The 6 Best Alternatives To Fundbox Lines Of Credit

Pros

Apply to multiple lenders with one application
Variety of funding options
High borrowing amounts

Cons

Funds take awhile to disburse

Why We Chose Lendio For Best Fundbox Alternative

If you’ve found Fundbox’s offerings to be too restrictive, you can save yourself a lot of time by using a service like Lendio. With just one application, you can receive offers from over 75 lenders, making it easy to find the best loan for your situation.

Additionally, Lendio’s network offers more than just lines of credit, and is more likely to be able to accommodate your specific circumstances. Just be aware that it will probably take longer to get your funds.

Lendio Services

Lendio offers a variety of funding options, including:

Short-term loans up to $500,000
Term loans up to $2 million
Lines of credit up to $500,000
Merchant cash advances up to $200,000
SBA loans up to $5 million
Equipment financing up to $5 million

Lendio Rates & Fees

Lendio’s rates and fees vary depending on the lender you are paired with and the specific product you are offered. For example, merchant cash advances will generally be more expensive than term loans. Your credit rating will likely also affect the rates you are offered.

Lendio Eligibility Requirements

Because Lendio works with a network of lenders, eligibility requirements vary from lender to lender. However, Lendio does recommend a credit score of 550 or higher to increase your chances of getting an offer.

Get Started With Lendio

American Express Business Line Of Credit: Best Line Of Credit Alternative To Fundbox

American Express Business Checking

Get Started With American Express Business Checking

APY

1.30%

Monthly Fee

Business Size

Sole Proprietors and up

Pros

No extra fees
Funds are disbursed quickly
Flexible term lengths

Cons

Information is scattered across company website

Why We Chose American Express For Best Fundbox Alternative

American Express offers a business line of credit similar to Fundbox, but with a little more flexibility in terms of term lengths. Applicants will also appreciate that American Express doesn’t charge origination fees or maintenance fees, so you’ll only incur costs on the money you’re actually using. Note that American Express does have minimum withdrawal amounts, however, which can vary depending on the term length of your line of credit.

American Express Services

American Express offers lines of credit up to $250,000 with term lengths of 6, 12, or 18 months.

American Express Rates & Fees

American Express Business Lines of Credit charge a fee for each month in which you have an outstanding balance. Total fees accumulated over the life of the credit line generally breakdown as follows:

3-9% for 6-month lines
6-18% for 12-month lines
9-27% for 18-month lines

American Express Eligibility Requirements

Eligibility for American Express Lines of Credit are as follows:

12+ months in business
Have a valid business checking account

Note that while American Express does not provide a minimum credit rating needed to apply, your creditworthiness does figure into their calculations.

OnDeck; Best Fast Funding Alternative To Fundbox

OnDeck

Pros

Multiple types of financing available
Application process is fast & easy
Funds are disbursed quickly

Cons

Rates can be expensive
Not available to some industries

Why We Chose OnDeck For Best Fundbox Alternative

OnDeck is similar to Fundbox in many ways. This alternative lender offers a quick and simple online application that can deliver a decision in just a few minutes, and you can receive your funds as soon as the same day.

In addition, OnDeck offers term loans, which can provide a simple lump sum of cash to businesses that prefer it to a credit line.

OnDeck Services

OnDeck offers term loans up to $250,000 with repayment terms of up to 24 months. OnDeck also offers lines of credit up to $100,000 with repayment terms of 12 months.

OnDeck Rates & Fees

For OnDeck’s term loans, APRs range from 29.9% to 97.3%, with most borrower’s paying an average of 62.1%. An origination fee of up to 5% may apply.

OnDeck’s lines of credit have APRs that range from 29.9% to 65.9%, with the average borrower paying about 48.9%. There are no origination fees, but a $20 monthly maintenance fee will apply to most borrowers.

OnDeck Eligibility Requirements

OnDeck’s eligibility requirements are as follows:

1+ years in business
625+ credit score
$100,000+ per year in revenue

Get Started With OnDeck

Funding Circle: Best Term Loan Alternative To Fundbox

Funding Circle

Get Started With Funding Circle

Pros

Monthly repayments
No prepayment penalty
Long-term financing available

Cons

Rates may be high
Not available to some industries

Why We Chose Funding Circle For Best Fundbox Alternative

Small businesses seeking a longer-term alternative to a Fundbox may want to consider Funding Circle. With terms ranging between 6 months to 7 years, you’ll have plenty of time to pay back your loan. Even better, there are no prepayment penalties for paying it off early.

Funding Circle also offers a line of credit.

Funding Circle Services

Funding Circle offers term loans up to $500,000 with terms of up to 7 years. It also offers lines of credit up to $250,000

Funding Circle Rates & Fees

Interest rates on Funding Circle term loans and lines of credit start at 4.99%. You can also expect an origination fee of 3.49% to 6.99% on term loans and a draw fee of 1.6% on lines of credit.

OnDeck Eligibility Requirements

Funding Circle’s eligibility requirements are as follows:

2+ years in business
660+ credit score

LoanBuilder: Best Short-Term Loan Alternative To Fundbox

LoanBuilder

Get Started With LoanBuilder

Pros

Borrower qualifications are lower than that of banks
No extra fees
Funds are disbursed quickly

Cons

A blanket lien is required

Why We Chose LoanBuilder For Best Fundbox Alternative

LoanBuilder is a fast and easy-to-understand financing service offered by PayPal. Dealing exclusively in fast, short-term loans, LoanBuilder is a great way to get funding quickly with minimal extraneous fees.

Newer businesses, especially, will appreciate that LoanBuilder is willing to work with businesses as young as 9 months old.

LoanBuilder Services

LoanBuilder offers short-term business loans of $5,000 to $500,000. Loans are repaid over 13 to 52 weeks.

LoanBuilder Rates & Fees

LoanBuilder’s flat rates range from 2.9% to 18.72% of the amount borrowed.

LoanBuilder Eligibility Requirements

LoanBuilder’s eligibility requirements are as follows:

9 months in business
620+ credit score
$42,000+ per year in revenue

BusinessLoans.com: Best Fundbox Alternative For Borrowers With Bad Credit

BusinessLoans.com

Get Started With BusinessLoans.com

Pros

High borrowing amounts
No minimum credit score
Quick & easy application

Cons

Funding can take awhile to disburse

Why We Chose BusinessLoans.com For Best Fundbox Alternative

BusinessLoans.com is a lending marketplace that offers funding options for businesses that may have had difficulty getting capital from other sources. With no minimum credit score and a minimum of 6 months in business needed to apply, small businesses stand a pretty good chance of getting funded.

Additionally, BusinessLoans.com offers more product types than Fundbox, and with higher borrowing limits.

BusinessLoans.com Services

BusinessLoans.com works with lending partners to provide a wide variety of services, including:

Term loans
Short-term loans
Lines of credit
Merchant cash advances

BusinessLoans.com Rates & Fees

Rates and fees vary based on the lender and financial product you qualify to receive.

BusinessLoans.com Eligibility Requirements

BusinessLoans.com preferred qualifications are as follows:

6 months in business
$100,000+ per year in revenue

Note that BusinessLoans.com may still be able to serve businesses that can’t meet these preferred traits.

Methodology: How We Chose Our Top Fundbox Alternatives

When reviewing business financing products, Merchant Maverick gathers and examines relevant data points on each lender, including rates, fees, term lengths, ease of application, and lender transparency. We compare the lender to other similar companies in the industry and assign them an aggregate score based on our research.

For this list, we gave special consideration to lenders who occupy a similar small business funding niche but may offer alternative advantages for some borrowers. As always, we suggest using this list as a starting point for your own research, since no one knows your particular business needs as well as you do.

How To Choose The Right Fundbox Alternative

So now you have an overview of some highly-rated Fundbox alternatives. But you still have a bit more work to do.

Finding the right lender for your business is actually a multi-step process. You may have already completed some of these steps, but it’s important to go over them to make sure you didn’t miss anything before you start applying.

Here are the main steps you’ll need to take before choosing Fundbox alternative:

Determine If A Line Of Credit Best Suits Your Needs

Lines of credit allow you to draw against a credit limit within a specified period of time. You then pay interest on the amount of credit you’ve utilized.

Lines of credit are more flexible than term loans since you can assert a finer amount of control over how much money you receive. On the other hand, they can often come with more complexity and fees than comparable term loans. If you simply need a lump sum of cash, they can be overkill.

Determine How Much Money You Need

Fundbox offers a fairly low maximum borrowing amount of $150,000. If you think you’ll need more capital than that, you’ll probably want to start look at alternatives immediately.

Figure Out How Long You Need To Pay Your Loan Back

Fundbox’s maximum repayment term is short — just 24 weeks. That can be a punishing repayment schedule for some businesses. If you think you need more time to pay back your loan, you should consider a lender that offers term loans.

Check Your Credit Score

Fundbox has a relatively low FICO credit score requirement of 600, which makes it an accessible option for most borrowers. However, if your credit score is lower, you’ll need to consider a lender that works with poor credit. Likewise, if your credit score is considerably higher, you may qualify for a product with better rates.

Apply And Compare Offers

It’s not a bad idea to apply to multiple lenders (or use marketplace to save time) so that you can compare offers and accept the best one.

You will, however, want to check and see if the lender performs a hard or soft pull on your credit before extending an offer. Hard pulls, especially in close proximity, can temporarily lower your credit score.

Is Fundbox The Best Option For Your Small Business?

Fundbox provides credit decisions in just minutes, and if approved, you can immediately initiate your first draw and have cash in your bank account in as little as one business day. You don’t need great credit to qualify, so businesses that have trouble qualifying elsewhere may have success in obtaining a Fundbox loan. However, this comes with a trade-off of a short repayment window, low borrowing amounts, and potentially high rates.

The lenders above should give you a great starting point for researching alternatives. For additional options, check out our picks for best small business loans and best lines of credit for businesses.

FAQs: Fundbox Alternatives

Is it hard to get approved for Fundbox?

Fundbox’s qualifications are fairly lenient. You’ll need a minimum credit score of 600 and $100,000 per year in revenue. You’ll also need to have been in business for at least 6 months and have a business checking account.

Does Fundbox affect credit score?

Fundbox only does a hard pull on your credit after you accept your offer. This can potentially impact your credit score. However, Fundbox will only do a soft pull on your credit when you apply. Fundbox does not report to credit bureaus, so it’s not suitable for building up your credit rating.

In Summary: The Top 6 Fundbox Alternatives

Lendio:
- Term loans, short-term loans, lines of credit, merchant cash advances
- FICO: No minimum (550+ recommended)
- APR: Varies by lender
American Express Business Checking:
- Lines of credit
- FICO: No minimum given
- Interest rate: 3%+
OnDeck:
- Term loans & lines of credit
- FICO: 625+
- APR: 29.9%+
Funding Circle:
- Term loans & lines of credit
- FICO: 660+
- Interest rate: 4.99%+
LoanBuilder:
- Short-term loans
- FICO: 620+
- Flat fee: 2.9%+ of borrowing amount
BusinessLoans.com:
- Term loans, short-term loans, lines of credit, merchant cash advances
- FICO: No minimum
- APR: Varies by lender

Bio
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Chris Motola

Senior Staff Writer at Merchant Maverick

Chris has been writing about small business topics since 2003. In 2015, he joined Merchant Maverick, where he writes about business financing, payment processing, and demographic trends in entrepreneurship. Chris has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York.

View Chris Motola's professional experience on LinkedIn.

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1. Lendio

❮ ❯

Term loans, short-term loans, lines of credit, merchant cash advances
FICO: No minimum (550+ recommended)
APR: Varies by lender

2. American Express Business Checking

❮ ❯

Lines of credit
FICO: No minimum given
Interest rate: 3%+

3. OnDeck

❮ ❯

Term loans & lines of credit
FICO: 625+
APR: 29.9%+

4. Funding Circle

❮ ❯

Term loans & lines of credit
FICO: 660+
Interest rate: 4.99%+

5. LoanBuilder

❮ ❯

Short-term loans
FICO: 620+
Flat fee: 2.9%+ of borrowing amount

6. BusinessLoans.com

❮ ❯

Term loans, short-term loans, lines of credit, merchant cash advances
FICO: No minimum
APR: Varies by lender