SMALL BUSINESS LOANS REVIEWS
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Fora Financial Small Business Loans: 2024 Review

Written by
David McMillin
Edited by
Pippin Wilbers

Updated Apr 15, 2024

At a glance

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4.5
Bankrate Score
Caret Down
Accessibility
Affordability
Customer experience
Transparency
Flexibility
How Bankrate Scores work Arrow Down

Overview

Fora Financial has been around since 2008. The lender specializes in short-term business loans for borrowers with bad credit, but loan terms can be short.

Lender Details

  • Moneybag

    Loan amount

    $5,000-$1.5 million

  • Rates

    Interest rate

    Not stated

  • Clock Wait

    Term lengths

    Up to 16 months

  • Dollar

    Min. annual revenue

    $144,000

  • Business

    Min. time in business

    6 months

Who Fora Financial is best for

With a minimum credit score requirement of just 500, Fora Financial is a good fit if your credit isn’t perfect. The company is also a great option for business owners looking for a fast business loan: Fora Financial business loans can be approved in as little as four hours and disburse funds within 72 hours.

Who Fora Financial may not be best for

If you’re looking for a long-term business loan, you’ll need to look elsewhere. Fora Financial’s repayment periods only stretch up to 16 months. Additionally, if you have great credit and a more established business (at least two years), you may be able to score a much more affordable interest rate with a traditional bank or credit union.

Fora Financial: in the details

Loan amount
$5,000-$1.5 million
Interest rate
Not stated
Term lengths
Up to 16 months
Fastest funding
1 business day
Min. annual revenue
$144,000
Min. time in business
6 months
Personal credit score
500

Fora Financial pros and cons

Pros

  • Checkmark

    Fast approval and funding

  • Checkmark

    Minimum FICO score of 500

  • Checkmark

    Potential savings for early payback

Cons

  • Short repayment periods up to 16 months

  • Few types of loans

  • Daily or weekly repayments

Business loan types offered

Fora Financial offers short-term financing options that include small business loans and revenue advances. Loan sizes range from $5,000 to $1.5 million, and the lender uses factor rates to determine the total cost of the loan. 

To calculate the total cost of borrowing, you multiply the principal by the factor rate. For example, if you borrow $25,000 with a factor rate of 1.4, the total repayment amount would be $35,000 ($25,000 x 1.4 = $35,000) plus any additional fees. 

In some cases, Fora Financial representatives will give you information that conflicts with what the website states. For example, a spokesperson told Bankrate that the lender can accept three months in business and a minimum annual revenue of $144,000. But the website states that the minimum is six months in business and $180,000 in annual revenue ($15,000 monthly). 

A spokesperson also showed that terms go up to 16 months, while the website states that terms stop at 15 months. You’ll want to ask a representative questions about what options are available to you.

Loan quick facts

  • Amounts: $5,000 to $1.5 million
  • Terms: Up to 16 months
  • Factor rate: Not stated

Fora Financial small business loan overview

Fora Financial’s small business loans are all designed for short-term capital needs. While some lenders offer business loans with much longer terms, with Fora you’ll need a fairly aggressive repayment plan. However, you won’t have to offer any collateral in exchange for the funds. Plus, once you have paid back 60 percent of the original amount, you’ll be eligible to borrow more money.

Loan quick facts

  • Amounts: $5,000 to $1.5 million
  • Terms: No fixed terms
  • Factor rate: Not stated

Fora Financial revenue advance overview

Fora Financial’s revenue advance program will let you borrow money in exchange for paying back the company via your earnings. Many other lenders refer to this kind of borrowing structure as a merchant cash advance. Otherwise, the requirements for eligibility are the same as a traditional small business loan with the company.

Do you qualify? 

The qualification standards for Fora Financial are fairly straightforward. The company works with companies involved in a wide range of industries — automotive, construction, restaurants and more – and there is no disclaimer regarding restrictions for certain types of industries. Fora Financial’s minimum requirements include:

  • In business for at least 3 months
  • Have at least $15,000 per month in gross sales (a spokesperson stated that the minimum is $144,000 per year)
  • Minimum FICO credit score of 500
  • No open bankruptcies

What we like and what we don’t like

Fora Financial’s business model is appealing if you need access to capital and you’re in a time crunch. However, there are drawbacks to consider, too. Think carefully about what your business needs to grow — and how much you’re willing to pay to make your dreams a reality.

What we like

  • Fast approval and funding: If your business needs cash quickly, Fora Financial’s super-speedy application process is a big win. The company can approve and issue funds in 24 to 72 hours.
  • Low minimum credit score requirement: Many traditional lenders might turn away applicants with less-than-perfect credit, but Fora Financial will consider scores as low as 500.
  • Prepayment discount: If you can accelerate your payoff plan, you can save some cash. 

What we don't like 

  • Short repayment terms: You’re going to need to pay back your funds fast with Fora Financial, which can translate to fairly sizable installments.
  • Few types of loans. To date, the only types of loans that Fora Financial offers are a term loan and a revenue advance, which is similar to a merchant cash advance. You’ll need to look elsewhere if you want equipment financing, lines of credit or other types of loans.
  • Aggressive repayment schedule. You’ll need to repay the loan in daily or weekly installments, which could restrict your business budget. Many other online lenders offer monthly repayment options. 

How Fora Financial compares to other lenders

Fora Financial is best known for its fast funding process and flexible lending requirements, making it a suitable option for businesses in need of immediate cash. The lender specializes in short-term business loans, offering loan sizes from $5,000 to $1.5 million, with terms up to 16 months. 

Lending requirements include three months in business and $144,000 in annual sales, though the website states that it requires $15,000 in revenue monthly.  Additionally, they are willing to work with bad credit borrowers with personal credit scores as low as 500. Here’s a look at how Fora compares to two other online lenders.

4.5

Bankrate Score

  • Loan amount

    $5,000-$1.5 million

  • Interest rate

    Not stated

  • Term lengths

    Up to 16 months

  • Min. time in business

    6 months

  • Min. business annual revenue

    $144,000

4.6

Bankrate Score

  • Loan amount

    $5,000-$10 million

  • Interest rate

    1.11 Factor rate

  • Term lengths

    3 months-10 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $180,000

Read our review Arrow Right

on Bankrate

4.1

Bankrate Score

  • Loan amount

    $10,000-$10 million

  • Interest rate

    N/A

  • Term lengths

    6-24 months

  • Min. time in business

    6 months

  • Min. business annual revenue

    $600,000

Read our review

on Bankrate

Fora Financial vs. Credibly

Fora Financial and Credibly offer business financing options that cater to businesses with bad credit in need of short-term financing. Credibly's range of loan products includes working capital loans, merchant cash advances, business lines of credit and SBA loans. Loans may be funded in as little as 24 hours. On the other hand, Fora Financial only offers two loan options and can fund loans within 72 hours.  

Most of Credibly's loans offer three to 24-month terms and $5,000 to $400,000 limits. Credibly does offer a long-term loan with loan amounts of up to $10 million and repayment terms up to 10 years. But you would need at least a 700 FICO score to qualify for the long-term loan. 

Fora Financial might be a better fit for businesses seeking borrowing limits of up to $1.5 million, especially those with a credit score of at least 500. But repayment periods are limited to 16 months. So businesses want to be mindful of how much the monthly loan payment can impact their cash flow. 

Fora Financial vs. Uncapped

Fora Financial and Uncapped offer short-term, revenue-based business lending solutions. Fora Financial excels at serving bad credit borrowers preferring loan sizes from $5,000 to $1.5 million. The lender requires at least $144,000 in annual revenue, a 500 credit score and three months in business. While a revenue advance is an option, Fora Financial also offers small business loans with a daily or weekly repayment plan. 

Uncapped provides higher loan sizes ranging from $10,000 to $10 million. The lender doesn’t have a credit score requirement, and you only need six months in business. But Uncapped targets high-earning online-based businesses. You’ll need a high $1.2 million in annual revenue to qualify. The exception is if you’re an Amazon seller, in which case you need just $120,000 in annual revenue. 

How to apply for a loan with Fora Financial

Applying online for a loan with Fora Financial is simple. You’ll need to complete a one-page online application and share the last three bank statements from your business. Additionally, you’ll need to share your Social Security Number. After you submit your application, you’ll get a call from Fora Financial to further discuss your business’s needs.

Your initial application requires only a soft credit check that will not impact your credit. Once approved, Fora Financial then conducts a full credit check before issuing funds.

To speak with a representative from Fora Financial about the application process, call 877-419-3568 or email sales@forafinancial.com. 

Fora Financial frequently asked questions

How Bankrate rates Fora Financial

Overall Score 4.6
Accessibility 4.9 Flexible amounts and low minimum credit score and time-in-business requirements give Fora a near-perfect score.
Affordability 4.4 Two fees and a fairly high maximum factor rate bring this score down.
Transparency 4.6 Minimum qualifications for loans are clearly listed; however, Fora doesn't report payments to credit bureaus.
Customer experience 4.3 Customers can fill out an application and manage their loans online.
Flexibility 4.6 Fora Financial offers multiple loan types and the ability to apply for extra funds.

Methodology

Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
22
loan features weighed
Rates
770+
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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