Get unrestricted funds and round-the-clock loan approvals, combined with responsive customer service.
Fora Financial is a direct lender providing working capital to small business owners, including restaurateurs and food truck owners. Its one-page application and fast approval process make Fora Financial the best provider of catering business loans.
With a short term loan or merchant cash advance from Fora Financial, you can get $ 5,000 to $ 500,000 to use within 72 hours of approval. The lender allows you to pre-qualify for funds without affecting your credit score, and the one-page application is straightforward.
There are no restrictions on use of the merchant loan and cash advance and no collateral is required. Fora Financial doesn’t just rely on your credit score to make a decision. Instead, the lender looks at your restaurant’s income and years of operation. The minimum conditions for financing are:
- Six months of activity
- $ 12,000 minimum gross monthly sales for a loan
- $ 5,000 in monthly sales by credit card for a cash advance from a merchant
- No open bankruptcies or layoffs for bankruptcy in the past year
Fora Financial offers flexible terms, giving you up to 15 months to pay off your loan. Or, if you opt for a merchant cash advance, you pay a percentage of your credit card transactions with no set terms.
Unlike other lenders, Fora Financial does not charge an annual interest rate (APR). Instead, the company uses factor rates, which range from 1.1 to 1.3, depending on your current financial situation. On a $ 5,000 loan with a factor rate of 1.1, you will pay an additional $ 500, whereas this increases to $ 50,000 on a $ 500,000 loan. The origination fees vary between 1% and 4% of the amount borrowed, the average being 2.50%.
Once you’ve paid off more than 50% of your loan, you may be eligible for additional financing. Fora Financial has a department dedicated to loan renewals, which makes it easier to get more money. Although Fora Financial receives excellent reviews and responds to both positive and negative reviews, it does not publish its interest rates or fee structure.