Pros
- Prequalify in minutes.
- Quick turnaround for smaller loans.
- Long repayment terms.
- Connects you with multiple options.
Cons
- Fee for prepayment.
- Longer turnaround time for large loans.
- Good personal credit required.
- Restrictions on how funds can be used.
Looking for business lenders with more lenient eligibility criteria?
Kabbage small business loans
4.4 / 5
★★★★★
Get access to ongoing funds for your small business with a Kabbage line of credit of up to $150,000.
Pros
- Link your business accounts for added convenience when applying.
- Borrow only what you need and pay it back on your own schedule.
- Three ways to withdraw funds: online, mobile app, and card.
Cons
- Monthly fee could be as high as 10% of the borrowed amount.
- Business revenue must be over $50,000 a year.
| Loan amount | $1,000 – $150,000 |
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| APR | 9% to 36% |
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| Min. Credit Score | No set minimum |
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| Loan Term | 6, 12 or 18 months |
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| Requirements | 1+ years in business, valid checking account |
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OnDeck short-term loans
4.6 / 5
★★★★★
OnDeck offers term loans of up to $250,000 and lines of credit of up to $100,000 with fast application processing and funding.
Pros
- Fast application, approval and funding process.
- Available in all 50 states.
- Loyalty benefits for returning customers.
Cons
- Business revenue of $100,000+ per year required.
- Some industries not eligible for a loan.
| Loan amount | $5,000 – $250,000 |
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| APR | As low as 35% |
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| Min. Credit Score | 600 |
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| Loan Term | 3 to 24 months |
|---|
| Requirements | 600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account |
|---|
| Loan amount | $5,000 – $250,000 |
|---|
| APR | As low as 35% |
|---|
| Min. Credit Score | 600 |
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Go to site
on OnDeck Capital's secure site
LendingClub business loans
4.5 / 5
★★★★★
Offering fixed-rate loans of up to $500,000, your business can get the affordable financing it needs.
Pros
- Prepay without penalties.
- Fixed interest rate.
- Quick approval.
Cons
- Lien required for higher amounts.
- Check fee of $7 per payment.
- Not for new businesses.
| Loan amount | $5,000 – $500,000 |
|---|
| APR | 12.15% to 29.97% |
|---|
| Min. Credit Score | Fair or better |
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| Loan Term | 12 to 60 months |
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| Requirements | 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 |
|---|
| Loan amount | $5,000 – $500,000 |
|---|
| APR | 12.15% to 29.97% |
|---|
| Min. Credit Score | 580 |
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Read review
Qualify for a business loan of up to $2,000,000, even if you have bad personal credit.
Pros
- Fast turnaround, with minimal paperwork required.
- No prepayment penalty.
- Apply with a low personal credit score, even in the 500s.
Cons
- No pre-approval.
- Daily loan repayment could eat into cash flow.
- High rate of loan renewals, which could indicate inability for borrowers to repay high rates.
- $100,000+ minimum annual revenue required.
| Loan amount | $10,000 – $2,000,000 |
|---|
| Requirements | 1+ year in business, $100,000+ annual revenue, 500+ credit score |
|---|
| Loan amount | $10,000 – $2,000,000 |
|---|
| Min. Credit Score | 500 |
|---|
Read review
Biz2Credit business loans
4.7 / 5
★★★★★
A secure business lender connection platform that could help you get up to $6,000,000 to finance your small business.
Pros
- Network of legit business lenders with a wide variety of financing options.
- Fast funding options available.
Cons
- Not a direct lender.
- $250 &ndash
- $400 underwriting fee if you accept a loan their platform.
- Typically requires good personal credit.
| Loan amount | $25,000 – $6,000,000 |
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| APR | Starting at 5.99% |
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| Loan Term | 12 to 36 months |
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| Requirements | 6+ months in business; $100,000+ monthly revenue; 500+ credit score |
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| Loan amount | $25,000 – $6,000,000 |
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| APR | Starting at 5.99% |
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| Min. Credit Score | 500 |
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Go to site
on Biz2Credit Inc's secure site
See how other top providers compare to different lenders by checking out A-to-Z directory.
