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

Able Lending small business loans review

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

The costs of starting and growing a business can be overwhelming. It can be difficult to get funding from a traditional lender, and while your family, friends and clients are interested in investing in you, you just aren’t sure how to manage it all. That’s where Able Lending’s Growth Loan comes in.

Product NameAble Lending Business Loans
Max. Loan Amount$5,000,000
Min APR From 4.25%
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 and it typically takes a while to get 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.

What to watch out for

If you default before the final quarter of your loan, your backers lose 100% of their investment.

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.

Compare more small business loans

Rates last updated February 18th, 2018
Name Product Product Description Min Loan Amount Maximum Loan Amount Requirements
LendingTree Business Loans
Compare 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.
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
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
2+ years in business; $75,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
$2,000
$250,000
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
SmartBiz SBA Loans
Get funding for your small business with a government-backed loan and extended repayment terms.
$30,000
$5,000,000
Personal credit score of 650+; US citizen or permanent resident; Business must be 2+ years old; Annual revenue of $50,000+; No outstanding tax liens; No bankruptcies or foreclosures in past 3 years.
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.

Compare up to 4 providers

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