FAQs
Welcome to our Frequently Asked Questions page! Here, you’ll find detailed information about Fundo’s merchant cash advances, which are designed to help small businesses and self-employed individuals secure funding based on future business revenue. Our FAQs cover everything from the application process and eligibility criteria to repayment terms and security measures. Whether you’re new to merchant cash advances or looking for specific details about our services, this section aims to provide all the essential information you need to make informed decisions about your financing options.
A Fundo merchant cash advance – is an advance payment for the purchase of your future business revenue. It is ideal for microbusinesses and self-employed individuals with fluctuating income and/or lower credit scores.
Often called an MCA, a merchant cash advance isn’t a loan, but rather an advance of funds based on a company’s or contractor’s business income. Business owners and independent contractors can easily apply for an MCA and have funds deposited into their checking account quickly—sometimes as quickly as the business day following the approval.
MCA’s usually carry much higher rates than other financing options so it’s critical you understand the terms you’re being offered so you can make an informed decision about whether or not an MCA makes sense to meet your needs. Our agents are available to walk you through every step of the process and explain your terms to you in detail – so you can confidently accept your funding offer.
At Fundo, we aim to assist self-employed professionals and small business owners by offering flexible financing solutions. Unlike traditional credit requirements, we do not consider your credit score. Instead, we thoroughly analyze your business’s bank statements to determine affordability and ensure that the advance will not negatively impact your operations.
To qualify for Fundo’s financing, we require a minimum of three months in business with consistent account activity. The account should have a minimum average monthly revenue of at least $1,500. This helps us assess your financial stability and repayment capacity.
However, it is crucial to note that currently, we are unable to offer our services in California and New York. We apologize for any inconvenience this may cause and hope to expand our coverage to these states in the future.
Our goal is to provide transparent and accessible funding options to a wide range of entrepreneurs. If you meet the qualifying criteria and reside outside of California and New York, we encourage you to take advantage of Fundo’s services.
So long as you don’t have an open bankruptcy, your credit score doesn’t impact your application. The primary factor in your application decision is your businesses revenue and account balances.
Fundo’s approval process can deliver your application decision in minutes. In many instances, a preliminary approval will be issued pending a verification interview with one of our client representatives. It typically takes no longer than 10 minutes to complete the application from start to finish and get your decision.
Depending on your cash flow, advances are generally repaid in under a year with small automatic debits from your bank account.
Unlike a term loan, merchant cash advance remittance can offer you additional flexibility in repayment. We understand that businesses have their ups and downs. Your business may have a few months where sales are booming, and then go through a time when they slow down. Fundo offers you the flexibility to adjust your payments to account for these shifts.
We can also offer significant discounts to clients that have a sudden windfall and can payoff sooner than anticipated.
No. Fundo cash advances are a purchase of a percentage of your future cash flow, so a personal collateral guarantee is never required to receive funding with us.
We typically require that you have paid back at least half of your previous advance, but because we handle each client on an individual basis you can ask for a review anytime you need more funds.
To stay informed about the banks we currently don’t work with, you can refer to the list of banks which are not eligible. We keep this section regularly updated to ensure transparency and keep you aware of any changes in our bank partnerships.
We are committed to your privacy and the security of your personal and business information. We use state-of-the-art 256-bit encryption and scan our site daily for malware while maintaining the highest standards of cyber-security.
We are a partner of Plaid who is the industry leader who makes it possible to securely connect to your banking institution.
Rest assured, Plaid takes the security and privacy of your financial data seriously. Their systems are designed with state-of-the-art encryption and security protocols, ensuring that your information is protected at all times. Your bank account data is securely fetched through Plaid’s API, allowing us to access the necessary financial reports, transactions, and balances needed for our automated decisioning process.
We understand the importance of maintaining the confidentiality of your information. As a Plaid partner, we adhere to stringent data protection policies and procedures to ensure that your data is handled in a secure and responsible manner. Your trust and privacy are our top priorities.
Utilizing Plaid to provide us with your bank data will not impact your credit history. The information we acquire through Plaid is solely used to assess your eligibility for our cash advance services and does not involve any credit checks.
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