Fora Financial

Fora Financial

Contents of the Article:


  • What is Fora Financial?
  • What are the services available in Fora Financial?
  • Who are eligible for Fora Financial services?
  • What are the terms and fees of Fora Financial services?
  • How do you apply for Fora Financial services?



What is Fora Financial?


Fora Financial is one of the better alternative small business lenders because it offers transparent rates and funding amounts that might suit businesses looking to finance short-term needs, small or large, up to $500,000.

They also offer prepayment discounts if you pay off your small business loan within the first few months of your term. In addition, you don’t need a good credit score to qualify, as long as you can meet their other requirements.

Fora Financial is a direct lender of merchant cash advances and small business loans. That means that they’re the ones who actually give you the money, as opposed to matching you up with a partner lender.  Since Fora Financial only offers two types of loans, your options are limited. Still, you can use these loans for a wide range of purposes.

What are the services available in Fora Financial?


Merchant Cash Advances (MCA)

A financial product wherein the funder purchases a percentage of your future daily credit card sales for a lump sum. The funder then “holds back” a percentage of your card-based sales each day until the terms of the advance are fulfilled. 


Short-Term Loans (STL)

A loan with a term length usually less than a year. Short-term loans use flat fees rather than interest rates and are repaid daily or weekly.


Who are eligible for Fora Financial services?


Fora have lenient credit requirements. Here are their main requirements for you to qualify for a loan:

Businesses with such requirements are eligible for Fora Financial services


  • Minimum credit score required: 500
  • Time in business required: 6 months
  • Monthly/annual revenue required: $5,000 minimum in monthly credit card sales for merchant cash advances. $12,000 minimum in monthly sales for small business loans.

Because Fora Financial requires that your business be in operation for at least six months, it might not be right for your company if you’re a startup or not yet generating sufficient income. 

The other two requirements from Fora ensure that your business is stable and healthy enough to take on debt. Finally, you’re ineligible if your company has any open bankruptcies.

What are the terms and fees of Fora Financial services?


These are the rates and fees for Fora Financial’s products:


  • Borrowing Amount: $5,000 – $500,000
  • Term Length: 4 – 16 months
  • Borrowing Fee: 10% – 30% of the borrowing amount
  • Origination Fee: 1% – 4% of the borrowing amount
  • Collateral: None required


How do you apply for Fora Financial services?


The first step in applying for a loan through Fora Financial is either calling up the company at 877-514-8062 or filling out a contact form on the company’s website. 

The form asks for your business name, annual revenue amount and other basic contact details. From there, a representative will get back to you to complete the application process.

Since Fora Financial requires at least six months in business and a certain revenue amount to qualify, you’ll need some way to prove these things. Fora Financial may ask for copies of these documents from you:

  • Three most recent bank and/or credit card statements
  • Driver’s license
  • Past tax returns
  • Profit-and-loss statement
  • Balance sheet

It only takes 24 hours to find out if you'll receive funding. If Fora Financial approves you, you’ll receive your funding within a minimum of 72 hours. This is a longer wait time than you'll find with some other services, but still short considering that it requires no collateral and relatively little paperwork. 

You’ll also get a Fora Financial login to manage your account online. 

You can apply for more funding if you need to, although like your first application, Fora grants funding on a case-by-case basis after reviewing your business’s financial strength.



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