Best Business Loans

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  • Max Loan: $250k
  • Lowest APR: 24%
  • Time to Funding: 1 day

CashCall

  • Max Loan: $250k
  • Lowest APR: 24%
  • Time to Funding: 1 day
  • Max Loan: $5 Million
  • Lengthy Filing Process
  • Must Have 650+ Credit Score

Gud Capital

  • Max Loan: $5 Million
  • Lengthy Filing Process
  • Must Have 650+ Credit Score
  • Requires Business or Personal Collateral
  • Offers Transparent Terms and Pricing
  • Must Have a Minimum of $75k/Year in Revenue

FitBiz Loans

  • Requires Business or Personal Collateral
  • Offers Transparent Terms and Pricing
  • Must Have a Minimum of $75k/Year in Revenue
  • Max Loan: $250k
  • Lowest APR: Undisclosed
  • Time to Funding: 7 days

FastUpFront

  • Max Loan: $250k
  • Lowest APR: Undisclosed
  • Time to Funding: 7 days
  • Max Loan: $250k
  • Lowest APR: 7.9%
  • Time to Funding: 5 days

Opportunity Fund

  • Max Loan: $250k
  • Lowest APR: 7.9%
  • Time to Funding: 5 days
  • Max Loan: $150k
  • Lowest APR: Undisclosed
  • Time to Funding: 1 day

QuarterSpot

  • Max Loan: $150k
  • Lowest APR: Undisclosed
  • Time to Funding: 1 day
  • Max Loan: $500k
  • Must Have $10k+ in Monthly Revenue
  • Must Have 3+ Months in Business
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Fora Financial

  • Max Loan: $500k
  • Must Have $10k+ in Monthly Revenue
  • Must Have 3+ Months in Business
  • Max Loan: Undisclosed
  • Lowest APR: 4.6%
  • Time to Funding: 1 month

CDC Loans

  • Max Loan: Undisclosed
  • Lowest APR: 4.6%
  • Time to Funding: 1 month
  • Unverified Profile
  • Lowest APR: Undisclosed
  • Max Loan Amount: Undisclosed
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One Park Financial

  • Unverified Profile
  • Lowest APR: Undisclosed
  • Max Loan Amount: Undisclosed
  • Max Loan: $350k
  • Lowest APR: 9.99%
  • Time to Funding: 1 day

Quick and Easy Funds

  • Max Loan: $350k
  • Lowest APR: 9.99%
  • Time to Funding: 1 day
  • Max Loan: $250k
  • Lowest APR: 24%
  • Time to Funding: 1 day

CashCall, Inc. is an online nationwide lender founded in 2000 and based in Orange, California. The company offers unsecured loans up to $250,000 with terms up to ten years to small business owners with fixed monthly payments and access to funds within one day. Government actions in several states for charging excess interest rates and other alleged predatory lending practices.

Typical Borrowers

Typical borrowers through CashCall are sole proprietors with less than perfect credit who are unable to obtain a loan through traditional banking institutions. The company assists these types of borrowers to help reestablish their credit through long-term loans. It is also suitable for small business owners who need fast access to working capital. CashCall Small Business works with all credit types and has fewer application requirements for funding than many other online lenders. Borrowers must be operating for-profit in order to qualify for a small business loan. Consumers that choose CashCall, Inc. should remember that they must have a credit score of 550 or higher.

Best Uses

Small business loans from CashCall are typically used for inventory purchases, system upgrades, and marketing.

Minimum Qualifications

  • Two Months of Business Income
  • Credit Score of 500 or More
  • For-Profit Company with Business Bank Account
  • Personal Guarantee
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  • Max Loan: $5 Million
  • Lengthy Filing Process
  • Must Have 650+ Credit Score

 

Consumers that choose GUD Capital should remember that they must have a credit score of 550 or higher. Company has not yet verified this profile. We recommend researching the top companies shown below:

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  • Requires Business or Personal Collateral
  • Offers Transparent Terms and Pricing
  • Must Have a Minimum of $75k/Year in Revenue

FitBiz Loans is an online loan marketplace founded in 2015 by Marc Waring Ventures, LLC. FitBiz matches small business owners with nationwide lenders and assists in finding the most cost-efficient loans available for most credit types with the lowest possible interest rates. The types of offered financing include SBA loans, bank loans, alternative loans, equipment loans, merchant cash advances, and more. Consumers that choose FitBiz Loans should remember that they must have a credit score of 550 or higher.

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  • Max Loan: $250k
  • Lowest APR: Undisclosed
  • Time to Funding: 7 days

FastUpFront is an alternative business lending company specializing in cash advances for small businesses. While the company began operations in 2007, FastUpFront saw tremendous growth in 2009 when small businesses were struggling during the recession. They made it their mission then, as it is now, to take on new borrowers and extend as much small business financing as possible to help existing businesses grow and expand. Consumers that choose FastUpFront should remember that they must have a credit score of 550 or higher.

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  • Max Loan: $250k
  • Lowest APR: 7.9%
  • Time to Funding: 5 days
This Loan Is Good For...

  • California businesses
  • Businesses established for one year with bad credit
  • Small loans

If your business is not in California and you are seeking a small, low interest loan, we recommend looking at FundBox or Kabbage.

Opportunity Fund is a nonprofit lending institution built on the belief that small amounts of money and financial advice can help people improve their lives, and that doing so can drive economic mobility and build stronger communities. Opportunity Fund's tagline is "working capital for working people." Established in 1994, they have three locations in California and work exclusively with California businesses. Consumers that choose Opportunity Fund should remember that they must have a credit score of 550 or higher.

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  • Max Loan: $150k
  • Lowest APR: Undisclosed
  • Time to Funding: 1 day

QuarterSpot launched an online lending application for small businesses in 2013. The company provides loans to businesses in certain parts of the U.S. of up to $150,000 for term lengths of 9, 12, and 18 months. Customers fill out an online application and upload their last three business statements. In a press release, QuarterSpot states it uses artificial intelligence to search applicants' bank information, customer reviews, information on social media sites, and other data to make fast pre-approval decisions. "The resulting organic data set is much deeper and broader than available commercial credit scores and gives us a more detailed picture of the creditworthiness of a business," said QuarterSpot CEO and co-founder Adam Cohen. QuarterSpot focuses on the financial health of applicants' businesses, not their personal credit history; although the company does require business owners to have a minimum personal credit score of 550. To qualify for a loan, businesses must have an average monthly bank balance of $2,000 based on the most recent 90 days of bank data and make at least 10 sales per month. Consumers that choose QuarterSpot should remember that they must have a credit score of 550 or higher.

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  • Max Loan: $500k
  • Must Have $10k+ in Monthly Revenue
  • Must Have 3+ Months in Business

Fora Financial operates with working capital specialists to provide both merchant funding and small business loans. The company specializes in unsecured debt and has funded over $750 million in working capital. The company has also funded more than 15,000 small businesses. Individuals that choose Fora Financial should remember that they must have a credit score of 550 or higher in order to qualify.

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  • Max Loan: Undisclosed
  • Lowest APR: 4.6%
  • Time to Funding: 1 month

CDC Loans is a nonprofit small business finance lender. The company has provided over 10,000 SBA loans to small businesses, preserved or helped to create 167,000 jobs, and have provided $13 billion in capital to small business owners. Since 1978, CDC Loans has worked to build strong relations with banks and commercial real estate brokerages in the communities they serve. Acting as an advocate for small companies, CDC Loans is continually helping these companies to get the finances they need and to reach their full potential. Consumers that choose CDC Loans should remember that they must have a credit score of 550 or higher.

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  • Unverified Profile
  • Lowest APR: Undisclosed
  • Max Loan Amount: Undisclosed

Company has not yet verified this profile. We recommend researching the top companies shown below:

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  • Max Loan: $350k
  • Lowest APR: 9.99%
  • Time to Funding: 1 day

Quick and Easy Funds LLC is a joint venture of Noble Financial Corporation and Quick & Easy Funding. Launched in 2005 by a team of financing professionals who wanted to provide a fast and efficient loan process for businesses, they have since provided over $250 million in loans to businesses of many sizes. Funding is available through business loans, lines of credit, and cash advances. Consumers that choose Quick and Easy Funds LLC should remember that they must have a credit score of 550 or higher.

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Important Things to Know Before Choosing a Business Loan Company

Do you dream of becoming your own boss? Or perhaps you’re already your own boss and want to expand your company. Those daring enough to take the plunge and apply for a business loan will find it can sometimes be a complicated process. To find a loan that fits your company, consider all the factors you’ll encounter when applying. Here are a few helpful things for you to know when looking for a business loan company:

Understand various loan types and lenders

Finding the right loan for your business is a daunting task. There are a plethora of business loans, each with unique aspects and requirements. Keep in mind all the factors that could affect your loan such as personal and business credit history, sufficient collateral, profitability, and cash flow. However, don’t let this discourage you. Don’t be afraid to ask questions and look around until you find the right lender and loan. Make sure to ask your lender what loans they offer and which one will help your business.The most important thing is to find a loan that will best benefit you and your company’s needs. 

Prepare to answer questions and provide proof

Lenders will want to know everything about your business. Take the time to tell them about your business, clients, and industry. You can also share how you plan to spend the loan money and where you want to be in the next 5-10 years. Additionally, be sure to bring any documents that can speak to the credibility of your business, including business and personal credit histories, business plans, proof of collateral, bank statements, tax returns, and any other legal paperwork.  

Be patient

You filled out your business loan application a few months ago and are waiting to hear back about the decision. However, the lender calls to inform you that your business loan was rejected. This news would bring anyone down and feel discouraged. In fact, this is the case for many people attempting to get a business loan. Some people never even figure out why their application was rejected. Before hanging up the phone ask what it was that influenced their decision. Sometimes it can be that your business involves to much risk or there wasn’t a clear business plan. Most of the time it is something that can be changed and fixed. Before you submit another application make sure to revisit all aspects of your business proposal to make sure they meet the requirements. 

Explore all of your options

Traditional bank loans are probably the most common when starting to apply for loans. However, just because they are the most common doesn’t mean that it is the best fit for you and your company. Finding the right business loan company takes time and patience, so be prepared to shop around. Focus on companies that are best suited to your current needs. 

Know what lenders will look for

Be aware of the following items that a lender will look for in your business loan application:

Personal credit score: Your personal credit score plays a key role in whether a lender decides to grant you a business loan. Lenders want to try to guarantee that you’ll make your monthly payments and pay back the entire loan. A personal credit score allows lenders to make a judgement call about whether they’ll approve the loan. Generally, most lenders prefer a credit score of 700+, but there are exceptions.

Amount of time in the business industry: Lenders will consider how long your company has been operating. Most lenders require that your company be in business for 1-2 years before they’ll consider you for a loan. 

Collateral: Before giving you the loan, lenders will want to know that if something goes wrong they’ll have something tangible to sell. Collateral can be a car, real estate, work equipment, cash, accounts receivable, or other assets. Lenders tend to undervalue collateral as it lessens the risk they have to take. Undervaluing the collateral requires a borrower to provide more assets to secure the loan.  

Get familiar with common business loan terms

  • Accounts Payable: Can also be referred to as “current liability.” Accounts payable is the amounts owed to a certain vendor or supplier.
  • Accounts Receivable: The money that is owed to your company. This is based on the services or goods provided to a customer.
  • APR: Stands for the Annual Percentage Rate. The APR not only takes interest into account but any other fees to measure how much your business loan will cost you each year.
  • Blanket Lien: Agreeing to a blanket lien gives a lender the right to seize you or your business’s assets (in any form) if you fail to pay off the debt.
  • Collateral: Collateral is a tangible or valuable to you or your business. If you fail to make the loan payments the property that you signed as collateral will be given up to your lender.
  • Consolidation: Paying off multiple debts with the funds from one loan.
  • Entity Type: Every business must declare an entity type. This ensures that businesses operate within the correct laws.
  • Fixed Interest Rate: The interest rate will not change during the entire lifetime of the loan.
  • Insolvency: A state of not being able to repay your debts.
  • Lien: Using something you own as a guarantee to repay back your loan. If your lender takes out a lien on your car and you don’t pay back your loan, the lender has the right to take your car.
  • Line of Credit: Functions like a credit card. You will be given a extended line of credit where you’ll be able to spend up to that credit limit. Then you will have to pay off whatever you spent.
  • Long-Term: Any debt that will be paid back in more than one year.
  • Principal: Refers to the original size of your loan.
  • Refinancing: Paying off your debt with a new loan. This is done to save on interest.
  • SBA: Small Business Administration, a government agency to help smaller businesses with secure financing.
  • Short-Term: Typically refers to debt paid off within one year. However, there are a few lenders who allow short-term repayment intervals of up to two years.
  • Subprime Borrower: A borrower who has a credit rating below normal. Usually, subprime borrowers are charged a higher interest rate.
  • Unsecured: A loan that doesn’t have any collateral. This type of loan can be tricky to qualify for because the lender doesn’t have any way to recover their losses if you don’t pay back the loan.
  • Variable Interest Rate: Interest rate that will vary as the market changes over the entire lifetime of the loan.
  • Working Capital: Current assets minus current liabilities.

What types of business loans are there?

Depending on the company and industry you’re in, there are various options for business loans. Each loan lender will specialize in different kinds of loans, and not all of them will be right for your company. Some loans are customized for startup companies, seasonal companies, companies that need equipment, companies that want to increase their working capital and more. 

Why should I get a business loan?

While loans can be risky, they can also benefit your company. You can get a business loan for a variety of reasons: 

  • Hiring more employees or hosting more customers — Some businesses are ready to expand and this requires a new building site or multiple locations. Lenders see this as a positive sign as it usually means business is going well and are more likely to approve your loan.
  • Purchasing new equipment — Taking out a loan to purchase necessary equipment will improve the quality and service of your company.
  • Boosting inventory — It can be challenging to purchase inventory before you’ve made any profit. To compensate, companies will take out a small loan to stock their shelves and pay it off using the profits earned from sales. 

How can I increase my credit score and qualify for larger loans?

Many business owners choose to take out smaller, short-term loans. Consistently making on-time payments will build your business’s credit score and credibility, making it more likely for you to qualify for larger loans in the future. 

How long does it take to get a business loan?

This can depend on a number of factors, but don’t expect to walk out of your lender's office with a handful of money on day one. Assuming all documents are correct and present, it can still take weeks or months for your business loan to be accepted. Research each lender’s application and approval process before taking out the loan, just in case it takes longer than you thought. 

What’s the difference between a bad business credit score and a thin business credit score?

A business credit score is based on various factors, including your payment history, bankruptcies, liens, etc. A bad credit score shows that you have failed to make your scheduled payments, otherwise known as payment defaults. Whereas, a thin credit score means you don’t have a sufficient amount of business credit history, making it hard for lenders to determine creditworthiness. In both cases, it can negatively affect whether you get the loan. 

How can I fix my bad/thin business credit score?

Fixing your credit score will take some time, but there are several steps you can take. Be aware that it could be a while before you see any drastic results. 

First, pay all your bills on time or, even better, pay them early. A late payment will lower your score, and it only gets worse the longer you leave it. Second, be on good terms with your vendors. Your suppliers can make a big difference in your credit score. Some vendors will report your on-time payments or early payments to credit bureaus, which will raise your credit score. Another tactic to fix your credit score is to open more than one credit line. Or, you may want to try getting a secured credit card. A secured credit card allows you to set up a security deposit that acts as collateral. If you put down a $500 security deposit, your card limit is $500. Making regular, consistent payments to this card will positively affect your credit report. Last, keep your personal finances and business finances separate. A simple way to do this is to open two separate accounts, one for business and one for personal. 

What is the best business loan company for me?

First, identify what your company needs. If your company is looking to expand, don’t apply to a loan company that focuses on equipment financing. The best thing you can do for yourself and your company is to take the time to find the right lender. Reading reviews, calling and asking questions, and reaching out to those who started their own businesses will help you find the best fit. Each business loan company will have different requirements and qualifications so taking the time to conduct your own research is key to finding the right business loan company.

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