Prequalify for a business loan of $5,000 to $500,000 and get funds fast.
Lending Express is an online connection service that works to get you offers from multiple lenders in minutes. It’s also friendly to businesses as young as three months old.
|Product Name||Lending Express Business Loan Marketplace|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$500,000|
|APR||Varies by lender|
|Interest Rate Type||Fixed|
|Minimum Loan Term||.25 year|
|Maximum Loan Term||3 years|
|Requirements||3+ months in business and $10,000+ monthly revenue or 6+ months in business and $2,000+ monthly revenue|
- Three months in business with $10,000 monthly revenue
- Or six months in business with $3,000+ monthly revenue.
First, do I qualify?
To be eligible for a loan through Lending Express, you must be at least 3 months in business and make at least $10,000 in monthly revenue.
Because Lending Express weighs your business’s age against revenue, you might qualify if your business has been around for at least six months and brings in only $3,000 monthly.
What is Lending Express?
Lending Express is an online connection network of lenders offering unsecured business term loans. Its network provides between $5,000 and $500,000 in financing with terms that range from 3 to 36 months. Rates and fees vary by lender. Those you’re connected with could charge a fixed fee instead of interest, for instance.
Lending Express’s partners also offer:
- Business lines of credit. Get access to a source of credit you can draw from as your business needs it. You repay what you borrow in the form of a term loan or with minimum monthly repayments.
- Invoice factoring. Get an advance of 80% to 90% of your business’s unpaid invoices and receive the rest when your clients pay them off, minus a fee.
- Merchant cash advances. Get an advance on your business’s future business, paying it off with a percentage of your daily sales.
- SBA loans. These government-backed term loans and lines of credit come in larger amounts and with more competitive rates than most other types of business financing. The application is notoriously complicated, but some Lending Express partners do the heavy lifting for a fee.
- Equipment and vehicle financing. Lending Express’s only secured option uses your business’s equipment or vehicles as collateral. These loans typically offer more competitive rates and are easier to qualify for than an unsecured loan.
What makes Lending Express unique?
Lending Express powers its connection service through an algorithm that speeds up the process of comparing lenders. Just starting out? It’s one of a handful of such services that works with businesses as young as three months.
But it’s not just for startups — more established businesses might find quick, competitive financing through Lending Express as well. It partners with more than 25 top online lenders that include:
What are the benefits of using Lending Express to find a business loan?
- Startups welcome. You might not be able to use a loan through Lending Express to start a business, but those still in the startup phase are eligible for a loan.
- High loan amounts. Whereas many online lenders cap business loans at $100,000, Lending Express says it can get qualified businesses up to $500,000.
- Fast financing. Lending Express advertises that your business can see funds in as little as 24 hours.
- More than 25 partners. Some connection services work with as few as two or three partner lenders.
What to watch out for?
- Large amounts for established businesses. Don’t let the lax eligibility requirements fool you. Your business likely won’t qualify for a $500,000 business loan without years of experience and high monthly revenue.
- Limited network. Its partner network isn’t the smallest out there, but your business might not find the right financing for its needs through Lending Express alone.
- Hard to know rates before you apply. Lending Express isn’t forthcoming about the range of rates you can expect on unsecured term loans. It says online that partners charge a flat fee in lieu of interest — but we know that’s not the case with lenders like OnDeck or Credibly.
Compare more business loan providers
What does the Internet say about Lending Express?
Mainly good things. It doesn’t have a Better Business Bureau page (BBB), but it gets positive reviews on Trustpilot. As of June 2018, nearly 170 Trustpilot customers gave it an average 9.6 out of 10, with 92% of reviewers calling it “Excellent.”
The main drawing point: How fast and straightforward it is to get connected. Several reviews mention they had a hard time getting funds in the past. Many were also pleased with the quality of customer service, with one customer writing they couldn’t “get enough of the staff.”
Even the lone one-star review appeared to be a mistake, reading, “Quick and straight to the facts.” Another good sign of solid support: Lending Express personally responds to all of its Trustpilot reviews.
How do I get connected?
Before you apply to connect with a lender through Lending Express, make sure you meet its partners’ basic eligibility requirements.
Your business must be at least:
- Three months old with $10,000 in monthly revenue.
- Six months old with $3,000 in monthly revenue.
Steps to get connected with a loan through Lending Express
- On the Lending Express website, slide the bar to select a loan amount and click Get Loan Offer.
- Provide information about your time in business, your industry, your monthly revenue range and your credit score range.
- Enter your personal contact info and business name. And click Get Offers Now.
- Proceed through the steps of providing details about your business, your finances and the type of loan you’re interested in.
- In your results, Select up to three lenders and click Proceed.
- Carefully read the disclaimer, and confirm that you agree to its terms. Then upload any requested documents or connect your business’s bank account. Click Continue to complete your application.
- Wait for lenders to reach out with offers by email. Or confirm the status of your application from your email by clicking Access Your Loan Application.
- Review your offers and follow directions to complete your application through your chosen lender.
- Carefully review the terms and conditions of your loan documents before signing them.
Completing Lending Express’s application takes about 15 minutes if you have all of the information you need on hand. Depending on your chosen lender, you might see approved funds in your business’s bank account with 24 hours.
What documents do I need to apply?
It depends on the lender you’re applying with, but you may need to provide:
- Bank statements. Lenders typically ask for least three months of your business’s most recent bank statements.
- Merchant statements. If your business takes credit card payments, you may need to submit business merchant statements for three recent months.
- Tax returns. Your lender may ask to see your business’s most recent tax returns.
- Financial projections. Younger businesses might be required to submit financial projections to show where they predict business revenue will be in a year.
I got a loan through Lending Express. Now what?
What happens next depends on your lender and type of financing. Most term loans come with monthly repayments, though lenders may require younger businesses or those with poor credit to make weekly or even daily repayments.
For less worry about on-time payments, ask your lender if you can sign up for automatic repayments. Monitor your business’s bank account and keep an eye on the loan balance for any irregularities. If you notice something wrong or have questions, contact your lender as soon as possible.
Lending Express is among many online connection services looking to streamline your search for the right loan for your business. It takes minutes to get connected with the more than 20 lenders in its network, and its simple to compare offers and rates.
It might not be great for businesses looking for complicated types of financing — like a real estate loan or large amounts. In that case, you might be better off going with a lender that provides a hands-on experience.
To compare your options and learn more about eligibility, read our comprehensive guide to business loans.