Welcome to Fundela's General FAQAt Fundela, we provide tailored financing solutions to empower small business owners. Whether you're looking for working capital, equipment upgrades, or a way to consolidate debt, we have options designed with your business needs in mind.
Common Questions Financing Solutions
We provide a wide range of financial products, including
- • SBA Loans
- • Business Line
- • Business Term Loan
- • Business Bridge Loan
- • SBA Loans
- • Business Advance
- • Consolidation Program
- • Invoice Factoring
- • Asset-Based Loang
- • Equipment Financing
- • Business Credit Card
Most solutions offer approvals within 24 to 48 hours once all necessary documents are submitted.
Most of our products do not have prepayment penalties. For specific product details, please refer to the respective FAQ sections.
Yes! While some programs require established business metrics, others, like certain equipment financing options, are accessible to startups with strong credit profiles and a solid business plan.
Applying for funding is simple:
- 1. Fill out a 5-minute online application.
- 2. Review your approval with one of our trusted account managers
- 3. Secure funding to grow your business.
Common Questions About Credit
Have questions? Our FAQ section is here to provide quick and clear answers to all your inquiries about Common Questions About Credit
A credit score represents your financial history and creditworthiness. Lenders use it to assess risk and determine eligibility for funding solutions.
A score of 650 or higher is generally favorable for most financing options. Some solutions may have specific requirements.
Yes, some applications may involve a hard credit inquiry, which can temporarily lower your score. Fundela minimizes unnecessary inquiries by pre-qualifying applicants first.
Yes. We offer flexible solutions for businesses with various credit profiles. Options like invoice factoring or asset-based loans focus less on credit and more on cash flow or collateral.
High credit utilization can indicate over-leveraging, which might reduce funding approval chances. Keeping your utilization below 30% is ideal.
Absolutely. Startups can explore solutions like equipment financing or specific SBA loans, which may prioritize business potential and collateral over credit history.
Timely payments, reducing outstanding debt, and avoiding frequent hard inquiries can help boost your credit score over time.
Yes. Responsible repayment of our solutions can positively impact your credit profile.
Yes, especially for sole proprietors or small businesses. However, it’s advisable to maintain a separation between personal and business finances when possible.
Required documents may include bank statements, credit reports, business tax returns, and proof of revenue.
Equipment Financing
Yes, both new and used equipment are eligible for financing
This includes heavy machinery, vehicles, office equipment, and more.
Most cases don’t require one, but a down payment can reduce costs and interest.
Yes, we offer financing for both new and used equipment
No. There are no hidden fees or pre payment penalties associated with the products we offer
Consolidation Loans
Yes, both types can be consolidated, depending on your financial situation.
No. In fact, consolidating debt can improve your credit score by lowering your debt-to-income ratio.
Typically, consolidation loans are designed for established businesses with existing debts, but we offer alternative solutions for startups.
Consolidation loans can take time to process. Once all supplemental materials are submitted, it will take around w4 hours to generate an approval
Yes, both secured and unsecured business debts can be consolidated, depending on your financial situation and lender requirements.
SBA Loans
SBA loans cater to a wide range of industries but require specific criteria like business revenue and credit score. Speak to an account manager for details.
Yes, SBA loans typically have a guarantee fee of 0.5%-3.5%, depending on the loan size.
Yes, SBA loans can be used to refinance high-interest business debt.
Most industries are eligible, but certain businesses (e.g., gambling-related) may face restrictions.
Startups may qualify if the owner has strong credit and provides a solid business plan.
Invoice Factoring
No. The strength of your invoices, not your credit, determines eligibility.
Typically within 1-3 business days after invoice verification.
No, invoice factoring is not a loan. It's a sale of your receivables for immediate cash.
Yes, as the factoring company will handle collections on your behalf
No, you can factor as many invoices as your business needs, as long as they meet the eligibility criteria.
Minimum Requirements for Funding
- • Annual Revenue: $150,000+
- • Credit Score: 550+ (may vary by product)
- • Time in Business: 6 months to 1 year
Why Choose Fundela?
- • Fast approvals and funding
- • Tailored solutions for diverse business needs.
- • Competitive rates and flexible terms.
- • No hidden fees or prepayment penalties.
Still have questions? Contact our team or start your application today!
