The Loan Exchange business loans review | finder.com

The Loan Exchange business loans review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

What happens when I click Go to site?
  • Clicking Go to site will take you to your Online Application on the product issuer's website. You do not need to be an existing customer of this provider to apply.
  • Your application will typically take you no more than 10-15 minutes to complete.
  • Conditional approval will typically happen within 1 business day after submitting your application. In many cases, you will have your funds within a week.
Click here to start your application >>

Get connected to working capital with minimal eligibility requirements.

Having trouble qualifying for a loan to cover your business’s day-to-day expenses? The Loan Exchange might be able to help. This connection service works with lenders that offer business loans for borrowers with all types of credit ratings. The turnaround time can also be very fast, sometimes as quick as the same day. Rates aren’t as competitive as some other business loans out there, so you might want to skip this lender if you aren’t struggling to get funds. Read on to find out how The Loan Exchange could help your small business.
Product NameThe Loan Exchange Business Loans
Min. Amount$6,000
Max. Amount$250,000
Minimum Loan Term2 years
Maximum Loan Term10 years
Requirements500 credit score, bank account open for at least 90 days, based in eligible state.
Go to site
  • Credit score of at least 500
  • Business bank account for at least 90 days
  • Business based in an eligible state

First, do I qualify?

To be eligible for a business loan from one of The Loan Exchange’s partners, you must have a:

  • Credit score of at least 500
  • Business bank account for at least 90 days
  • Business based in an eligible state

Eligible states

Your business must operate out of one of the following states to be eligible for a loan through The Loan Exchange:

  • Alabama
  • Arizona
  • California
  • Delaware
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kentucky
  • Louisiana
  • Maine
  • Mississippi
  • Missouri
  • Nebraska
  • New Hampshire
  • New Mexico
  • Ohio
  • Oregon
  • South Carolina
  • Utah
  • Wisconsin
  • Wyoming

What’s 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 $6,000 to $250,000. Rates are Starting at 19.3%, and include an origination fee of 5% to 15% of the loan amount. Businesses typically have between 2 and 10 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.

What makes The Loan Exchange’s business loans unique?

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.

What are the benefits of using The Loan Exchange?

  • All credit types welcome. You can still potentially qualify for a business loan through The Loan Exchange even if you have poor credit.
  • Fast turnaround. Your business can get access to its funds as soon as two hours after approval.
  • Friendly to young businesses. While you might have trouble qualifying as a startup, you only need to have a business bank account for 90 days to meet the minimum requirements.

What to watch out for

  • Not great for good credit. With rates starting at 19.3%, you might be able to qualify for a more competitive business loan if you have a high credit score or a few years in business under your belt.
  • High origination fees. The Loan Exchange’s partners charge origination fees starting at 5% — where many business lenders stop.
  • Limited state availability. The Loan Exchange’s partners only operate in 23 states.

What do other customers have to say about The Loan Exchange?

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.

Compare more business loans providers

Updated June 20th, 2019
Name Product Filter Values Min. Amount Max. Amount Requirements
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$250,000
6+ months in business, $100,000+ annual revenue, 600+ credit score, not based in North Dakota or South Dakota
Get a predictable business loan with a fixed weekly rate.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $100,000.
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$5,000
$500,000
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
$500
$250,000
1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months
A simple, convenient online application could securely get the funds you need to grow your business.
$5,000
$250,000
6+ months in business, $180K annual business revenue, 500+ credit $15K+ in monthly deposits
Funding to cover business expenses with daily or weekly repayments.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.

Compare up to 4 providers

How do I apply?

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:

  • Have a credit score of at least 500
  • Have a business bank account for 90 days or more
  • Be in an eligible state

Keep in mind that the most competitive rates and larger loan amounts typically go to borrowers with better credit and more experience.

Steps to apply

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:

  1. Go to The Loan Exchange’s website and click Apply Now in the top navigation bar.
  2. Enter your name and click Next.
  3. Write your email and phone number, and select your preferred way of communication. Read the contact disclosure and check the box agreeing to it before hitting Next.
  4. Enter your business’s address, select whether you own or rent it and whether you’re interested in buying real estate. Click Next.
  5. Select the amount you’d like to borrow and check Business Need, before hitting Next.
  6. Enter your business’s legal name the way it appears on tax forms, the address and the monthly revenue before taxes. Then hit Next.
  7. Answer a few more miscellaneous questions before hitting Next.
  8. Enter your Social Security number and birthday, then read the Credit Authorization Disclosure. If you agree, check the box and hit Next.
  9. Review your offers. If one meets your business’s needs, follow the directions to complete the application and submit any required documents.

Once you sign your loan documents, your business could get its funds in as little as two business hours.

What documents do I need to apply?

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:

  • Three months of business bank statements. Since you’re required to have a bank account for at least 90 days, it’s likely that you’ll be required to submit your business’s last three months of bank statements.
  • Tax returns. Your lender might also ask to see your most recent tax returns — both personal and business.
  • State-issued ID. Lenders are required by law to verify your identity by checking a driver’s license, passport or other form of government-issued identification.

How to apply step-by-step

I got a business loan through The Loan Exchange. Now what?

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.

Frequently asked questions

Image Source: Shutterstock and theloanexchange.com

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site