Helen Wilbers is a Bankrate editor specializing in auto loans. Helen is passionate about demystifying complex topics, such as car financing, and helping borrowers stay up-to-date in a changing and challenging borrower environment.
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Rating: 4.5 stars out of 5
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Founded in 2013, Fundbox helps small business owners access the credit needed to move their companies forward. It currently offers a flexible business line of credit to fair credit borrowers in all 50 states and U.S. territories.
12 or 24 weeks
Min. annual revenue
Min. time in business
Who Fundbox is best for
Fundbox may appeal to borrowers with lower credit scores seeking fast funding solutions. It’s also a good fit if you prefer a streamlined lending experience, without the massive documentation requirements. You should also generate consistent revenue and be able to repay draws rather quickly if you want to avoid weekly fees.
Who Fundbox may not be best for
Borrowers with good or excellent credit may qualify for more competitive rates elsewhere. Fundbox also isn’t a good fit if you need to borrow more than $150,000. And if you’re looking to build business credit, consider other lenders since Fundbox does not report positive account activity to the business credit bureaus.
Fundbox: in the details
12 or 24 weeks
1 business day
Min. annual revenue
Min. time in business
Weekly fee: 4.66% for 12-week term | 8.99% for 24-week term
Personal credit score
Fundbox pros and cons
Accessible to borrowers with lower credit scores
Soft credit check upon application
Next-day funding available
No prepayment penalties
Requires personal guarantee
Low maximum loan limit
Short repayment periods
Business loan types offered
Business line of credit
Loan quick facts
Amounts: $1,000 to $150,000
Terms: 12 or 24 weeks
Amortized weekly fees: Starts at 4.66% for 12-week terms and 8.99% for 24-week terms
Fundbox business line of credit overview
The business line of credit from Fundbox is unsecured and provides access to working capital of up to $150,000. You can access funds as needed through Fundbox’s website or app and select a flexible repayment plan that works for your company’s finances. You’ll pay a weekly fee instead of interest as long as there’s an outstanding balance. Or you can minimize or avoid borrowing costs if you repay early.
Soft credit check upon application: You can check your approval odds without impacting your credit score. After approval, Fundbox will conduct a hard credit pull when you first use your credit.
Next-day funding available: Most applicants receive a lending decision in as soon as three minutes, and if approved, funds are often accessible as soon as the next business day.
No prepayment penalties: Fundbox does not charge early repayment penalties if you repay the balance before the loan term ends. In fact, it waives any remaining fees for the rest of the loan term.
What we don't like
Requires personal guarantee: Borrowers must provide a personal guarantee, which is a promise to repay the loan if they default. If you fail to repay, Fundbox could sue you for your personal assets.
Low maximum loan limit: The limit of $150,000 may not be large enough for companies looking to make large purchases or significant investments.
Short repayment periods: You'll have to repay each draw within 24 weeks at the most. If your cash flow is inconsistent and you borrowed a large amount, keeping up with weekly payments could be a challenge.
How Fundbox compares to other lenders
With terms of either 12 or 24 weeks — and a maximum line of just $150,000 — Fundbox is designed for short-term expenses. Its relaxed eligibility criteria may be good for some business owners, but both Fundible and Backd offer similar options with much longer terms.
While Fundbox does accept borrowers with fair credit, Fundible is one of the few business lenders that accepts personal credit scores as low as 450. Its other requirements are similar to Fundbox. You will need to have been in business at least six months and have an annual revenue of $100,000.
Its lines of credit are much more flexible than Fundbox. Your credit limit could be as much as $500,000 with terms of 12 to 120 months. Combined with a starting simple interest rate of 6.00 percent, Fundible may be a better choice for lower monthly payments and more time to repay what your business borrows.
Fundible also offers term loans, SBA loans and equipment financing in addition to its lines of credit. However, borrowers that meet the minimum requirements are unlikely to qualify for the best terms. Fundible states that its ideal borrower has a credit score over 600, two years in business and at least $450,000 in annual revenue.
Fundbox vs. Backd
Backd offers both term loans and lines of credit to its borrowers. And unlike Fundbox, Backd gives your business three to 16 months to repay what it draws. With similar requirements to Fundbox, Backd may be a good choice for businesses that want more time to use and repay their lines.
Its simple interest rates start at a high 18.00 percent, although Fundbox also has a high weekly fee that can translate into interest rates in the high double digits. Ultimately, these are very similar lenders. But Backd is able to fund loans within 24 hours, which may make it a better fit if your business needs quick financing and you prefer a longer repayment term.
How to apply for a loan with Fundbox
When you’re ready to apply for funding, visit the website and select the “Apply” button found on the right header. You’ll need to provide at least one of the following:
Access to accounting software or business checking account
Copy of most recent tax return (if you’re not using one of the above options)
Authorization for a soft credit pull
Customer support is available by phone and email Monday through Friday from 8 a.m. to 8 p.m. EST. Call 855-572-7707 or send an inquiry to firstname.lastname@example.org.
Fundbox frequently asked questions
Fundbox is accredited by the Better Business Bureau (BBB) with an A+ rating. Since 2013, more than 500,000 business owners have used the platform to access over $3 billion in working capital.
Fundbox lists its eligibility guidelines on the website. There are no guarantees you’ll be approved if you meet them all, but its loan requirements are lower than those of many traditional lenders.
Your company should be at least six months old and be based in the U.S. to qualify for funding. You'll also need a 600 personal credit score, $100,000 or more in annual revenue and an active business checking account with three or more months of transaction history.
Fundbox conducts a soft credit check to determine your eligibility for a business line of credit. If you are approved and begin using the line of credit, you will undergo a hard credit check that could ding your score by a few points.
How Bankrate rates Fundbox
Though Fundbox’s max amount could be higher, they get points for fast funding and a low minimum amount.
Fundbox’s starting rate is reasonable, though its weekly fees make comparison with other lenders tricky.
Fundbox discloses its eligibility requirements, though it doesn’t report payments to credit bureaus.
This lender gets points for its highly rated app and its online application.
Fundbox’s website mentions term loans but it’s unclear whether they’re available yet.
years in business
loan features weighed
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.