Fundera Business Loans Review

Fundera by NerdWallet simplifies the process of finding small business loans by connecting entrepreneurs with multiple financing options in one easy application. With access to term loans, lines of credit, SBA loans, and more, Fundera helps businesses secure funding tailored to their needs. Offering a quick, free prequalification process that won’t impact your credit score, it’s a versatile resource for small business owners seeking fast and flexible funding solutions.

Fundera pros and cons

Pros

• Quick prequalification process with no impact on credit score
• Access to multiple loan options from a single application
• Dedicated loan specialists to guide you through the process
• Funding as fast as 24 hours (depending on partner approval)

Cons

• Some loans may require more detailed documentation
• Funding times can vary depending on the partner and loan type
• Limited to U.S.-based businesses and owners

Fundera highlights

Loan products from $2K to $5M

Over $2.5 billion secured in funding for more than 85,000 small businesses

Network includes 25+ lending partners, offering diverse financing options

Easy, online application process takes just minutes

About Fundera

Fundera by NerdWallet helps small business owners navigate the financing process with ease. Acting as a marketplace, Fundera connects businesses with a variety of loan options, from term loans to SBA loans, all through a single application. Since its inception, Fundera has become a trusted resource for entrepreneurs looking to grow their businesses while making informed financial decisions.

Term loans

• Loan amounts: Up to $5 million
• Terms: 1 to 10 years
• Interest rates: 6%–99%
• Ideal for: Long-term investments or working capital

Business lines of credit

• Loan amounts: Up to $1 million
• Terms: Up to 5 years
• Interest rates: 10%–99%
• Ideal for: Covering cash flow gaps or other short-term expenses

SBA loans

• Loan amounts: Up to $5 million
• Terms: 10 to 25 years
• Variable rates based on the prime rate
• Ideal for: Established businesses with strong financials needing versatile funding

Equipment financing

• Loan amounts: Up to 100% of the equipment cost
• Terms: 3 to 10 years
• Interest rates: 4%–45%
• Ideal for: Purchasing or leasing equipment, machinery, or technology

Other loan types

• Invoice Financing: Up to 90% of the invoice value, great for B2B businesses
• Merchant Cash Advances: Fast access to capital, but with higher costs
• Microloans: Small loans up to $50,000 for underserved communities
• Personal Loans for Business Use: Up to $50,000 for startups with good credit

How to get a Fundera Loan

What do I need to apply and get approved?

Minimum credit score: 550
Monthly revenue: $10K
️ Time in business: 6 months

Documents required

• Last three months of bank statements
• Two to three years of personal and business tax returns
• Year-to-date profit and loss statement
• Details on existing debt

Eligibility requirements

• U.S.-based businesses with owners who are U.S. citizens or permanent residents
• Approval requirements vary by loan type and partner lender

Steps to getting a Fundera loan

1. Fill Out One Easy Application:
   Provide basic business information to access personalized loan options.
2. Compare Loan Options:
   View offers from Fundera’s network of lenders, with no hard credit pull.
3. Select the Right Loan:
   Choose the loan that best fits your business’s needs.
4. Work With a Loan Specialist:
   Get assistance from a dedicated specialist who will help navigate the underwriting process and finalize your loan.
5. Receive Funds:
   Once approved, receive funds as quickly as 24 hours, depending on the lender and loan type.

The bottom line

Fundera by NerdWallet is a reliable resource for small business owners seeking flexible funding. With its user-friendly platform, diverse loan options, and expert guidance, Fundera streamlines the lending process, making it easier for entrepreneurs to secure the capital they need to grow. Whether you're looking for short-term cash flow solutions or long-term financing, Fundera has the tools to help.

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