About Fundera

By HighYa Staff
Updated on: Aug 16, 2017

Founded in 2013 and based out of New York, NY, Fundera is an online company that claims to help small business owners get the credit they need to grow by “looking beyond the world of traditional banks,” and by providing a centralized marketplace where you can compare all your options for loans, credit cards and bank accounts.

On top of this, Fundera claims to match you with multiple credit providers in just a few minutes, while remaining completely transparent and easy to understand.

At the time of publishing, the company helped more than 10,000 businesses acquire more than $700 million in funding.

In contrast to many short-term lenders, Fundera claims to only work with handpicked, prescreened credit providers that have a strong reputation for competitive interest rates, great customer support, and positive online reviews.

Ultimately, Fundera claims to do all the hard work, so you can focus on running your business. But is they service they provide worth the price you’ll pay? Let’s take a look.

What Types of Loans Does Fundera Offer?

Fundera claims to specialize in helping small businesses in almost any industry to obtain credit, although it’s important to emphasize that they do not provide any loans themselves. In other words, depending on your needs, they claim to help match you with a credit provider that can provide a solution.

With this said, Fundera’s third-party vendors are claimed to offer the following types of loans, credit cards and bank accounts:

  • Small Business Startup Loans – These offer the possibility of obtaining up to $1 million in financing, with repayment terms ranging between 6 months and 10 years.
  • Merchant Cash Advance – If you need funding quickly and most of your business’s income is through credit card payments, this may present a good option.
  • Equipment Loan– Can help you purchase business-related equipment by using the equipment itself as collateral.
  • Invoice Factoring– Gives you the ability to finance 80% of your invoices purchased by a factoring company.
  • Business Line of Credit – Provides a pre-set amount of available funds, which can be withdrawn at will, much like a credit card.
  • Short-term Loans – From $2,500 to $250,000 and interest rates starting at 10%
  • Personal Loans – Loans given to you that you use for business. Rates and terms similar to lenders like Best Egg and Prosper.
  • SBA Loans – Loans partially guaranteed by the Small Business Administration. Interest rates are competitive and repayment periods are up to 25 years.
  • Credit Cards and Bank Accounts – Multiple options from reputable bank credit providers

According to Fundera’s website, most of their credit providers are focused on providing financing for growing businesses, although some may be able to provide a solution even if you’re a startup or are purchasing an existing business.

For full details about all of the options available through Fundera, be sure to read through their Loans, Credit Card and Banking pages.

What Are “Non-Traditional Banks?”

According to Fundera, the many of the alternative lenders they do business with are smaller and more agile, and as a result, are able to “take on the risk and complexity associated with lending to small business owners.”

This means that their underwriting criteria for your business loan can be much broader, including factors such as “real-time shipping schedules, records held in a business's accounting software, and even social-media traffic.”

However, because these lenders are taking on a greater risk, they’ll often charge higher interest rates and associated fees (we’ll talk more about this in the Pricing section).

How To Apply For a Business Loan Through Fundera

According to the Fundera website, their application process works over 3 steps:

  1. Answer a few simple questions, such as your business’s annual revenue, time in business and credit score. When applying through the Fundera site, you can also connect directly to your QuickBooks or Xero account for an even simpler application process, which is something we haven’t seen before.
  2. Based on your answers to these questions, you’ll receive a list of available credit options and providers. If you choose to move forward in the process, these lenders can format your credit based on credit score, revenue, your accounts receivable, and a variety of other factors.
  3. Get your credit, which can take anywhere from 24 hours to 2 weeks.

What Are the Requirements for Obtaining a Loan Through Fundera?

Like any other business, the credit providers that Fundera works with will each have their own specific criteria for approval, although “generally speaking you should be producing 9k to 10k per month in gross sales on a consistent basis, and have been in business for two years.” Otherwise, you may be subjected to especially high interest rates and shorter payback periods.

Also, a Fundera rep indicated that, in general, you need to have credit scores of at least 620 to be approved for an affordable credit option.

There are other options if you do not have a 620+ credit score, but your revenue, time in business, and credit score all work together to determine your eligibility for products. If you’re higher in one of these categories, being lower in another might be okay.

Unlike many other lending marketplaces we’ve reviewed here at HighYa, after your application is complete, Fundera claims they’ll be your only point of contact -- and that they don’t sell your information -- so you won’t have to worry about a deluge of cold calls that can sometimes last months.

Fundera’s Customer Reputation

Although there weren’t any online customer reviews available for Fundera at the time of our research, the company has been featured in a wide variety of popular publications. This includes the NY Times, who wrote that Fundera is “offering a middle path between banks, which lend primarily to the most creditworthy small businesses, and cash advance lenders, which thrive on subprime candidates.”

Fundera Interest Rates & Fees

Although it’s completely free to send an application through Fundera, interest rates can start at 7% and go up quickly into the high double digits, in some cases, depending on the type of product you choose, the credit provider you choose it through, as well as your business’s financials.

In addition, some of Fundera’s credit providers may charge a factor rate, which can further increase your costs, as well as early repayment penalties. Because of this, you’ll want to run the numbers using Fundera’s loan calculator, which is available on each of their loan types pages. Also, make sure to familiarize yourself with their Borrower’s Bill of Rights.

Regardless of what you choose though, Fundera claims that, “many, but not all, loan options offered through Fundera would be of a shorter duration (1-2 years).”

If you have a question about Fundera’s application process or the types of credit their lenders provide, you can contact customer service at (888) 602-6935 or through live chat.

Fundera's Checking Accounts and Credit Cards

As we mentioned earlier, Fundera also offers connections with banks who can provide checking/savings accounts and business credit cards, including offerings from Chase, Capital One and

Can Fundera Provide Your Business with the Cash it Needs?

Chopping to the point: The short answer to this question is, maybe. This is because, although Fundera’s credit providers may have much broader underwriting criteria than traditional banks, you’ll still need to meet some fairly stringent guidelines. And even if you do meet these guidelines, you could still pay a fairly high interest rate and/or associated fees, although not as much as a traditional short-term lender.

With this said, it appears that Fundera takes pride in their reputation, as well as the reputation of credit providers they do business with. In addition, it appears that their intent is to arm their applicants with as much information as possible before they decide to pursue a loan.

We're here more as a way to understand your options. The best thing we can do is focus in on the right products that match your criteria.

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29 Consumer Reviews for Fundera

Average Consumer Rating: 4.4
Rating Snapshot:
5 star: 25 4 star: 0 3 star: 0 2 star: 0 1 star:  4
Bottom Line: 83% would recommend it to a friend
Showing 1-11 of 29
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  • Informative, patient, best rates!

    • Fort Myers Beach, FL,
    • Sep 18, 2018
    • Verified Reviewer

    I am a small business owner on a small barrier island, and we were looking to expand the catering and events section of our restaurant business by purchasing a fully equipped food truck. Ben with Fundera was amazing! He was very informative about the entire process, and upfront about the interest rates terms and overall payback. It was the first quote I got so I wanted to shop around and see what was out there. He was very patient because he had confidence in the product he was offering.

    After several absolutely outrageous offers, I came back to Fundera and Ben because it was the best loan. At that point, it was such a breeze. I signed the final paperwork and had the money within 48 hours. We bought our truck one week later. We are now busier than ever with events and are booking months out, thanks Fundera and Ben. This is a tumultuous time on our little island with water quality issues and being able to make this happen has not only helped grow our business with additional revenue, but allowed us to supplement a difficult time and keep our full-time staff employed!

    Bottom Line: Yes, I would recommend this to a friend

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  • SBA Loan success

    • Santa Clarita, CA,
    • Sep 18, 2018
    • Verified Reviewer

    A few weeks ago I was searching and with due diligence for a partner to assist me for my business needs and I found Fundera. From start to finish the support of Nate Causey, Alex Goldklang and Maria San Luis, their guidance through the process in obtaining an SBA loan. As a businesswoman, it is up to me to deliver what is required, be transparent of where I was in my business, be patient and trust in the process. I can't thank Nate, Alex, and Maria enough for their open communication and immediate responses during this process. I am excited and renewed for new possibilities and the future growth of my business. I highly recommend Fundera!

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Smooth funding process

    • Arkansas,
    • Sep 10, 2018
    • Verified Reviewer

    I started my business in 2012 and it has always been a challenge trying to secure capital from our bank. Fundera is definitely changing the game for small businesses. Jacob helped find our company the capital we needed to help continue growing our business. He made the funding process smooth, simple, and easy. We were able to secure capital in less than two days. I would highly recommend Fundera to other business owners looking to finance their business.

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Fundera takes the legwork out of finding a loan!

    • St. George, UT,
    • Sep 7, 2018
    • Verified Reviewer

    I created an account with Fundera and, within hours, a Fundera representative reached out to me via phone. I spoke with two reps during the process (Forest and Brad), and they were both fantastic to work with. They listened to my needs and answered all of my questions. From there, they worked with a handful of loan companies and brought offers to me (taking all the legwork out of applying at a bunch of different loan companies). Within 24 hours, I had several great offers and ultimately found one that was perfect for my organization. I'd highly recommend Fundera to anyone looking for a loan!

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    My go-to funding partner for myself and my clients

    • Pennsylvania,
    • Sep 1, 2018
    • Verified Reviewer

    Charles and Fundera have been my go-to funding partner for six months, and for five out of five clients they have provided unbelievable service, unbiased analysis, and sourcing of funding offers. In each case, they have made a well thought-out recommendation from the various offers. Every single client, including myself, have been 1000% satisfied with the support, service, assistance, and active interest from Fundera.

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Simply impressive

    • Miami, FL ,
    • Aug 31, 2018
    • Verified Reviewer

    This is the first time I leave a review. I have no words to express my gratitude for Ben and the entire Fundera team for making my experience so easy. I never imagined that getting funding for my business would take only two days. I was explained every step in detail and the best part was I only communicated with my account executive, which made the process extremely personalized and easy. Once again, THANK YOU!

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Nate to the rescue!

    • Irvine, CA,
    • Aug 30, 2018
    • Verified Reviewer

    After several weeks of searching and multiple contacts with various lenders, I found Forrest and Nate of Fundera! I will admit, I thought it was going to be another dead end and false hopes. This already was a hard situation for me to even grasp the idea of my business needing cash flow assistance. Nate was very calm and patient in listening to my needs, he was thorough in explaining how he can help and discussed all my options in and out of Fundera. Fundera is a great solution for funding, their rates are extremely reasonable and fast response (same day even). I'd absolutely choose them over banks (banks take forever to process your request) or super high-rated capital groups (these guys will charge you 50%+). Thank you Fundera!

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Great experience!

    • California,
    • Aug 30, 2018
    • Verified Reviewer

    I had a terrific experience with Fundera getting a loan for my small business. Paul and Maria were both incredible. They worked very hard and were always there if I had a question or worry. They made sure everything was going properly step by step. They were also very honest and upfront, making sure I knew what I was getting into and what was going on. I can't say enough about the two of them! I was able to get an excellent and fair loan!

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Great communication and very helpful!

    • Charleston, SC,
    • Aug 29, 2018
    • Verified Reviewer

    I worked with Ben to obtain a LOC for my business, and it was a bit overwhelming before I spoke with him. He made it a breeze, was very informative, easy to reach and explained everything to me. Within a week, the funds were in my account. Thanks so much, Ben!

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Great experience, so easy

    • Trent, SD,
    • Aug 29, 2018
    • Verified Reviewer

    I worked with Jada and had multiple offers within hours. She guided me through the process and was very helpful. After working with other loan places, Fundera was by far the best.

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Fast funding

    • King of Prussia, PA,
    • Aug 28, 2018
    • Verified Reviewer

    Fundera assisted us with obtaining funding. Michael Yang and his team was efficient. The process was fast and painless. They were upfront and honest about everything from start to finish. I recommend using Fundera to obtain the best available alternative financing options for your business.

    Bottom Line: Yes, I would recommend this to a friend

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