National Funding Review
If you’re looking for a business loan, it makes sense to consider all your options, comparing the various pros and cons of the many business lenders out there in order to find the perfect provider for you. In this review, we’ll take a closer look at National Funding, a California-based business lender.
National Funding Overview
National Funding is a small business loan company based in San Francisco. The company got its start in 1999 and has been dedicated to business loans ever since. National Funding has proven popular with many small businesses who find themselves rejected for business loans by banks due to low credit scores or lack of experience.
This business lender is known for its high approval rates, as well as the fact that you don’t need to worry about putting up any collateral in order to take out a loan. National Funding is actually one of the biggest private lenders of small business loans in the whole of America, marketing itself based on its simple application process, personalized approach, and speedy funding.Back to top ↑
Business Loans Offered by National Funding
National Funding offers the following types of business loans:
- Short Term Working Capital Loans – This type of loan can be used to cover all kinds of day-to-day expenses in the running of your business and is perfect for providing a short-term solution to any financial issue that presents itself.
- Merchant Cash Advances – With this kind of loan, National Funding basically buys a percentage of your future credit card sales, giving you funds in the short term to cover various costs and then being paid back by your future sales. MCAs with National Funding are repaid on a daily basis, with the lender taking a percentage of all card sales until the total amount (plus the fixed fee) is repaid in full.
- Equipment Financing – National Funding also offers equipment loans, as well as leasing services for both new and used equipment. The interest rates for these loans are relatively low when compared to other business loans from National Funding as the equipment itself is used as collateral.
National Funding Details
Here’s all you need to know about how National Funding business loans work:
- Loan Size – Ranges from $5,000 to $500,000 for a regular business, up to $250,000 for an MCA.
- Terms – Ranges from 6 months to 15 months.
- Fees – A one-time borrowing of 17-36% of the total borrowing amount, as well as a 2% origination fee.
- Interest – Like many of its rivals, National Funding doesn’t charge interest. Instead, it adds a fixed fee to your total borrowing amount.
National Funding Verdict
Overall, National Funding is one of the more experienced non-traditional business lenders in the business. It has a strong reputation with customers and offers competitive rates when compared to many other lenders. There are some great discounts for those who repay early, minimal application requirements, and a speedy application process too. On the downside, the fixed fee can start to get quite high in some cases.Back to top ↑