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Fundit Review

Reviews 37
Fundit
Fundit
Excellent
Reviews 37
Patrick Sather
Jun. 28, 2022
3 min read
Patrick Sather
Fundit Summary
Founded in 2016, Fundit is an online investment platform designed to help you get financing for your business. It offers solutions including short-term, SBA, and business term loans, merchant cash advance, line of credit, working capital, commercial mortgage, and equipment and account receivable financing. You can request rates for free and get pre-approved without a hard credit check. Fundit doesn’t require a minimum credit score.

Pros

  • No hard credit check
  • Free to use
  • No minimum credit score

Cons

  • Requires creating a profile to get rates
  • Limited customer service

Fundit at a glance

8.4
Editorial score

Online experience

Online application but no learning resources
6.0

Customer services and support

Multiple ways of reaching lender but limited hours
6.0

Variety of loan types

Offers all loan types
10.0

Loan amount range

Loan amount $500K+
10.0

Eligibility

Loans available to most credit types, revenue levels, and businesses
10.0

Overview

With Fundit, you can get rates for a business loan within minutes. Fundit provides short-term, SBA, and business term loans, line of credit, merchant cash advance, working capital, commercial mortgage, and equipment and account receivable financing. It offers same-day financing for most of its solutions without charging you a fee or requiring a hard credit check. Loans are available starting at $10,000 and up to $5,000,000. While Fundit does not require a minimum credit score, APR and repayment terms will vary depending on your credit score, revenue, and loan type and amount.

Why Fundit Is Good For Your Business

Fundit is a good choice for your business if you need help finding financing for your business. It provides loans starting at $10,000 and up to $5,000,000, which gives you plenty of flexibility in finding a loan to meet your needs. Fundit allows you to customize your quote with multiple input options, and provides same-day financing for most of its business solutions. You can also get your qualifying rates for free without submitting to a hard credit check. 

Loan Features

Fundit offers multiple solutions including short-term, SBA, and business term loans, line of credit, merchant cash advance, working capital, commercial mortgage, and equipment and account receivable financing. Although it does not require a minimum credit score, your APR and repayment terms will vary based upon your credit score, revenue, and loan type and amount. Loans start at $10,000 and go up to $5,000,000, with the exception of commercial mortgages, which are capped at $20,000,000.

  • Loan amount: $10,000-$5,000,000 ($20,000,000 for commercial mortgage)
  • APR: Varies 
  • Repayment terms: Varies (1 month to 30 years)
  • Minimum credit score: None

Application Process

To get a personalized rate for a business loan, Fundit requires that you create a profile on its website. The process begins with you providing details about your credit score, when your business started, how much funding you need, and what you need financing for. You will then need to provide your personal information including name, email, and phone number. From start to finish, the whole process takes just a few minutes. Upon completing your application, Fundit will provide you with your qualifying offers. 

Fundit offers same-day financing for most of its business solutions, including short- and business-term loans, line of credit, and equipment and account receivable financing. However, it can take up to 2 months for you to receive funding for an SBA loan. To avoid delays, it’s important that you provide accurate information and supply any documentation required to process your application. 

How Much Can You Borrow?

The amount you can borrow depends on the loan type, your revenue, and your credit score. Fundit limits financing to $10,000-$5,000,000 for most loan types. However, if you apply for a commercial mortgage, you can get a quote for up to $20,000,000.

Repayment Terms

Repayment terms vary based on the loan type, your credit score, and the loan amount. Fundit provides details of loan length and APR on the landing page for each loan type. Some repayment terms include:

  • Short-term loan: 3-36 months (starting at 4.66% APR)
  • SBA loan: 10-30 years (variable APR)
  • Business term loan or line of credit: 3-24 months (starting at 8% APR)
  • Business line of credit: 1-36 months (starting at 6% APR)

How Safe Is It?

According to its privacy policy, Fundit takes steps to safeguard your information. However, it does not divulge what type of security measure it takes to protect financial and personal data. Furthermore, it is not currently accredited with the Better Business Bureau. It does have some positive reviews on Trustpilot, which highlight its favorable rates and service. However, the reviews are few and far between.  

Help & Support

Customer service is available over the phone 7am-5pm ET, Monday-Friday. Alternatively, you can submit a request for a callback during normal business hours through Fundit’s website. If you prefer to reach out via email, you can direct questions to info@fundit.io. 

Summary

Fundit is an online business investment website that can help you find the financing you need for your company. It offers a wide variety of funding solutions including short-term, SBA, and business term loans, merchant cash advance, line of credit, working capital, equipment and account receivable financing, and commercial mortgages. APR and repayment terms vary depending on your credit score and revenue, and the loan type and amount. Fundit provides personalized rates for free without the need for a hard credit check and may be able to secure you same-day financing.

Physical Address

6303 Blue Lagoon Drive Suite 400, Miami, FL 33126

Patrick Sather
Written by
Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.
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Trustpilot reviews
See what some customers are saying about Fundit
Great • Reviews 37
on
Excellent
78%
Great
11%
Average
0%
Poor
0%
Bad
11%
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