Small Business Loans Depot
Is This Your Business?Author: Kaitlyn Short
An alternative lending company, Small Business Loans Depot does not require high credit scores. The company dedicates itself to different types of loans, placing it at an advantage when it comes to funding a variety of different industries. In fact, the list of industries includes dentistry, banking, construction, and the medical field. The company's most popular loan is the Asset-Based Loan, providing companies with equipment, too. Consumers who choose Small Business Loans Depot should remember that they must have a credit score of 550 or higher.
Top Ranked Companies
The Good
- Qualifications
- Poor Credit Options
- Extra Funding
Qualifications
To qualify for the Asset Based Loan, the website states that you must:
- Be the sole owner of your assets
- Be presently in business
- Not have declared bankruptcy within the last two years
- Not have more than $500 in unpaid charge offs within the last year
The website also mentions that the average transaction ranges from $20,000 to $50,000, allowing more businesses to qualify. The company does offer anywhere from $5,000 to $500,000. Although certain business programs are available to those with bad credit, the higher your credit, the more likely the possibility for higher funding. Certain programs require a business to have been running for a minimum of nine months.
Poor Credit Options
Although most of the programs at this alternative lending firm do require a credit score of at least 650, there is an alternative option for those with a poor credit score.
Extra Funding
If you only receive, for instance, $50,000 from a certain program, the company allows you to apply and see if you qualify for another program. This will allow you to possibly receive another $50,000, averaging out the $100,000 that few companies are able to receive.
Possible factors include the following:
- Business credit
- Personal credit
- Time in business
- Property ownership
- Overall sales
Essentially, what is important is that the company offers a few key loan programs — a perfect fit for many different industries. However, the key is that the companies must not be looking to expand too much with these loans, as it is hard to obtain a large amount of capital. But if you are looking into shorter-term loans, Small Business Loans Depot might just offer what you're looking for.
The Bad
- Unprofessional Website
- Financing Terms
Unprofessional Website
Because the company's website posts are written very unprofessionally, one may assume that it is not as well established as other lending institutions. Capitalization issues are found frequently on the website, which might deter people during this process.
The website also shows a lack of concern in terms of accessibility. Applications are difficult to manage.
Financing Terms
Small Business Loans Depot has term options of 12, 24, 36, 48, or 60 months, ranging between one to five years. However, since $500,000 is the absolute maximum acquisition, it might be a sufficient time period. While the few loan options offered are versatile, the company should have a larger variety of deals to accomodate different customers' needs.
Even though they company might accept credit scores below 650, it will still have to check it in the first place in order for you to qualify. This might compromise your credit even further; it is up to you to decide if it is worth it.
The Bottom Line
Small Business Loans lacks a great deal of pertinent information, has limited capital and financing terms, and an unprofessional website. When compared to other companies in the industry, we just cannot find a reason to recommend its services. Try checking out some of our other companies to find the right fit for your business loan needs.
