Fundrr

About

Small businesses that are registered and have been in operation for six months qualify for Fundrr loans and can get approved for financing within 24 hours. They offer business loans of amounts between R20,000 and R500,000.

The repayment options are flexible, and you are able to pay off the business loan between three and 12 months. 

Fundrr also has partner offerings and brokering schemes.

Features

• Type of Funding – they offer business loans.
• Qualifying Criteria – your business needs to have been in operations for at least six months. You need a minimum of three months trading history and a monthly turnover of R30,000.
• As part of the application process, Fundrr will assess your business by reviewing your business’s cash flow and bank statement data. The documentation you are required to produce are CIPC documents, a 3-months’ bank statements, two Supplier Statements and a Rental Statement.
• Repayment Terms – the repayments are flexible – you can choose whether you want to make payments daily, weekly or on a monthly basis. The fees will be calculated based on your turnover, the duration of the loan and how often you’d like to make payments.
• Application process – apply online – register and create an online profile with your email address. You also need to agree to the terms and conditions.

Pricing

Repayment premiums are based on turnover, the duration of the loan and how often you want to make payments.Repayments are flexible – from daily, weekly to monthly payments.

On a R100,000 loan you can expect to pay back on average R117,000 over six months depending on your Fundrr Score.

To get a quote you need to create a profile and login to the Fundrr portal with your email address. You will have to provide the following info, average monthly turnover and main source of your turnover.

Pros

Businesses that have been in operation for six months or more can apply for a cash advance, instead of the standard 12 months and more, requirement.

Cons

All applications, processing and support is online so you need to be comfortable transacting online. 

Customer Service

You can make use of the contact form on the website; there is also a contact number and email address available.