LendVantage specializes in business loans, and is a Nevada based company. It has a very helpful website, and the whole program is endorsed by celebrity, Larry King.
While this company’s main product is business loans and advances, they also offer 3 additional products, including: Revenue-Based Financing, Merchant Cash Advance, and Business Line of Credit. Other benefits of the LendVantage service include:
People have the option to spend funding on anything, whether it be on equipment, more staff, inventory, extra marketing, etc. LendVantage connects their clients to funding partners in a network, and does so for low borrowing costs. LendVantage is popular for their free application, and potential low cost of repayment.
- Free and no obligation to sign up
- Quick approval
- Any credit score can apply. Even businesses that did not qualify for a bank loan are encouraged to give LendVantage a try
- No personal collateral required
- People can borrow business loans from $5,000 — $250,000.
- Flexible repayment options
While the website is thorough and helpful, it does not provide some key points of information. LendVantage’s site does not clarify if the company offers unsecured or secured loans. There are a number of limitations and these include:
While the company does clearly state there are no application fees, they fail to mention if there are closing fees, or any additional fees.
The company lacks in social media involvement, with less than 400 followers on Facebook, a little over 1,000 followers on Twitter, and no apparent Instagram account.
Some customers do not like that this company acts as a middleman, and does not actually give out the loans. Additionally, people believe the annual interest rate to be higher than other business loan companies. Rates can be 19.99-39.99% for a 24-month term loan.
- Does not cater to startups (businesses running for less than 3 months)
- Connects people to funders. The company itself does not actually make loans
- Customers say that the annual interest rate is higher than other companies
- Not the biggest social media presence
*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.