Get restriction-free funds and 24-hour loan approvals combined with responsive customer service.
Fora Financial is a direct lender offering working capital for small business owners, including restaurateurs and food truck owners. Its one-page application and fast approval process make Fora Financial the best overall restaurant business loan provider.
With a short-term loan or merchant cash advance from Fora Financial, you can get $5,000 to $500,000 for use within 72-hours after approval. The lender lets you pre-qualify for funds without affecting your credit score, and the one-page application is straightforward.
Both the loan and merchant cash advance come with no restrictions on use with no collateral required. Fora Financial doesn’t rely solely on your credit score to make a determination. Instead, the lender looks at your restaurant’s revenue and years in business. The minimum requirements for funding are:
- Six months in business
- $12,000 minimum gross monthly sales for a loan
- $5,000 in monthly credit card sales for a merchant cash advance
- No open bankruptcies or bankruptcy dismissals within the past year
Fora Financial provides flexible terms, giving you up to 15 months to pay back your loan. Or, if you opt for a merchant cash advance, you pay a percentage of your credit card transactions with no set terms.
Unlike other lenders, Fora Financial doesn’t charge an annual interest rate (APR). Rather the company uses factor rates, which vary from 1.1 to 1.3, based on your current financial situation. On a $5,000 loan with a 1.1-factor rate, you’ll pay an extra $500, whereas that jumps to $50,000 on a $500,000 loan. Origination fees vary between 1% to 4% of the borrowed amount, with the average being 2.50%.
Once you’ve paid off more than 50% of your loan, you may qualify for additional funding. Fora Financial has a department dedicated to loan renewals, making it easy to get more cash. Although Fora Financial receives great reviews and responds to positive and negative ones, it doesn’t publish its interest rates or fee structure.