To learn more about Good Funding and decide if it’s right for your needs, please continue reading:
Small businesses that struggle to qualify for traditional business loans often consider alternative financing options, such as merchant cash advances. Good Funding is a financing company specializing in helping businesses secure working capital with alternative financing. Additionally, Good Funding helps small business owners evaluate all their loan options, ensuring they make informed decisions.
Despite being a newer company in the industry, Good Funding is building a solid online reputation. However, you should be cautious when working with any merchant cash provider since this form of financing can be expensive.
If you’re considering Good Funding for your business financing needs, we can help guide you with answers to these questions:
Good Funding is a financial services company and merchant cash advance provider that helps America’s small businesses quickly obtain working capital. Its main selling points are a low barrier to entry, simple application, and “rapid fire turnaround” on approval and funding.
New and established businesses can access working capital. The company states it wants to help small businesses achieve a “brighter financial future” and “build self-reliance.” Flexible working capital options allow entrepreneurs, start-ups, and established businesses to build self-reliance.
Good Funding’s financing option can help with the following:
Good Funding was launched in 2020 and is based in Tustin, CA. It was founded as a privately held financial services firm.
The company designed a program to fund qualified merchants by purchasing future business receipts at a discount. This type of business financing is known as a merchant cash advance or revenue-based funding.
It is a short-term financing solution that can provide up to $500,000 in working capital. The amount you receive is based on your previous sales history. Loan amounts, rates, terms, and fees vary by lender, so reviewing the specifics of any offer is essential. Small personal loans typically refer to loans of $3,000 or less.
During the application process, Good Funding reviews your credit history and previous sales history to determine the amount of working capital you can receive. Lenders also consider factors such as income and debt-to-income ratio to make a lending decision.
After receiving your advance, you repay it with a percentage of your daily sales. Unfortunately, the company does not list terms or rates.
The website claims to provide transparency with predictable and easy-to-understand terms. However, you must first apply to see what terms are available.
The company states that start-ups and entrepreneurs can apply, but it also says you must meet the following requirements:
There is no minimum credit score listed. The company indicates credit is considered during underwriting, but it is not the most important factor.
Good Funding aims to offer competitive rates to ensure that small businesses can access the funding they need without excessive costs.
The company is a newer player in the alternative lending space, having only launched in 2020. It may grow and expand in the future but currently only offers one lending product.
Unlike traditional methods of obtaining business loans, Good Funding provides a more accessible and faster alternative for securing working capital. Some lenders offer small personal loans, including loans of $1,000 or less.
It claims to help business owners with flexible funding structures and business insights. However, it does not expand on that since it only offers a single product. Unlike many business lenders that provide a one-size-fits-all line of credit, Good Funding focuses on tailored solutions. Good Funding implements loan underwriting and servicing solutions to optimize its processes.
The funding solution is not a loan in the formal sense. You’re selling a percentage of your future sales for an immediate cash advance.
The company does offer a business loan referral partner program for loan brokers or ISOs that want to offer its product. Some business owners prefer working with a loan broker.
The application process is quick and straightforward. Follow these steps to apply.
The first step is to fill out Good Funding’s online application form. The website states it should only take a few minutes to complete. You’ll provide some basic information about yourself and your business. To apply for a small personal loan, you must complete an application and provide supporting documentation. Good Funding’s application process can be completed quickly with minimal documentation.
A funding specialist will contact you to discuss the application. You might need to provide some documentation, including a government-issued ID and business bank statements.
If everything goes correctly, you could get same-day approval. Once approved, you can receive your funds within 24 hours.
Unfortunately, the company doesn’t provide much detail on the post-funding process. We know that the program is structured like a merchant cash advance. That means Good Funding purchases a percentage of your daily sales at a discounted rate.
Most merchant cash advance products carry daily or weekly repayments. These financing structures are typically the most expensive small business loans, but we can’t determine rates or fees, so we cannot tell you what to expect regarding costs.
From customer reviews, we know that multiple small business owners have renewed funding with the company. However, we do not know if renewal carries any benefits, such as more significant borrowing amounts or lower costs.
Renewing funding with Good Funding could provide you with more money to invest in your business, potentially leading to increased income and growth opportunities.
The main advantage is the lightning-fast funding time. It could be possible to get same-day approval with next-day funding.
Access to quick funding can be crucial for small business growth, allowing entrepreneurs to invest in their operations and seize new opportunities. Alternatives to small personal loans include saving or taking on side jobs.
Another benefit is the streamlined application process. Also, unlike some lenders that use an entirely AI process, you will connect with a funding specialist who can help answer your questions and determine the best structure for your needs.
The company also has excellent online reviews, and in the small sample size available, we couldn’t find any negative reviews.
It only performs a soft credit pull when you apply. There is no hard credit inquiry, so applying to see your rates doesn’t have an impact.
While it provides some helpful information, the website does not mention costs in terms of rates or fees. It also doesn’t provide terms other than to say it’s a short-term solution.
It’s a newer company that is still building its online reputation. To demonstrate transparency, it would be best if the company were more upfront with its process and costs.
Good Funding’s product, which appears to be a merchant cash advance, could have potentially high costs since that’s commonplace for this product type. In addition, any short-term financing arrangement from your daily sales could strain your cash flow.
Pros:
Cons:
The Better Business Bureau (BBB) has accredited Good Funding since 2021, and it has an A+ rating. Several user reviews praise the company, which is a legitimate business financing company.
As a newer company, it doesn’t have many reviews. There are no reviews or complaints on its BBB page. It has a 4.7 out of 5 rating on 32 Trustpilot reviews, but all 32 are five stars. Good Funding also received a high customer rating of 4.8 from reviewers, reflecting its strong customer satisfaction.
The positive reviews discuss the speed and convenience of the service. Most users mentioned their funding specialist by name and appreciated their time and attentiveness. Several customers mentioned getting multiple loans with the company and the smooth process. Many reviews also praise the Good Funding team for their dedication, responsiveness, and personalized service throughout the loan process. Joel from Good Funding provided an enjoyable loan experience to customers. Additionally, Tom Dool from Good Funding was highlighted for providing an exceptional customer experience. Jason at Good Funding was also noted for his professionalism and consistent follow-ups with customers.
We couldn’t find any negative reviews about the company online.
One of the benefits of working with Good Funding is that it has a lower barrier to entry than most business funding options. It doesn’t set a minimum credit score to apply but does say it is a factor.
If you were declined, the denial letter should explain why. You can contact the company directly for more information.
Fortunately, there are many alternative lenders to consider if Good Funding doesn’t work for you. Merchant cash advances and revenue-based financing are becoming more popular since they offer flexible financing with low credit score requirements. So, you shouldn’t have trouble finding a lender for those.
Aside from those financing structures, you might also be interested in the following small business loans:
Good Funding is best suited for newer businesses that don’t have the credit score to qualify at traditional lenders. The company’s product gets the job done when you need working capital fast.
However, before moving forward with Good Funding, be prepared to compare the costs. You can only find out how much it will cost you by applying. Before agreeing to terms, compare their fees to those of other similar lenders to ensure you get the best deal possible.
Based on user reviews, lending products, and the information available, we rate Good Funding at 3.5 out of 5. The company seems like a solid option for financing, but without transparency on the costs, it isn’t easy to compare to other lenders.
Disclaimer: The Good Funding trademark is owned by Good Funding and its use herein is for reference purposes only and it does not indicate sponsorship or endorsement from Good Funding.
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