Fundit Business Loans Review 2022 – Forbes Advisor
If you want a loan with regular, even payments and want to repay it quickly, Fundit’s short-term business loans can help.
Merchant cash advance
Fundit doesn’t offer a lot of information about their merchant cash advances, so it’s hard to know if they’re the right company if you’re looking for them. Typically, cash advances at merchants are structured so that you make daily or weekly payments as a percentage of your sales until the loan is repaid.
Business Credit Line
Fundit offers business credit lines to help you fill funding gaps when you don’t know exactly when they will occur. For example, if you know you need to borrow a small amount of money for supplies on a regular basis, but that depends on how quickly you sell them, this would be a perfect use for a business line of credit.
Business Term Loan
This loan is not significantly different from Fundit’s short-term business loans, save for a higher APR.
In contrast to your private standard mortgage with a term of 15 or 30 years, commercial mortgages through Fundit work differently. You can get a mortgage for as little as one year or as long as 25 years.
accounts receivable financing
If your customers are consistently late paying your bills or you have long deadlines to pay your bills, accounts receivable financing can help you fill some of these gaps.
Like most business lenders, you may be able to get up to 100% financing for an equipment finance loan through Fundit. Just make sure you can get a quick payback, as two years might not be a lot of time for an expensive device.
If you’re going through a rough patch and need a small amount of cash to cover day-to-day operating expenses, a working capital loan can help.
SBA loans are generally large, long-term loans. They are not issued directly by the SBA itself, but by individual lenders approved by the SBA. The SBA backs your loan only so that the lender can recoup some of the cost in the event of a default. In exchange for that security, they can pass better rates to you.