Looking to grow your business? You could qualify for up to $5,000,000 with a low interest rate, longer term SBA loan.
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?
Alternative sites like SmartBiz Loans
Click here to see SmartBiz Loans
1. Kabbage
Get access to ongoing funds for your small business with a Kabbage line of credit of up to $250,000.
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.
2. OnDeck
OnDeck offers term loans of up to $500,000 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.
3. LendingClub Business Loans
Offering fixed-rate loans of up to $300,000, 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.
5. Wise Business Loans
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.
6. Biz2Credit
A secure business lender connection platform that could help you get up to $5,000,000 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 – $400 underwriting fee if you accept a loan their platform.
- Typically requires good personal credit.
SmartBiz SBA Loans
Get funding for your small business with a government-backed loan and extended repayment terms.
- To qualify, your business must be over 2 years old
- Recommended Personal Credit Score: 650 or higher
- Minimum Loan Amount: $30,000
- Maximum Loan Amount: 5000000
- Turnaround Time: As fast as 7 days
- Simple online application process
- No prepayment penalties