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Fundbox Review


ConsumersAdvocate.org Rating: 3.9 / 5 (Very good)
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Fundbox is an alternative lending platform currently operating out of three offices in San Francisco, Dallas, and Tel Aviv. They focus on giving owners of small businesses access to credit via iCredit lines that provide customers funds in one business day. The company was founded in 2013, has a 4.7-star TrustPilot rating, and an A+ score with the BBB.
 
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How is Fundbox rated?

Breakdown

4.0/5
Loan Options
4.0/5
Application Requirements
3.5/5
Average Rates & Fees

Overall Rating: 3.9 / 5 (Very good)

Fundbox offers personal lines of credit with a relatively low loan maximum of $150,000, short loan terms, and relatively high APRs.

The company may be ideal for small businesses that want access to funding in 1-3 days. The company has a minimum FICO credit score requirement of 600. Fundbox uses your business bank account transactions and other business data sources to determine eligibility and fees.

Credit score does figure in, but only as one factor. There is no hard credit pull until you draw funds—so there's no risk to your score until you've seen your credit limit.

Fundbox enjoys a great reputation for customer service and satisfaction and receives excellent ratings from the Better Business Bureau and Trustpilot.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

SBA Loans

Repayment Terms

Term Loans

Max Loan Amount
$0
Min Term Length
3 months
Max Term Length
6 months

Business Lines of Credit

Min Loan Amount
$1,000
Max Loan Amount
$150,000
Min Term Length
3 months
Max Term Length
6 months
Repayment Terms
Fixed weekly payments

Invoice Financing

Repayment Terms

Loan Options - 4 / 5

Fundbox offers business lines of credit up to a maximum of $150,000 per loan. small business loan

Fundbox's repayments terms are somewhat restrictive as well, at 3-6 months in fixed weekly payments. However, the company does allow you to repay early in order to save on fees and lower APRs.

Fundbox Rates & Fees

Lines of Credit

Min. APR
15.0%
Max APR
59.0%

Lines of Credit

Fees: You repay Fundbox's line of credit in 12 or 24 weekly payments which include a fee that starts at 4.66%.

Average Rates & Fees - 3.5 / 5

Because of their relatively short terms, in combination with the fact that loan products like lines of credit are generally costly in the first place, Fundbox's APRs are on the high side. However, borrowers can repay early to minimize fees and lower effective APRs.

Application & Qualifications

Online Application
Approval Time
Get a decision in minutes
Funding Time
Funds transfer as soon as the next business day
Min. Credit Score
600
Additional Qualification Requirements
Connect Bank Account

Application Requirements - 4 / 5

Fundbox makes credit accessible to a wide range of businesses. The company requires a minimum FICO score of 600, which is lower than many lenders require. Borrowers must have been in business for six months or more and be able to show three months of accounting history to be approved.

FundBox uses your connected business accounting software or business bank account along with other business data sources, in order to assess your business's health.

You can get a credit decision in under 3 minutes (based on the median decision time for Fundbox customers), and if approved, you can get your funds as soon as the next business day.

Fundbox Reputation

Customer Feedback

Trustpilot Score
4.7 out of 5
BBB Rating
A+
BBB Neutral Reviews
1
Date Collected
2021-01-20

Consumer Education - 4 / 5

Fundbox publishes a range of articles, videos, and ebooks on its website to educate business owners.

The company enjoys and excellent reputation with a 4.7 rating on Trustpilot and a BBB score of A+. The company has also been featured in articles by the New York Times, Forbes, and Wired.

Contact & Additional Information

Homepage URL
https://fundbox.com/
Company Phone
(855) 572-7707
Headquarters Address
300 Montgomery St., San Francisco, CA, 94104

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Customer Comments & Reviews

Loading Reviews ...
Ron N
11/8/2018
Total waste of time! Fundbox claims to offer business line of credit but in reality its providing student pocket change. After giving access to my business bank account with over 150k monthly income, plus my personal credit with score of 700+, I was expecting the full 100k but instead got $2,500. It is possibly an error in the way the process information as , my business has several bank accounts. Either way its a complete waste of time.

G
Grace B
6/25/2018
Fundbox will take all your information and run your credit, without disclosing all their "criteria" for approval. I learned this the hard way when they approved me for $21k and then closed my account the next day with no explanation. I have excellent credit and have consistently invoiced $100k/monthly, as I've shown them in my bank statements. How was I not approved? The worst part was, I was unable to reach any rep when I called in to find out why. What I got instead was online direction to mail in a written request for an answer to be returned to me within 30 days. Don't waste your time with this company. I've also noticed many others are sharing the same experience online and are... Read More

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Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000
  • Average Yearly Revenue requirements: $100,000
  • Minimum Credit Score: 625 FICO
  • Minimum Time in Business to apply: 1 year
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