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finder.com’s rating: 4.22 / 5.0
★★★★★
$6,000
Min. Amount
$250,000
Max. Amount
Product Name | The Loan Exchange business loans |
---|---|
Min. Amount | $6,000 |
Max. Amount | $250,000 |
Loan Term | 24 to 120 months |
Min. Credit Score | 500 |
APR | Starting at 19.3% |
Requirements | 500 credit score, bank account open for at least 90 days, based in eligible state. |
To be eligible for a business loan from one of The Loan Exchange's partners, you must have a:
Your business must operate out of one of the following states to be eligible for a loan through The Loan Exchange:
The Loan Exchange is an online connection service that specializes in fast business loans for borrowers who’ve had trouble qualifying elsewhere. It currently works with three lenders that offer working capital for unsecured business term loans from to . Rates are Starting at 19.3%, and include an origination fee of 5% to 15% of the loan amount. Businesses typically have between 2 years and 10 years years to pay off their loan.
You can use your loan for any legitimate expense, including bringing on new staff, general operation costs, buying equipment and refinancing business debt. The application is simple and only takes a few minutes to complete online or over the phone if you have all the information you need on hand. And if you apply early enough in the day, you could get your funds as soon as that evening.
With minimal requirements and documentation needed, The Loan Exchange offers one of the simplest business loan applications out there. There’s no collateral required, so you don’t have to put any of your business’s assets on the line and you don’t need excellent credit to qualify. The speed is also worth repeating: It claims that you can get your funds wired to your business’s account as soon as two hours after getting approved.
Nothing that we could find. It doesn’t have a Better Business Bureau page and its Trustpilot page doesn’t have any reviews yet. It also doesn’t have any pages on Yelp or mentions on online forums like Reddit. While this isn’t necessarily a good sign, it’s not necessarily a red flag either.
That’s because a debt relief service called The Student Loan Exchange has recently gotten some media attention after it was part of a recent crackdown by the Federal Trade Commission on debt settlement providers. Any online reviews of The Loan Exchange would be buried under articles and reviews of The Student Loan Exchange — if they exist.
The Loan Exchange is also still clearly building its network, and it isn’t as established as some other connection services that have been around for longer. It’s not uncommon for lenders with such a short reach to lack online reviews.
Before you apply, make sure you meet The Loan Exchange's eligibility requirements. To qualify for a business loan with one of its partner lenders, you must:
Keep in mind that the most competitive rates and larger loan amounts typically go to borrowers with better credit and more experience.
You can apply for a business loan from The Loan Exchange one of two ways: Over the phone by calling 844-956-2639 or online. Follow these steps to complete the online application:
Once you sign your loan documents, your business could get its funds in as little as two business hours.
The Loan Exchange's partner lenders typically only ask for three types of documents, though this can vary. You might be asked to see the following types of documentation:
What happens next depends on your lender, though generally your first repayment won't be due for a month. If it's an option, consider signing up for automatic repayments. That doesn't mean you should forget about your loan, however — even machines make mistakes. Monitor your business's bank account and loan balance. Reach out to customer service if you have any questions or notice an error.
None of The Loan Exchange's partner lenders charge prepayment penalties, so your business can save on interest by paying off its loan early. But you might want to reach out to your lender before making any extra payments to ask about its prepayment procedure.
Want to learn about more options? Check out our guide to business loans to compare other lenders and find out how it all works.
Image Source: Shutterstock and theloanexchange.com
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.