Once approved, the company disburses funds to your bank account within 2 business days, although your bank may hold the funds longer. However, if you apply for a limit increase, it may perform a hard credit check. The company does not run a credit check during the application process. From that point, Fundbox will evaluate your business financials and notify you of its funding decision within a couple of hours.įundbox automates the entire process based on the company’s big data analytics and predictive modeling technology. For invoice financing, you’ll need to link accounting software. For direct draw you’ll need to link a bank account. Fill out the application form with your name, business email, phone number, and then link your account. How Do I Apply for Fundbox?Īpplying for Fundbox is an easy online process.
#FUNDBOX INVOICE FACTORING SOFTWARE#
Its proprietary algorithms determine your creditworthiness based on the financials of your accounting software or bank account. Fundbox is compatible with over 24,000 banks and credit unions.įundbox does not place a lien on your business, and it does not report to credit agencies. Your credit score isn’t a factor – instead, you’ll need to connect your business bank account and show at least three months of activity. To qualify for a direct draw loan, you need to have been in business for at least six months with annual revenue of at least $25,000. If you pay off the loan early, you do not need to continue paying the interest. There are no origination, withdrawal, money transfer, or early payoff fees. Lines of Credit (Direct Draw)įundbox’s direct draw are revolving lines of credit between $1,000 and $100,000 with an interest rate of 0.5% to 0.7% per week, which equates to an APR between 15% and 59%. You can choose which invoices to finance, and the fee charged is based on the risk and probability of repayment. Fundbox integrates with major systems such as Clio, FreshBooks, Harvest, Jobber, QuickBooks, PayPal, Sage One, Xero, and more. To prove these invoices, however, you’ll need to have at least three months of activity in an online accounting or bookkeeping platform. There are no minimum requirements for revenue, credit score, or business age, as the loans are based on invoices. If you pay the loan off early, you do not need to pay the full-term interest. There are no origination, maintenance, or termination fees. Repayment terms are weekly for either 12 or 24 weeks. This comes out to an APR between 16.4% and 76.5%. The invoice financing option provides loans for 100% of invoice values from $1,000 to $100,000 at for a fee of 0.4% to 0.7% per week. Financing Optionsįundbox offers two major financing options: invoice financing and lines of credit.
These bad reviews appear to be more the exception than the rule, though, and the vast majority of customers seem happy with the service. The handful of negative reviews center around the company either overcharging after payoff, rejecting a business, or offering too low of a credit line. In fact, Fundbox has generally positive customer reviews across the Internet. It has an A+ rating with the Better Business Bureau and no negative customer reviews on the site. The company raised over $107.5 million in funding from investors like Khosla Ventures, Blumberg Capital, General Catalyst Partners, and Amazon owner Jeff Bezos.
It uses big data analytics and predictive modeling to provide small businesses and freelancers with different funding options. It was founded in 2013 by Eyal Shinar, Tomer Michaeli, and Yuval Ariav. If you’re looking for working capital, this FundBox review covers everything you need to know about your options through Fundbox.Īs mentioned above, Fundbox is a San Francisco-based financial technology company. While these types of loans carry large fees, they can be a great short-term financing option for businesses with bad or no credit. Fundbox offers both invoice financing and traditional business lines of credit. Invoice financing is a popular method of obtaining short-term business capital to run your business. Fundbox is a startup that offers working capital options for businesses through invoice financing or lines of credit.
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