Fora Financial Small Business Loan Review

About Fora Financial

Fora Financial

Fora Financial offers flexible, working capital solutions to small businesses in need of financing to sustain or grow their enterprise. We place a high value on trust and transparency and provide businesses with quick, customized financial solutions utilizing our state-of-the-art technology platform. Fora Financial has provided over $1.7 billion to over 25,000 customers. Meaning marketplace and forum in Latin, Fora aims to foster a community and act as an extension of its clients’ and partners’ businesses to provide financial solutions and industry insight to ensure growth and success. The managing partners and many of its employees come from a small business background, fueling their passion to spur short- and long-term growth in the segment. Possessing an in-depth knowledge of many vertical industries, Fora Financial prides itself on the ability to support any small business owner or related financial partner.

review breakdown

Interest Rates
Fees & Closing Cost
Customer Service

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What is Fora Financial?

Founded in New York in 2008, Fora Financial has provided more than $1.7 billion in financing to 25,000 small businesses. Fora Financial operates online and offers short-term small business loans and merchant cash advances. Fora Financial is a direct lender, meaning it works directly with the company supplying the capital and only pulls your credit report one time.

Lender highlights

No restrictions on how you use the money. Whether you need to renovate your business space or hire more employees, Fora Financial does not regulate how you use the funds you receive. This is not uncommon for online lenders.

Discounts for early payments. For both of its products, Fora Financial offers early payoff discounts. For small business loans, the discount could be as low as 10 cents on the dollar.

Simple application. Fora Financial requires a one-page application and advertises approval within 24 hours. Most online lenders have similar applications and approval times.

Credit is not a deciding factor. Fora does not solely consider credit scores in determining whether borrowers qualify, making Fora a good choice for those with less-than-stellar credit.

What Fora Financial offers

Fora Financial provides working capital to businesses in a range of industries, such as retail, construction, auto and medical.

Fora Financial: At a glance
Loan product Loan amount Loan term APR range/ factor rate Fees Time to funding
Small business loan $5,000 to $500,000 Up to 15 months Factor rate of 1.10 to 1.40+ 2% of funded amount or $300, whichever is higher As little as 72 hours
Merchant cash advance $5,000 to $500,000 No set terms Factor rate of 1.10 to 1.40 2% of funded amount or $300 for advances under $25,000, or $500 for advances about $25,000 24 to 48 hours

Rates current as of 6/18/2018

* Fora Financial does not advertise the rates and fees associated with its products.

Fora Financial does not ask for collateral or a personal guarantee when approving loans. Merchant cash advances do not require collateral either. The repayment schedule for a merchant cash advance would be based on your business’ revenue.

Eligibility requirements

Loan product Revenue Min. personal credit score Time in business
Small business loan $12,000 minimum monthly gross sales 500 6 months
Merchant cash advance $5,000 minimum monthly credit card sales 500 6 months


Additional eligibility factors

If you’re applying for a merchant cash advance, your business must accept credit cards and frequently receive credit card transactions. Businesses in the restaurant, retail and services industries are better suited for a merchant cash advance from Fora Financial.

Businesses that are not eligible for Fora Financial loans:

Fora Financial does not work with businesses with open or dismissed bankruptcies within one year. Businesses with existing debt should also refrain from applying until a significant amount of that debt has been paid off. Fora Financial focuses on the financial health of a business when approving financing, so make sure you have your finances in order before applying.

How to apply for Fora Financial financing

You can complete Fora Financial’s one-page application online. You could be required to submit additional documents, depending on which type of financing you’re seeking.

Documents needed to apply:

  • Your business’ three most recent bank statements
  • Driver’s license
  • Voided check
  • Proof of business ownership
  • Three months of your business’ credit card statements for merchant cash advances


Pros Cons
Credit is not a deciding factor Limited product selection
No collateral needed Rates and fees not listed online
Short time in business required High revenue requirements

Who is the best fit?

Fora Financial caters to business owners who are new to the game but financially healthy. Just six months in business qualifies you for both of Fora Financial’s products, but you must have steady monthly sales. Because Fora Financial heavily focuses on a business’ monetary condition, you should wait to apply until you feel confident in your business’ financial standing.

Fine print

Hidden rates. Fora Financial does not advertise the rates and fees associated with its products on its website. While you would likely find out this information when you apply, the lack of transparency may make it difficult when comparing different lenders.

Phony phone calls. A note at the bottom of Fora Financial’s website states that customers have been receiving spam phone calls from people claiming to represent the lender. Fora Financial has reported the issue to federal law enforcement and is working with authorities to pursue the fraudulent callers.

The bottom line: How Fora Financial stacks up

Although Fora Financial offers just two products, borrowers in a range of industries could be approved for up to $500,000, a sizeable amount of money that they could use however they would like. Fora Financial prefers financially stable businesses, which may rule out any high-risk business owners in need of cash. While Fora Financial’s revenue requirements are a bit higher than those of other online lenders, the limit should prevent applicants from being approved for a loan they couldn’t handle. Fora Financial’s advertised time to funding for small business loans is longer than many online lenders that promise funds in 24 hours, but it would still be faster than obtaining financing from a traditional bank.

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