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Who are Fora Financial business loans best for?
Fora Financial loans are suitable for businesses that need funds quickly. Its small-business loans disburse in as little as one business day. The lender also has a high borrowing limit of $1.5 million, making it an attractive option for businesses that need a large loan.
Fora Financial is accessible to applicants with poor credit. Its minimum score is as low as 570 for many of its loans.
Who might Fora Financial not be a fit for?
Some Fora Financial loans require a minimum annual revenue of $240,000, so they might not be a good fit for smaller businesses. The lender uses a factor rate rather than an interest rate to calculate repayment amounts, which can mean higher borrowing costs on shorter-term loans.
Businesses focused on improving their business credit might consider another lender, as Fora Financial does not report payments to business credit bureaus.
Types of business loans available
Fora Financial offers various business loans and financing solutions. Eligibility requirements, rates and terms vary by product.
Term loans
Fora Financial has two term loan products. Its small-business loans offer funding amounts up to $1.5 million and terms as long as 24 months, with a relatively low minimum credit score of 570. These loans might be funded in as little as 24 hours.
The lender also offers term loans with repayment periods of up to 12 years. Businesses can borrow up to $500,000, and funds disburse in as little as three business days. Eligibility requirements are stricter on term loans, with a longer time in business requirement than small-business loans (two years versus six months) and no disclosed minimum credit score.
Fora Financial loans use a factor rate, ranging from 1.13 to 1.50, rather than an interest rate. It’s simple to calculate your repayment obligation by multiplying the factor rate by the loan amount, but factor rates can result in higher total borrowing costs on short-term loans.
Revenue advance
Fora Financial’s revenue advance loans let businesses borrow up to $1.5 million based on estimated future sales. Terms are as long as 18 months, with repayment daily or weekly depending on your loan agreement. Payments are calculated based on a percentage of your revenue and might vary.
You need a credit score of at least 570 for a revenue advance loan, with a minimum time in business of six months and an annual revenue of $240,000 or more.
Line of credit
Fora Financial offers a business line of credit to eligible borrowers with at least one year in business. Minimum credit score and annual revenue requirements are not disclosed. Credit lines of up to $100,000 are available, with repayment terms of up to 12 months.