Compare sites like SmartBiz Loans

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.

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 $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.

3.LendingClub Business Loans

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.

4.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.

5.Biz2Credit

A secure business lender connection platform that could help you get up to $100,000 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.