Fundwise Capital Reviews (Updated 2024): Best Loan Company To Go To?
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Fundwise Capital At A Glance
Fundwise Capital is a financial service based company that operates out of Utah. However, they don't actually loan out startup funding. Instead, they have a team of employees that works around the clock to connect customers with third party lenders.
In a sense...they're like a high level middle man company.
Wait...so how do they make any money if they're not lenders?
Great question!
Fundwise Capital actually makes money based off the fees it charges to Fundwise clients, Fundwise partners, and their credit counseling program.
Is Fundwise Capital Worth It?
That depends...how good are you at finding different companies that offer loans? Fundwise is for you if you already have a great credit score, little time, and no connections. Fundwise Capital gives you all the options for business funding you could be looking for at a glance!
WARNING: We would recommend that you approach the world of alternative funding with caution. Interest rates can be high and punishments could be severe if you are ill prepared or unlucky. We highly recommend exploring how you could get funding and explore funding options elsewhere before taking out loans.
Learn About A Business Model That Will Never Require Loans Again!
DISCLAIMER:
This Fundwise Capital review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.
PROS
No collateral required - Multiple financing options for start ups
- Long term financing options available
CONS
High credit score requirement - Funding can take time
- Rates are high
Why Listen To Us
My name is Josiah, and this is my Dad, Joel.
Together, we make up the team here at Scamrisk.
If you’ll let me bother you for two minutes, I’d like to quickly explain why I’m even here writing this review.
In early 2020, I had just graduated from college & had no real career prospects.
I knew I was destined for something more, but I had no clue how I was going to make it happen.
I had this sinking feeling in my gut all the time… like the “big man upstairs” had accidentally given me the version of life where I’d be mediocre forever, instead of the one where I was, ya know – happy & fulfilled.
Anyway…
I had fiddled around with some different online businesses in college:
Some random MLMs, a bit of affiliate marketing, a (failed) dropshipping store or two, all the usual suspects.
Even my dad had been involved in MLMs back in the day… selling knives & other random nonsense people (probably) didn’t need.
All I really wanted was to find something that was going to actually work for me.
Maybe those things had worked for others, but for me it all turned up a fat “0” in the bank account department.
So I searched! And searched… and searched… and searched…
And eventually, I somehow stumbled upon a program that promised to help me build an income online (read about it here if you’re curious).
I didn’t really want to be “rich”.
The thought of making a reliable $5K per month & not having to worry about clocking in to a 9-to-5 ever again was all I needed.
Sure, there were people in the program doing high-6 and low-7 figures per year… but that wasn’t what I was out for.
I just wanted to provide freedom for myself, and if I was lucky, take my family along for the ride.
Fast forward a few days and a few phone calls & I was enrolled!
Here’s the first “money making website” I put up:
I built that site in 2020, and it still makes me $1,500 per month. It’s a basic 5 page website I built based on a template the program provides.
The best part to me? My dad and I get to do it all together!
So between the:
Ease of reaching $5-$10K per month in income online
Straightforward-ness of the system to do it
Fact that I get to do it w/ my family
Is why I recommend local lead generation as my #1 business model for making money online.
Sure, it takes some work and dedication – but anyone that tells you that there’s a business out there that requires no work is selling you a lemon.
I’m not saying you need to sign up for the same program I did, but I would definitely recommend giving the business model a peek!
Who Is Fundwise Capital For?
Small business owners, real estate investors, start ups, entrepreneurs, and literally all sorts of people. They have connections to all sorts of lenders and capital funding companies so you can achieve your dreams!
Whether you are a new business owner, or a seasoned veteran in real estate like Grant Cardone, we would recommend taking a strong look at Fundwise Capital and what they have to offer.
After all, they're almost always able to get you connected with those who have the funding you're looking for.
What Services Does Fundwise Capital Offer?
Business Credit Cards: A business credit card is pretty similar to a personal credit card...but there are some differences in regulations. Somethings worth noting about business credit cards is that they offer higher limits and have better reward programs!
Installment Loans: This is probably the least complex of the three. Installment loans are loans in which the lender provides you with one lump sum and you pay off the loan in by making payments on an agreed upon schedule with interest.
Lines Of Credit (Business Credit & Personal Credit): A line of credit is established for either you personally or your business and you can borrow up to the amount established on the line. Generally speaking you only have to pay the interest rate on the amount you've borrowed.
What Do I Need To Qualify?
Here are the borrower qualifications for Fundwise:
Time In Business: None
Credit Score: 680
Revenue: N/A*
*Your personal income is taken into account.
Terms & Fees Rating:
Fundwise capital makes it easy for their customer to acquire the capital they desire. We give them a 5/5 rating.
Lines Of Credit
Here’s what you can expect from a line of credit through Fundwise Capital:
Credit Limit: $25,000-$300,000
Term Length: 6-18 months
Interest Rate: 0% for 9-15 months, 1%-2%/month after
Other Fees: $500 + 9% approval fee
APR: 0% for 12 months
Collateral: N/A
Fundwise Capital lines of credit can come in both personal and business forms. However to get the business lines of credit, your business will have to have some time documented of existence. Otherwise, you will be given an amount based off your personal income.
This can be frustrating for people that are first time business owners.
Personal and business lines of credit is an agreement between a lender and a business owner where the business owner can borrow money up to an established credit limit. There is no lump sum given.
Also, you only have to make payments on the money that you borrowed. Fundwise Capital can connect you with different lenders that offer both revolving and non-revolving lines of credit.
Revolving lines of credit are similar to credit cards in the sense that the more you pay down on your credit limit, the more that will open back up for use.
Fundwise Capital lines of credit also come with additional perks compared to other companies. For one, they offer 0% interest for a year! This is a great option for new small business owners and real estate investors!
Installment Loans
Fundwise can also connect you with installment loans, though the fundwise capital offers less information about terms than we'd like.
Borrowing Amount: $25,000-$300,000
Term Length: 3-7 years
Interest Rate: 0%-15% on first 9-15 months
Other Fees: $500 + 9% approval fee
APR: 6%-23%
Collateral: N/A
Installments loans or term loans, medium term loans, and long term loans are your stereotypical loan types. These loans typically last several years, accumulate interest, and are paid back monthly.
The Fundwise Capital advantage is that they actually negotiate even lower interest rates for their clients! This means at best, you could receive zero percent interest rates for up to 2 years!
If you have a good credit rating...this could be a great to acquire business funding, especially since they take care of the details that go long with the funding process for you!
As with the personal lines of credit and business lines of credit listed above, these loans are unsecured which means you don't need any collateral.
Business Credit Cards
Fundwise Capital can also help you and your small business or big business get a business credit card.
Now even though credit cards aren't really the best way to cover business financing early on because of the balance transfer in your account becoming more expensive than most loans, it can be a great idea for those who can pay things off quickly.
But how quick is quickly?
Business credit cards typically allow for a 21 grace period, and if you pay off your business credit card within in that time frame...you won't have to pay any business financing at all, yep 0 interest.
Perhaps the best thing about a business credit card is that if you can actually accumulate points and save money through their rewards system!
Important: A business credit card will come with an annual fee somewhere in between 15-25%. However most of the companies, especially the ones offered through Fundwise Capital, waive the first year with 0 interest APR for 12 months on purchases and any balance transfer.
What Is The Application Process Like For Fundwise?
Rating: 4/5
The application process for Fundwise Capital starts online on their website fundwisecapital.com . Your credit rating will matter depending on which financial product you are looking for. However, how much your credit profile matters in the approval process will vary and depend on the business funding you seek. For fundwise capital, credit rating is everything.
Truth be told, to get capital fundwise requires you to open a credit monitoring account and asks to see the results of said credit monitoring. Even though that may be a little unusual, it helps from having to do a hard pull on your credit!
Along with the credit monitoring account, fundwise capital may also ask you to provide proof of income.
According to fundwise capital, you can receive your funding within 10-21 days. Honestly that funding process is a bit slow for an online loan lender.
Overall the application process for a loan, lines of credit, personal credit cards, and credit cards for business is smooth. Fundwise capital acts professional from the first phone call when they make sure their options are a good fit for you!
Transparency Rating: 3/5
Although Fundwise Capital offers a very unique service, they don't advertise too well on their website. They also show you a lot of "best case scenarios", post funding, which can rub a potential customer the wrong way.
If there was something we could recommend Fundwise Capital do to their website, it'd probably be to put more information out there...especially in the lines of credit limit and credit card sections.
That being said, Fundwise does provide enough information for potential clients to get a decent handle on the services offered that will make sure they won't have too many questions on how to secure funding.
Customer Service, Technical Support, And Facebook!
Fundwise has multiple ways that you can get into contact with them. They can be reached on their website, by phone, email, and even all the big social media platforms including Facebook, Twitter, LinkedIn, YouTube, and Instagram!
You can rest assured that any questions you may have can be found or answered using any one of these platforms!
Even though this option isn't really support...they offer a customer the ability to go through their credit counseling service if the credit monitoring account, credit reports, or initial credit report wasn't satisfactory for business funding.
Do We Recommend Fundwise?
After our review team has done thorough research on everything fundwise, we can say that we do recommend them if you absolutely have no other business funding options.
According to customer reviews, many of their clients have great things to say! The only common complaint we found was the lack of advertising and information we have already mentioned above.
Another common complaint however was the high credit requirements. This is one worth noting because if business owners have high credit...they could probably just get lower cost sba loan.
That being said an sba loan can take a bit longer to get qualified especially with the pandemic and everyone hurting.
So although it might make more sense for a business with good credit reports, credit profile, and credit score, to go with an sba loan...it might just be a quicker option to go with fundwise compared to the sba that's a bit tied up at the moment.
The Best Option Compared To Fundwise!
What if you never needed to go to a crumby lender or lenders ever again? What if you never had to stress about getting an application rejected because of a bad personal credit score?
What we're about to talk about real quick is a business model that will give you funding fundwise could only dream of providing for you.
We're of course talking about...
Digital Leasing!
With Digital Leasing, you don't have to worry about a credit score or your personal credit.
Hell, you don't even have to worry about going to lenders about a high credit limit in general because your business expenses are virtually non existent.
Look
The reason why most people need lenders is because they are going to start a company that operates in a physical brick and mortar that has small margins.
We hate to tell you this...
But because of the current political climate and all this talk of a "new normal", going into the brick and mortar space isn't a good option for any business idea right now.
What you should really look into is the Digital Leasing model.
All you have to do is build a simple website, do a little on and off page SEO and presto, you're at the top of google!
Ok, cool, but what's a website on the top of google worth anyway?
The trick to get is worth a lot of money is to build a site for call in jobs like tree service or roofing.
Let's take a roofing for example...
The average roofing job is worth $5,000-$10,000, and a lead is worth $500-$1,000 or 10%. This means that if you generate 10 calls or $50,000 of revenue, you could earn $5,000 from that site for the month!
That is high levels of real estate rent numbers you're pulling in!
Now imagine just how easy it is to scale this business out...
You can build these sites in less than a day...we know because we've tried.
Could you imagine what having just 10 of these sites would look like for your monthly income?
Talk about never having to worry about a credit score or going to lenders ever again.
Ok, but how easy is it to get clients for something like this?
Super easy, in fact our team has tried it!
Business owners all over the country are hungry for the chance at more business right now. If you can be the one to consistently bring jobs to them each month, they'll have no problem throwing 10% your way!
Even if you have a brick mortar business right now, you could use this to give it the kind of funding Fundwise couldn't give you if your credit score isn't high enough.
In fact, many people who joined the training course about Digital Leasing started out just like that!
They wanted to get more inbound clients for their company so they started with building a website and ranking it on Google locally.
After just a few months they had calls rolling in for their company that were producing more than the capital Fundwise would have been able to provide for them!
Soon after seeing how profitable it was for them, they decided to build more of these sites in different areas and markets and take a little sliver to deliver on all the jobs they were getting for people.
If you have a bad personal credit score and don't think a lender or lenders like fundwise offers will approve your application we recommend checking out this Digital Leasing course!
You get hands on training that will walk you through step by step of how to build these assets out!
Not to mention a great group that is there to answer questions you might have 24/7.
If you're looking to get funding fast without having to deal with all the headaches of an application, low personal credit score, funding manager, and the occasional shady lender...
#1 Business Recommendation
We each make around $10,000 per month with the help of this system.
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