Fundbox is an online lender that offers revolving lines of credit. It allows qualified businesses to borrow up to $100,000. Small businesses based in the U.S. that have been operating for at least three months and have a credit score of 500 may apply.
Fundbox Pros & Cons
Quick and automated application
Not for bigger businesses
Cannot change 12-week term to 24-week term
Waived fees for early repayment
Who Fundbox Is Best For
- Small business owners who want faster processing: Fundbox uses financial technology to make funding decisions, allowing applicants to know if they’re qualified within minutes. It also does not require them to submit any paperwork.
- Borrowers who are looking for more relaxed requirements: Compared to other lending companies that require higher credit scores and a longer time in business, Fundbox has lower and easier requirements.
Fundbox Costs & Terms
Line of Credit Amount
Up to $100,000
10% to 79%
12 or 24 weeks
As soon as the next business day
Fundbox offers credit lines of up to $100,000 with APRs that range from 10% to 79% of the draw amount. Payments are made weekly in equal installments for 12 or 24 weeks. All remaining fees are waived if the borrowed amount is paid back early.
Do You Qualify for Fundbox Financing?
Fundbox Invoice Financing
Personal Credit Score
At least 500
Time in Business
At least three months
At least $50,000
Fundbox requires applicants to have online access to a business checking account or an accounting software. Borrowers have the option to choose whichever shows more stable and higher sales. Any of these should be linked to the borrower’s Fundbox account upon sign-up. This will allow Fundbox to assess the health of the business and make a funding decision within minutes.
Fundbox Application Process
Fundbox requires applicants to create an account on its website, which they claim to be as fast as 30 seconds. Applicants can link either their business checking account or their online accounting software for Fundbox to be able to do an automated soft credit pull on the business, which does not affect the applicant’s credit score. Fundbox will then provide a credit decision in just a few minutes.
Qualified applicants can then see the amount they’ve been approved for, and they can submit a request for funds immediately. The first time that a borrower draws funds, one hard credit pull will be done. Funds may arrive as soon as the next business day. To ensure this, make sure to draw funds before noon, Pacific time, between Monday and Thursday. If you draw after the cutoff, on weekends, or near banking holidays, the transaction will be processed on the next business day.
Top Lender Providers 2020
Same-day business line of credit up to $250,000
Fair credit borrowers and funding up to $100,000
Monthly payments with funding up to $250,000
Quick funding on a traditional line of credit up to $100,000
Comparing multiple financing options on a free marketplace
Most Helpful Fundbox Reviews
Fundbox reviews available online are generally positive. Business owners who gave positive Fundbox feedback commend the company for its very fast and hassle-free application and approval process. They also mentioned that the funding time is fast and that it can be integrated with several invoicing applications. There are hardly any negative reviews about the company, but some said that it has limited funding since it’s only for small businesses and that its repayment term cannot be extended.
Fundbox is a smarter alternative to a traditional loan
“Fundbox directly hits at one of the biggest pain points for any small company: revenue generation. They provide an exceptional tool that allows us to move faster as we wait for clients to pay their tabs. It also allows us to be more flexible with clients, which is beautiful when working to close an important deal with a client you hope to build a long-term relationship with. Fundbox is a much smarter alternative to a traditional loan.”
— Jeremy Gotwals
Fundbox does not allow a loan term to be extended
“I’ve only made one payment and can’t change the terms from 12 weeks to 24 weeks. I was unaware that I wouldn’t be able to change it and then I was told that if I changed it, I wouldn’t be able to use Fundbox again.”
— Ryan Shaffer
Fundbox Frequently Asked Questions (FAQs)
Does Fundbox store my business checking account or online accounting software’s login credentials when I link any of them to Fundbox?
No, it does not.
Is Fundbox accessible on mobile devices?
Yes, it is. Users may download the app on the Google Play Store for Android and on the Apple Store for iOS devices.
Fundbox uses modern fintech to automate application and funding approval processes, making it one of the best choices for small businesses that need quick access to funds. Credit approval can be seen in fast as three minutes and funding can be received as quickly as the next business day. Apart from the fast turnaround times, it also eliminates the need for document submissions and has low requirements (only at least three months of being in business and a credit score of only 500).
However, it only allows repayments for 12 to 24 weeks, and that equates to higher payments compared to long-term loans. If you need more time to repay your loan, then Fundbox might not be suitable for your needs.