Fora Financial Reviews - What Is It?
DO NOT USE Fora Financial!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Fora Financial is a short term loan and merchant cash advance provider. It was founded by two college roommates Jared Feldman and Dan Smith who used to work together for other financing companies for several years. Afterwards, they decided to create their own company. In 2009, they started collecting capital from their family members and friends, and, despite getting to a crowded financing space, the company has grown to 116 employees as of February 2016. All this happened in a very short period of time. It should be mentioned that earlier the company was known as Paramount Merchant Funding. Today it highlights short term loans, merchant cash advances, working capital loans, 2-5 day funding, minimal borrower qualifications and professional customer service.
To understand what the company does it is important to define what some of the terms are. For instance, merchant cash advances are sales of future receivables gathered through deduction of a percentage of your daily profits. Short term loans are similar, but repayments are made through a fixed daily deduction of your account. Most customers of the company use short term loans. Fora Financial has all the characteristics common in the online loan and merchant cash advance industry. It is easy to qualify, repayment is automated and you are supposed to get funding rather fast after application. You will need to repay a fee costing from 1.1 to 1.3 times the amount of finances given to you. In other words, you'll have to pay from $0.10 to $0.30 for each dollar you borrow.
Customer Reviews - Does Fora Financial Really Work?
You can find a great number of customer reviews on Fora Financial online. Fortunately, most customers are pleased with the services offered by the company. The first thing they are amazed with is the application process. It looks very standard but runs very quickly. All you'll need to do is to fill out an online application form. A representative will call to get more information. You will be able to ask your questions too. You will be provided with an estimated quote telling you about term lengths and potential fees. To continue the process, all your information will be sent through underwriting for further verification. If everything checks out, you will be approved and will see the money on your bank account in a few days already. Usually the procedure takes about four days, according to the official website of the company.
The next thing that positively impresses clients of Fora Financial is sales and advertising transparency. People highly appreciate that their website contains videos explaining how the loans and payback work. Fora also provides a lot of other solid information including that on fees or collateral. Most users report about perfect Customer Service and Technical Support offered by the company. Fora Financial can be easily reached by phone or email. You can even find them on such social media websites as Twitter and Facebook. Many clients cite great customer service and like their experience of working with Fora. The people working in the company appeared to be transparent, honest, easy-to-get a hold of, and trying hard to please each customer. Any of your questions will be answered by phone or through emails.
There are very few negative reviews about Fora Financial citing mainly expensive capital and a 4% origination fee. To my mind, it is not a drawback. It is up to you to decide whether this company is suitable for your individual needs or not. As for me, it must be reliable first of all. For this company, the origination fee is the only way they make money. It's fair, isn't it? Most customers' compliments cited friendly Customer service, as well as well-informed and experienced representatives. They can make each customer feel comfortable and confident with a deal. The next thing the customers are pleased with is fast funding. You don't need to wait months to get a loan, but you'll have the money in the next four days. Qualification requirements are minimal with this company. Let's take a look at the actual users' testimonials.
"Fora Financial is the greatest lender I have ever met. They took time to see me and to give me a free consultation. After getting some of my information they told me that my credit was in a good condition. The next day I received approval and in four days I could use money from my bank account. They are not crooks; on the contrary, they are friendly and understanding people. They were the only ones who managed to help me in the difficult period of my life. They were honest and gave me great advice. I will certainly spread the news about this company and recommend it to all who need a loan."
"Due to the help of Fora Financial I have organized a credit workshop for international women in New York. It is an immigrant organization for women. I am especially grateful to Eli (credit pro repair's founder) who made a two-hour credit score workshop. This man is truly passionate about his job, knows how to make it easy to understand and has great professional experience. His assistant Gloria is very kind and patient. Thank you for wonderful experience. Now I feel confident and I am sure that I will be able to build up my life in New York."
"Fora Financial changed my life. After trying to cope with my credit on my own, I went to their office to ask for counsel. They consulted me for free and worked with me on my small budget. The kind representatives of the company walked me through the application process and taught me some financial principles. It took me only a few days to get the money. Now I feel better and I understand that my life hasn't stopped. Every time I called them by phone they politely answered my questions. I am so grateful for your help and patience! Their receptionist Gloria is a total sweetheart."
My Final Summary
Fora Financial is a legit establishment that offers short-term financing to people who need money immediately. According to numerous positive reviews, you might get a better deal in this company than in any other. Your rates will depend on the funder's underwriting. The company agrees to give a loan even to those clients who have an extremely limited budget. The application process won't take much time and you will have money in about four days. Many online lenders do not fund their customers that fast. Before applying for Fora's services, it is worth to insure that your business can sustain repayments. Most clients are happy with the company, its customer service and the staff. Taking into account all pros and cons, I can recommend Fora Financial.
Fora Financial Pricing and Rates
You can borrow from $5K to $500K from Fora Financial. There is no maturity date for merchant cash advances, while it is 6-18 months for short term loans. The Origination fee is 4%. There is no Collateral. As there is no specific date regarding when you have to repay your loan, this company is worth your attention.