Fundbox is an online lender that offers invoice financing and lines of credit based on a business’ receivables. It allows qualified businesses to borrow up to $100,000. In this article, we cover Fundbox reviews and fees. Ready to get started? Visit its website.
What Fundbox Does Well
Users who gave Fundbox a positive review said that is is easy to sign up, and that it provides customers a good tool to manage their cash flow. They added that the approval for loans is quick, and the release of funds is very fast.
One user who gave Fundbox a positive review on TrustPilot commented that it gave him the capital he needed when he was expanding his business. He added that most other lenders would not have granted loans to someone who was making less than $100,000 a year, but Fundbox easily approved his loan.
What Fundbox Does Not Do Well
Users who gave Fundbox a negative review said that the customer service end is lacking and that its representatives weren’t very helpful. They added that the company does not allow customers to change the payment terms.
One user who gave Fundbox a negative review on TrustPilot said the program defaulted to a 12-week repayment term, and when he requested a change in payment terms, he was told that doing so would prevent him from using the system again. He added that he had only made one payment and that he was not made aware that he would not be able to change the payment terms anymore.
Fundbox pricing is based on credit lines of up to $100,000, with fees starting at a flat rate of 4.66% of the draw amount for 12-week repayment terms. Fees are paid in equal installments over 12 or 24 weeks. All remaining fees are waived if the borrowed amount is paid back early.
|Credit Line||$100 to $100,000|
|Fee||Starts at 4.66% of the draw amount (12-week repayment)|
8.99% of the draw amount for 24-week terms
|Repayment Period||12 and 24 weeks|
Ready to get started with Fundbox? Visit its website.
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Check out the list below of some of Fundbox’s features:
- Fully online and automated funding as well as repayment process
- No setup fees or subscription fees
- Seamless integration with leading bookkeeping software programs
- Receive funds quickly
- Auto repayments
- Small business loans
- Line of credit
- Invoice financing
How do I register for a Fundbox account?
Registration only takes you less than 30 seconds. Fundbox connects to your company’s bookkeeping application and pulls in all your outstanding invoices. You can choose one or more of your company’s outstanding invoices to fund. You can then receive the funds instantly into your bank account.
How long does it take for the funds to arrive in my bank account?
Funds may arrive as soon as the next business day. To ensure this, make sure to draw funds before noon, PST, between Mondays to Thursdays. If you draw after the cutoff, on weekends, or near banking holidays, the transaction will be processed on the next business day, so it could take a few extra days before the funds arrive in your bank account.
Here is a list of some of Fundbox’s popular integrations: