Fundbox Business Loans Review 2024

Do I need a credit check to take out a business loan with Fundbox?

The prequalification process with Fundbox does not require a hard credit check. A hard credit check is only performed when you accept a loan offer and receive funds. However, if you use your credit score as one of your references during the application process, a soft credit check will be pulled. A soft credit check does not affect your credit score, and it is often used by lenders to assess your creditworthiness without impacting your score.

Once you accept a loan offer, a hard credit check will be performed. This is a more thorough credit check that lenders use to make final decisions about loan approvals. A hard credit check can temporarily lower your credit score, but the impact is usually small and short-lived.

Fundbox may also conduct soft credit checks periodically to reassess your status and possibly offer you more available funds. Soft credit checks do not affect your credit score, so you can feel confident that your credit will be protected while you work with Fundbox.

Are there any hidden costs and fees associated with Fundbox business loans?

While Fundbox does not charge any upfront fees for its business loans, the interest rates can be high. The APR (annual percentage rate) on a Fundbox loan can range from 15% to 78%, depending on your credit score and business cash flow. This means that you could end up paying a lot of money in interest over the life of the loan.

However, one advantage of Fundbox loans is that you can pay them off early without facing prepayment penalties. This means that you could save money by paying off the loan sooner, rather than waiting until the end of the term.

Ultimately, whether or not a Fundbox loan is a good option for you will depend on your individual circumstances. If you have a high credit score and strong business cash flow, you may be able to get a loan with a low APR. However, if your credit score is not as good, or if you have a lot of debt, you may end up paying a lot of money in interest.

How is Fundbox’s customer service and support?

Fundbox customer service and support are highly rated by customers. The company has a 4.5/5 star rating on Trustpilot, based on over 1,000 reviews. Customers praise Fundbox's customer service representatives for being knowledgeable, helpful, and responsive.

How to qualify for a Business Loan through Fundbox

To be eligible for a Fundbox business loan, you must meet the following requirements:

• Personal credit score of at least 600: Fundbox considers your personal credit score when evaluating your loan application. A higher credit score will make you more likely to be approved for a loan and to receive a lower interest rate.
• Be located within the United States: Fundbox only offers loans to businesses that are located in the United States.
• $100,000+ in annual revenue: Fundbox prefers to lend to businesses that have a minimum annual revenue of $100,000. However, there may be exceptions to this rule, depending on the individual circumstances of the business.
• Been in business for at least six months: Fundbox prefers to lend to businesses that have been in operation for at least six months. However, there may be exceptions to this rule, depending on the individual circumstances of the business.
• Business financial history including business specific checking accounts: Fundbox will review your business financial history to assess your creditworthiness. This includes reviewing your business checking account statements to see how you manage your cash flow.

How to apply for a loan with Fundbox

The application process for business loans through Fundbox is quick and efficient. Here's how it works:

1. Visit Fundbox's website and submit a brief online application. This application will ask for your basic information as well as basic information about your business.
2. Fundbox will review your application and get back to you within 24 hours. In most cases, you'll receive a response within seconds.
3. If your application is approved, Fundbox will send you the money within one business day. The specific amount of time depends on your bank's policies and procedures.

Here are some additional details about the application process:

• You may need to submit additional information, such as your personal credit history, business cash flow, and business bank account statements.
• If your application requires further review, Fundbox will notify you immediately and send you an email when a decision is made.

Overall, the application process for Fundbox business loans is quick and easy. If you need fast funding for your business, Fundbox is a good option to consider.

Is Fundbox legit and trustworthy?

Fundbox is a legitimate financial services company that strives to keep your information secure. They use the highest industry standards and protocols to protect your data, and they are transparent about their security measures.

During the application process, you will need to log into your bank account. Fundbox does not store your bank account information, and they only use it to verify your identity and assess your creditworthiness.

Fundbox has been an accredited business with the Better Business Bureau since 2014. They currently hold an A+ rating, and they have had only 13 complaints in the past three years. All of these complaints have been resolved, and only one was submitted in the past year.

Here are some of the security measures that Fundbox uses to protect your information:

• Encryption: Fundbox uses industry-standard encryption to protect your data both in transit and at rest.
• Firewalls: Fundbox has multiple firewalls in place to protect their systems from unauthorized access.
• Intrusion detection: Fundbox uses intrusion detection systems to monitor their systems for suspicious activity.
• Data backup: Fundbox regularly backs up their data to protect against data loss.
• Employee training: Fundbox employees are trained on security best practices to help protect your information.

Closing thoughts

Fundbox is a trustworthy lender who can get you funds quickly. However, it is important to be aware of the high interest rates and aggressive payment schedules before you apply for a loan. If you are able to find another loan with better rates, you may be better off going with that option.