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Fora Finance Review
In a nutshell: Fora Financial business loans makes it easy to apply and qualify for a merchant cash advance or short-term loan. The lender has a straightforward online application, and businesses can receive approval in under 24 hours.
Fora Finance Review
In a nutshell: Fora Financial business loans makes it easy to apply and qualify for a merchant cash advance or short-term loan. The lender has a straightforward online application, and businesses can receive approval in under 24 hours.
Fora Finance Review
In a nutshell: Fora Financial business loans makes it easy to apply and qualify for a merchant cash advance or short-term loan. The lender has a straightforward online application, and businesses can receive approval in under 24 hours.
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Overview

Having distributed $3 billion in funds to support over 35,000 businesses, Fora Financial has an impressive track record. With a range of funding options, they focus on providing quick and efficient solutions to their clients. With Fora Financial, applicants can experience speedy turnarounds, often being approved and funded within 24 to 48 hours.

With flexible funding, business owners can spend the funds as they see fit, empowering them to make decisions that best suit their growth. What sets Fora Financial apart is its commitment to personalized service. Clients are assisted by Capital Specialists who develop relationships and assist them with making business-oriented choices.

Features

Business loans from Fora Financial offer a variety of appealing terms, including:

Flexible funding amounts

With Fora Financials lending programs, businesses can access funds ranging from $5,000 to $1.5 million for working capital needs. By offering such a wide range of finance options, businesses of all sizes are able to find the right solution for their financial needs.

Minimal credit checks

As a convenience to borrowers, Fora Financial offers a borrower-friendly credit check process. They initiate a single soft credit inquiry during the initial application, reducing the impact on your credit score. An extensive credit check is only performed once the application is approved.

Prepayment discounts

Fora Financial offers an attractive incentive for responsible borrowers. After paying at least 60% of the original loan amount, borrowers have the opportunity to increase their borrowing limits. This feature rewards businesses that manage their financial obligations diligently and provides room for financial growth as the loan is progressively repaid.

Flexible use of funds

One of the standout features of Fora Financial's lending programs is the freedom to use funds as businesses see fit. Whether it's covering operating expenses, expansion, inventory purchases, or any other business-related need, Fora Financial provides ultimate flexibility.

Application Process

Fora Financial makes it easy for businesses to get business loans by following three simple steps.

Step 1: Apply

Begin by completing the straightforward online application on Fora Financial's website. This initial step requires basic information, such as your personal details and annual revenue. At this point, your credit score will not be affected. Shortly after submitting your application, a dedicated Capital Specialist will promptly contact you to discuss your funding needs. By doing this, your loan application will be tailored to your needs.

Step 2: Get a decision

Fora Financial aims to provide applicants with a funding recommendation in good time. Typically, this decision is made within four to 24 hours.

Step 3: Receive your funds

After approval, Fora Financial distributes the loan amount as a lump-sum payout. This funding transfer is typically completed within 24 to 72 hours, allowing businesses to access the capital they need promptly. Importantly, once you receive the funds, you have the flexibility to allocate them according to your specific business requirements.

Repayment Terms

Fora Financial offers a range of loan types tailored to accommodate varying business needs, with repayment terms for each.

A short-term loan is intended for businesses looking for a quick financial boost. Typically, short-term loans last for 12 months or less, providing quick access to capital.

A medium-term loan is available for businesses that need a longer repayment schedule, ranging from 12 months to 36 months. With this option, borrowers have a bit more time to manage their loan obligations.

A long-term loan is used by businesses with a longer financial horizon. Repayment periods range from 3 years to 25 years, providing ample flexibility for long-term growth initiatives.

Typically, repayment for Fora Financial loans begins one month following the loan initiation. For the duration of the loan term, borrowers are expected to make consistent monthly payments. Variable interest rates may influence these payments. Prepayment fees are not charged for any application if the loan is cleared sooner.

Customer Support

Fora Financial offers exceptional customer support, as evidenced by its A+ rating with the Better Business Bureau. Customers seeking assistance can easily reach out to the customer care team through email and phone. Whether you have inquiries or need support throughout your loan application, their responsive and dedicated customer support team is readily available to help.

prosAndCons icon
PROS
  • Fast turnarounds
  • Flexible terms
  • No application fees
prosAndCons icon
CONS
  • High factor rates
  • High processing fees
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Top 3 Lenders
Fora at a Glance
9.0Editorial Score
Loan terms
10
Competitive rates in its niche, particularly for small businesses, with reasonably flexible terms
Application process
10
Application process is straightforward and can be completed online
Eligibility requirements
9.0
Eligibility criteria are clear and fair
Additional benefits
8.0
Limited access to financial advisors, not very comprehensive resources, few benefits for repeat borrowers
Customer service and support
8.0
Support available during business hours with some limited access on weekends, few contact methods, and slow responses
FAQs About Merchant Cash Advance Loans
Looking for a merchant cash advance loan but not sure where to start? We're here to help! In addition to our in-depth brand reviews, we provide answers to some of the most commonly asked questions about merchant cash advance loans.
What is a Merchant Cash Advance?
A merchant cash advance (MCA) is a lump sum of capital given to a business in exchange for a percentage of future sales. The repayment is tied to daily credit card transactions, making it a flexible and fast funding option for businesses with fluctuating sales.
How do Merchant Cash Advances work?
With a merchant cash advance loan, you receive a lump sum upfront and repay it through a percentage of your daily revenue or credit card sales. The more sales you make, the faster you repay.
What are the benefits of a Merchant Cash Advance?
Merchant Cash Advance terms will vary depending on influencing factors. However, some typical terms apply:

  • Quick funding: Access cash in 24-48 hours.
  • Flexible repayment: Payments are based on sales.
  • No collateral: No assets required.
  • No credit score check: Approval depends on revenue, not credit score.
Are Merchant Cash Advances expensive?
MCA loans can be more costly than traditional loans due to higher fees and daily repayments. However, they offer faster funding and more flexibility for businesses with variable sales.
Who is eligible for a Merchant Cash Advance?
Eligibility typically requires a business with at least 6 months of operation, consistent monthly revenue (usually $5,000 or more), and a strong history of credit card sales.
How much can I borrow with a Merchant Cash Advance?
The amount you can borrow depends on your business’s monthly credit card sales. Lenders offer a percentage of those sales as an advance.
Is a Merchant Cash Advance right for my business?
MCA loans may be an option for businesses that need fast funding but don’t qualify for traditional loans, particularly those with high credit card sales or seasonal income.

Alternatives to this include small business loans, which you can apply for through banks or online lenders. You can choose from short-term or long-term business loans, depending on your financial circumstances. This option will always run a credit check, however, interest rates are relatively lower so acts as a suitable alternative for Merchant Cash Advances.

*American Express Business Line of Credit Disclosure: All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors. American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval. This chart contains general information about the American Express® Business Line of Credit installment loan type only.
**Biz2Credit Disclosure: See website for details. Varies depending on product and qualifications.
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