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Join For FreeDespite expensive rates, Fundbox offers fast and convenient financing options to small and mid-sized businesses. Explore the top pros & cons in our thorough Fundbox review.
Total Rating | 3.8 |
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Rates & Fees3.1 | |
Services3.6 | |
Eligibility Requirements4.5 | |
Application4.8 | |
Sales & Advertising Transparency3.8 | |
Customer Service3.0 | |
User Reviews4.4 |
Table of Contents
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.
Services3.6 |
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Lending Services 3.0 |
Lending Limits 3.0 |
Payment Portal & Mobile App 5.0 |
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 also offers business demand deposit accounts, a bank-like service. This can be paired with a Fundbox line of credit to pay business expenses.
While the quality of Fundbox’s services is, overall, quite good, it offers very limited options for borrowers, with relatively low borrowing amounts. For convenience, Fundbox offers both an online portal and mobile app for customers to interface with their loans. Overall, we rate Fundbox 3.5/5 in the area of services.
Eligibility Requirements4.5 |
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Availability 5.0 |
Borrower Qualifications 4.0 |
Transparency 5.0 |
Fundbox’s borrower qualifications are quite lenient, which we’ve rated at 4.5/5. The time in business and credit score qualifications should be easy for most businesses to meet, though some smaller businesses may struggle to clear the revenue requirements.
Time In Business | 6 months (ideally) |
Credit Score | 600+ |
Revenue | $100,000/year |
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.
Rates & Fees3.1 |
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Pricing 2.3 |
Affordability 3.8 |
Fundbox’s primary service is its line of credit:
Borrowing Amount | $1,000-$150,000 |
Term Length | 12 or 24 weeks |
Borrowing Fee | Starts at 4.66% |
Draw Fee | None |
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.
While the advertised prices are reasonable, Fundbox doesn’t disclose an upper range for its fees, which hurts its overall pricing transparency. We give Fundbox a 3.1/5 for rates and fees.
Application4.8 |
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Application Process 5.0 |
Application Timeline 4.5 |
Fundbox application involves a soft pull on your credit. Once you’re approved, Fundbox may perform a hard pull on your credit if you decide to proceed with the application.
Fundbox’s application is fully automated. You should be prepared to submit documents verifying your identity and that you own the business you’re claiming, which may include personal ID and tax documents. You will also be asked to submit up to three months of bank account statements and accounting software activity to apply.
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. We give Fundbox a 4.5/5 for its speedy and relatively painless application process.
Sales & Advertising Transparency3.8 |
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Sales Practices 4.0 |
Web Presence 3.5 |
Fundbox maintains a presence on major social media platforms. Fundbox still provides a fair amount of information on its website, but information on rates will prove elusive outside of the provided example rates. Overall, we find Fundbox slightly lacking in transparency, which is reflected in its 3.8/5 ranking in this category.
Customer Service3.0 |
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Personal Support 3.1 |
Self-Service 3.0 |
Most customers cite positive experiences with Fundbox’s customer support. In my experience, phone wait times were short, and representatives were helpful. Self-service options, while available, are fairly limited.
Fundbox Customer Service | Availability |
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Phone Support | |
Email Support | |
Support Tickets | |
Live Chat | |
Dedicated Support Representative | |
Knowledge Base or Help Center | |
Videos & Tutorials | |
Company Blog | |
Social Media |
User Reviews4.4 |
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User Feedback 4.0 |
Review Site Aggregate 4.7 |
Overall, Fundbox has an excellent online reputation. The company is accredited by the Better Business Bureau (BBB) and has an A+ rating. There are 19 complaints on file in the past three years, all of which appear to be addressed by the company. The 354 customer reviews on the site are overwhelmingly positive, with an average rating of 4.76/5.
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:
Despite the few complaints above, customer reviews of Fundbox are overwhelmingly positive. It also rates a 4.4/5 on Trustpilot, with 3,700+ reviews. Here is what customers like about Fundbox’s service:
Overall, Fundbox is generally well-received by customers. We give Fundbox 4.4 stars out 5 for user reviews.
Fundbox’s small number of service offerings make it somewhat of a niche product, but merchants with fair credit who need a small but flexible credit line to draw on in a pinch should find Fundbox to be up to the task. That said, Fundbox could benefit from more flexible terms and transparency. Overall, Fundbox earns 3.8 out of 5 stars.
Looking to borrow more than $150,000? Start your research with the best small business loans to find the Fundbox alternative that’s right for you.
Merchant Maverick has been researching and reviewing business lenders since 2015. Our writers have tested over a hundred different funding products, including traditional term loans, online loans, lines of credit, start-up loans, merchant cash advances, and equipment financing. In each review, we evaluate rates and fees, services, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.
Read more about how we rate business loans and funding products.
When comparing different lenders and loan products, we consider many data points, including the ease and transparency of the application process, interest rates, repayment structure, sales ethics, time to funding, revenue and time in business qualifications, and credit score requirements. Our lists of the best funding products include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, low rates, flexible requirements, and competitive borrowing amounts.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the loans and funding products included meet our internal standards for quality and reputation.
The Merchant Maverick Seal of Approval 🏆
Fundbox |
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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 |
---|
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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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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