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Business Loan Reviews

Rapid Finance Logo - Business Loan Reviews

1. Rapid Finance Review

Reasonable rates for low-credit applicants

Same-day funding and high approval rate

Funds wired directly to your business checking account

Funding options for three-month-old businesses

LOAN AMOUNTS

$5,000 to $1 million

LOAN TERM

Three months to five years

APR RANGE

11% to 31%

MIN. CREDIT SCORE

550

FEES

2.5% origination fee

FUNDING TIME

Up to three business days

YEARS IN BUSINESS

Three months for MCAs, two years for term loans

BBB RATING

A+

MIN. REVENUE

Depends on the product

AVAILABILITY

Depends on the product

One Park Financial logo - Business Loan Reviews

2. One Park Financial Review

Funding in as little as 72 hours

Low competitive rates

Free, no obligation prequalification

Poor credit, including bankruptcies and tax liens, accepted

LOAN AMOUNTS

$5,000 - $750,000

LOAN TERM

6 to 12 months

APR RANGE

N/A

MIN. CREDIT SCORE

450

FEES

Only loan fees

FUNDING TIME

72 hours

YEARS IN BUSINESS

At least 3 months

BBB RATING

A+

MIN. REVENUE

$5,000 per month

AVAILABILITY

All 50 states + DC

LendingClub Reviews - Business Loan Reviews

3. Lending Club Review

Multiple loans in same term

Relaxed borrower qualifications

Affordable monthly payments

Past bankruptcies allowed

LOAN AMOUNTS

$5,000 to $500,000

LOAN TERM

12 to 60 months

APR RANGE

9.77% to 35.98%

MIN. CREDIT SCORE

620

FEES

Origination fee

FUNDING TIME

One to four weeks

YEARS IN BUSINESS

14

BBB RATING

NR

MIN. REVENUE

$50,000 per year

AVAILABILITY

All 50 states

Credibly - Business Loan Reviews

4. Credibly Review

Suitable for growing businesses

Prepayment incentives

Loan options for low-credit applicants

Fast funding

LOAN AMOUNTS

$5,000 to $400,000

LOAN TERM

3 to 24 months

APR RANGE

9.99% to 45%

MIN. CREDIT SCORE

500

FEES

2.5% origination fee

FUNDING TIME

Up to 5 business days

YEARS IN BUSINESS

At least 6 months

BBB RATING

A+

MIN. REVENUE

$15,000 monthly

AVAILABILITY

All 50 states + DC

Smartbiz logo - Business Loan Reviews

5. SmartBiz Review

Faster than banks

Affordable monthly payments

Flexible loan terms with low APR

Amazing customer support

LOAN AMOUNTS

$30,000 to $5,000,000

LOAN TERM

2 to 25 years

APR RANGE

5.04% to 10.29%

MIN. CREDIT SCORE

650

FEES

Guarantee, referral fees, bank closing costs

FUNDING TIME

7 days

YEARS IN BUSINESS

11

BBB RATING

A+

MIN. REVENUE

$100,000 a year

AVAILABILITY

All 50 states

LoanMe reviews - Business Loan Reviews

6. LoanMe Review

Funding for businesses less than a year old

Same-day funding

Available for business owners with low credit scores

Rates and fees are given upfront

LOAN AMOUNTS

$3,500 - $250,000

LOAN TERM

2 to 10 years

APR RANGE

14.9% - 159%

MIN. CREDIT SCORE

500

FEES

5% to 40% with a minimum of $500

FUNDING TIME

24 hours

YEARS IN BUSINESS

At least 90 days

BBB RATING

A

MIN. REVENUE

N/A

AVAILABILITY

29 states + DC

National Funding Reviews - Business Loan Reviews - Fortunly

7. National Funding Review

Low credit score requirements

Fast approvals and funding

No collateral required

Guaranteed lowest payment

LOAN AMOUNTS

$5,000 - $500,000

LOAN TERM

Four to 60 months

APR RANGE

15% - 30%

MIN. CREDIT SCORE

500

FEES

2% origination fee

FUNDING TIME

24 hours

YEARS IN BUSINESS

At least 1 year

BBB RATING

A+

MIN. REVENUE

$10,000 per month

AVAILABILITY

All 50 states

Fundbox logo - Business Loan Reviews

8. Fundbox Review

Liberal borrowing qualifications

Good solution for startups

Fast funding

Simple application process

LOAN AMOUNTS

$1,000-$100,000

LOAN TERM

12 weeks – 24 weeks

APR RANGE

N/A

MIN. CREDIT SCORE

500

FEES

Start at 4.64%

FUNDING TIME

24 hours

YEARS IN BUSINESS

2-3 months

BBB RATING

A+

MIN. REVENUE

$50,000

AVAILABILITY

United States, US Territories

Reliant Funding Reviews - Business Loan Reviews - Fortunly

9. Reliant Funding Review

Minimal business longevity requirement

No credit score requirement

Quick application process

Equipment financing solution

LOAN AMOUNTS

$5,000 - $500,00

LOAN TERM

Varies

APR

Varies

MIN. CREDIT SCORE

None

FEES

Varies

FUNDING TIME

24 hours

YEARS IN BUSINESS

At least 7 months

BBB RATING

A+

MIN. REVENUE

$10,000 per month

AVAILABILITY

United States

Funding Circle Reviews - Business Loan Reviews - Fortunly

10. Funding Circle Review

No minimum revenue requirements

High loan amounts

Quick and easy application process

No prepayment penalties

LOAN AMOUNTS

$25,000 - $500,000

LOAN TERM

Six months to five years

APR RANGE

12% - 36%

MIN. CREDIT SCORE

660

FEES

See Full Review

FUNDING TIME

One to five business days

YEARS IN BUSINESS

At least 9 months

BBB RATING

A+

MIN. REVENUE

Not stated

AVAILABILITY

49 states + DC

Fundation Reviews - Business Loan Reviews - Fortunly

11. Fundation Review

Fixed rates

No collateral required

Good for established businesses

APR can be as low as 7.99%

LOAN AMOUNTS

$20,000 to $500,000

LOAN TERM

1-4 years

APR RANGE

7.99% to 29.99%

MIN. CREDIT SCORE

660

FEES

Origination fee 5%; 2% draw fee

FUNDING TIME

1-3 days

YEARS IN BUSINESS

1 year

BBB RATING

A+

MIN. REVENUE

$100,000 per year

AVAILABILITY

The US (Nevada excluded)

BlueVine Review - Business Loan Reviews - Fortunly

12. BlueVine Review

Offers financing for businesses less than one year old

Same-day funding

Huge loan amounts

Low credit score requirement

LOAN AMOUNTS

$5,000 – $5 million

LOAN TERM

1 week – 52 weeks

APR RANGE

15% – 88%

MIN. CREDIT SCORE

600 (530 for invoice factoring)

FEES

0% origination/closing fee

FUNDING TIME

24 hours

YEARS IN BUSINESS

At least 6 months (3 for invoice factoring)

BBB RATING

A+

MIN. REVENUE

$10,000 a month

AVAILABILITY

The US (except ND, SD, VT)

Lendio Reviews - Business Loan Reviews - Fortunly

13. Lendio Review

Dedicated funding manager for each client

Funding for startups and established businesses

High approval rate

Quick application process

LOAN AMOUNTS

$500 - $5,000,000

LOAN TERM

1 to 25 years

APR RANGE

4.00% - 30.00%

MIN. CREDIT SCORE

No

FEES

No origination fee

FUNDING TIME

24 hours

YEARS IN BUSINESS

10

BBB RATING

Not Rated

MIN. REVENUE

$10,000 a month

AVAILABILITY

All 50 states + DC

Fundera Review - Logo - Business Loan Reviews

14. Fundera Review

Lending specialist assistance

Transparent fees and terms

Easy application process

Compatibility with QuickBooks and Xero

LOAN AMOUNTS

$2,500 - $5 million

LOAN TERM

3 months - 25 years

APR RANGE

3% - 30%

MIN. CREDIT SCORE

500

FEES

0% - 6.99% origination

FUNDING TIME

1 day - 2 weeks

YEARS IN BUSINESS

3 months - 3 years

BBB RATING

A+

MIN. REVENUE

$0 - $250,000

AVAILABILITY

All 50 states

Seek Capital Reviews - Logo

15. Seek Capital Review

A possibility of 0% introductory APR

92% approval rate

Most loans are unsecured

A funding estimate in less than two hours

LOAN AMOUNTS

$5,000-$500,000

LOAN TERM

3 months to 5 years

APR RANGE

3%-25% (0% intro APR)

MIN. CREDIT SCORE

Varies by lender and loan type

FEES

9.99% origination fee; other fees vary by loan type

FUNDING TIME

24 hours - 3 weeks

YEARS IN BUSINESS

Varies by lender and loan type

BBB RATING

A

MIN. REVENUE

Varies by lender and loan type

AVAILABILITY

All 50 states + D.C.

LoanBuilder Reviews

16. LoanBuilder Review

Funding for businesses less than a year old

Rates tend to be inexpensive

Multiple avenues of customer support

Cost transparency

LOAN AMOUNTS

$5,000 - $500,000

LOAN TERM

13 to 52 weeks

APR RANGE

24.83% - 49.94%

MIN. CREDIT SCORE

620

FEES

No origination fee; $20 returned item fee

FUNDING TIME

24 hours

YEARS IN BUSINESS

At least 9 months

BBB RATING

A+

MIN. REVENUE

$42,000 a year

AVAILABILITY

All 50 states + DC

Kabbage Reviews - Logo

17. Kabbage Review

Suitable for low credit scores

Loans available within 10 minutes

No prepayment penalties

Free business revenue analysis

LOAN AMOUNTS

$2,000 - $250,000

LOAN TERM

6-18 months

APR RANGE

24% - 100%

MIN. CREDIT SCORE

560 (Recommended)

FEES

No origination fees or prepayment penalties

FUNDING TIME

10 minutes

YEARS IN BUSINESS

1 year

BBB RATING

A+

MIN. REVENUE

$50,000

AVAILABILITY

Nationwide

ondeck reviews - Logo

18. OnDeck Review

Less paperwork than banks and other lenders

Available for those with fair to average credit scores

Funding for businesses that are just one year old

Same-day funding

LOAN AMOUNTS

$5,000-$500,000

LOAN TERM

3 to 36 months

APR RANGE

9%-98%

MIN. CREDIT SCORE

600

FEES

See full review

FUNDING TIME

24 hours

YEARS IN BUSINESS

At least 1 year

BBB RATING

A+

MIN. REVENUE

At least $100,000 annually

AVAILABILITY

United States, Canada, Australia

Introduction to Business Loans

Whether you want to fund your startup, expand your small business, or secure your company against financial instability, a business loan can be the solution.

Loans can also be useful in building up your credit score and making you eligible for larger loans in the future.

Whatever your reason for considering a business loan, it is best to understand how they work and what exactly owners are required to do – preferably before you approach a lender. That is exactly what our small-business loan reviews help you with. Our expert reviewers can guide you toward the loans and lenders that best match your needs and goals.

Types of Business Loans

Equipment Loans

One of the most common financing arrangements for businesses of all types and sizes, equipment loans help you improve, upgrade, and expand your company’s operating capabilities without putting too much strain on your cash flow.

New machinery, computers, and vehicles necessary for establishing or expanding your business can be too expensive to buy outright, which is exactly why equipment financing leases and loans have become such a popular solution.

Equipment loans have a huge advantage compared to other business lending options because the equipment itself usually secures the loan. If at some point you are unable to make the payments, the equipment will get collected by the lender as collateral.

Add to this the fact that financing loans require little or no capital and that you gain full ownership of financed equipment once the loan is paid off, and you can see these loans have become such a popular choice for many business owners.

There are also a few potential downsides to equipment loans. First, taking out a loan will cost more in the long run than if you had bought the equipment outright. Second, most of the best small-business loan providers will cover only 80-90% of the cost, so you will always be expected to pay 10-20% yourself. Last, interest rates on equipment financing vary a lot, ranging from 8% to 30%.

You will most likely need a personal credit score of at least 600 to be eligible to take out the loan.

Lines of Credit

A line of credit differs from standard loans in that it can be reused and repaid multiple times. Borrowing limits are smaller, however, and you need to make your payments on time without exceeding your credit limit.

With a line of credit, you can keep reusing and repaying the lender’s funds as often as you’d like, as long as you make payments on time and don’t exceed your credit limit. If you scroll through our detailed business loan services reviews you will see that lenders usually allow you to repay your full balance early to save on interest costs.

Banks and lenders will also require you to have strong revenue numbers, and your business will have to be at least two years old to be eligible for a line of credit. You’ll probably need a credit score of 500.

Larger lines of credit are often secured, so if you fail to make payments the lender can use your inventory or receivables as collateral. Smaller lines of credit are usually unsecured. The upper limit is typically about $500,000 with an interest rate of approximately 8% and repayment terms with maturity of one to two years.

Working Capital Loans

These can be the best small-business loans when you are financing the everyday operations of your company, such as payroll or rent. Working capital loans are well-suited for businesses that experience highly cyclical or seasonal sales, companies that don’t have stable revenue levels throughout the year.

For example, some manufacturing companies work all year to produce goods for the Christmas holiday season. A working capital loan can help them finance manufacturing activities until the next holiday season.

Missing payments may hurt your credit score, which can be damaging because high credit scores are usually required for getting an unsecured working capital loan.

Criteria for Determining Eligibility

Years in Business

One of the most common requirements in the eyes of many small-business lenders has everything to do with how long your business has been operating. Most companies will qualify for a small-business loan after a minimum of two years of continuous operation, but this is not always the case.

Owners of newer businesses can seek alternative lenders that have a minimum requirement of one year, while others can get loans from larger lending institutions by demonstrating their company’s potential in the application.

Personal Credit Score

While some small-business loan companies may not find your personal credit score relevant to how well your business can fulfill its credit obligations, most of these institutions do consider it when reviewing your loan application.

There are three major credit bureaus and all of them use a 300-850 scale to rank your credit rating, even though the scores that you get usually vary at least a little.

A rating below 600 will mark you as a high-risk borrower by all lenders, meaning that you will have fewer options – and your interest rates will be higher too. A good score falls somewhere between 680-719. That’s where most people in the US are.

Scores of 720 and higher are considered exceptional. A score like that will allow you to pick and choose among the widest range of loan options.

Business Revenue

Another major requirement for getting a business loan is annual revenue, which you get by calculating your total income from all revenue streams for a single business year. As you read through our business loan reviews, you will notice that different lenders have different requirements.

In general, you will need about $50,000 in annual revenue for a short-term business loan. Medium- and long-term loans of a year or longer might require a minimum of $100,000. If you take a secured loan, the minimum annual revenue might jump to $250,000 for a loan of $250,000.

Collateral

If you take out a secured loan, you will be required to put up company assets such as inventory and equipment as collateral so your lender can seize them if you are unable to pay off the loan on time.

Because they face less risk of losing the loan amount, top business lenders will always give the lowest interest rates on collateral loans. Rates can also be raised if the lender assesses that the risk of default is higher than the worth of your assets.

Q & A

What is a good credit score to get a business loan?

Minimum credit score requirements vary depending on the type of loan, but in general, you will need to have a score of 600 for short-term financing. Line-of-credit and equipment financing loans from the best small-business lenders in America usually require a score of 630 or higher, while SBA loans have the highest requirement of all: 680 or higher.

Is it hard to get a business loan?

Getting a business loan can be challenging, especially for smaller businesses and startups. Lenders consider these companies much riskier than larger businesses. In fact, a vast majority of applications to the top small-business lenders in the US are denied, with some surveys finding that the rejection rate is well above 80%.

Who is eligible for small-business loans?

Most businesses with fewer than 500 employees are eligible for a small-business loan. If your company is larger and employs more than 500 people, you still may be eligible, but only if your business meets the SBA’s size standards for the industry your company operates in. To make sure that you meet all the requirements for a loan, you can always consult our business loan reviews and see what the country’s leading lenders consider when assessing loan eligibility.