Fora Financial offers flexible, working capital solutions to small businesses in need of financing to sustain or grow their enterprise. We place a high value on trust and transparency and provide businesses with quick, customized financial solutions utilizing our state-of-the-art technology platform. Fora Financial has provided over $1.3 billion to over 20,000 customers. Meaning marketplace and forum in Latin, Fora aims to foster a community and act as an extension of its clients’ and partners’ businesses to provide financial solutions and industry insight to ensure growth and success. The managing partners and many of its employees come from a small business background, fueling their passion to spur short- and long-term growth in the segment. Possessing an in-depth knowledge of many vertical industries, Fora Financial prides itself on the ability to support any small business owner or related financial partner.
Super fast and super friendly! Great to work with got me what I needed when I needed it the most!
By: Jerald Sargent Jr
Your process. Your procedures were simple to follow. Your responses were alway quick, to the point, and very helpful. The whole process from our request through approval to deposit took less than 48 hours. Commendable.
By: Glenda Lockhart
Your account specialist has been very… Your account specialist has been very helpful and prompt to answer and questions we have had.
By: Coy Edge
A quick and easy way to get a loan and a quick and easy way to pay it off, daily!
By: Angela Branson
This is a great company, they followed through with everything that was promised!!!
By: Courtney Williams
Founded in New York in 2008, Fora Financial has provided more than $750 million in financing to 15,000 small businesses. Fora Financial operates online and offers short-term small business loans and merchant cash advances. Fora Financial is a direct lender, meaning it works directly with the company supplying the capital and only pulls your credit report one time.
No restrictions on how you use the money. Whether you need to renovate your business space or hire more employees, Fora Financial does not regulate how you use the funds you receive. This is not uncommon for online lenders.
Discounts for early payments. For both of its products, Fora Financial offers early payoff discounts. For small business loans, the discount could be as low as 10 cents on the dollar.
Simple application. Fora Financial requires a one-page application and advertises approval within 24 hours. Most online lenders have similar applications and approval times.
Credit is not a deciding factor. Fora does not solely consider credit scores in determining whether borrowers qualify, making Fora a good choice for those with less-than-stellar credit.
Fora Financial provides working capital to businesses in a range of industries, such as retail, construction, auto and medical.
|Fora Financial: At a glance|
|Loan product||Loan amount||Loan term||APR range/ factor rate||Fees||Time to funding|
|Small business loan||$5,000 to $500,000||Up to 15 months||Factor rate of 1.10 to 1.40+||2% of funded amount or $300, whichever is higher||As little as 72 hours|
|Merchant cash advance||$5,000 to $500,000||No set terms||Factor rate of 1.10 to 1.40||2% of funded amount or $300 for advances under $25,000, or $500 for advances about $25,000||24 to 48 hours|
Rates current as of 6/18/2018
* Fora Financial does not advertise the rates and fees associated with its products.
Fora Financial does not ask for collateral or a personal guarantee when approving loans. Merchant cash advances do not require collateral either. The repayment schedule for a merchant cash advance would be based on your business’ revenue.
|Loan product||Revenue||Min. personal credit score||Time in business|
|Small business loan||$12,000 minimum monthly gross sales||500||6 months|
|Merchant cash advance||$5,000 minimum monthly credit card sales||500||6 months|
If you’re applying for a merchant cash advance, your business must accept credit cards and frequently receive credit card transactions. Businesses in the restaurant, retail and services industries are better suited for a merchant cash advance from Fora Financial.
Fora Financial does not work with businesses with open or dismissed bankruptcies within one year. Businesses with existing debt should also refrain from applying until a significant amount of that debt has been paid off. Fora Financial focuses on the financial health of a business when approving financing, so make sure you have your finances in order before applying.
You can complete Fora Financial’s one-page application online. You could be required to submit additional documents, depending on which type of financing you’re seeking.
Documents needed to apply:
|Credit is not a deciding factor||Limited product selection|
|No collateral needed||Rates and fees not listed online|
|Short time in business required||High revenue requirements|
Fora Financial caters to business owners who are new to the game but financially healthy. Just six months in business qualifies you for both of Fora Financial’s products, but you must have steady monthly sales. Because Fora Financial heavily focuses on a business’ monetary condition, you should wait to apply until you feel confident in your business’ financial standing.
Hidden rates. Fora Financial does not advertise the rates and fees associated with its products on its website. While you would likely find out this information when you apply, the lack of transparency may make it difficult when comparing different lenders.
Phony phone calls. A note at the bottom of Fora Financial’s website states that customers have been receiving spam phone calls from people claiming to represent the lender. Fora Financial has reported the issue to federal law enforcement and is working with authorities to pursue the fraudulent callers.
Although Fora Financial offers just two products, borrowers in a range of industries could be approved for up to $500,000, a sizeable amount of money that they could use however they would like. Fora Financial prefers financially stable businesses, which may rule out any high-risk business owners in need of cash. While Fora Financial’s revenue requirements are a bit higher than those of other online lenders, the limit should prevent applicants from being approved for a loan they couldn’t handle. Fora Financial’s advertised time to funding for small business loans is longer than many online lenders that promise funds in 24 hours, but it would still be faster than obtaining financing from a traditional bank.