Fundbox Business Loans has been helping small businesses gain access to capital for over a decade. Since launching in 2012, Fundbox has provided over $3 billion in loans to entrepreneurs across industries, funding companies at every stage from startups to established firms.
As an online marketplace lender, Fundbox is able to offer a simpler, faster process than traditional banks. They provide flexible loan terms, reasonable rates, and a straightforward application. This Fundbox review dives into their options, sharing real examples from business owners who’ve gotten loans through Fundbox. We evaluate Fundbox objectively so you can make a smart, informed choice to fund your company’s future.
Whether you need working capital, equipment financing, real estate loans, or line of credit, Fundbox wants to understand your business and determine how they can best support your vision. They value transparency, guiding applicants through each step of the process to ensure a great experience and prudent financial decision making.
Every business strives to grow, but growth requires capital. Fundbox aims to provide responsible financing solutions tailored to your needs. This review explores Fundbox Business Loans’ rates, fees, loan amounts, eligibility, and application to give you a balanced perspective on whether they could be the right funding partner for fueling your business ambitions. When opportunities arise, you want a lender that will meet you where you’re at. Fundbox hopes to do just that.
SERVICES OFFERED BY FUNDBOX
Fundbox Business Loans offers a range of financing solutions to meet small businesses’ diverse funding needs. In addition to revolving lines of credit, Fundbox provides equipment financing, term loans, real estate loans, business credit cards, merchant cash advances, and working capital loans.
Equipment financing and loans enable the purchase or upgrade of business essentials like machinery, equipment, furniture, fixtures, and technology. With flexible terms up to five years and low interest rates, equipment financing helps maximize tax benefits while interest charges remain reasonable. Businesses can acquire assets to scale operations, boost productivity, improve quality, and drive growth.
Working capital loans and lines of credit provide financial flexibility by allowing access to capital as needed for short-term business expenses like marketing costs, inventory management, accounts payable, or hiring qualified staff. Funding amounts typically range from $25,000 up to $500,000 with simple qualifications focused on financial performance rather than personal guaranty.
FUNDBOX BORROWER REQUIREMENTS
Fundbox Business Loans establishes eligibility criteria focused on a small business’s financial position and longevity rather than personal credit scores. Key requirements include:
•Minimum 6 months in business (ideally 1-2 years). Fundbox prefers established businesses with a proven track record of success.
•Annual revenues greater than $100,000. The business must be generating enough revenue to reasonably expect loan repayment capability.
•Credit score of at least 600. While the business’s score is evaluated rather than personal scores, a minimum score is still required. Those with scores in the 600s may be able to qualify with a larger down payment.
•Business checking account. Loan proceeds will be deposited into the business bank account to ensure funds are used specifically for business purposes.
•US-based business. Fundbox lends only to small businesses formally registered in the United States.
•Feasible business and loan purpose. The application must demonstrate how the funds will specifically benefit the business and enable repayment. Vague or unreasonable funding needs will not be approved.
If Fundbox’s eligibility criteria are not fully met or another lender’s offerings seem a better fit based on particular business needs, numerous alternative options exist. Online marketplace lenders, peer-to-peer lenders, banks, credit unions, vendor financing, investor funding, crowdsourcing, and business loan guarantees are some possibilities to explore. Each provider will evaluate applications based on its own standards, terms, fees, and available products.
FUNDBOX INTEREST RATES & FEES
Fundbox Business Loans provides revolving lines of credit as its primary lending product, offering working capital solutions for short-term business financing needs. Fundbox lines of credit range from $1,000 up to $150,000, with the approved amount determined based on a business’s financial strength as evaluated through the application review process. As a business grows over time, Fundbox can increase the available credit line.
Terms are 12 or 24 weeks, repaid through equal weekly or biweekly installments. There are no prepayment penalties, allowing lines of credit to be paid off early without fees. Interest charges accrue only on the amounts actually withdrawn, and Fundbox charges no other fees for borrowing or transferring funds. This results in a simple, low-cost line of credit.
Payments build financial flexibility by replenishing the available credit line, with strong payment histories qualifying for higher credit limits. An optional $99/month Fundbox Plus product provides an extended 52-week term, 20% lower rates, monthly payments, and a larger line of credit, increasing flexibility though at a cost. Funds are deposited in business bank accounts the next business day, allowing fast access to working capital requirements.
FUNDBOX’S APPLICATION PROCESS
Fundbox Business Loans provides a prompt, streamlined application process for quick access to working capital. Their fully automated application aims for an approval and funding decision within just 3 minutes, often even faster, for most eligible applicants. Once approved, borrowers can immediately begin requesting funds from the approved line of credit.
Loan proceeds are deposited into a business’s bank account as early as the next business day, depending on when funds are requested. There are no holds, verifications, or other delays providing access to money. Capital that businesses require to meet short-term operational needs becomes available right away through Fundbox.
Speed and convenience stem from Fundbox’s goal of reducing friction throughout the financing journey. They keep applications brief by requesting only information absolutely essential to determining eligibility and risk. Automated underwriting then instantly evaluates applications objectively against set criteria.
SALES & ADVERTISING TRANSPARENCY
While Fundbox Business Loans aims to keep processes efficient, their website has taken a step back in complete transparency over time. Some lack of clarity may stem from evolving product offerings, but providing comprehensive information on rates, fees, and terms remains important for borrowers to make prudent financing decisions.
Fundbox still shares general information on its website regarding business line of credit products, including ranges of available funding amounts, minimum eligibility criteria, quick approval goals, and fast access to capital. However, interest rates specifically are only exemplified rather than disclosed outright for each loan option. Borrowers must request rate quotes based on particular needs rather than evaluating rates transparently upfront.
Likewise, fees beyond the initial application fee are not listed nor is the total cost of credit including both interest paid and fees. Only paying down principal reduces balances, with interest charged on the full remaining loan amount each payment cycle. Fees can significantly impact the overall cost over longer terms.
FUNDBOX CUSTOMER SERVICE & SUPPORT
While Fundbox Business Loans aims to provide helpful support to their borrowers, the scope of available options could be expanded. Current support includes phone, email, basic knowledge base resources, blog posts, and social media presence but lacks dedicated account representatives or on-site chat/ticket systems.
Phone and email support are available, with most customers reporting short wait times and helpful service. However, support is not linked to particular accounts or relationships, contacting general support lines each time. The personal touch of an assigned representative helps build partnership over the lifecycle of a business loan.
Fundbox does not currently offer live chat, online support tickets, or dedicated account representatives. Borrowers must call phone support or email general business support lines with any questions or issues, even for their specific Fundbox loan. After initially establishing a line of credit, support resources are limited.
A knowledge base and company blog provide some general guidance, but lack interactive forums or expanded how-to content/video libraries for loan servicing or business financing questions. Not all questions can be answered through static written resources alone.
FUNDBOX REVIEWS, COMPLAINTS, & TESTIMONIALS
NEGATIVE FUNDBOX REVIEWS & COMPLAINTS
Fundbox Business Loans aims to maintain an excellent reputation, as evidenced by general online reviews and accreditations. They hold an A+ rating from the Better Business Bureau, with 14 complaints addressed satisfactorily in the past three years according to reports. Fundbox also has over 409 overwhelmingly positive reviews on their website, citing an average 4.78/5 rating for service.
While some negative experiences surface, the majority of Fundbox borrowers seem pleased with the financing partnership provided. Recurring complaints that do appear include feeling approved credit limits were too small, finding rates and fees too high overall, or experiencing issues with handling communications or addressing concerns.
Some borrowers note continued credit limit increases did not come quickly enough given strong payment histories, leaving them uncertain of when to anticipate greater availability. Others argue rates and costs, though possibly competitive, prove too pricey or burdensome. A few stories also emerge of difficultly reaching support, unresponsiveness in resolving issues, or long wait times/runarounds rather than resolutions.
POSITIVE FUNDBOX REVIEWS & TESTIMONIALS
While a few negative reviews of Fundbox Business Loans emerge, the vast majority of borrowers speak highly of their funding experience overall. Customer reviews rate Fundbox 4.7 out of 5 stars on Trustpilot, with 3,595 evaluative mentions citing clear value and satisfaction. Key aspects borrowers appreciate regarding Fundbox include:
•A fast, simple application process resulting in quick access to capital. The online application is brief, information requested is limited to what is absolutely necessary, and decisions/funding are rapid for most approvals. Borrowers get money in their accounts fast when needed.
•Lack of excessive fees. Fundbox charges no origination fees or other miscellaneous charges beyond a nominal application fee. Interest rates are seen as reasonable and fees transparent so borrowers feel they understand total costs. The process feels affordable and fair rather than predatory.
•Helpful, responsive customer support. While support options could expand, the assistance provided is seen as adequate, kind, and timely by most. Calls/emails are answered promptly by support representatives aiming to resolve issues satisfactorily. Some see this personal touch as enhancing an otherwise simple experience.
•Flexibility and partnership. Fundbox is perceived as striving to understand unique business and financing needs rather than impose a “one-size-fits-all” solution. They work with borrowers in establishing credit limits, terms, and repayment schedules that suit particular circumstances rather than following rigid policies. This customized, partnership-focused approach is most valued.
Overall, reviews indicate Fundbox provides a refreshing, streamlined solution for quick business funding when needed at a fair cost and with helpful support. They achieve an ideal balance of simplicity, affordability, and partnership for many small businesses in constant need of capital for new opportunities and operational challenges.
IS FUNDBOX FINANCING RIGHT FOR YOUR SMALL BUSINESS?
Customer reviews predominantly reflect positively on Fundbox Business Loans, citing useful solutions and value for many small businesses, especially those with limited options or financing challenges. Fundbox provides simple yet suitable products for meeting short-term funding needs, establishing emergency credit lines, improving cash flow, and more—regardless of industry (B2B or B2C) or situation.
While larger companies with stronger financials may find more favorable terms from other lenders, Fundbox aims to provide an affordable, accessible option for those unable to qualify elsewhere due to risk profiles, lack of collateral or personal guarantees, short business histories, and other factors. For businesses struggling with constant financial uncertainty or surprise expenses, Fundbox can represent a lifeline rather than a burden.
Reviews indicate Fundbox pivots and adapt its products/terms quickly according to new market demands, economic conditions, regulations, and competition. They work to keep options current, innovative, and appealing without straying from core values of simplicity, affordability, and partnership. This responsiveness, customization, and balance are seen as key to their appeal and ability to support diverse client needs.
