Note that National Funding’s website is pretty sparse on the details for these products. We tried reaching out to National Funding directly for more information, but as of this writing, it has yet to respond. With that said, here are the few details we do know.
National Funding’s working capital loans come in a nice range of loan amounts, from a small $5,000 to half a million dollars. They have pretty short repayment terms, though. You get between four months and two years to repay your National Funding loan, which makes these short-term loans.
If you need equipment financing, National Funding offers both loans and leasing options. It lets you use your loan funds on both new and used equipment. The repayment terms on these loans are longer than on its working capital loans: you can get up to five years to pay off your equipment financing.
You can also get merchant cash advances (MCAs), which give you upfront cash in exchange for part of your future credit card sales. We generally don’t recommend merchant cash advances, thanks to sky-high rates and confusing lending practices. But if you do want one, you’ll just have to submit four months of credit card statements to apply. National Funding offers same-day approval and next-day funding for MCAs.
Now, at this point, you might be wondering what kind of interest rate you can expect to get, or how hefty of an origination fee you should expect. Well, we wish we could tell you.
Unfortunately, National Funding doesn’t list any interest rates, factor rates, or fees for any of these products on its website. We’ve seen reports of rates starting at 15% (quite high), but we’ve been unable to confirm that ourselves―despite reaching out to National Funding directly.
Speaking of which, let’s talk about one of our biggest concerns with National Funding.