Fundshop is a relative newcomer in the online business lending industry. However, it’s built a solid reputation in just a short time. As of November 2021, the company has funded more than 20,000 businesses of various sizes. Many customers credit Fundshop with saving their businesses from financial failure during the COVID-19 pandemic.
In this review, we’ll look at Fundshop’s lineup of business loans. We’ll also examine a cross-section of professional and customer opinions regarding the company. Keep reading to see if Fundshop works for your business.
Pros and Cons of Fundshop
- Fast funding
- Hassle-free application
- Multiple loan options
- Often no collateral required
- Limited social media presence
- High monthly revenue requirements
What Does Fundshop Offer?
Fundshop has six categories of loan and funding programs: merchant cash advances, lines of credit, poor credit financing, bank-only ACH funding, business advances, and commercial business loans.
The following table summarizes their core functions and features:
Merchant Cash Advance
- Designed for retail businesses
- Pledge a small percentage of future credit card transactions in exchange for a loan
- Receive funding very quickly
Lines of Credit
- Available for businesses of all sizes
- Ideal for “use it as you need it” revolving credit
Poor Credit Financing
- For businesses facing tax liens, bankruptcies, and FICO credit scores below 500
- Get necessary funding that other lenders won’t offer
- Higher interest rates apply
Bank-Only ACH Funding
- Get funded without requiring a merchant bank account
- No need to accept credit cards in exchange for a loan
- Approval decisions are based on gross monthly deposits to your business checking account
- Rate-and-term loans for businesses of all sizes
- No application fee
- Near-instant quotes based on both traditional and nontraditional data points
Commercial Business Loans
- Available to small business owners
- Obtain working capital for virtually any business-related purpose
Fundshop doesn’t openly disclose specific terms and rates. Customers can access this information by completing the quote request process. However, Fundshop’s website does show that they fund amounts from $10,000 to $2,000,000. They also say that borrowers can receive funds within 24 hours of applying for certain programs.
What To Expect on the Site
Prospective customers can request a quote directly through the Fundshop website. It’s free to do so and carries no obligation. In order to complete the fast and easy process, you’ll need a few pieces of data:
- The full legal name of your business
- The amount you would like to borrow
- Your planned use of the funding
- Your company’s average monthly revenue
After submitting these details, Fundshop will respond with offers. Most customers qualify for multiple loan types and offers. These will be broken down in detail when you receive your quotes. If you like an offer, then you can then proceed by accepting it. After approval, Fundshop will release your money and wire it into your business bank account. This typically takes place within 24-48 hours of approval.
During the quote request process, Fundshop performs only a “soft pull” of your business credit data. So, your score won’t be affected by applying.
Fundshop allows customers to apply for most of its loan programs free of charge. You may incur other fees, such as origination fees, depending on the type of loan you acquire. Each loan request is handled on a customized basis. So, Fundshop doesn’t promote general interest rates. However, as of November 2021, the company indicates that its loans start as low as 3.75%.
Fundshop is known for low fees and competitive rates. Actual terms will vary from one loan to the next, but the company appears committed to customer-friendly rates and terms.
What People Are Saying About Fundshop
As of November 2021, Fundshop has an “A” rating on the Better Business Bureau (BBB) website. The company is accredited by the BBB and has been since 2018. Additionally, Fundshop has a rating of 4.7 out of 5 stars on Trustpilot. As of November 2021, the company’s customer reviews on Trustpilot break down as follows:
- 90% of reviewers give Fundshop a perfect 5 out of 5-star rating
- 97% of reviewers give Fundshop 4 out of 5 stars or higher
The Bottom Line
Fundshop offers a complete lineup of flexible solutions for businesses in need of loan capital. It also has unique, purpose-built programs for retail companies and businesses experiencing financial hardship. The company’s still working to build its social media and online footprint. However, all indications suggest strong enthusiasm for this reliable provider of competitively priced business financing solutions. For these reasons, Fundshop is worth a consideration as you look into top business loan lenders.