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Founded during the 2008 economic recession by two college roommates, Fora Financial aims exclusively to deliver robust financing solutions for small businesses. The Better Business Bureau assigned an A+ rating to the company, which has been a recipient of the Inc. 5000 award for fast growing companies 4 years in a row. Since its inception, over 25,000 businesses across several industries have turned to Fora Financial for its personalized approach to funding. Business borrowers rely on Fora Financial for its quick approvals, easy applications, and its ability to fund loans within 3 to 4 business days. To meet a range of financing needs, Fora offers both small business loans and merchant cash advances, enabling small businesses to quickly access the funding they need for expansionary purposes.
Newer companies that require funding often lack adequate financial history or collateral, making them less likely to be approved by institutional lenders. Fora Financial considers more than just credit scores when evaluating applicants, with newer and less established small businesses readily able to access funding solutions tailored to their needs. Having said that, Fora Financial has served over 25,000 businesses across several industries and is well-suited for all small businesses that require quick funding.
Fora Financial is willing to provide funding even for businesses with less-than-preferred credit ratings. A hard credit check will be performed, but the company maintains that it is not the factor for determining approval ,and Fora Financial prides itself on its willingness to serve businesses that might be turned down elsewhere.
For small businesses seeking straightforward funding solutions, Fora Financial has the answer. To meet the needs of recently established businesses that require working capital or financing to grow, the lender offers both short-term loans with traditional repayment terms and merchant cash advances, which provide more flexible funding options. Financing is simple and convenient, with a streamlined application process that can provide businesses with an answer in as little as 24 hours, before funds are made available. The company is happy to work with customers who have weaker credit histories, as its approval process is more holistic when evaluating a business’s track record. Applying is obligation-free, so prospective borrowers can evaluate their options without taking any undue risks. Fora Financial also works directly with customers to find the most appropriate solution, tailoring repayment terms to fit diverse needs and repayment capabilities.
Highlights for Fora Financial:
Getting started with Fora Financial’s one-page online application takes just minutes. During the initial steps, prospective borrowers are asked to share basic details about their businesses, including monthly gross sales, the length of time they have been in business, and pertinent contact information. After completing the initial steps, applicants will be contacted by a Fora Financial representative to complete a one-page application and answer any additional questions the lender may have. Additionally, applicants are asked to provide their three most recent bank statements. Once the paperwork has been submitted, the company will conduct a soft credit inquiry, which does not negatively impact your credit score, to initiate the underwriting process. Once approved, the company will finalize the loan terms based on the submitted paperwork, and applicants will be able to review their loan terms and select the appropriate option. At this point, Fora Financial will request additional documents, such as personal identification and proof of business ownership. Final approval can arrive within 24 hours. Once applicants have received final approval, they can receive their funds in as little as 72 hours.
While Fora Financial is welcoming and flexible to newer businesses, the company does require that applicants meet the following minimum requirements:
| Pros | Cons |
|---|---|
| One-page quick application | Representative APR rates unlisted |
| Fast access to funds | Origination fees accompany financing |
| Flexible qualification requirements | No long-term financing options |
| Personalized customer service |
The company has numerous great aspects that more than compensate for any potential drawbacks. The one-page, quick application takes just minutes to complete and leads to funds being received as quickly as 3 days after approval. Fora Financial also has flexible qualifications for borrowers, making it easy for newer businesses to receive the crucial funding they need. The significant knowledge base that the company has built goes a long way towards educating and informing potential borrowers while helping them glean important insights about running and financing a small business. Finally, the company goes the extra step to give personalized customer service, with clients working directly with agents throughout the entire loan process.
Prospective borrowers have a lot to gain from evaluating Fora Financial’s services; however, there were some aspects that could be improved to deliver an even better solution. Foremost, the website could clarify how the company measures and creates its buy rate for customer loans. Before applying, it is challenging for borrowers to determine what their monthly payments may look like. In our research, we also discovered that a 0-4% origination fee is charged, and that rates have been reported to be on the higher end of the industry spectrum, which is not explicitly clear on the website. Lastly, while we appreciated that the website took the extra step to produce an informational video describing how its loans work, we noticed some inconsistencies in loan terms and rates that could confuse viewers.
Businesses applying for financing from Fora Financial can choose from short-term business loans or merchant cash advances. Both loan types feature amounts ranging from $5,000 to $1,500,000. During the underwriting process, each customer receives a one-time factor rate which determines how much interest will be charged for the term. The company does not directly list interest rates on its website, but it offers factor rates that average between 1.15 and 1.33. However, Fora Financial does generally charge a 0-4.% origination fee on its loans, which can get to the higher end of the industry range.
From the second they begin their application, each client works with a Fora Financial Capital Specialist who helps construct the right loan, guides prospective borrowers through the application process, and offers guidance during the term. After approval, borrowers can also work with the customer service team if repayment questions arise or to apply for additional funding.
There are no restrictions placed on how customers may allocate their funding. Whether a business needs extra working capital to hire new employees or to purchase new equipment, the use of financing is entirely up to the borrower. The company exclusively offers unsecured financing, which is a great relief to many businesses, and no personal guarantees are required either. Furthermore, borrowers are also incentivized to repay their loans quickly, as Fora Financial offers early repayment discounts starting at $0.10 for every dollar.
Short-term loan repayment terms can range from 3 to 15 months. Due to the nature of merchant cash advances, however, there are no set terms. Even so, cash advances are designed for a similar term frame relative to more traditional loan options. Fora Financial differs from other financing companies in that it does not assign a standard APR for its loans. Instead, during the application process, applicants are assigned a one-time buy rate based on an analysis of the business's overall health and company history. An assigned buy rate is used to determine borrowing fees owed back to Fora Financial throughout the term.
We were pleased with the level of security Fora Financial employs to protect customer data. The company is clear and transparent, both in its privacy policy and on its website, that all data is stored on encrypted servers behind a firewall. Financial transactions are also encrypted with industry-standard SSL technology. Customers engaging with Fora Financial always do so through the secure website portal, which is based on the company’s proprietary software. Overall, we were very appreciative of the lengths the company goes to ensure its sensitive customer data is kept safe.
Fora Financial offers multiple phone lines for sales inquiries, renewals, accounting, and customer service. We found the company’s representatives to be professional and knowledgeable, answering all our inquiries in a friendly and transparent manner. Email support is also available, and to take its service a step further, the company regularly responds to comments on its social media accounts. What truly sets Fora Financial apart is its team of Capital Specialists. From the beginning of the application process to the end of the loan term, customers will work closely with expert representatives at Fora Financial. Finally, the website features an FAQ to address common questions related to the financing process, as well as a useful blog filled with supportive resources for small businesses.
For prospective borrowers seeking swift financing and helpful service, Fora Financial offers a quick application, fast approval, and personalized attention. Prospective borrowers can quickly and easily obtain the short-term business loan or merchant cash advance they need to grow their business. The company’s hands-on approach is a big plus for newer businesses that may require guidance during the funding and application process. More importantly, the company’s level of customer service makes it an ideal partner for new businesses looking to grow. For small businesses seeking to improve cash flows or expand, Fora Financial presents an attractive solution designed to overcome many of the challenges associated with the lending process.
Fora Financial
519 8th Avenue, Floor 11
New York, NY 10018
AI was utilized in the creation of this content, alongside human validation and proofreading.
The BestMoney editorial team is composed of writers and experts covering a full range of financial services. Our mission is to simplify the process of selecting the right provider for every need, leveraging our extensive industry knowledge to deliver clear, reliable advice.
