Fundera business loans review

What makes Fundera shine?

Fundera stands out for its simplified intake form, which only takes a few moments to fill out. You don’t need to provide your Social Security number or undergo a hard credit check to get matched with lenders. And unlike some other connection services, there’s no funding fee to use Fundera – even if you get matched and funded by one of its partners. Fundera also gets overwhelmingly high marks from customers on Trustpilot, who praise its loan team for its professional, helpful and responsive service.

Where Fundera falls short

Unlike other connection services, Fundera has a relatively limited number of partners – just 15 at the current time – which may limit your options compared to some other services. And there’s not much information about APRs or eligibility criteria. Instead, you need to fill out the form to see if you prequalify with any of its partners. Also, after getting matched with lenders, you may need to provide additional information for each lender you’re interested in.

Fundera loan details

Fundera SBA loans

SBA loans are loans backed by the Small Business Administration (SBA) and are a popular choice for business owners that may not qualify for a traditional bank loan. SBA loans are known for their competitive rates and high loan amounts, but they can take several weeks for approval and funding. Fundera partners with lenders that offer SBA loans, including the popular SBA 7(a), 504 and Express loan programs, as well as microloans.

How to qualify for Fundera

Because Fundera isn’t a direct lender, it doesn’t set specific eligibility criteria. Instead, eligibility depends on the specific lender and the type of loan you’re after. For example, you’ll need a minimum credit score in the high 600s for an SBA loan, while merchant cash advances may accept scores in the low 500s.

• A minimum personal credit score of 520 to the mid-600s
• A minimum amount in annual revenue (typically from $50,000 to $150,000+ per year)
• Preferably one to two years in business (six months may be ok for some short-term loans)

Remember, using Fundera is completely free and it won’t impact your credit score to compare lenders. So, even if you have bad or fair credit, it could be worthwhile to check if you prequalify for a loan through its service.

How to apply

Applying with Fundera is fast and straightforward:

• Select Get Started on Fundera’s website.
• Answer some basic questions on the prequalification form.
• If you qualify, you will be presented with a list of lending options.
• Apply directly with a lender and/or wait for one of Fundera’s team members to contact you within 24 to 48 hours.
• Formally apply for a loan and upload any requested information and documents.
• Waiting for final loan approval and funding.

How Fundera compares to other lenders

Fundera by NerdWallet is a fast and convenient place to start looking for lenders. But if you’re looking for a direct lender or want other options, start here instead:

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Updated regularly

Name	Product USFBL	Filter Values	Min. Amount	Max. Amount	APR	Requirements
Olympus Business Capital Finder Score: 4.4 / 5: ★★★★★ Olympus Business Capital Finder Score: 4.4 / 5: ★★★★★			$500	$250,000	Not stated	Been in business for 6 months registered with the state, active and open bank account in business name, have $10,000 of revenue each month	No credit needed. Funding up to $250,000 with a variety of finance options to best fit your business needs.	Go to site Compare	loading Fetching your data...
$10M+ funded! Lendio business loans Finder Score: 4.8 / 5: ★★★★★ Lendio business loans Finder Score: 4.8 / 5: ★★★★★			$1,000	$10,000,000	Varies by lender	Operate business in US or Canada for 6 months or more, have a business bank account, minimum 520 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore Info Compare	loading Fetching your data...
Fundera business loans Finder Score: 4.9 / 5: ★★★★★ Fundera business loans Finder Score: 4.9 / 5: ★★★★★			$2,500	$5,000,000	Varies based on lenders	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore Info Compare	loading Fetching your data...
Fora Financial business loans Finder Score: 4.5 / 5: ★★★★★ Fora Financial business loans Finder Score: 4.5 / 5: ★★★★★			$5,000	$1,500,000	Varies	6+ months in business, $25,000+ gross monthly sales, no open bankruptcies	Get qualified for funding in minutes for up to $1,500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.	Go to siteMore Info Compare	loading Fetching your data...
National Funding business loans Finder Score: 4.6 / 5: ★★★★★ National Funding business loans Finder Score: 4.6 / 5: ★★★★★			$5,000	$500,000	Undisclosed	In business 6+ months and make at least $250,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to site Compare	loading Fetching your data...
American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★ American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★			$2,000	$250,000	N/A	Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000	Access lines of credit for your small business even if you aren't currently an Amex customer.	Go to siteMore Info Compare	loading Fetching your data...

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Fundera reviews and complaints

Fundera gets overwhelmingly positive reviews on Trustpilot from hundreds of customers. Satisfied customers mention helpful and professional – and sometimes above-and-beyond – service from Fundera’s loan officers. Many of these customers mention specific loan officers by name, calling them out for their great service.

Less happy customers mention being surprised by high APRs, which are common with some of the short-term loan options that Fundera offers. And, like many services that connect lenders and borrowers, there are complaints about marketing calls and emails from Fundera’s partners.

Is Fundera legit?

Yes, Fundera by NerdWallet is a legitimate service that works with legitimate lenders. It has helped businesses access over $2.5 billion in funding, and it has a number of programs and resources to help small business owners. It also has a secured website and online form to keep your personal and business information safe.

Frequently asked questions

What is Fundera?

Fundera is a business loans marketplace that lets you quickly compare 15+ of the top business lenders with just a single form. It’s free to use and there’s no impact on your credit score.

Does Fundera do a hard credit pull?

No, Fundera doesn’t require a hard credit pull to use its service. However, you’ll likely need to undergo a hard credit check when applying for a loan through one of its partners.

How does Fundera make money?

Fundera makes money by earning a commission from the lenders it partners with. It never charges a fee to the borrower, even if they get funded through one of its partners.

Who are Fundera’s competitors?

Some of Fundera’s top competitors are other business loan marketplaces like Lendio, Biz2Credit, and businessloans.com.

Is Fundera a direct lender?

No. Fundera is a lending marketplace that matches borrowers with some of the top lenders in the business loans space.