Able Lending no longer offers loans, but there are still similar options for businesses.
Able Lending is no longer originating loans. Visit our business loan guide to compare lenders that can meet your needs or check out sites like Able Lending to find a similar offer.
What is Able Lending?
Based in Austin, Texas, Able Lending was founded in 2014 as a low-cost online lender for small businesses. Due to the nature of its peer-to-peer combination loan models, it’s received press recognition from Forbes, the Wall Street Journal, Business Insider, BuzzFeed and Entrepreneur.
What type of loans does Able Lending offer?
Able offers five types of loans:
- SBA loans. Get a term loan with extra-low rates, thanks to government backing.
- Term loans. Receive a lump sum, which you pay back over a set period of time.
- Lines of credit. Have access to capital you can withdraw to cover emergencies or day-to-day expenses when sales are low.
- Invoice factoring. Sell your unpaid invoices to a third party for a percentage of their worth.
- Short term loans and advances. Find fast financing to cover emergencies — although you pay for speed with higher rates.
What are the benefits of borrowing from Able Lending?
- Financing at affordable rates by funding with the help of backers.
- Funds typically received within 30 days of applying online.
- Offers free fundraising tools to foster funding connections.
- Customer service by email, chat or phone.
Costs of borrowing
Able Lending offers competitive interest rates that start at 8%. You’ll pay a one-time origination fee for some loans and no prepayment penalties.
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How can I get a loan from Able Lending?
- For the small business growth loan and debt refinance loan, your business must be in operation at least one year with at least $50,000 in revenue. You must also have a personal credit score of 600 or higher.
- Able Lending does not conduct business in California, Delaware, Nevada, North Dakota, South Dakota or Vermont.
What information do I need to apply?
Pre-approval is quick and simple. Complete basic information online, and Able will ask you to provide income documentation, bank statements and balance sheets. Able will also verify your credit score.
Is Able Lending safe?
While Able Lending is relatively new to the scene, it has favorable online reviews and has loaned millions of dollars to borrowers. It’s registered (though not accredited) with the Better Business Bureau with an A+ rating. With a belief in transparency, Able Lending has signed the Small Business Borrowers Bill of Rights.