National Funding Reviews

National Funding is a good option for small businesses needing access to capital quickly. While it lacks transparency around interest rates and fees, National Funding sets itself apart by accepting lower credit scores than most banks and having fast approval times — often within 24 hours.

It offers a variety of financing products like working capital loans, equipment loans and term loans to meet different funding needs. And its financing can help businesses purchase large assets or cover operating costs.

However, National Funding requires personal guarantees on all loans, and you need at least $250,000 in annual revenue to apply for a term loan.

National Funding specializes in offering small business loans and equipment financing.

National Funding doesn’t disclose specific interest rates or annual percentage rates (APRs) for its business loan products on its website. It says that rates vary depending on factors like the borrower's credit profile and loan terms, and does not provide any examples or typical rate ranges.

Like with its interest rates, National Funding doesn’t disclose specific details about fees on its website. ConsumerAffairs spoke with a Funding Specialist who said the origination fee is usually around 2% of the loan amount, but it ultimately depends on your full application.

It's unclear if National Funding has any prepayment or late payment charges. That said, it does offer discounts if you pay off your loan early:

• For small business loans, you can get a 7% discount on the remaining balance if paid off within 100 days.
• For equipment financing, you can get 6% off the remaining balance if paid off early.

Applying for a loan with National Funding starts with a simple online application providing basic business and ownership details. A representative will then gather additional documentation, including bank statements.

Eligibility varies by loan type:

• Small business loans need at least six months in business, a minimum 600 credit score and at least $250,000 in annual revenue.
• Equipment financing requires at least two years in business and a minimum 600 credit score. You will also need to supply an equipment quote from a vendor.

Once you submit your application and all required documentation, National Funding will review it and make a lending decision. If approved, you’ll sign an agreement to finalize the loan.

In some cases, you can get approved and funded within a 24-hour period. But if approval gets delayed because National Funding needs more documentation from you, it could delay the process. Still, it can fund business loans as soon as the same business day of approval, and most equipment financing loans within 24 to 72 hours of approval.

While specific APRs aren't disclosed, National Funding, QuickBridge and OnDeck are all competitive options for small business financing. The main differences are OnDeck's lower maximum loan amounts and higher credit score requirements. However, OnDeck may offer longer repayment terms of up to 24 months.

Here’s how each company’s business loan options compare:

National Funding is a legitimate small business loan provider. It’s been in operation since 1999 and says it has provided over $4.5 billion in loans to over 75,000 companies nationwide in that time. It has not faced any significant legal issues or scandals in its history.