Fundit Business Loan Review 2022 – Forbes Advisor
Short term loan
If you want a loan with steady, regular payments and want to pay it back quickly, Fundit’s short-term business loans can help.
Merchant Cash Advance
Fundit doesn’t provide much information about its merchant cash advances, so it’s hard to know if it’s the right company to look into if that’s what you’re looking for. Typically, merchant cash advances are structured so that you make daily or weekly payments as a percentage of your sales until the loan is paid off.
Business line of credit
Fundit offers commercial lines of credit that you can use to fill funding gaps when you’re not sure when they will occur. For example, if you know you will need to periodically borrow a small amount of money for supplies, but it depends on how quickly you sell them, this would be a perfect use for a business line of credit.
Commercial term loan
This loan is not significantly different from Fundit’s short-term commercial loans except for a higher APR.
Unlike your standard 15 or 30 year personal mortgage, commercial mortgages offered by Fundit work differently. You may be able to get a mortgage with a term as short as one year or as long as 25 years.
Accounts Receivable Funding
If your customers are consistently late paying or you have long payment terms for your invoices, accounts receivable financing can help fill some of those gaps.
Like most commercial lenders, you may be able to get up to 100% financing for an equipment finance loan through Fundit. Just make sure you’re able to pay it back quickly, because two years might not be a ton of time for expensive equipment.
If you’re going through a tough time and need a small amount of money to cover your day-to-day operating expenses, a working capital loan can help.
SBA loans are generally large, long-term loans. They are not granted directly by the SBA itself, but rather by individual lenders approved by the SBA. The SBA only guarantees your loan, so that in the event of default, the lender can recoup part of the cost. In exchange for this security, they can offer you better rates.