Fundbox Review: Online Small Business Lines Of Credit

Pros

• Few extra fees
• Discounts for repaying early
• The application process is fast and easy
• Funds are disbursed quickly
• Multiple avenues of customer support

Cons

• Rates can be expensive
• Repayments are required frequently

What Is Fundbox?

Fundbox is an embedded working capital platform specializing in lines of credit that can help you optimize your cash flow and manage expenses. It’s also a great, versatile option for business loans for bad credit.

Services Offered By Fundbox

Fundbox provides revolving lines of credit with a 12- or 24-week repayment period. Lines of credit are similar to a credit card. You can make multiple draws up to the amount of credit set by the lender. When you draw from the line of credit to receive cash, only then will you start to pay interest on the amount borrowed.

Fundbox Borrower Qualifications

Fundbox discloses the following borrower requirements:

Additionally, Fundbox requires that you’ll need to be based in the US and have a business checking account. If Fundbox isn’t quite the right fit for your business, there are plenty of other options for small businesses, including startup loans for businesses with bad credit.

Fundbox Rates & Fees

Fundbox’s primary service is its line of credit:

The amount you are eligible for will depend on your business’s financial strength, and Fundbox may increase your credit line in time.

Borrowers can request funds from their line at any time. The funds will be deposited in their business bank account as soon as the next business day (depending on the time of day you request the funds). Fundbox does not charge any draw fees or money transfer fees when you request funds. This is a revolving line of credit, meaning that your credit line replenishes as you repay borrowed money.

Repayments are made in equal installments over 12 weeks or 24 weeks. The borrowing fee begins at 4.66% for 12-week terms and 8.99% for 24-week terms. There is no prepayment penalty — meaning if you pay your loan off before the 12 or 24 weeks are up, you can save on fees. Our short-term loan calculator can help you get an idea of what to expect with a Fundbox line of credit.

Fundbox has also recently started offering a paid option for its LOCs called Fundbox Plus. Fundbox Plus costs $99/month but saves you 20% on fees, gives you the option to repay your Fundbox line of credit over the more extended period of 52 weeks, and lets you make payments every four weeks instead of each week.

Fundbox’s Application Process

Fundbox has a speedy application process.

Fundbox’s application is fully automated. Most borrowers will receive a funding decision in as little as three minutes. If approved and you like the rates you’ve received, you can begin requesting funds immediately. Funds generally hit your bank account as soon as the next business day, depending on the time of day you make the request.

Sales & Advertising Transparency

Fundbox has taken a bit of a step back in transparency recently. Some of this may be due to changes in product offerings.

Fundbox still provides a fair amount of information on its website, but information on rates will prove elusive outside of the provided example rates.

Fundbox Customer Service & Technical Support

Most customers cite positive experiences with Fundbox’s customer support. In my experience, phone wait times were short, and representatives were helpful.

Fundbox User Reviews

Overall, Fundbox has an excellent online reputation. The company is accredited by the Better Business Bureau (BBB) and has an A+ rating. There are 16 complaints on file in the past three years, all of which appear to be addressed by the company. The 431 customer reviews on the site are overwhelmingly positive, with an average rating of 4.79/5.

Negative Fundbox Reviews & Complaints

While there are a few negative reviews, the majority of customers are pleased with the company’s service. However, there are still a few recurring complaints from customers:

• Credit Limit Too Small: The most common complaint about Fundbox is that the borrowing amount is too low. Fundbox periodically reviews your account and increases credit limits for customers with a good financial history. However, some customers have complained that the credit increases don’t come fast enough, and they don’t know when their accounts will get reviewed again.
• Too Expensive: Other customers have voiced concerns about the expensive capital. While Fundbox’s fees can be a little high, they are competitive with similar lenders. Before settling on Fundbox, you might want to see if you qualify for other lines of credit that are less expensive (but might be more difficult to qualify for).
• Communication Issues: Some of the gripes revolved around how (and how quickly) Fundbox addressed complaints, typically regarding repayment accommodations.

Positive Fundbox Reviews & Testimonials

Despite the few complaints above, customer reviews of Fundbox are overwhelmingly positive. It also rates a 4.6/5 on Trustpilot, with 3,600+ reviews. Here is what customers like about Fundbox’s service:

• Fast & Easy Application Process: Users appreciate how easy and quick the Fundbox application is and how fast it is to receive funds.
• Few Additional Fees: Fundbox doesn’t pile on the miscellaneous fees. You won’t even pay an origination fee.
• Good Customer Support: A large handful of users also praise Fundbox’s level of customer support.

FAQs About Fundbox Financing

Is Fundbox Financing Right For Your Small Business?

Customers have predominantly positive things to say about Fundbox in their reviews, and it’s easy to see why. Fundbox provides useful financial products suitable for many small B2B and B2C businesses, whether they’re suffering from cash flow problems, want a credit line for emergencies, or some other reason. Fundbox pivots and adapts quickly to new market conditions.

Larger businesses will find that other companies offer loans or lines of credit with lower fees and higher borrowing amounts. But if you don’t qualify for those options, Fundbox is a good bet.

Interested in your other options? Start your research with the best small business loans to find the Fundbox alternative that’s right for you.

The Merchant Maverick Seal of Approval 🏆

Fundbox	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Fundbox for yourself.

The Merchant Maverick Seal of Approval 🏆

Fundbox	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Fundbox for yourself.

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