Top 10 Best Small Business Loan Companies (NO 9 Gives Over $500,000 Instantly)

Top 10 Best Small Business Loan Companies (NO 9 Gives Over $500,000 Instantly) – If you don’t have enough money to run your business the way you want, a small business loan will help you to cater to your business.

Choosing a good business loan is not that easy, that is why we have brought you the 10 best mall business loans for your business.

In this post, I will provide you with the best top 10 small business loans you can get, with very good features that will benefit you in many ways.

All the loans are not the same and the loan givers also offer these loans based on categories of business that people are in, but in this post, we are going to discuss all the different types of loans that you can ever think of getting.

About Small Business Loan Companies

These are companies, whose job, is to provide financial assistance to small businesses that have financial challenges in their businesses. Most of these companies do not need collaterals before offering these loans, while others do.

Types of Small Business Loans

There are so many types of small business loans, and each of them gives financial support to the kind of business they are interested in

Term loans
SBA loans
Business lines of credit
Equipment loans
Commercial real estate loans
Invoice factoring and invoice financing
Merchant cash advances
Microloans
Franchise loans

Factors to Consider When choosing a loan Company

Before you the company that you want to take a loan from, you have to take into consideration the following factors:

Rates
Fees
Application process
Lender reputation
Eligibility requirements
Credit score minimums
Products Offered
Willingness to work with risky industries
Minimum and maximum loan amounts
Customer service reviews
Funding turnaround times
Extra features

Top 10 Best Small Business Loan Companies (NO 9 Gives Over $500,000 Instantly)

In this section, I will be looking at the top 10 best small business loans you can get for your business, they are;

Best small business loan marketplace: Lendio
Best microloan: Kiva
Best line of credit: BlueVine
Best for fast funding: OnDeck
Best merchant cash advance: Credibly
Best bank loan: Bank of America
Best for high-risk industries: United Capital Source
Best equipment financing: National Funding
Best for startups: Finance Factory
Best for SBA loans: SmartBiz

Lendio: Best small business loan marketplace

Feature	Details
Loan amount	$1,000 – $5,000,000
APR	Starting at 3%
Min. Credit Score	500
Loan term	3 months to 25 years
Requirements	Operate a business for 6 months or more Have a business bank account A minimum 500 personal credit score At least $50,000 in annual revenue
Pros	No fee to the borrower Wide range of financing options Options for poor credit Phone support available
Cons	Partners may continue to market to you Weekly payments may be required on some loans High short-term loans on APRs are possible

Kiva: Best microloan

Feature	Details
Loan amount	$1,000 – $15,000
APR	0%
Loan term	6 months to 3 years
Requirements	Have at least ten friends and family members for loan support. Must live in the US, age 18+ Must not be in bankruptcy or foreclosure Must not be under any liens, not engaged in multi-level marketing, direct sales, pure financial investing, or illegal activities
Pros	No interest or fees No credit or residency requirements Loans as low as $1,000
Cons	No loans over $15,000 Relies on crowdfunding

BlueVine: Best line of credit

Feature	Details
Loan amount	$5,000 – $250,000
APR	Starting at 6.2%
Min. Credit Score	625
Loan term	6 to 12 months
Requirements	24+ months in business $40,000+ in monthly revenue 625+ credit score
Pros	Starting APR compares to banks Flexible credit and revenue requirements Funding within 24 hours for a fee
Cons	Weekly repayments on line of credit High revenue requirements Not all industries qualify

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OnDeck: Best for fast funding

Feature	Details
Loan amount	$5,000 – $250,000
APR	Average is 60.9%
Min. Credit Score	625
Loan term	3 to 24 months
Requirements	Companies in business for at least 1 year Have $100,000+ in gross annual revenue Majority owner with a 625+ personal credit score Active business checking account
Pros	Low-doc application Same-day funding may be available No prepayment or draw fees
Cons	Weekly repayments may be required on LOC Not available to all industries

Credibly: Best merchant cash advance

Feature	Details
Loan amount	$5,000 to $400,000
Starting Factor Rate	1.11
Min. Credit Score	500
Loan Term	3 to 15 months
Requirements	500+ credit score 6+ months in business $15,000+ average monthly bank deposits
Pros	Same-day funding available Requires only 6 months in business 500 credit score requirement
Cons	Doesn’t disclose the remittance percentage One-time 2.5% fee added to balance at funding Admin fee of $50 per month No advances over $400,000+

Bank of America: Best bank loan

Feature	Details
Loan amount	$10,000 – $100,000
APR	Starting at 7.50%
Min. Credit Score	700
Loan term	12 to 60 months
Requirements	Good credit 2+ years in business $100,000+ revenue
Pros	SBA preferred lender Relationship rate discounts available Low rates on unsecured loans Financing program for healthcare practices Available in all 50 states
Cons	$150 origination fee Not transparent about maximum APR Smaller businesses may not qualify More strict eligibility requirements than other lenders

United Capital Source: Best for high-risk industries

Feature	Details
Loan amount	$2,000 – $2,000,000
APR	Not stated
Loan term	24 months to 25 years
Requirements	3+ months in business $120,000+ annual revenue
Pros	High-risk industries OK Compare lenders quickly Multiple loan types BBB Accredited
Cons	Not a direct lender Payments may be weekly or daily

National Funding: Best equipment financing

Feature	Details
Loan amount	$5,000 to $150,000
APR	6% – 14%
Min. Credit Score	600
Requirements	6 months in business and $250,000 in annual sales Business bank account
Pros	Quick funding on new equipment financing No down payment required Highly rated by customers and BBB
Cons	Low maximum loan amount

Finance Factory: Best for startups

Feature	Details
Loan amount	$5,000 – $350,000
APR	0% to 15%
Min. Credit Score	700
Loan term	Up to 7 years
Requirements	600 to 800 credit score No required years in business No monthly cashflow, though $1,000 to $5,000 monthly is preferred
Pros	Multiple options for startups Transparent with rates across products Award-winning support team
Cons	Not a direct lender Few options for fair or bad credit Funding can take weeks

SmartBiz: Best for SBA loans

Feature	Details
Loan amount	$30,000 – $500,000
APR	Prime Rate, plus 2.75% to 3.75%
Min. Credit Score	650
Loan term	10 years
Requirements	650+ credit score 2+ years in business $50,000+ in annual revenue No bankruptcies or foreclosures
Pros	Compare bank and SBA loans Helps with SBA loan applications 5-minute online application Highly rated by past customers
Cons	2% referral fee and 2% packaging fee No SBA loans under $30,000 High starting APR on non-SBA loans

Conclusion

The above are the top 10 Best Small Business Loan Companies that you can get funds from, which can help you to move your business to the next level, be it a startup or an existing business, however, to choose the right loan company consider the factors analyzed above.