Fundbox Review

Fundbox Review

Small business find it hard to access capital for their operation and general growth. Fundbox comes in to bridge this gap and ensure that small business have easy time accessing credit. It understands the cost implication that small business have to meet in taking their businesses to the next level. Fundbox offers a simple process to access credit that does not involve any form of paperwork or checking of credit score to start.  

All you are needed to do is do a free registration of with Fundbox, connect your bank account or any accounting software you may have with Fundbox for an easy way to access and review your business. As opposed to many lenders, Fundbox does not focus its review on your personal credit score; but on the financial health of your business

What type of funding does Fundbox provide?

Business loans 

Highlights

requirments_icon1Loan Amount
Credit limit up to $100,000

Repayment period:
12 to 24 Weeks 

Approval Time

a few hours  

What do I need in order to qualify for funding?

You will need a few things to qualify for funding: 

  • No annual revenue needed 
  • No minimum credit score 
  • An active online account (for at least 6 months)/ an accounting software 

How do I apply to get funding?

Applying for funding at Fundbox is easy, all you need to do is provide your accounting or bookkeeping software or bank account digitally to Fundbox for assessment of your business’s health. 

Find the right funding for your business

What is the process to receive funding?

You will get your money very fast after approval –as fast as 24 hours. 

Does Fundbox run a credit check? 

No, they check your business health 

Do I have to provide security or a guarantee? 

No 

Are there fees involved? 

  • No origination or maintenance fee 
  • Weekly fees starting at 4.66% for a 12-week repayment plan 

What are the loan rates? 

The loan rates 16.4% to 76.5%  

What documentation do I need to provide? 

You are required to connect your accounting software with Fundbox for assessment of the health of your business. 

How long will it take for money to get into my account? 

In general, applying and receiving funds is fast; you get your money after 1 day. 

What happens in the case of a default? 

Fundbox assigns your account to a collection agency for follow up. 

Is Fundbox regulated? 

Yes, its operations are subject to the regulations of the First Electronic Bank.