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About Fundbox
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Fundbox offers a way for small businesses to get almost immediate access to working capital. It offers lines of credit up to $150,000 and is recognized for its user-friendly platform, lenient eligibility requirements and quick funding.
- Quick application process
- Accessible to many businesses
- No application fees or prepayment penalties
- Flexible credit line
- Requires weekly repayments
- Short term lengths (12 or 24 weeks)
Our editor’s take on Fundbox
Fundbox stands out for having a quick funding process and easier-than-average eligibility requirements. It requires only six months in business, which is particularly appealing for newer companies struggling to meet the one-year threshold often imposed by other lenders.
The application process is quick, and if approved, you can often access funds as soon as the next business day.
However, the max loan term is 24 weeks, and you make weekly payments instead of monthly. Businesses with irregular cash flow or those in need of a longer runway to repay might find Fundbox's terms limiting.
Fundbox products
Fundbox’s primary product is a line of credit that goes up to $150,000, with a repayment period of 12 or 24 weeks. You can use it for almost any business need, including inventory, staffing and unexpected expenses. Because it's a line of credit, you pay only for what you use. So if you’re approved for $50,000 but draw only $15,000, you pay interest on $15,000.
You can draw funds from your line of credit whenever you need to, up to your approved limit. Each draw becomes its own installment loan. You'll make weekly payments until the draw is paid off, and these payments will include the borrowed amount plus fees.
In addition to its line of credit, Fundbox also offers two add-on services: Flex Pay for invoice payments and Fundbox Plus for borrowers seeking reduced fees or longer repayment terms.
Flex Pay
Flex Pay is a business demand deposit account that’s available to Fundbox line of credit users. It allows you to pay your vendor invoices immediately through Fundbox, even if your business doesn’t have the funds available at that moment. Then you have a three-day grace period to repay Fundbox with no fees. Or, you can add the amount to your line of credit.
Fundbox Plus program
Fundbox Plus is a subscription service that provides enhanced benefits to customers for a monthly fee. Subscribers to Fundbox Plus may receive perks such as reduced fees on credit draws and longer repayment terms. These benefits are designed to make the service more customizable to your business's specific needs.
Fundbox rates
Fundbox’s rates (which it refers to as “fees”) start at 4.66% as of publishing for a 12-week repayment period and 8.99% for a 24-week repayment period, depending on your credit profile and the health of your business.
You can view your rate and all applicable fees before you take your first draw, so you can decide whether it’s right for you.
Fundbox fees
Fundbox has no application, inactivity or origination fees. There are also no prepayment penalties, so the sooner you pay off your loan, the more interest you save.
You may pay late fees if you miss a payment and non-sufficient funds fees if one of your payments bounces.
How to apply for a Fundbox loan
To apply for a Fundbox loan, you’ll need to meet the following eligibility criteria:
- 600+ personal FICO score
- $100,000+ in annual revenue
- U.S.-based
- Ideally 6+ months in business
If you meet these criteria, you can then apply for a Fundbox loan through its online application process. You’ll need to provide basic business information, then connect your business checking account or accounting software for a quick financial assessment.
You generally find out if you qualify for a Fundbox line of credit in as little as three minutes. You can receive funds in as little as one business day.
If you have questions, you can reach customer support by calling 855-572-7707 or emailing support@fundbox.com.
Fundbox is available in all 50 states, plus Guam, American Samoa, North Mariana Islands, Puerto Rico and the U.S. Virgin Islands.
How does Fundbox compare?
Qualification for a Fundbox line of credit is generally more accessible than traditional bank loans. It typically requires less time in business and lower credit scores.
Here’s how Fundbox’s line of credit compares with the lines of credit from two other popular business loan lenders, OnDeck and Bluevine.
Company | Customer rating | APR | Loan terms | Loan amount | Minimum credit score | Revenue | Time in business | |
---|---|---|---|---|---|---|---|---|
No ratingView profile | Starts at 4.66% | 12 or 24 weeks | Up to $150,000 | 600 credit score | $100,000 in annual revenue | 6+ months in business (preferred) | Learn more | |
1.0 | Average rate is 60.9% | 12, 18 or 24 months | $5,000 to $250,000 | 625+ credit score | $100,000+ in annual sales | 1+ year in business | Learn more | |
1.0 | Not disclosed | 6 or 12 months | $6,000 to $250,000 | 625 | $480,000 in annual revenue | 24+ months in business | Learn more |
Fundbox FAQ
Is it hard to get approved for Fundbox?
It might be easier to get approved for a Fundbox loan because it requires a lower credit score and less time in business. Still, approval will be based on your total credit profile.
Is Fundbox a loan or grant?
Fundbox offers lines of credit, which is a loan product that works much like a credit card. You’re approved for a line limit that you can repay and borrow from as needed. It’s not a grant.
Does Fundbox affect your credit score?
Fundbox does a soft pull on your credit when you apply, which doesn't affect your score. It performs a hard pull once you make your first draw. This hard pull may temporarily cause your score to dip.
Is Fundbox legit?
Fundbox is a legitimate small business lender that says it has helped over 500,000 businesses get access to over $3 billion in flexible funding since its inception in 2013. It might be relatively new compared to traditional financial institutions, but its innovative approach to business lending has not been linked with any significant legal actions or scandals.
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Fundbox Company Information
- Company Name:
- Fundbox
- Website:
- fundbox.com