Fora Financial Review

Fora Financial is a New York City-based alternative lender that specializes in meeting the funding needs of small businesses. It offers short-term business loans and a specialized type of financial product for retailers known as merchant cash advances. Notably, it doesn’t impose any minimum credit score requirements. Since its founding in 2008, Fora Financial has provided more than $2 billion in funding to 25,000 businesses.

In this review, we’ll take you on a deep dive into the company’s loan programs. We’ll examine Fora Financial’s pros and cons, so you can decide if it could be suitable for your next small business loan.

Pros and Cons of Fora Financial

Pros:

Cons:

What Does Fora Financial Offer?

Fora Financial offers two main loan programs: small business loans and merchant cash advances (MCAs).

The company’s small business loans work like conventional loans: approved applicants receive the full amount of their proceeds in a lump sum. Then, borrowers pay back the loan in installments over a specified period of time.

MCAs function as a unique alternative for merchants who generate high volumes of credit and debit card sales. These financing solutions work a little differently. Borrowers receive funding in an upfront lump sum, the same as they would with a conventional loan. However, instead of paying down the loan in installments, Fora Financial takes a small percentage of daily card-based sales until the balance is paid in full.

Fora Financial works with a wide range of borrowers, but prefers companies that operate in the following industries and sectors:

Also, prospective customers should note that Fora Financial does not offer financing to businesses in the following industries:

Businesses with open bankruptcy filings or bankruptcy declarations that have been discharged within the past year are also ineligible.

What To Expect on the Site

In order to see if your business qualifies, click on the “Get Started” button on the website. Fora Financial will then ask you to fill in the following information:

After that, click on the “Get Qualified Now” button. Fora Financial will then reach out to you. If you qualify and decide to proceed, Fora Financial uses an easy one-page application form. Along with asking you to complete the application, Fora Financial will also ask for a few pieces of verified documentation, including proof of identity and several months worth of business bank statements.

From there, Fora Financial can make a decision on your application within 24 hours. If you’re approved, then Fora Financial will release your loan proceeds within 72 hours. While this isn’t the shortest turnaround time in the market, it is much faster than what you would get with many traditional banks.

We should point out that while Fora Financial won’t perform a hard credit pull when you see if your business qualifies, it will complete a hard credit pull if you decide to formally apply. So, you can see if you qualify without affecting your credit score.

Pricing

To get detailed pricing information about rates and fees, prospective borrowers should start the no-obligation process of applying. While we can’t generalize about pricing, we can break down a few general financing details below.

For small business loans:

For MCAs:

What People Are Saying About Fora Financial

Fora Financial has an average Trustpilot rating of 3.5 out of 5 stars as of November 2021. This score is based on feedback from customers who’ve left reviews.

Additionally, Fora Financial has been accredited by the Better Business Bureau since 2011. It also holds an A+ rating from the BBB.

The Bottom Line

Fora Financial’s appeal largely comes from its lack of credit score requirements, making it a good place for credit-challenged borrowers to seek funding. It offers fast funding of $5,000 to $500,000. It even offers early payoff discounts, which is a nice perk to keep in mind. Given all that, Fora Financial shapes up as a good option to include in your comparison of the best business loan providers.