National Funding helps small business owners get fast funding via short-term, flexible business loans. They specialize in serving customers who don’t have the best credit, and they don’t require any collateral. So what’s the catch? Keep reading for the good, the bad, and everything you need to know about National Funding.
|Total Businesses Funded||50,000+|
|Total Amount Funded||$3+ billion|
|Trustpilot Customer Rating||4.7/5|
National Funding Solutions
National Funding solutions fall under two main categories: Small Business Loans and Equipment Financing & Leasing.
|Loan Types||SMALL BUSINESS LOANS||EQUIPMENT FINANCING|
|Loan Amounts||$5,000 to $500,000||Up to $150,000|
|Term Length||6 to 15 months||Up to 10+ years|
|Collateral/Down Payment Required?||No||No|
Small Business Loans
If you’re short on cash for inventory, payroll or taxes, you can get anywhere from $5,000 to $500,000 from National Funding within hours. Use the cash for any business purpose – covering capital expenditures, growing your business, maintaining independence and more – with flexible terms and no early repayment penalty.
With National Funding’s Merchant Cash Advance, you can turn tomorrow’s credit card sales into today’s cash flow. Spend it any way you wish, and National Funding will get paid when you get paid. Features include:
- Advances up to $250,000
- Same-day approvals
- Cash in as little as 24 hours
- No collateral required
- Automated payments (percentage of credit card sales)
- No fixed payments
- No hidden fees or upfront costs
To pre-qualify, you need to be in business for one year, and your monthly credit card transactions must total over $3,000.
A working capital loan finances a business’s everyday operations. This type of loan is used for the short-term to sustain business growth and cover for both planned and unexpected expenses, like hiring more staff, adding inventory, financing equipment and managing cash flow during seasonal lulls.
National Funding doesn’t ask for a percentage of your business in return for funding, so you retain ownership power of your business. There’s no collateral required, and once you apply, you can get approved in as little as 24 hours.
If you’re a small business owner with no credit or a poor credit history, you’re going to have a tough time getting the capital you need to grow your business. The good news is that National Funding provides financing solutions for all kinds of business owners, including those with bad credit. The application process is quick and easy with minimal paperwork, high approval and fast turnaround for funding.
Equipment Financing & Leasing
National Funding will loan you up to $150,000 to purchase or lease new or used equipment, such as commercial fleet vehicles or medical, restaurant, farm, office and construction equipment. The loan provider promises a Lowest Payment Guarantee with no down payment requirement. Once you submit your application, you’ll receive an answer as soon as 24 hours.
National Funding Features
One of the things we like most about National Funding is that they reward borrowers who pay off their loans early. For example, customers who financed equipment and pay off their total balance early enjoy a 6% discount off their last balance amount. Working capital borrowers who pay off their loan within the first 100 days of their contract automatically receive a 7% discount on their total remaining balance.
National Funding will also allow loan extensions for first-time borrowers if you pay off 50% of your loan balance and remain current on your accounts. This is a good strategy for responsible borrowers who need an extension, but don’t want to incur the additional costs of refinancing or applying for new credit.
National Funding Borrower Qualifications
National Funding also has relatively lenient credit requirements, because the company places more weight on a business’s ability to repay debts rather than its credit profile. As you pay back your loan over time, you develop a relationship with National Funding, which means more favorable options in the future. Repeat borrowers in good standing are often approved for longer terms with reduced borrowing costs.
|SMALL BUSINESS LOANS||EQUIPMENT FINANCING|
|Time in Business||12 months||6 months|
|Minimum Credit Score||500||575|
Unfortunately, National Funding does not provide business loans to businesses in the following industries:
- Car dealers
- Sports clubs
- Art galleries
- Legal services
- Tour guides
- Auction houses
National Funding Fees
|Origination Fee||2% of the borrowing amount|
|Borrowing Fee||One-time fee of 17% to 36% of the borrowing amount|
National Funding uses a fixed-fee structure, so you’ll be charged a one-time fee, based on the percentage of the borrowing amount, instead of paying interest.
National Funding does not require collateral, but you will have to sign a personal guarantee. This means they can go after your personal assets should you default on your loans.
If you have a profitable business and you need quick access to capital, National Funding is worth a consideration. Especially if you’re looking for unsecured short-term funding for emergency needs. The provider will consider those with poor credit and offers an easy application process with fast approval and funding.
However, if you have good or excellent credit, you’ll likely find less expensive terms with other providers.
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