Fundbox Small Business Loans Review 2024
Whether you need funding to purchase more inventory, pay vendors, make a business purchase, or leverage borrowed capital to grow your business, Fundbox Business Loans offer lines of credit that can help.
In this review, we’ll go over the details of Fundbox's business loans to help you decide if these loans offer the right features for your business.
Recommended: Visit our comprehensive guide on small business loans or read our review of the best small business loans.
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Small Business Loan Guides
Learn more by checking out our comprehensive guides on small business loans.
Fundbox Business Loans
Our Approach:
To help match your business with the right loan, we compared Fundbox’s loan offerings and matched those to the businesses that would best benefit.
In this review, we’ll cover the type of loan Fundbox offers to help you decide if Fundbox is the right lending partner for your small business.
Selecting the best small business loan for your company comes down to three things:
- Type of business you have
- Needs of your business
- What you want for the future of your business
Fundbox Business Loans Summary:
Fundbox offers one type of loan, a business line of credit.
- A line of credit is the best business loan for companies needing the flexibility of a revolving line of credit. Similar to a credit card, with a business line of credit you can draw as you need and pay only on the amount you use. Fundbox offers credit lines up to $100,000 with rates as low as 4.66%. You can be approved in a couple of minutes.
PROS
- Larger credit limits
- Free up your cash
- Fund only what you want
- Transparent fees
- Easy approval
- Funds available on demand
- Access to a revolving line
- Only pay for what you use
CONS
- Not a long term finance solution
- No early payment incentive
- Pay most of the interest on the front-end of the loan
Recommended: Read our guide on how to build business credit.
How to Apply for a Fundbox Line of Credit Loan:
- Apply online in less than five minutes providing basic details about your business.
- Draw funds using your online dashboard to request funds.
- Make fixed, weekly payments over 12 or 24 week periods.
- Access more funds as you continue to make payments.
Types of Fundbox Business Loans
Fundbox offers one type of business loan: lines of credit. A line of credit is similar to a working capital loan save for the rates being less as well as the term. It works the same way as a credit card works; both offer a revolving line of credit from which you can draw funds when necessary. You must pay the fixed minimum weekly or monthly payment to stay in good standing with the lender. As you make payments, your credit limit returns, making it so you can continue to borrow funds from the credit line.
Fundbox Line of Credit
Line of credit loans are useful because they are easy to qualify for, offer flexible terms, and useful for taking care of short-term business needs.
Lowest rate: 4.66%
Loan sizes up to: $100,000
Benefits:
- Funds available on demand
- Only pay for what you use
- Access to a revolving line
- Auto debit from you bank account
- No early repayment penalty
- See fees upfront
Qualifications:
- 500+ credit score
- 3+ months in business
- $25,000 in annual revenue
How to Apply:
- Visit Fundbox’s website to apply online
- Draw funds as needed
- Repay weekly through auto-debit feature
- Borrow more as you repay
Fundbox Customer Reviews
Fundbox seems to have mostly positive reviews from customers. Here are some verified Fundbox reviews on Trustpilot’s website made by people who sought loans through them to help their businesses:
“I've only had great experiences with Fundbox. You have helped me out in some tight spots. Thank you!”
“Fundbox has been great for us as a start up business. They was the only that could help us with a line of credit to help us when things was tight with cash flow.”
“After 2.5 years of being a customer, always paying back on time and in full ALL of my loans, they decided to turn off my credit line to "review" which is kinda understandable given the year of 2020. However, i had to call many times to get them to take action to review my account, and every time I was told soemthng [sic] would happen and most times it did not. (someone would call me back, they would email me an update, they would...) As a small business owner, i was depending on Fundbox as a financial partner, to help especially in times of need, thus a funding partner! I have been waiting almost 3 weeks for them to do what was promised to be dome weeks ago. I am now lat eonbills and have little faith in Fundbox doing what they say they will do!”
Learn more by checking out our comprehensive guides on small business loans.
Fundbox Review Ratings
Value - 4/5
Overall Fundbox’s value works well for most businesses given they sell business lines of credit that can help a business in a cash flow crunch. Fundbox may not be so useful, however, for companies needing a real estate or equipment financing loan or other long-term loans.
Customer Service - 5/5
Fundbox customer service is friendly, transparent, and extremely helpful. Our overall experience was satisfying.
Ease of Use - 3.5/5
Applying for a line of credit is exceptionally easy. Everything is explained perfectly on Fundbox’s website. The only problem is that it took time to find the needed information. An internet search provided more information than Fundbox’s homepage.
Included Features - 4/5
We like Fundbox’s approach to lending because everything is transparent and fair. This is the primary feature we liked, but we also liked how simple Fundbox makes it to qualify for a loan.
Final Thoughts on Fundbox
Fundbox may be the right lender for your business if you need a line of credit and you don’t qualify for a business credit card. Fundbox offers low-interest rates with no early repayment penalty.
Visit our comprehensive guide on small business loans.
FAQ
Yes, they perform a soft pull during the application process (doesn’t affect your credit). If you are approved for a loan, they’ll then do a hard pull (does affect your credit).
Eyal Shinar is the founder and owner of Fundbox.
Yes. The Small Business Administration (SBA) offers SBA 7(a) loans for startups as well as established small businesses.
PPP stands for Paycheck Protection Program — a new program offering loans up to $10 million at 1% interest rate.
Yes, through Owner Compensation Replacement (OCR) provision PPP loans can be used to pay yourself.
Fundbox approves loans fast and quickly disburses the loans into your business checking account.
