National Funding summary
Pros
- Reputation: BBB gives National Funding an A+ rating
- Quick and easy: The application process can be under 24 hours
Cons
- Must speak with a Loan Specialist in order to understand terms
- Not available for start-ups
Editorial score
Online experience
Has learning resources, access to rates, mobile app
Customer services and support
Multiple ways of reaching lender but limited hours
Variety of loan types
Offers all loan types*
Loan amount range
Loan amount up to $500K
Eligibility
Doesn't cover bad credit, low revenue, new businesses
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Suitable for?
National Funding has been serving small businesses nationwide since 1999 and has extensive experience in a wide range of industries. Understanding the different lending requirements across all 50 states so no matter where you are, National Funding can help your small business with the financing you need to grow.
To qualify for a National Funding loan, your small business must be at least Time In Business: 6+ months old, with monthly gross revenue of at least Monthly Revenue: $20K+.
Loan Features
National Funding is a top nationwide lender and convenient resource for business owners. It offers the flexibility to create small business loans with terms that meet the specific needs of each borrower. National Funding has high approval rates when compared to other lenders. You’ll get a dedicated Loan Specialist who has specific knowledge about your industry and will provide you one-on-one personalized service.
National Funding Loan Differentiators:
- Been in business longer than most non-traditional lenders
- Early payoff discount²
- Loan Specialists
- Funding in as little as 24 hours¹
- No collateral needed
- Automatic payments
The Application Process
National Funding has been in the lending industry for many years and has become known for their quick and easy application process. The process only requires completing a one-page online application and uploading 6 months of bank statements. From there, National Funding processes the application and, upon approval, gets the financing you need in as little as 24 hours.¹
Apart from your business being at least six months in operation with annual gross sales of at least $180,000, you will also need to provide proof of your business’s income for six months. Bank statements are a requirement before National Funding can process your application.
Loan Terms – the Bare Basics
National Funding’s loans are customized to meet your business’s specific needs. Repayment periods can be daily or weekly depending on the loan.³ Given the variability in terms, like most lenders, details around repayment periods and fees are not readily available on the National Funding website. However, borrowing details are outlined clearly after contacting National Funding and speaking with a Loan Specialists.
| Loan amount: | Loan Amount: $25K-$500K |
| Loan Term: | Up to 24 months, Equipment Finanacing: 2-5 years³ |
| Time to Funding | 1-7 days |
| Loan Types | Short term, working capital, equipment financing |
Repayment Terms
While interest rates are only one factor to consider when it comes to repaying a loan, you want to make sure the cost of borrowing is manageable. National Funding offers a variety of options for payback.
The payment schedules for most loans are up to 24 months, and equipment finanacing is typically from 2-5 years.³ There is an origination fee of 1-3%. There are no details surrounding flat fees or interest rates, but the APR rate they offer is similar to that of a traditional loan from the big banks. They also offer early pay-off discounts as an incentive for borrowers to quickly repay their loan.²
How Safe is It?
National Funding considers customer privacy of the utmost importance. They use the same security standards as large banks so you can rest easy knowing that your personal and non-personal data is secure.
- National Funding does not sell, trade or rent or otherwise share the borrower’s personal information with third parties without consent.
- National Funding implements security measures designed to protect the borrower’s information from unauthorized access and from potential security breaches by implementing certain technology security measures such as encryption.
Help & Support
National Funding has exceptional customer service. It is commonly given high marks by customers for its attentive, professional Loan Specialists who are accessible to the customer throughout the life of the loan. It provides quick service, an easy process for the customer, and they are helpful to work with.
Deep Dive into Pros and Cons
National Funding is not new to the lending game and has been around long enough to have plenty of legitimate customer reviews. While the company has a few negative reviews, we believe the positive outweigh the negative.
Here’s an example of what some of their customers say:
Pros:
- Reputation: BBB gives National Funding an A+ rating.
- High approval rates
- Customer Service: National Funding Loan Specialists take their time to work with each customer.
- Early payoff discount: A unique discount for any loans paid off early.²
- Quick and easy: The application process can be under 24 hours.
Cons:
- Must speak with a Loan Specialist in order to understand terms.
- Not available to start-ups
Summary
National Funding is a veteran in the business lending space, known for superior customer service, high approval rates, and speed. Compared to more traditional lenders, this lender approves loans at a high rate, offers the convenience of an online application, and provides funds in as little as 24 hours.¹ National Funding customers also value the savings they gain from receiving a discount when they pay their loan off early.² Since businesses do need to be established with a minimum of in business and Monthly Revenue: $20K+ monthly gross revenue, they don’t offer a solution for start-ups.
Physical Address
9820 Towne Centre Dr #200
San Diego, CA, 92121
USA
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Disclaimers
¹ Fast approvals and 24-hour funding subject to receipt of required documentation, underwriting guidelines, and processing time by your bank. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
² Borrowers with a working capital loan receive a 7% discount on the remaining balance if the loan is paid in full within the first 100 days. National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process. Early payment discount amounts and details will be provided prior to acceptance of terms and funding. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.
³ Equipment Financing: payments are remitted monthly with terms of 2-5 years.
Working Capital Loan: payments can be remitted daily or weekly with terms of 4 months up to 24 months.
⁴ Terms and Conditions apply: This is not a guaranteed offer of credit. Rates and terms for business credit products are subject to underwriting guidelines, may be provided by third parties, and are subject to lender approval. Approved funding amount is based on eligibility. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average business bank account balances, personal credit and other variables deemed relevant by the lender.
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
