August Funding Group is also known as AFG. The financial company offers different kinds of business loans to small and medium-sized businesses. August Funding Group is based in Kew Gardens, New York. Term loan to mortgage financing all most all kinds of business financing are available at August Funding Group. The financial company claims they are able to fund 10 thousand to 5 million within 24 hours. Besides they also provide different business services like SEO, credit repair, ADP services.
Today we are going to review the August Funding Group. We will explain all the pros and cons, loan programs, interest rates, payback terms, the application process, loan eligibility. Besides, we also give you an idea about is AFG Business Development legit or a scam, August Funding Group’s alternatives, customer service, and more.
August Funding Group’s Pros
AFG is one of the leading lending business financing companies. They offer different kinds of loan programs to small and businesses. Like other lending institutes, they have some upsides and downsides as well. Here are some reasons you should work with August Funding.
1. Quick Money
Quick money is always expensive especially when it comes to business financing. But it is very helpful when you have a good chance to make more money. August Funding offers different kinds of loan programs within a very short time. The financing company claims they can fund within 24 hours. But for the term loan, it will take 2 to 3 weeks.
2. Easy Process
Online lending makes financing easy. All the application and funding processes with August Funding Group are easy and simple. You just need to visit their site and simply apply for the loan amount you need. If everything is fine then you will get funded as soon as possible.
3. Multiple financing options
If you take a look at some of the most popular lenders like OneDeck, Credibly they don’t offer mortgage or term loans. But the financial company did a great job here. They are offering multiple and popular financing options for the business.
4. Mortgage & Term Loan
There have few online lenders who have mortgage and term loans. Most of the online lender for the small business are offers short term business loans.
5. Business Services
Besides business loans and financing the company offers different kinds of business services including credit card repair, credit card processing, and SEO service.
August Funding Group’s Cons
If you are looking for some business financing will a better rate and don’t want to submit a lot of paperwork then you may not like August Funding Group. Here are some August Funding’s cons:
If you compare it with industry rates then August Funding Group’s interest rate is a little higher. Besides interest rates, there have some fees like processing fees, maintenance fees, and more. Overall if you are looking for cheap money then August Funding is not for you.
2. More Documents
It is easy to get approval but if you want to get funded then you need to submit some additional paperwork and documents. If you have any idea about Bitty Advance or Kapitus then you will know they only require the last 3 to 6 months bank statements, driving license, voided check, and a simple one-page application.
3. Good Credit Score Required
If you have a poor credit score then August Funding Group is not suitable for you. The financial company requires a good credit score. But if you have a poor credit score then you can get funded from CFG Merchant Solutions.
4. No Startup Loan
August Funding Group has no options for startups. Here are some lenders for startup business loans with no collateral.
Products Offered By August Funding Group
We reviewed almost a dozen online lender and most of the online lender offers working capital and merchant cash advance. But August Funding Group has some popular business financing. The loan programs offered by August Funding Group are term loans, equipment financing, mortgage financing, factoring, P.O financing.
Interest Rate And Terms
The lending company offers multiple loan programs. So the interest rate and payback terms are different for the different loan programs. Here are the interest rate and payback terms of August Funding Group:
- Term loan interest rate: 7.9% t0 24.99%
- Equipment Financing Interest Rate: N/A
- Mortgage Financing Rate: N/A
- Factoring interest rate: N/A
- P.O. Financing: N/A
Is August Funding Group or AFG is legit or a scam?
August Funding Group is not a scam they are legit. They are based in New York. But all of their funding processes are not done in-house.
August Funding Group is a great option for those who are looking for mortgage and term loans for the business and need some quick money. But if you are looking for a better rate then it is not good for you. In our review, we found the financial company is legit and trusted. Overall we give August Funding Group 6.8 out of 10 ratings.
When we published this review we search for user reviews we found some positive and negative reviews as well. Some of the users say they are satisfied with the financial company. And some of them claimed that August Funding Group’s interest rates are higher than most of their competitors. There was not review on Trustpilot or BBB.
August Funding Group’s customer service number is 210-716-7800 and their email address is firstname.lastname@example.org.
There have dozens of competitors of August Funding Group. The best alternatives of August Funding Group’s are OneDeck, Fundera, Idea Financial, US Bank, Wells Fargo.
Quick money is a little expensive but if you can make sure the best use of them it could you a better output. It has different kinds of loan programs for small and medium-sized businesses. So if you are looking for extra additional working capital then you can work with them.
Read more: Kapitus Funding Review, Rates, and Terms.