Able Lending Small Business Loans review December 2018 | finder.com

Able Lending small business loans review

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Want to take your business to the next level? Able Lending can get you the capital you need to grow your business.

Product NameAble Lending Business Loans
Max. Loan Amount$5,000,000
APR4.25% (As low as)
Interest Rate TypeFixed
Maximum Loan Term25 years
RequirementsBusiness must be in operation for at least one year, bring in at least $50,000 in annual revenue, must have a personal credit score of 600 or higher, no personal bankruptcy in the past 12 months.

Pros

  • Instant preapproval with funding delivered within a week.
  • Competitive starting rates.
  • No prepayment penalties.

Cons

  • Limited state availability.
  • Good credit and minimum earnings required.
  • Your business must be in operation for at least 1 year.
  • Your business must bring in at least $50,000 in annual revenue.
  • You must have a personal credit score of 600 or higher.
  • You cannot have filed for personal bankruptcy in the past 12 months.

What is an Able Lending small business loan?

Able Lending is an an online lender that provides small businesses with low-cost loans nationwide. It primarily offers funds backed by the Small Business Administration (SBA), which are designed to help small businesses struggling to find financing. SBA eligibility requirements can be strict. It typically takes a few months to receive your funds, but interest rates are extremely competitive.

What other types of loans does Able Lending offer?

Able Lending also offers four other business loans:

  • Term loans. Financing that comes all at at once and is paid back over a predetermined amount of time.
  • Lines of credit. Ongoing access to funds that you can withdraw as needed.
  • Invoice factoring. Selling unpaid invoices in exchange for a percentage of their worth.
  • Short-term loans and advances. Quick funding often used to cover emergency expenses — frequently with high rates.

Compare more small business loans

Rates last updated December 11th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.

Compare up to 4 providers

What makes Able Lending unique?

Meant specifically for businesses that are at least a year old, Able Lending allows you to keep equity in your business with the support of a lender.

  • Instant preapproval. Find out how much you could be approved for with funding delivered in as little as a week.
  • High loan maximum. Loans range from $25,000 to $1 million.
  • Unsecured loans. You will not need collateral for any loan through Able Lending.
  • No prepayment penalties. Pay off your loan early with no additional fees.

What to watch out for

  • Potentially high origination fee. For loans backed by friends and family, you’ll pay an origination fee equal to 3% of your total loan amount. All other loans require a fee equal to 5% of your total loan amount.
  • Not available in all states. Able Lending does not offer services in California, Delaware, Nevada, North Dakota, South Dakota and Vermont.
  • Friends and family recruitment. Able requires 10% of your loan to be backed by friends and family. At least two of your backers cannot be immediate family members.
  • Delayed funding. You aren’t eligible for funding until all of your backers provide their portion of your loan, and it can take up to 30 days after all your backers have provided funding for your money to be deposited.
  • Not FDIC insured. Transactions made through Able Lending are not insured by the FDIC.

Is Able Lending legit?

Yes, Able Lending is a legitimate platform that combines a traditional loan structure with peer-to-peer crowdfunding for loans of up to $1 million. Available in 44 states, Able Lending prides itself on be accessible to the small business owner.

Is applying for a business loan with Able Lending safe?

Yes. Able Lending is a legitimate business lending platform that offers transparent terms with understandable rates and fees to make sure you’re comfortable with borrowing through them. However, Able Lending’s privacy policy states that it may share your activity on its website with third parties.

Am I eligible?

To qualify for an SBA loan with Able Lending:

  • Your business must be for-profit.
  • Your business must meet SBA size requirements for small businesses.
  • You must not have funding from other sources.
  • You must plan to use funding for an SBA-approved project or purpose.
  • Your business must have a realistic business plan.
  • You must be able to demonstrate good character through your financial history.

Eligibility requirements may vary, depending on what type of SBA loan you apply for. Take some time to go over your personal finances and the requirements for each SBA loan before starting an application.

What information do I need to apply?

To find out if you are preapproved for a loan, go to Able Lending’s site and enter basic information about yourself and your business. You’ll find out within minutes if you’re preapproved.

I’ve been preapproved for the loan. Now what?

Once you receive your preapproval, you’ll need to provide such documentation as bank statements that prove your income and cash flow to finalize the rates and fees you’ll get. Able will also run a credit check.

Once you’re fully approved, you can start bringing backers on board. Most businesses will need to raise at least 10% of the total loan amount from two outside backers, with Able funding the remaining percent of capital. Note that while your spouse and children can participate as backers, they do not count toward the required minimum backers.

Use Able’s online resources to market to your friends, family and clients who believe in you and your business. The more backers and funds you bring in, the better interest rate you’ll get from Able. Once your backers are lined up, Able collects their funds and distributes the full amount of the loan to you.

Bottom line

If you need a loan to expand your business, stock up on inventory, invest in new equipment or even to refinance high-interest rate debt, Able Lending can help. Use your network of friends and family to help you raise the money you need.

Remember to compare all loan options available to you for the best terms and rates.

Frequently asked questions

Aliyyah Camp

Aliyyah Camp is a publisher for finder.com helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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