Information
About lender
Fundit is a financial business intermediary between the borrower and the investor. That is, Fundit connects people who want to borrow money with those who offer a business loan or a personal loan. It is important to note that Fundit itself does not offer lending services. The company operates in the USA, but unfortunately, not in all states in the lending marketplace.
For investors, Fundit helps to find safe and trusted borrowers to whom they can lend business loans and other loan terms with a variety of amounts and conditions. Simply put, to choose someone who suits their personal requirements, such as loan amount.
And for borrowers, Fundit gives you the opportunity to choose for yourself a suitable investor or financial company that will agree to work with your wishes since the company provides a huge selection of candidates for investment and debt collection, as well as different types of business loans.
Fundit Financial Technologies, LLC, is a Better Business Bureau accredited business and has an A- rating with BBB. The company was established in 2021 and has its headquarters located in Fort Lauderdale, Florida.
Pros and cons
Pros
Availability of short-term loans. If you urgently need money in an unforeseen situation but you do not want to pay the business loan and personal loan amounts for a very long time, this option is ideal for you. An example of this is the business line of credit that offers a convenient loan term. In this service, Fundit's borrowers repay the loan as quickly as possible with fixed payments.
Fast loan financing. This is probably the biggest advantage of Fundit. After all, if you really need money right now, you can get it on the same day of application. It significantly saves your time and can improve your financial situation. A business line of credit can be useful for both personal loans and business loans.
A vast range of different loans. On the Fundit platform, borrowers and investors can easily find a service that suits them, regardless of their requirements for business loans or personal loans. Since the company offers a wide selection of them, such as business term loans and other conditions, by working with Fundit, you can find what is right for you.
Good service. Fundit's users can stop worrying about making any mistakes. The friendly staff working on the platform will always help. The management is in touch every day at almost any working time of the day. Therefore, you can call the company's phone number or write an email with a question that you want to get an answer to, a complaint, or a request. There are no problems with the business credit line at the company. Fundit offers many tools on its platform, for example, equipment financing.
Loan approval with a minimum credit rating. Commercial mortgages can be repaid from one year to 25 years. There are many options for obtaining different loan amounts for different periods, so everyone has the opportunity to choose something for themselves. Having a low credit rating, you still have a chance to get a loan. The minimum rating is 500-600. Of course, if your credit history is better, you have a better chance of getting the loan approval.
Cons
Availability is not in all states. In general, the loans provided by Fundit are valid in 41 US states. However, some services do not work in any states operating on the platform. Detailed information about the availability of various services in some states is available on the official website of the company.
Obtaining a loan only with proof of income. The company must make sure of your solvency. Therefore, you are obligated to confirm your income level and provide evidence. The minimum amount of your earnings for the approval of the application is 24 thousand dollars.
High APR. In cooperation with Fundit, both borrowers and investors receive a huge number of privileges. But you will have to pay a high APR for their use.
Terms and conditions
Fundit customers have a huge range of services provided to them with completely different conditions, requirements, and opportunities.
Short-term loans can be repaid in one-time, regular, and fixed payments. They can be daily, weekly and monthly, depending on the amount of the loan and your desire. Such loan amounts can be from a thousand to $5 million with an APR of at least 4,66%.
If you need money in an unforeseen situation, a working capital loan or a business line of credit is for you. The amount of such a loan is from $4,000 to $1 million with repayment up to 2 years, according to the repayment schedule.
Fundit also has an equipment financing service. It will be useful for many situations, but it has many requirements of its own, which are different from business loans. All information about equipment financing is available on the official website.
Commercial mortgages are a loan option replacing a standard mortgage with a merchant cash advance. You can get this loan amount of $500,000 to $30 million with an APR of 5% using a merchant cash advance. Commercial mortgages can have loan terms from one year to 25 years. There are many options for obtaining different loan amounts for different periods, so everyone has the opportunity to choose something for themselves. Аlso the company cooperates with the Better Business Bureau.
Funding a loan
You can receive money after you have approved the application after 1-2 days, which is fast enough. The entire loan amount will be credited to your current bank account specified in your application form when submitting the application.
