Why we like it: Fundbox offers some of the most lenient requirements in the market, which makes it a great lender for startups and new businesses. Many lenders carry strict minimum age of operations or minimum personal credit score requirements, but Fundbox is one of the rare exceptions. One of the more unique benefits to Fundbox’s business line of credit is that you’re also not required to immediately use the funding after getting approved, which is especially helpful to new businesses that have more unpredictable needs and demands.
Drawbacks: Fundbox incurs a higher risk by enforcing such lenient requirements. The increased risk is reflected in Fundbox’s higher fees and lower maximum loan amount. The upside is that even if you have a poor personal credit score and a relatively new business, you might still be eligible for a loan with them.
We highly recommend shopping around with as many lenders as possible in order to get the best offer. These lenders narrowly missed the cut for various reasons and should be added to your shortlist of lenders to apply with.