Best Business Loans

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  • Max Loan: $2m
  • Lowest APR: Undisclosed
  • Time to Funding: 2 days

BoeFly

  • Max Loan: $2m
  • Lowest APR: Undisclosed
  • Time to Funding: 2 days
  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: Undisclosed

Merchant Capital Source

  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: Undisclosed
  • Max Loan: $500k
  • Must Have $8.5k+ in Monthly Revenue
  • Must Have 9+ Months in Business

Mulligan Funding

  • Max Loan: $500k
  • Must Have $8.5k+ in Monthly Revenue
  • Must Have 9+ Months in Business
  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: 2 days

Silver Rock Funding

  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: 2 days
  • Interest Rates: Undisclosed
  • Loan Term: Undisclosed
  • Requirements: 450+, 3 Months in Business, and $150k/year

Simply Quick Business Loans

  • Interest Rates: Undisclosed
  • Loan Term: Undisclosed
  • Requirements: 450+, 3 Months in Business, and $150k/year
  • Max Loan: $750k
  • Lowest APR: Undisclosed
  • Time to Funding: 1 day

Wall Street Funding

  • Max Loan: $750k
  • Lowest APR: Undisclosed
  • Time to Funding: 1 day
  • Interest Rates: Undisclosed
  • Loan Term Undisclosed
  • Requirements: 600 credit score

Central Business Funding

  • Interest Rates: Undisclosed
  • Loan Term Undisclosed
  • Requirements: 600 credit score
  • Unverified Profile
  • Lowest APR: Undisclosed
  • Max Loan Amount: $350,000

Business Loan Gate

  • Unverified Profile
  • Lowest APR: Undisclosed
  • Max Loan Amount: $350,000
  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: 7 days

Small Business Loans Depot

  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: 7 days
  • Max Loan: $2 Million
  • Must Have $10k+ in Monthly Revenue
  • Must Have 2+ Years in Business

United Capital Source

  • Max Loan: $2 Million
  • Must Have $10k+ in Monthly Revenue
  • Must Have 2+ Years in Business
  • Max Loan: $2m
  • Lowest APR: Undisclosed
  • Time to Funding: 2 days

Launched in New York City in 2010, BoeFly was founded by a team with experience in banking, technology, and the secondary market. Their intention was to provide borrowers with access to lenders across the nation. The end result is an online marketplace for business and commercial loans, designed to provide capital for a wide range of expenses from start-up to renovation and expansion. Borrowers are charged a fixed fee for each loan, and BoeFly then helps them to create a loan package. That package is uploaded onto BoeFly's own online marketplace, where lenders can peruse and make offers. Consumers that choose Boefly should remember that they must have a credit score of 550 or higher. 

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  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: Undisclosed

Founded in 2005, Merchant Capital Source began its journey in the funding industry for small to mid-sized businesses. The company provides small business loans or merchant cash advances the capital that businesses need without the obstacles inherent with traditional lending. Merchant Capital Source is a direct lender. MCS offers same-day approval, funding within two days, and minimal paperwork. The company is also a member of the Small Business Finance Association, which is a not-for-profit association that represent organizations in the United States and Canada that are in the business of providing working capital to small and mid-sized businesses. Headquarters are in Huntington Beach, California, and serving businesses nationwide. Consumers that choose Merchant Capital Source should remember that they must have a credit score of 550 or higher.

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  • Max Loan: $500k
  • Must Have $8.5k+ in Monthly Revenue
  • Must Have 9+ Months in Business

Mulligan Funding is based in San Diego and started in 2008. The company specializes in small and medium-sized business loans, has funded over $100 million, and has served over 50,000 clients. The Mulligan Funding website does not explain interest rate, state availability, or origination fee information. Consumers that choose Mulligan Funding should remember that they must have a credit score of 550 or higher.

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  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: 2 days
This Loan Is Good For...

  • New businesses with less than one year of experience
  • Business owners with poor credit scores
  • Business owners who need short term loans

If you want a lower interest rate or higher loan, learn how you can qualify for a loan from CAN Capital Review or Lending Club Review

Silver Rock Funding started in 2014, with headquarters out in Alexandria, Virginia. The company is made up of entrepreneurs and social media executives. It specializes in small business loans, and encourages people of all credit scores to apply. Consumers that choose Silver Rock Funding should remember that they must have a credit score of 550 or higher.

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  • Interest Rates: Undisclosed
  • Loan Term: Undisclosed
  • Requirements: 450+, 3 Months in Business, and $150k/year

 

Consumers that choose Simply Quick Business Loans 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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  • Max Loan: $750k
  • Lowest APR: Undisclosed
  • Time to Funding: 1 day

Wall Street Funding started in 2008, and is headquartered in New York City. The company claims to be one of the nation's fastest growing small business loan providers, and aspires to help people and organizations with financial needs. Wall Street Funding helps the companies that are typically turned down for poor credit, and offers funding against business future cash flow. Wall Street Funding's cash advances do not require collateral, and businesses can get approved within 24 hours of applying. Clients don't have to worry about an application fee, or any upfront fees. Consumers that choose Wall Street Funding should remember that they must have a credit score of 550 or higher.

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  • Interest Rates: Undisclosed
  • Loan Term Undisclosed
  • Requirements: 600 credit score

 

Consumers that choose Central Business Funding 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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  • Unverified Profile
  • Lowest APR: Undisclosed
  • Max Loan Amount: $350,000

Consumers that choose Business Loan Gate 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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  • Max Loan: $500k
  • Lowest APR: Undisclosed
  • Time to Funding: 7 days

An alternative lending company, Small Business Loans Depot does not require high credit scores. They dedicate themselves to different types of loans, placing them at an advantage when it comes to funding a variety of different industries. In fact, their list of industries includes dentistry, banking, construction, and the medical field. Their most popular loan is their Asset-Based Loan, providing companies with equipment, too. Consumers that choose Small Business Loans Depot should remember that they must have a credit score of 550 or higher.

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  • Max Loan: $2 Million
  • Must Have $10k+ in Monthly Revenue
  • Must Have 2+ Years in Business

In 2012, United Capital Source helped businesses get more than $30 million. Future forecasts suggest that UCS can provide $4 million on the monthly level within the coming years. One recent press release that United Capital Source published says they helped over 100 businesses during a one-month period in 2013, injecting over $3.95 million into businesses that needed short-term cash. That number includes the company's direct and indirect funding sources. While these stats are impressive, the company is missing too much information on their site for us to recommend them. Read our United Capital Source review below to see why.

Typical Borrowers

Typical borrowers can be those with bad credit needing small loans, or those with good credit looking to get a large amount of quick funds. Consumers that choose United Captial Source should remember that they must have a credit score of 550 or higher.

Best Uses

The company provides funds to increase cash flow. Many companies use the loans to buy supplies, pay additional employee wages, cover unexpected costs, and more.

The Borrowing Process

United Capital Source offers a team of business lending specialists to discuss requirements and the best options for funding.

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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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