What is Finotive?
Finotive is a lending platform that offers short-term loans to small businesses. The company was founded in 2014 by two former bankers, and it is headquartered in Chicago, Illinois.
The company offers loans of up to $250,000, with terms of three to 12 months. Interest rates on the loans start at 8%, and there are no origination fees or prepayment penalties.
To qualify for a loan from Finotive, businesses must have been in operation for at least six months and have annual revenue of at least $100,000. The company also requires that businesses have a credit score of 600 or higher.
Finotive is an accredited business with the Better Business Bureau (BBB), and it has an A+ rating with the organization. The company is also a member of the National Association of Realtors (NAR).
How does Finotive work?
Finotive is an online lending marketplace that connects borrowers with lenders. It offers a simple, convenient, and fast way to get funding for your business.
To apply for a loan on Finotive, you simply fill out a short online form with some basic information about your business and what you need the loan for. Once you submit your application, it will be reviewed by a panel of lenders who will then make offers to you based on their risk appetite and lending criteria.
You can then review the offers from the lenders and choose the one that best suits your needs. Once you accept an offer, the funds will be deposited into your account within 1-2 days.
Overall, Finotive is a great option for businesses that need funding quickly and easily. It offers a simple application process, competitive rates, and fast funding.
Is Finotive a scam or legit?
When it comes to money, it’s always important to do your research. So, is Finotive a scam or legit?
Finotive is a company that provides funding to businesses. They are located in the United States and have been in business since 2014.
From what we can tell, Finotive seems to be a legitimate company. They have an A+ rating with the Better Business Bureau and have mostly positive reviews online.
It’s always important to be cautious when you’re dealing with money. But from what we can see, Finotive seems like a legit company that you can trust.
What do people say about Finotive?
Finotive has a long history of providing funding to small businesses and has an excellent reputation in the industry. Their customers have consistently praised them for their fast and easy process, as well as their competitive rates.
There are a few negative reviews out there, but it’s important to remember that no company is perfect. Overall, Finotive is a reliable and trustworthy lender that can help you get the funding you need to grow your business.
Pros and cons of using Finotive
When it comes to finding the right business funding, there are a lot of options out there. One option is Finotive, an online lender that offers working capital loans and lines of credit. But is Finotive the right choice for your business? Let’s take a look at the pros and cons of using Finotive to help you make a decision.
Pros:
– Quick and easy application process
– Fast funding – you could have cash in hand in as little as 24 hours
– Competitive rates and terms
– No collateral required
Cons:
– Limited borrowing amount – you may not be able to get the full amount of funding you need from Finotive
– Short repayment terms – you’ll need to repay your loan or line of credit fairly quickly, which could be tough if your business is slower to generate revenue
– Not available in all states – Finotive isn’t available in every state, so you may not be able to use their services depending on where your business is located
Alternatives to Finotive
There are a number of alternatives to Finotive for small business funding. Some of the most popular options include:
1. Fundbox: Fundbox offers lines of credit up to $100,000 and term loans up to $250,000. Funding is quick and easy, with funds deposited into your account as soon as 24 hours after you apply.
2. OnDeck: OnDeck offers term loans up to $500,000 and lines of credit up to $100,000. Funding is typically quick, with funds deposited into your account within a few days of applying.
3. Kabbage: Kabbage offers lines of credit up to $150,000 and term loans up to $50,000. Funding is typically quick, with funds deposited into your account within a few days of applying.
4. LendingClub: LendingClub offers term loans up to $40,000 and lines of credit up to $100,000. Funding is typically quick, with funds deposited into your account within a few days of applying.
5. Funding Circle: Funding Circle offers term loans up to $500,000 for qualified businesses. Funding is typically quick, with funds deposited into your account within a few days of applying.
Conclusion
Finotive Funding is a legit funding company that provides small businesses with the working capital they need to grow and succeed. However, there are some drawbacks to using their services. First, their fees are high compared to other funding companies. Second, they have a very strict repayment schedule that can be difficult for some businesses to keep up with. Overall, Finotive Funding is a good option for businesses that need quick access to funds and can afford the fees.