Fundera is a business loan marketplace where borrowers can compare offers to find the best business loan for their needs. Acquired by NerdWallet in 2020 for $29.2 million, Fundera now operates as Fundera by NerdWallet.
Fundera is not a direct lender and does not originate loans but matches you up with business loan providers you may qualify for.
Founded in 2014, Fundera has helped more than 82,000 businesses secure over $6.4 billion in loans to date, with an average loan amount of $38,279.
The platform is easy to use and comparing loans doesn't hurt your credit score.
How We Rate Fundera
At Financer, all lenders go through a thorough research and review process. Here's how we rate Fundera:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend Fundera?
Yes, Fundera is legit and we recommend it as a reliable lender marketplace. The platform has an A+ BBB rating and is backed by NerdWallet. Skip to our full review below and see how we rate Fundera.
Here's what we'll cover in this review:
Want to skip the details? Jump to our final verdict here.
Fundera Overview
Fundera is based in New York and offers borrowers the ability to secure a business loan of up to $5 million with an easy online application process.
It offers a wide range of loans, including SBA loans, lines of credit, merchant cash advances, equipment financing, and personal loans for businesses.
Here's a quick summary of Fundera:
| Overview | Features |
|---|---|
| Loan type: | Short-term business loans, lines of credit, equipment loans, SBA loans, invoice financing, merchant cash advances |
| Loan amount: | Up to $5 million |
| Loan term: | 1 to 25 years (varies by lender) |
| APR: | Business loans: 7% to 30% | SBA loans: 6% to 8% |
| Min. credit score: | 600+ recommended |
| Monthly fees: | None from Fundera |
| Payout time: | As fast as one business day |
| Weekend payout: | No |
| Requirements: | Credit score of 600+ | More than one year in business | At least four months' bank statements | Details on revenue and profit |
Why Fundera Stands Out
Fundera offers a transparent and straightforward application process and has a strong reputation online, with a 4.4/5 rating on Trustpilot and an A+ BBB rating.
Since being acquired by NerdWallet in 2020, Fundera has expanded its resources and lender network. The platform is selective about its lending partners and provides various tools and information to help businesses find the right loan.
Based on your requirements, some lenders Fundera may pair you with include OnDeck, Fundbox, BlueVine, and Credibly.
Products Offered
Fundera offers the following loan products:
Business lines of credit
Equipment financing
Startup business loans
Short-term business loans
Personal loans for business use
Merchant cash advances
Microloans
Fundera by NerdWallet
In October 2020, NerdWallet acquired Fundera for $29.2 million, with potential earn-out payments of up to $66 million based on performance. The acquisition brought together NerdWallet's consumer finance expertise with Fundera's business lending marketplace.
For borrowers, this means Fundera now has access to NerdWallet's broader resources, research tools, and financial education content. The platform continues to operate independently as "Fundera by NerdWallet" with the same core functionality.
Fundera remains a signatory of the Small Business Borrower's Bill of Rights, which sets standards for responsible lending practices.
SBA 7(a) loans for general business purposes
Business lines of credit for flexible funding
Equipment financing for purchasing business assets
Installment Loans
Fundera lets you compare installment loans from business lenders. These installment loans are offered as a lump sum with fixed monthly repayments.
Business installment loans typically last a year or longer.
Short-term Loans
Short-term loans are ideal if you need money for your business in a hurry.
Short-term loans often have expedited application processes and term lengths of less than a year. Rather than pay interest, you’ll pay a flat fee.
This fee is typically a percentage of the amount you’re borrowing. So if you’re borrowing $10,000 and have a factor rate of 1.2, you’ll owe $12,000.
Payments are made every week or every business day, so make sure that you are comfortable with a short-term business loan before you commit.
Lines of Credit
With a business line of credit you will receive a credit limit and you can borrow within that limit. As you make payments, you'll have more credit available again, so you can keep borrowing against your credit line when needed.
As long as the amount you borrow never exceeds your credit limit, you can continue borrowing for your business needs.
You only pay interest on the amount you've borrowed.
Equipment Loans
Equipment loans are almost the same as installment loans, but with one difference - as the loan is specifically used to purchase equipment, the equipment you’re buying acts as collateral (security) for the loan.
Secured loans usually come with better rates and terms than equivalent unsecured loans.
How Fundera Works
With Fundera business loans, small businesses can get loans of up to $5 million without having to undergo a hard credit pull. Comparing business loans is easy on Fundera.com, with fast payouts available for approved loans.
Fundera works with more than 25 online lenders and will pair you with the most suitable lenders and loan offers for your business.
It also does not promote one lender over another, ensuring you are always presented with the best offers.
Loan Requirements
Although lending requirements can differ between lenders, here are the basic loan requirements when applying for Fundera business loans:
A personal credit score of 600 or higher
More than one year in business
At least four months of bank statements
Details on your annual revenue and profit
Rates & Fees
Fundera does not offer loans directly but rather works with a network of lenders that offer different loan rates.
Checking your eligibility for a loan offer is free as Fundera receives compensation from its funding partners if loans are approved to applicants.
Business term loans from Fundera offer APRs between 7% and 30%, and funds can be available as soon as the next business day.
Fundera does not charge any origination fees.
Payment Terms
Payment terms vary between lenders but in general, Fundera business loans come with repayment terms of from one to 25 years.
Repayment terms will vary based on the type of business loan, the amount being borrowed, and the lender's terms.
With the help of a loan specialist, you can review your personalized loan offers and compare options for your business. Your specialist will also assist in growing your business to find better loan offers in the future.
How Financer Rates Fundera
Fundera offers an easy way for businesses to get access to a variety of loans online, including term loans and SBA loans.
The application process for Fundera loans is easy, with a dedicated lending specialist to walk you through your loan options and unique loan offers.
Their website is easy to use, and there are a lot of great resources and guides available to help borrowers understand the different loan options, how they work, and how to choose the best offer from top lenders.
Their website is transparent and they disclose information about how they collect information and how the process works.
Fundera is a signatory on the Small Business Borrower's Bill of Rights and therefore upholds a certain standard when it comes to their business.
You can read more Fundera reviews below and add your own.
Customer Support
Fundera offers reliable customer support with step-by-step guides to help first-time borrowers navigate the lending process.
They have a reliable customer support center with business loan calculators, financial templates, glossaries, and lender reviews.
Customers can get in touch with customer support via phone at 1 (800) 386-3372 or email at support@fundera.com.
Fundera FAQs
Does a Fundera loan application require a hard credit pull?
No. Applying for a Fundera business loan only requires a soft credit inquiry that won't impact your credit score. Once you choose an offer and submit a formal application, the lender may do a hard credit inquiry to process your application.
Is Fundera trustworthy?
Yes. Fundera is a legitimate business loan marketplace acquired by NerdWallet in 2020. It holds an A+ rating with the Better Business Bureau (BBB) and has a 4.4/5 rating on Trustpilot with over 900 reviews. Since launch, Fundera has helped more than 82,000 businesses secure over $6.4 billion in funding.
How do I submit my documents?
You can upload loan documents like tax returns and bank statements online with Fundera. You will be notified if any documentation is required.
How fast can I get a loan through Fundera?
Most short-term business loans and lines of credit can be funded as soon as the next business day. SBA loans may take several weeks due to the more thorough underwriting process. Merchant cash advances can also be approved quickly.
Does Fundera have any hidden fees?
No. Fundera does not charge borrowers any fees for using the platform. The company earns revenue through commissions from its lending partners when loans are funded. However, individual lenders in Fundera's network may charge their own origination fees or closing costs.
How do I apply for a loan?
Visit the Fundera website and click on 'See Your Loan Options'. You'll need to answer a few questions about your business, including revenue, time in business, and desired loan amount to be matched with suitable offers.
What credit score is needed for Fundera?
Most Fundera lending partners require a minimum personal credit score of 600 or higher. You'll also typically need more than one year in business and at least four months of bank statements. Some lenders in the network may have lower or higher requirements depending on the loan type.
Is Fundera a direct lender?
No. Fundera is a loan marketplace, not a direct lender. It connects businesses with a network of over 25 vetted lending partners. Once matched, you work directly with the lender to finalize your loan terms and funding.
Fundera Alternatives
Here's a list of alternatives to Fundera and how they compare:
| Lender | Loan Amount | Max. Loan Term | Direct Lender? |
|---|---|---|---|
| LoanBuilder (PayPal) | $5,000 - $500,000 | 13 to 52 weeks | Yes |
| Uplyft Capital | Up to $500,000 | Varies by lender | No |
| Nav | Up to $5 million | Up to 25 years | No |
| Lendio | Up to $5 million | Varies by lender | No |
| Credibly | Up to $600,000 | Up to 24 months | Yes |
More Fundera Business Loan Reviews
What Users On the Web Are Saying
Fundera gets 4.4 out of 5 stars on Trustpilot with over 900 reviews, with customers particularly happy about the customer service and dedicated loan specialists:
Some users were unhappy about receiving higher rates than they were told and customer service representatives not getting back to them.
More User Reviews - Add Your Rating
Read more reviews on Financer from verified users below.
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