The Funding Family Reviews

For aspiring entrepreneurs, it’s important to have access with funding. We articulate it this way, so it’s clear it doesn’t have to be your own money.

Afraid that the funding is only available for the rich and big companies? Don’t be, there are funders and lenders for small businesses too. The Funding Family is one of them.

In this review, we’ll talk about The Funding Family and its features. Would we recommend it for your funding needs? Continue reading for our two cents.

But before getting into the review…

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What Is The Funding Family?

Brief Background

The Funding Family Abraham Lazar

The Funding Family calls themselves as a direct funder that provides alternatives to small business loans. They claim to not deny funding requests as frequent as traditional banks.

They want their constituents to be free of the shackles that restrict them from getting the funds their business need. Sure, they still have qualifications, but it isn’t as stringent and rigorous.

In other words, they never foster a sense of inadequacy in small business owners. There’s no hassle, and no making business owners feel like they need to plead desperately to get some financial assistance.

The company was founded by Abraham Lazar, also the company’s current CEO. They’re based in Cedarhurst, New York.

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The Funding Family Difference

Unlike traditional banks, they don’t put much emphasis on someone business’ credit score nor industry type. It doesn’t define how they see a business credit worthiness.

It isn’t like a pawnshop, either. As in, they don’t require any collateral to have your funding request approved. No need to fear that you’ll lose a possession/property with them.

In addition, their application process is of less hassle as it’s done over the phone or through online means. Apply any time, no travel to a physical location required. Perhaps, it’ll be good for one to touch some grass, but not today, says The Funding Family.

On their website, they also mentioned how they’re transparent with their support, and how they never take equity nor prepayment penalty. It’s what they believe set them apart and be #notliketheotherlenders.

For more financing and business opportunities, see Family Bank Funding Reviews, Chat Money System Reviews, and Smart FBA Reviews.

The FamilyScore Algorithm

FamilyScore algorithm is what The Funding Family use to guarantee business owners secure the most favorable financial terms possible.

How Does The Funding Family Work?

Minimum Requirements

On their website, they listed the minimum requirements as follows: The business should be operating for at least two, three months, and have a monthly cash flow of $15k or more.

Application Process

The Funding Family Application Process

Here are the steps on how to apply for The Funding Family’s funding, as listed on their website:

  1. Accomplish an online application form.
  2. A specialist will reach out and draft you the most ideal financial options your business is qualified for.
  3. You’ll get your funding (or whatever they mean with “You are now part of The Family”).

Too simplistic right? Fortunately, we found a post on their inactive Facebook account that provides more details about the process.

Here’s how it goes:

  1. Accomplish the online application form, including uploading your past three months of business bank statement.
  2. Once you submitted your application, a rep will determine the ideal financing options available for your business.
  3. The rep will contact you about the said financing options, and will provide a breakdown, so you can decide which one to pursue.
  4. Upon selection, a contract will be sent immediately for final review and signature.
  5. After you submit the signed contract, the lender will send you a link to confirm your bank information.
  6. As part of the final underwriting, the business owner will need to take a funding call with the lender.
  7.  Once the final underwriting is done, the funds will be sent to your bank within the same business day.

Funding Options

Small Business Loan

This is a funding option where one must repay in fixed payments with interest every month. Typically, it’s only open to businesses with good credit history. With The Funding Family, the approval is not solely dependent on credit score.

Here are the features of The Funding Family’s small business loan:

  • Application only requires a few bank statements, no collateral needed
  • Turnaround as fast as one day
  • Loan amount starting at $5,000, up to $1,000,000
  • Terms up to eighteen months
  • Provides early payoff discounts
  • No restrictions on use

Merchant Cash Advance

With this option, The Funding Family will buy your business’ future credit card receipts. This is suited for businesses with relatively lower credit score and fluctuating revenue.

The features of this option is the same as the small business loan except for one thing. That is, there are no set terms for merchant cash advance.

Lines of Credit

This option is a revolving credit facility where a business can draw from as needed. The repayment with interest only applies on the money you use.

Lines of credit is the choice for businesses that values flexibility, and is only after a short-term cashflow.

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Is The Funding Family Worth It?

The Cost Involved

The Funding Family The FamilyScore Calculator

There are no details about the interest rates and loan terms on the website. While there’s a FamilyScore calculator, it’s only for getting an estimate of the loan amount one can potentially borrow given the monthly deposits, credit score, and time in business.

The Online Sentiments

On two consumer review platforms, The Funding Family has received nothing but praises. There are so many on BBB, 134 five-star reviews to be exact.

They were commended for the quick and hassle-free funding application process plus their flexible financing options, and we can see why. They talked about it, after all.

We can’t say the same for the reviews that commend their competitive interest rates and loan terms. They didn’t provide any deets on what to expect on that front. We can only speculate.

The Risks

The Funding Family Reviews

Despite the overwhelmingly positive reviews online, we’re still wary about how the reality for The Funding Family might be different.

We’ve seen many similar companies with very minimal requirements and lightning fast turnaround, almost as if it’s too good to be true.

Turns out, it is indeed too good to be true, and they’re just frauds. They simply want to collect application fees, and get your personal info and bank account details, while selling empty promises.

We’re not saying that The Funding Family are frauds themselves. But there’s always a chance that they’re not as good as advertised. There are red flags, and we’ll not ignore it.

The generic feedback with names only showing their first name or surname is one reason for our skepticism. Most of the time, the review content are only about the friendliness of staff that assisted them, the quick, twenty-four hours or less process, and how easy it is to communicate with the company.

The said praises aren’t necessarily a problem, but it’s odd how the reviews seems to be following a formulaic format that always mention the said sentiments. One even left “Thanks, [Your Name],” shows how they’re using some template. So unserious.

In addition, it’s discouraging how they’re not so transparent with what they really are— both a direct funder and intermediary.

They only call themselves the former, but also mentioned how they use their FamilyScore algorithm to match business owners with the most competitive lender, and are actively working with them. That’s an intermediary.

For the sake of transparency, they should’ve indicated very clearly on their site (and not just on a Facebook post) that when one doesn’t meet their in-house criteria for direct funding, they’ll refer them to another lender instead.

Here are more reasons The Funding Family might be not as good as the reviews indicate:

  • Privacy and contact page are unreachable.
  • Not active on social media anymore, although they haven’t posted that much in the first place.
  • Fees and interest rates are not listed on the website, not even a hint.
  • Inconsistency with listed info (on LinkedIn, they mentioned minimum cashflow to be at least $10,000, which is different from what their site has mentioned).

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Conclusion

As consumers, it’s important to always assess the value of available options. Do the pros outweigh the cons, or is it the other way around?

In the context of this review, is The Funding Family worth the risk? We’ve laid down our findings— the good, the bad, and the ugly— and it’s up for you to decide.

As a reminder, it’s crucial for everyone to think things through before applying for a loan/funding. It isn’t some sort of jail-free card or a handout. You still have to pay it back, and pay more with interest.

You could easily end up in debt with nothing to show for it if you don’t invest well, so please, have a plan first and make sure it’s a good one before getting a loan. As always, be smart, and be savvy.

Before leaving…

If you are serious about starting your own online business, I highly recommend you to check out my #1 recommendation.

This is simply the BEST business to start right now and it made me $30,391 in the last month alone.(*and sky’s the limit*)

Go here to start leasing leads to small business owners and become a digital landlord

 Best Business To Start >>