Advance Amount and Fees9.1/10
Service and Support8.5/10
- Saves time by filling out a single application.
- Inquiries don’t affect credit scores.
- Many different types of funding options.
- Can speak to a human.
- Free to use.
- Not a direct lender.
- No personal loans.
- Some businesses may want funding options that don’t incur debt, like invoice factoring.
See above info for Fundera Reviews. If you are a current or former Fundera customer, we’d like to hear from you. How was your experience? Are you a repeat Fundera user?
Fundera is also an online marketplace where small businesses get matched with funding providers. With one application, businesses can get pre-qualified from a variety of lenders including credit card companies, commercial funders and invoice financing companies. Fundera does not provide the funding themselves but does help oversee the loan process through to completion.
Through Fundera’s platform, they report providing funding for over 10,000 small businesses with volume of over $750 million.
Visitors also can learn about all the various business funding options out there including small business lines of credit, business credit cards, merchant cash advances, startup business loans, personal loans for business and invoice financing.
The site also provides complementary resources ranging from credit monitoring and marketing tips to business banking and small business accounting software. They provide this information through a sleek interface, which is heavy on infographics and easy-to-understand financial jargon.
How is Fundera Different from other Factoring Companies?
The biggest difference is that Fundera is a financial technology company not a bank. Therefore, they don’t provide the funding themselves, Rather, they match small business borrowers with their partners for potential funding. As such, Fundera ‘provides’ a full-suite of funding options. This includes SBA loans, online small business loans and asset based lenders. The SBA guarantees working capital business loans made by it’s partner banks. However, these are not quick business loans and may be too slow for businesses experiencing a serious cash crunch.
Conversely, factoring companies typically offer just receivables factoring or revolving lines of credit facilities. But, for business-to-business (B2B) entities in certain industries like construction, manufacturing and trucking, factoring receivables may be a better option.
From Sign Up to Funding
Getting started on Fundera was quite easy. We set up an account in a couple minutes and were pre-qualified for offers immediately upon completion. It should be noted that these were “pre-qualification” offers-for any final approval, the application must be completed on the partner’s site, then the provided information is verified.
We provided Fundera with some business information, by answering a series of questions on their site, and were presented with four funding results. There were two small business line of credit opportunities. The first, a California-based online funder and the other with Headway Capital, an Illinois-based lender and subsidiary of online lending pioneer Enova International.*
Next, we were served up an invoice financing company, Bluevine, and were presented with a potential credit limit of $30,000 based on the information we provided. Finally, we were shown an offer from the Capital One Spark business credit card.
Fundera Pros and Cons
In addition to the Fundera reviews above, we summed up the pros and cons:
· Saves time by filling out a single application.
· Inquiries don’t affect credit scores.
· Many different types of funding options.
· Can speak to a human.
· Free to use.
· Not a direct lender.
· No personal loans.
· Some businesses may want funding options that don’t incur debt, like invoice factoring.
For more information on Fundera:
Who Uses Fundera?
Where does Fundera’s capital come from?
Do they offer specialty funding options?
As a fintech, does Fundera provide customer support?