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Fora Financial

forafinancial.com

Founded Year

2008

Stage

Acq - Fin | Alive

About Fora Financial

Fora Financial offers flexible, working capital solutions to small businesses in need of financing to sustain or grow their enterprise. The Manhattan-based company places a high value on trust and transparency and provides businesses with quick, customized financial solutions utilizing its state-of-the-art technology platforms. The company was founded in 2008 and is based in New York, New York.

Headquarters Location

519 Eighth Avenue 11th Floor

New York, New York, 10018,

United States

877-419-3568

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Latest Fora Financial News

5 Best Merchant Cash Advance Companies for 2022 – NerdWallet

Oct 8, 2022

- Advertisement - Merchant cash advance companies provide you with an advance of capital that you pay off using a percentage of your debit and credit card sales, plus a fee — otherwise known as a merchant cash advance, or MCA. - Advertisement - Generally, you will want to consider all other types of small-business loans before turning to an MCA as this product is expensive and can lead to a cycle of debt. If you are thinking about a merchant cash advance, however, it is important to understand your options and know what to look for in a provider. - Advertisement - Here are our picks for merchant cash advance companies, as well as tips to help you choose the best provider for your needs. View your loan options Best for: Low factor rates. Reliably offers financing up to $400,000, and you can apply for a merchant cash advance online with a simple application and get approval in as little as four hours. Once you’re approved, Credible can transfer funds to your business’s bank account in 48 hours. Reliably automatically deducts a percentage of your daily credit and debit card sales for repayment, and factor rates start at 1.09. The factor rate you receive will vary based on your credit and financial history – the stronger your creditworthiness, the better factor rate you can get. Trustly charges a one-time underwriting fee of 2.5% of your total advance amount and adds it to your balance when you fund. The company also charges a $50 monthly administration fee for managing payments. On average, business owners repay their creditable advances within three to 18 months. To qualify, you’ll need a personal credit score of 500 or higher, at least six months in business and $15,000 or more in average monthly business bank deposits. 2. Trustworthy Funding With Reliant Funding, you can get a merchant cash advance in as little as 24 hours. Reliant offers funding up to $400,000 with factor rates ranging from 1.249 to 1.339. You make your advance payment with daily or weekly installments depending on the MCA agreement. To apply, you submit an online request by providing basic information about your business. Then, a personal account manager will arrive to assist you through the funding process. Reliant can approve applications within hours and send funds to your business bank account as quickly as the next day. You’ll need at least six months in business, $60,000 in annual revenue, and a personal credit score of 525 or higher to qualify for a merchant cash advance from Reliant. 3. Expansion Capital Group Best for: Borrowers with bad credit. Expansion Capital Group offers merchant cash advances ranging from $5,000 to $300,000. These MCAs are repaid daily or weekly, and payments can be automatically withdrawn from your business bank account. Typical repayment terms on a merchant cash advance from Expansion Capital Group vary from three to 12 months. Factor rates range from 1.26 to 1.50. To apply, you’ll fill out a simple form with information about your business. Usually, the only documents required for Expansion Capital Group are your bank or credit card statements for the last three months. After you submit an application, a dedicated funding manager will reach out to you within 24 hours by email with a quote. If you go ahead with the advance, Expansion Capital Group can make the funds available just a few hours after you complete your MCA contract. To qualify, you’ll need a personal credit score of 500 or higher—making this merchant a cash advance company as well, a good choice for businesses with bad credit. You will need at least six months in business and annual sales or income of at least $100,000. 4. External Financial Best for: Large advances. If you’re looking for funding over $400,000, Fora Financial offers merchant cash advances ranging from $5,000 to $750,000. These MCAs can be used for various purposes and have no set terms. Fora Financial does not provide factor rate information on its website, although the company does state that it does offer a discount if you are able to make your upfront payment. You will need to contact a capital expert for more information or to get a free quote. You can apply for an MCA from Fora Financial by completing a one page application and providing three months’ bank and credit card details. In some cases, you may also be asked to provide a tax return, balance sheet or profit and loss statement. Once you submit your application, you can get approval within 24 hours and access your funds in 72 hours. To qualify for a merchant cash advance, Fora Financial requires a minimum of six months in business, a minimum personal credit score of 550, and a minimum of $5,000 in monthly credit card sales. You can’t even have open bankruptcies. 5. Libertas Funding Best for: More established businesses. If your business can meet slightly higher eligibility requirements, you may be able to obtain a larger amount of capital from Libertas Funding. To qualify for a merchant cash advance, you’ll need at least 12 months in business, $50,000 in monthly revenue, and a personal credit score of 600 or higher. Libertas Funding offers advances of $25,000 to $3 million or more with repayment terms ranging from three to 12 months. The company automatically manages your payments – with options for a daily or weekly payment schedule. Factor rates vary from 1.27 to 1.39. If you can make your advance payment early, Libertas offers a 10% to 25% prepayment discount. To apply, you can submit a short form through the company’s website and work with a Libertas funding specialist to complete the process. In general, Libertas can make funds available within 24 to 48 hours after you submit your application. How to choose a merchant cash advance company If you’re looking for a merchant cash advance, you’ll want to research and investigate several companies before deciding which one is right for your business. Some merchant cash advance companies have been criticized for contracts and deceptive sales tactics – leading businesses to fall prey to cycles of predatory lenders and costly loans that are difficult to break. Although some states have taken legal action in recent years to require transparency from MCA companies, bad actors still try to take advantage of business owners, such as “guaranteed approvals” or “business loans without credit checks”. Promise things like that. Not all merchant cash advance companies are hunters, but it’s still important to look for red flags — and look elsewhere if an offer doesn’t seem right. When comparing MCA providers, consider these factors: Funding availability. Merchant cash advance companies will have different maximum funding amounts. You must confirm that the provider’s requirements are in line with what you are looking for. Some MCA companies also offer types of financing – if you think you might be able to qualify for other options, you can explore those as well. borrowing costs. MCA companies will charge in the form of factor rates rather than annual percentage rates or simple interest rates. Factor rates can make it more difficult to understand borrowing costs, so you will need to calculate these rates in the APR. Ask the merchant cash advance company if it charges additional fees and include them in your APR calculation as well. repayment option. Some providers will automatically charge a percentage for repayment from your debit and credit card sales, while others will make automatic withdrawals from your business bank account. In addition, some companies may require daily or weekly repayment, while others will let you choose what is best for your business. qualification requirements. Compared to more traditional small-business lenders, merchant cash advance companies usually have flexible eligibility requirements. These companies will consider your personal credit score, time in business and annual revenue – but they will often be willing to work with startups and businesses with bad credit. Many companies will also prioritize your debit and credit card sales or monthly bank activity when underwriting your application because you will use your sales to pay off your advance. The stronger your creditworthiness, the lower your factor rate on funding. Speed ​​and application process. Most of the MCA companies provide simple application with minimal documentation. You can usually apply and receive funding within a few business days. Some providers offer dedicated account managers to walk you through the process, which can be worth mentioning if you prefer a more personalized experience. Transparency and lender reputation. You will want to look for a merchant cash advance company that is clear about their products and how they work. Ideally, the company provides several ways for you to contact customer service – and you get direct answers to your questions. If you obtain an MCA contract from a provider, it should clearly contain the terms and conditions, fees and repayment information. In addition to talking to the company, reading reviews and reaching out to other business owners can help you verify the reputation and credibility of a merchant cash advance company. Find the Right Business Loan The best business loans are usually the ones with the lowest rates and the most ideal terms. But other factors — such as time to fund and the qualifications of your business — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.

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Fora Financial Frequently Asked Questions (FAQ)

  • When was Fora Financial founded?

    Fora Financial was founded in 2008.

  • Where is Fora Financial's headquarters?

    Fora Financial's headquarters is located at 519 Eighth Avenue, New York.

  • What is Fora Financial's latest funding round?

    Fora Financial's latest funding round is Acq - Fin.

  • Who are the investors of Fora Financial?

    Investors of Fora Financial include Palladium Equity Partners.

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