If you are like me and most new business startups, whether it is online or something else, you need some money to get things going. I have searched and searched to find the best online business loan financing, that has the best rates and customer service.
It looks like Fundwise Capital is that place. In this review I will tell you everything you need to know about this company and how you can get your own funding with them if that is what you want.
What is Fundwise Capital?
Fundwise Capital was created by people who were frustrated by the fact that other entrepreneurs were always pushed towards loans that only were going to benefit the lenders. They created it to help entrepreneurs get the best funding along with a ton of information on how to grow your business to be even more successful.
Fundwise Capital wanted to have complete transparency to provide the best funding options, best financial education, easiest and best qualifying requirements and give entrepreneurs access to the most qualified and proven lenders.
They have been able to provide funding of over $150 Million to entrepreneurs and other clients.
What Kind of Online Business Loans Can I Get Through Fundwise?
Fundwise Capital currently offers four kinds of business loans or funding options:
- Business Credit Cards
- Business Lines of Credit
- Installment Loans
- Personal Lines of Credit
These loans or lines of credit include the following types:
- SBA Loans
- Unsecured Personal Loans
- Equipment and Vehicle Financing
- Invoice Factoring
- Merchant Cash Advance
Funding is available in the above options in amounts from $20,000 – $350,000 or more, if you qualify.
How do I Qualify for a Loan from Fundwise Capital?
I think the qualifying factors can be a little tough for some new startups. You kind of need to be a little established, at least personally, to get qualified.
Here is a list of the typical qualifying factors you need to meet:
- For Personal Funding options:
- You need over two years of positive credit.
- You will need a credit score of 680 or higher, from all three credit reporting agencies.
- You cannot have any recent collections on your record.
- You need a credit limit of some sort of at least $5000. This can be a credit card that has at least $5000 available.
- For Business Type Funding:
- For this you will need more than 3 years of positive credit.
- You need a credit score of at least 700.
- You should be incorporated or be an LLC. It is easy to register as an LLC.
- You need a current credit limit of at least $5000.
- No more than five credit inquiries within the last 6 months.
The above are the norm, but there may be some wiggle room for each individual situation. And, these qualifications can obviously change after the writing of this article so check things out if you fill out the free application so you know the current rules and rates.
Filling out the Loan Application only takes a minute, and then you will receive a call for a financial consultant to discuss your funding options and the type of loans you qualify for. After that, you will hopefully then get funded and Fundwise will also give you tips on the best way to invest the money for your business.
Here is a picture of the Application Form.
What are the Rates for the Available Loans at Fundwise?
The following rates are as of the writing of this article and are obviously subject to change. Rates will also vary depending on each individual applicants qualifications.
- Lines of credit can usually be obtained with a 0% interest for up to 21 months. These can be paid back in small increments and can be used however and however often you need them.
- Unsecured Loans are usually at rates from around 6% to 23%, depending on your credit reports.
It is important to note that, Fundwise Capital does charge a 9% fee on the backend, but does not charge a fee at all to start the process to try and obtain funding. Sounds daunting, but this is actually more than 5% less than most other lenders who offer the similar funding.
I guess it comes down to how much you are willing to pay to get your business going, or maybe scale it up to the next level. It is unlikely you will be able to scale for free.
If you apply for any kind of loan, make sure you read the fine print so you know about any additional charges. There may be things like a credit check charge, or filing fees, etc.
Why Should I consider a Loan with Fundwise Capital?
I guess the bottom line is, Fundwise Capital is here to help entrepreneurs, start-ups, small business owners and real-estate investors obtain the best possible funding they can qualify for, and that is guaranteed. They have been where we are and understand what it takes to get funding for entrepreneurs like us. You get to choose the best option for your funding needs and also for the payments you can afford.
The application process is quick and pretty simple and you can be funded in 21 days or less in most cases.
And don’t forget, Startup Businesses are routinely accepted for funding.
Fundwise has lower loan costs than the majority of loan businesses.
If you would like to join me as a Fundwise Partner, all you need to do is click Below: