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Select Funding Review: Pros, Cons, & How to Apply

Small business owners seeking up to $250,000 in working capital or $1 million in equipment financing may be interested in Select Funding. The online lender only requires a credit score of 500 and specializes in fast funding.

However, the funder might not be the right option for every business. It doesn’t provide much detail on costs, but online reviews suggest the rates are high.

We can help you decide if Select Funding suits your business funding needs by covering the benefits, drawbacks, and application process. Specifically, we’ll answer these questions and more:

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    What is Select Funding?

    investment, finance, time

    Select Funding is a direct lender and business-to-business financial services company providing financing options for small and medium-sized businesses (SMBs). It works with companies in every industry across the nation.

    Finance professionals founded the company with the goal of helping America’s small businesses grow. The company promotes that goal by providing funding opportunities to fuel growth.

    It is an alternative lender operating online as opposed to traditional brick-and-mortar lenders like commercial banks and credit unions. Like many alternative lenders, it specializes in accessible applications with minimal documentation and lower qualifications, quick approvals, and fast funding.

    The trade-off for the convenience and accessibility of alternative business loans is that they carry higher interest rates and fees than traditional financing. Select Funding’s business loans are also short-term loans.

    The company was founded in 2010 and is based in Calabasas, California. It has between 10-50 employees. CEO Brian Spratt was appointed in 2014.

    How does Select Funding work?

    The company offers small business working capital loans and equipment financing. The financing options do not require collateral.

    Small Business Working Capital

    • Loan amounts: Up to $250,000.
    • Rates: Undisclosed.
    • Terms: Undisclosed.
    • Funding speed: 24 – 48 hours after approval.

    Small businesses can get up to $250,000 in working capital. The company doesn’t list terms but calls it short-term financing, which typically has to be repaid within 18 months.

    You can use the funds to manage most working capital needs, such as purchasing inventory, making payroll, or paying rent.

    Equipment Financing

    • Loan amounts: Up to $1 million.
    • Rates: Undisclosed.
    • Terms: Undisclosed.
    • Funding speed: 48 -72 hours after approval.

    Equipment financing through Select Funding allows you to purchase or lease equipment for your business. It allows for new or used equipment. Examples include computers, office furniture, vehicles, tools, and general business equipment. It also provides financing for industry-specific equipment such as auto repair, beauty/salon, construction, manufacturing, HVAC, and restaurant equipment.

    What are the qualifications for Select Funding?

    list, icon, symbol

    It’s easy to qualify for Select Funding’s products. The listed minimum qualifications are:

    • Credit score: 500+.
    • Time in business: 6 months+.
    • Monthly revenue: $10k+.
    • Documentation: 3 months of business bank statements.

    For Select Funding, You Need to Know That:

    The lender’s website doesn’t provide any transparency on costs in terms of interest rates, factor rates, or fees. It also doesn’t provide available terms. That can make it very difficult to estimate your costs before applying.

    The exact details and structure of its funding products are also unclear. Some online reviews suggest the company uses a business cash advance model, but that cannot be confirmed.

    While the company is a direct funder of some products, it also mentions working with over 25 lenders for its equipment financing product. In addition, it states that it determines small business financing rates by comparing rates from its network of lenders.

    It states it works with small businesses in every industry but has website sections dedicated to the following sectors:

    • Auto repair,
    • Beauty & wellness.
    • Construction.
    • Electricians.
    • HVAC & plumbing.
    • Restaurants & bars.
    • Trucking.

    Select Funding offers a business loan affiliate program. ISOs and loan brokers can sign up to offer the lender’s funding products to their SMB leads.

    How to apply to Select Funding:

    loan, agreement, signature

    The application process is quick and simple. Follow these steps to apply.

    Step 1: Apply

    You can apply by filling out the online form or calling the lender to work with one of its funding advisors. You’ll provide information about yourself, your business, and your funding needs.

    You’ll also provide business bank account statements for the previous three months during the application process.

    Step 2: Qualify

    The company attempts to complete the application review within 24 hours. Sometimes, you’ll get a decision on the same day. Once approved, you can select from your available funding options.

    Step 3: Get Funds

    You can receive the funds in your business bank account by the next business day after approval or 72 hours for equipment financing.

    Select Funding, Post Funding:

    Unfortunately, we cannot provide information on the repayment process due to the company’s lack of transparency on rates, terms, loan details, prepayment penalties or discounts, or any other relevant information. It does advertise that equipment financing has longer terms and flexible payments but doesn’t provide details regarding how it works.

    We know from customer reviews that several users renewed funding with the company. But it doesn’t publish information about the renewal process.

    What are the advantages of Select Funding?

    Selecting Funding’s business loan options are highly accessible as you only need a credit score of 500. The application process is quick and easy.

    You can potentially receive approval the same day you apply and receive your funds within 24 hours. The lender’s main benefits are the ease of the application process and fast funding times.

    What are the disadvantages of Select Funding?

    The most significant drawback is the lack of information on loan structures, costs, and repayment processes. In addition, funding only goes up to $250k for working capital loans.

    Most alternative lending options carry higher rates and fees. While Select Funding doesn’t publish information on costs, many online customer reviews state they received very high rates. Some customers stated they didn’t proceed with funding because the costs were too high.

    Pros & Cons

    pros, and, cons


    • Low qualification threshold.
    • Quick and easy application process.
    • Fast funding time.


    • No transparency on loan structures or costs.
    • Alternative lending is more costly than traditional financing.
    • Customer reviews complain about the cost.
    • Working capital loans only go to $250k.

    Apply for business funding through United Capital Source today.

    Select Funding Frequently Asked Questions

    Is Select Funding legit?

    Yes, Select Funding is a legitimate online lender. It’s Better Business Bureau (BBB) accredited and a verified company on Trustpilot.

    What do Select Funding reviews typically focus on?

    Select Funding has mixed customer ratings. The lender has a 4.2 out of 5 rating on 98 Trustpilot reviews and a 2.7 out of 5 rating on 43 Google reviews.

    The positive feedback discusses the ease of the process and fast funding times. Most positive reviews mention customer service and the funding specialist by name. Several reviews are from customers that have renewed funding with the company over multiple rounds.

    The negative reviews talk about the costs. Several customers mention very high interest rates. A few said they didn’t move forward with funding due to the cost. Some customers complained about customer service and said the company was slow to respond.

    Another common theme in the negative reviews was aggressive sales and marketing tactics. Several users discussed receiving a “credit card” in the mail, which is a promotional tool the company uses.

    What if Select Funding denies my business loan request?

    Select Funding has very accessible qualifications, but that’s no guarantee of approval. Issues with cash flow or credit history could trigger a denial.

    If you were declined, the denial letter should explain why. If not, you can contact the company for more information.

    Fortunately, today’s small business owners have many lender and lending marketplace options thanks to fintech and online funding sources. Many lending options for equipment financing and working capital loans are available.

    You might also be interested in one of the following small business loans:

    Making Your Decision

    decision, path, signpost

    Select Funding is best suited for credit-challenged business owners who need fast access to capital and are willing to pay more to get it. The easy application process, quick approvals, and fast funding make the lender worth considering when you have an urgent cash flow need.

    However, the drawback to the company is that you won’t know the funding structure or costs until you apply. While it doesn’t publish rates or fees, online reviews suggest it could be costly.

    Established businesses with excellent credit and high annual revenue can likely find more advantageous funding options. You’ll also have to find a different lending option if you need more than $250k in working capital or more than $1 million in equipment financing.

    Based on user reviews and the available information on the website, we rate Select Funding at a 3.3 out of 5. The lower qualifications and fast funding make it an attractive option, but the low funding amounts, limited products, and lack of transparency are concerns.

    Disclaimer: The Select Funding® trademark is owned by Select Funding LLC, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Select Funding LLC.

    Apply for business funding through United Capital Source today.

    Why Choose United Capital Source?

    Why businesses choose UCS:

    Quick funding options that won’t affect credit
    Access to 75+ lenders with multiple products to choose from
    Financing up to $5 million in as few as 3 days
    1500+ 5 star reviews from happy clients!

    Ready to grow your business? See how much you qualify for:

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        At UCS, we understand the value of your time and want to ensure that your application has a great chance of approval. Please take note of the following details before applying:
        • To be eligible, it’s necessary to have a business bank account with a well-established U.S. bank such as Chase, Wells Fargo, Bank of America, Citibank, or other major banks. Unfortunately, online-based bank accounts like PayPal, Chime, CashApp, etc., are not permitted.
        • When describing your current average monthly sales deposits to your business bank account, please provide accurate information. Our approval process is based on your current business performance, and it’s essential to provide accurate details about your current sales in the first question on the application form. We cannot approve applications based on projected revenues after receiving funding.
        We appreciate your understanding and cooperation in ensuring a smooth and successful application process.
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