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

Top 10 Best Small Business Loan Companies

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.

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