Fundbox Business Loans Review

Do I need a credit check to take out a business loan with Fundbox?

The prequalification process does not require a hard credit check - that comes later when you complete a loan offer and receive your funds. If you use your credit score as one of your references during your application process you will have a soft credit check pulled during your application process. A hard inquiry will be completed when you draw on your line of credit for the first time and Fundbox may periodically conduct soft credit checks to reassess your status and possibly offer you more available funds. Soft credit checks will not affect your credit score.

Are there any hidden costs and fees associated with Fundbox business loans?

While there are no outright fees required when you take out a business loan with Fundbox, it is important to be aware of the high cost of the loan due to interest. If you have a high credit score and business cash flow you may be able to take out a loan with a low APR but in some cases the APR can be as high as 78% which can make a Fundbox business loan an expensive option. That said, you can pay it off early without facing prepayment fees which may save you money you would have had to pay towards interest rates.

How is Fundbox’s customer service and support?

Fundbox’s customer service has received generally positive reviews and many people mention it’s relatively easy to get in touch with a customer service agent and get their question answered or their issue resolved. If you have a question for Fundbox, you can email them at support@fundbox.com or call their customer support line from Monday through Friday between the hours of 8:00 AM and 8:00 PM EST.

How to qualify for a Business Loan through Fundbox

The qualifications to borrow from Fundbox may vary but generally you will be able to qualify if you have:

• Personal credit score of at least 600
• Be located within the United States
• $100,000+ in annual revenue
• Been in business for at least six months ideally although some exceptions may apply
• Business financial history including business specific checking accounts

How to Apply for a Business Loan with Fundbox

The application process for business loans through Fundbox is quick and efficient. To start, simply head to Fundbox’s website and submit a brief online application. This application will ask for your basic information as well as basic information about your business. Depending on your situation you may need to submit additional information such as your personal credit history, business cash flow, business bank account statements, and so on.

Once you submit your application, you will get a response within seconds in many cases. Once you receive an affirmative notice then Fundbox will start the process of sending you funds and you will receive the money within one business day but the specific amount of time depends on your bank’s policies and procedures. If your application requires further review, Fundbox will notify you immediately and send you an email when a decision is made.

Is Fundbox Legit and Trustworthy?

Fundbox is a completely legitimate financial service that strives to keep your information secure using the highest industry standards and protocols. They list the security programs and softwares they utilize on their website and are transparent about their methods. You will likely need to log into your bank account during your quick application process and Fundbox clearly states that they do not store that information.

Fundbox has been a Better Business Bureau Accredited business since 2014 and currently holds an A+ rating. In the past three years they have had 13 complaints that have all been resolved, only one of which was submitted in the past year.

Conclusion

Ultimately while Fundbox is a trustworthy lender who can get you funds quickly, it is really only an option to consider if you are in need of fast cash. The high interest rates and aggressive payment schedules may put you in a worse financial situation in the end. However if you are unable to find another loan with better rates you may still have a chance at qualifying for a Fundbox business loan. If you do borrow from them, pay the loan back as early as you can as you will save on interest and they do not charge prepayment penalties.