What is Fora Financial?
Fora Financial is a direct loan provider for businesses. They offer different business financing solutions, depending on the needs of each business owner.
Fora Financial offers small business loans and merchant cash advances with as little as 72 hours of approval time. Their loan amounts range from only $5,000 up to $750,000, making it a suitable lender for small businesses. Proprietary software makes it easy for you to view your loan’s progress online, monitor the activity in real time, and advise you about your eligibility for further funding rounds.
What Loans Do Fora Financial Offers?
Fora Financial offers two main types of business loans. Let’s review each of them in more detail:
Merchant Cash Advance
Merchant cash advances are an excellent way to borrow the working capital you need against your future revenue based on your monthly credit card sales. To be eligible for this type of loan, you need to be a merchant that accepts credit card transactions, such as a shop or a restaurant.
You can use the funds for things like paying off bills, buying inventory, or making other purchases for your business. This option provides financing if you want to buy equipment, expand operations, or open a new branch for your business.
Fora Financial offers merchant cash advances of up to 750,000 with no set terms and early payoff discounts. You can access the funds quickly with approvals as fast as 72 hours.
Small Business Loans
Fora Financial also offers small business loans of up to 750,000 with terms of up to 15 months and no collateral required. You can use the money for things like purchasing equipment, hiring employees, or expanding your business.
To be eligible for this option, you will need to provide bank statements for your business, and the approval time can be as little as 72 hours.
How Much Money Can You Get with a Fora Financial Business Loan?
As mentioned before, Fora Financial offers loan amounts between $5,000 and $750,000. The amount your business gets approved for will depend on several factors, depending on the type of loan. However, Fora Financial will work with you to determine the best option for your business.
They will not only consider your credit score for approval like other lenders do but look at your business as a whole and consider other things like months in business, annual revenue, tax returns or balance sheets to help you achieve your desired loan amount.
Who Fora Financial Is Best For
Fora Financial is designed to help small business owners get the business financing they need. They usually work with businesses that:
- Can’t get traditional bank financing because they lack collateral. Unlike traditional bank loans, merchant cash advances don’t require any collateral upfront. You only pay back what you make – no interest or fees. And if your business takes off, they will repay the loan early without penalty and offer a discount for paying early.
- Need a short-term loan faster. Businesses can get fast approval and funding within 72 hours with up to 15 months’ terms.
- Are new to the industry. Newer companies often don’t have much history to show lenders. They also may lack collateral.
- Do not have a lot of assets. Businesses without valuable equipment, inventory, accounts receivable, or other items aren’t eligible for Fora Financial loans because they don’t have much value to offer.
- Do not have a good track record. Lenders typically give higher interest rates to borrowers with poor records. You’ll pay more if you’ve had bankruptcy filings or other financial problems.
Who Fora Financial Isn’t Right For
Fora Financial may not be right for those businesses that:
- Want a longer loan term. Businesses often lack sufficient cash flow to pay back loans fast enough. If you need more flexibility when repaying your loan, you might be better off borrowing from someone else.
- Have recent bankruptcies. Companies with bankruptcy records won’t be able to get financial loans from Foras.
- Don’t have sufficient sales. If your business doesn’t meet the minimum monthly credit card sales gross ($5,000) or revenue requirement ($10,000), it won’t be eligible for a Fora Financial Loan.
Why Should You Choose Fora Financial?
Fora Financial offers business loan options for small and medium-sized businesses looking for financial flexibility. With flexible repayment plans, you can choose the repayment option that works best for your budget.
As a business lender, Fira Financial is highly experienced and knowledgeable about how to help small businesses succeed. The Fora Financial team understands what type of business loan best suits your needs. They work hard to make sure you understand the process and always provide clear communication throughout the entire application process.
How to Apply for a Fora Financial Business Loan
You can apply online for either type of loan at the Fora Financial website, following a simple process. After reviewing your application, you’ll be contacted directly by a representative about the specifics of your loan.