores:
600
. When Fundbox underwrites a loan, in addition to your credit report, Fundbox also looks at data from your business checking account and accounting software to get a more complete picture of your financial performance.
-
Having a startup company: Many financial institutions require at least one year of business history before they will issue you a loan. With Fundbox, you can get a line of credit with:
6
Several months have passed since the start of business.
Fundbox loan function
Fundbox offers revolving business lines of credit up to $150,000 with 12 or 24 week repayment terms.
|
Loan amount |
Up to $150,000. |
|
Estimated annual interest rate range |
|
|
Fee |
|
|
clause |
12 or 24 weeks. |
|
repayment schedule |
Every week. |
|
Speed of financing |
Get approved as fast as the same day and receive your funds the next business day. Processing times may take a little longer on weekends and holidays, and may vary by bank. |
Fundbox is testing a paid version of its platform that offers reduced fees, longer repayment terms, and other perks. The subscription, called Fundbox Plus, costs $99 per month and is not yet available to all borrowers.
What’s great about Fundbox?
Quick access to cash
Once your application is approved, you can request funds immediately. Fundbox will then transfer the cash to your bank account and you can receive your funds as early as the next business day.
Easy to qualify
While many financial institutions require more than a year of business history to qualify for a loan, Fundbox only requires a few months of business history, making its financing facility a good option for startups. .
600
uses data from your credit report and connected financial services, such as business checking accounts and accounting software, to evaluate your application.
Early repayment flexibility
With Fundbox, you can pay off your line of credit early to save on fees, and there are no prepayment penalties when you do so.
Fundbox also does not charge inactivity fees, account maintenance fees, or opening fees.
Where Fundbox falls short
Can be expensive.short repayment period
36
to %
99
%, which is higher than traditional banks and some online lenders. That line of credit is repaid in equal weekly payments with an amortizing fee.
While some online lenders offer monthly payments, Fundbox only offers weekly payments. The maximum repayment period available is 24 weeks, which is shorter than some of our competitors.
Limited financing options
While Fundbox offers flexible lines of credit, it does not offer other products such as equipment loans or SBA loans. Fundbox is moving forward with offering term loans, but this product is not yet available to all customers.
Donation box financing requirements
Fundbox's minimum borrower eligibility requirements are:
-
Minimum credit score:
600
.
-
Shortest business hours:
6
However, Fundbox may consider newer business.
-
Minimum annual revenue: $
100000
.
Additionally, to qualify for a Fundbox line of credit, you must have a business checking account and your business must be located in the United States.
Fund Box Alternative
blue vine
Unlike Fundbox, Bluevine lets you choose weekly or monthly payments and offers terms of up to 12 months.
American Express Business Blueprint™
660
At the time of application. The business owner must have started his business at least one year ago.note that The required FICO score may be higher based on your relationship with American Express, credit history, and other factors. Please keep in mind that every business is unique and subject to approval and review.
Instead of traditional interest rates, American Express charges a monthly fee based on the term of the loan.
The total monthly charges incurred over the loan term are as follows:
-
3% to 9% for a six-month loan.
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6% to 18% for 12-month loans.
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9% to 27% for 18-month loans.
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12% to 18% for a 24-month loan.
The pricing structure can be confusing, but for those who qualify, the American Express® Business Line of Credit can be more affordable than Fundbox. American Express also offers monthly payments for 6, 12, 18, or 24 months.
