Which Business Loans Company Is Right for Me? Result #13


3. Lending ClubScores Hzntl (8)

lending-club-business-loans

  • Term Length: 1-5 Years
  • Origination: 0.99%-5.99%
  • Standard Loans and Lines of Credit Offered
  • Interest Rate: $0.32/Dollar
  • A+ BBB Rating
  • $300,000 Loan Max.

Since 2007, Lending Club has provided over $13 billion to small businesses that can’t qualify for funding from traditional banks. Lending Club offers extremely flexible loan terms, which is good for borrowers needing more time to pay loans off. Furthermore, Lending Club offers up to $300,000 in funding for qualifying applicants, and requires zero collateral for loans under $100,000. Potential borrowers should be aware, however, that Lending Club requires at least seven days before funds can be delivered.


4. OnDeckScores Hzntl (7)

ondeck reviews

  • Term Length: 3-24 Months
  • 2.5% Max. Origination Fee
  • Standard Loans and Lines of Credit Offered
  • Interest Rate: $0.36/Dollar
  • A+ BBB Rating
  • $250,000 Loan Max.

Since its start in 2007, OnDeck has lent over $2 billion to small businesses spanning 700+ industries. OnDeck will lend to applicants with FICO scores as low as 500, and funds will be transferred in as little as 24 hours. While OnDeck does charge a small origination fee, customers will not need to worry about prepayment penalties; on the contrary, for customers who pay off their loans early, OnDeck will provide a discount and other benefits. However, OnDeck does require either personal or business collateral in exchange for the loan, and will only lend to companies making at least $100,000 in annual revenue. Applicants will need to be in business at least a full year before signing up.


6. Funding CircleScores Hzntl (9)

funding-circle-logo

  • Term Length: 1-5 Years
  • Origination: 0.99%-4.99%
  • Only Standard Loans Offered
  • Interest Rate: $0.18/Dollar
  • A+ BBB Rating
  • $500,000 Loan Max.

Funding Circle boasts one of the highest loan maximums in the industry ($500,000), while simultaneously charging one of the lowest cents-on-the-dollar rates ($0.18 per dollar borrowed). The company charges zero prepayment penalties for customers who pay off their loans early, and offers flexible term lengths for customers needing more time to pay their loans off. However, funding circle has higher requirements than some other business lenders, such as a minimum credit score of 620, two years in business, and $150,000 in annual revenue. Customers should also be aware that Funding Circle requires at least seven days before it can transfer funds.


8. CrediblyScores Hzntl (4)

credibly

  • Term Length: 6-18 Months
  • 2.5% Max. Origination Fee
  • Standard Loans and MCAs Offered
  • Interest Rate: $0.34/Dollar
  • A+ BBB Rating
  • $250,000 Loan Max.

Since its start in 2010, Credibly has helped several small businesses secure the funding they could not otherwise obtain through more traditional lending routes. The company does not charge any prepayment penalties for early completion of the loan repayment, and has no minimum credit score requirement. Customers can also receive funds in as little as two days of being approved, and can qualify for up to $250,000 in funds. However, customers should also be aware that Credibly requires businesses to make at least $1,5000 in monthly revenue, and they must be in business at least six months.