5 Trusted Fundbox Competitors Perfect for Small Businesses
Small businesses often need a little financial help to get them through tough times. If you’re a small business owner who’s considering Fundbox as your lending solution, you might want to take a look at these trusted Fundbox competitors first.
Offering different repayment terms and amounts, these providers can be better-suited for your small business’ needs. So, before making your final decision, check these Fundbox alternatives out and weigh your options to make the most informed decision.
What Is Fundbox?
Fundbox is a digital lending company that provides small businesses with short-term loans and cash advances. These small business loans can be used to purchase new equipment or supplies or even fund services, including marketing and payroll expenses.
However, the money you receive through Fundbox does not go directly into your bank account. Instead, you use it for business purposes then repay the loan through future credit card processing fees.
What makes Fundbox attractive to small business owners is that you can receive up to $100,000 in funding without collateral or lengthy credit checks. Since Fundbox is funded by several investors, your business doesn’t have to meet their stringent requirements. The goal of the company is to empower businesses who are too busy running their companies to go through extensive application processes elsewhere.
Top 5 Fundbox Competitors
Of course, Fundbox is not the only lender that supports growing businesses. Here are some of the best Fundbox alternatives you might want to consider too.
LendThrive
LendThrive is an online lending platform that offers affordable fixed rate loans of $25,000 to $150,000 for small business owners in any industry who are looking to scale their operations.
The application process happens online and takes only around 15 minutes. Loans are funded very quickly so, once approved, there’s no waiting around for money — you can have it in as fast 24 hours.
All loans made through LendThrive come with an origination fee that’s equal to 4% of the loan amount. You can estimate how much you will pay using LendThrive’s loan calculator.
LendThrive’s team is passionate about helping small businesses facing financing challenges secure the funding they need to grow.
Kabbage
One of the top competitors to Fundbox is Kabbage, which was founded in 2008 and has since funded over $5 billion in capital for companies all across America. Unlike Fundbox, Kabbage does not offer cash advances or short term loans. Instead, it provides funding for your company’s daily credit card processing needs, so your business can get the money it needs without jumping through hoops.
This alternative to Fundbox can offer up to $150,000 in capital for companies with good credit. Loans are processed by Kabbage’s proprietary algorithm that uses data to give you an accurate assessment of what you qualify for.
OnDeck
OnDeck offers short term business loans between $5,000 and $250,000 to small businesses with good credit histories. Loans are repaid in three to 24 months.
Interest rates range from 10% to 30% per year, with origination fees that cost up to 5% of the loan amount. Once you’re approved for a loan through OnDeck, pay attention to your lender portal — you might get an alert about early repayment options where you’ll have the opportunity to lower your interest rate by prepaying part of your loan.
Lendio
Lendio is not only another Fundbox alternative, but also offers funding for small businesses applying for SBA loans. It’s built on trust and takes pride in providing great customer service so small business owners are able to focus on their operations.
Lendio has funded over $300 million in loans so far, with its most popular loan being SBA 7(a) for borrowers who want between $50,000 and $500,000 in capital without the hassle of paperwork. Loanable amounts range from $500 to $5,000,000 and repayment terms can be as short as one year or as long as 25 years.
BlueVine
BlueVine offers funding for small businesses that comes in two different forms: invoice financing and asset-based lending. Invoice financing is used to help your company get paid faster by offering short-term credit lines that use unpaid invoices as collateral. With BlueVine’s flexible terms, you can get up to 90 days for each invoice, but weekly or monthly payments also work too.
Allowable expenses include your business’ operational costs, such as rent and utilities. Asset-based lending is also an option for your business so you can access flexible funding to purchase expensive assets like equipment or machinery. Loanable amounts at BlueVine range from $5,000 to $250,000 and repayments terms can go for six to 12 months.
Why Choose a Fundbox Alternative?
The main reason why small businesses choose online lending agencies like Fundbox is because they want to save time and money during the loan application process. Simply put, companies would much rather apply online than go into a brick and mortar bank or wait weeks before finding out that their application has been denied.
Fundbox is just one of the several providers of this convenient service, so it’s best to shop around for the best options before signing. Thanks to online lenders like those mentioned above, getting approved for a loan has never been easier — and this spells success for today’s entrepreneurs.
If you’re ready to borrow funds to run your business but don’t want to visit a local bank branch, then find a Fundbox alternative that suits your needs and offers a fair interest rate.
Need Money For Your Business? LendThrive Can Help
With fewer requirements, more lenient credit standards, and lower fees than traditional banks or finance companies, it’s no wonder why so many new entrepreneurs are taking advantage of online lending options. If you’re looking for Fundbox alternatives that offer more affordable and flexible terms, LendThrive just might be the right fit.
Contact the LendThrive team today to learn more about your funding options, or apply now to get started on finally getting that money you need for your business.
