What is the most common type of business loan?

The Top Reviews for Business Loans

TOP 4 TYPES OF BUSINESS LOAN

1.	Personal Loans
2.	Auto Loans
3.	Mortgage Loans
4.	Debt Consolidation Loans

1) Blue vine

One of the first places a business owner should seek a loan is Bluevine. The loan approval process takes only five minutes, and interest rates are as low as 6.2%.

Online applications do not affect credit scores. After reviewing and accepting an offer, only then will a credit check be completed.

Bluevine provides lines of credit up to $250,000 with a five-minute decision time.

Bluevine’s primary form of aid for small businesses is a line of credit, which includes:

• Credit line revolving up to $250,000
• Just pay interest on the amount borrowed; there are no prepayment penalties
  Rapid decision making

The funds for the line of credit are accessible on demand and are very easy to request on the Internet. When your company expands and its credit score improves, your line of credit will increase.

More than 20,000 business owners have obtained loans through Bluevine. The corporation has extended more than $2 billion in loans to a vast array of businesses in all industries.

There are constraints on eligibility to consider. For example, to qualify for a line of credit, you must have been in the company for at least 24 months, generate at least $40,000 per month, and have a FICO score of 600 or higher.

This makes Bluevine a preferable option for an established business than a startup. Apply over the Internet.

Lendio Lendio is distinctive in comparison to other lenders on our list. Because you will not be borrowing money from them directly.

Instead, Lendio acts as a marketplace for small business loans. They have a nationwide network of around seventy-five different lenders. You are acquainted with numerous businesses, including PayPal, American Express, and Bank of America. Even some of the names on our list of the best business credit cards will be familiar.

Simply submit an application, and you’ll be matched with the best lenders and loan arrangements for your specific needs. This is the optimal method for comparing business loans on a single platform.

The application process takes around 15 minutes and is free of charge and obligation. After approval, you can have access to your assets within 24 hours.

Lendio partners with lenders to offer:

• Business Credit Lines\
• SBA Loans
• Temporary Loans
• Merchant Cash Advance Company Loans
• Commercial Credit Cards
• Equipment Financing Commercial Mortgages Accounts Receivable Finance Loans for Startups

Business Acquisition Loans

Nearly $10 billion has been lent through more than 216,000 loans on the Lendio platform. Lendio is certain to have a loan choice that meets your needs, regardless of why you need money.

Occasionally, Lendio will seek extra information or paperwork after you submit an application, which can be an inconvenience. But if you’re not in a hurry to obtain a loan, this additional step is unimportant. Apply now online.

OnDeck

OnDeck is a world-leading provider of business financing. The corporation has lent over $13 billion to companies in over 700 industries.

OnDeck provides access to term loans and commercial lines of credit. Below is a brief summary of each option:

OnDeck Loan Term

• $5,000 to $500,000
• Terms ranging from three to thirty-six months
• Immediate financing
• Weekly or daily payments
• OnDeck Credit Line

• 12-month terms for lines ranging from $6,000 to $100,000.
• No prepayment penalties
• Weekly settlements
• To qualify for a loan with OnDeck, regardless of the type of loan, you must meet the minimal standards listed below:

A minimum of one year in business
Personal FICO score 600+
Yearly revenue $100,000+
Created a business bank account

The average OnDeck client has been in business for over three years, has a personal FICO score above 650, and earns $300,000 or more annually.

There is contradictory information available online about OnDeck. Several websites assert that this is an ideal location for business owners with poor credit. Nonetheless, you must still fulfill the minimum FICO standards.

OnDeck does not provide financing to firms in particular industries. For instance, dealers in adult entertainment materials, guns, drug shops, gaming services, and automobiles will need to look elsewhere for financing. Here you can view the whole list of banned industries by OnDeck.

Fundbox

Fundbox has been entrusted by over 100,000 businesses to finance their small business loans.

Fundbox is renowned for its simplicity and pricing transparency. It is an excellent choice for small business owners who do not meet the stringent requirements of other lenders.

To qualify for a Fundbox loan, you must meet the following requirements:

• 500 minimum personal credit score
• Maintain a company bank account.
• Three months of business banking activities Registration in the United States

Fundbox is an expert in trade credit, sometimes referred to as vendor credit or net terms. In these instances, your business can continue to acquire inventory and supplies directly from vendors. Nonetheless, the lender will pay the vendor, and your firm will reimburse the lender according to the terms of your agreement.

Fundbox offers interest rates as low as 4.66 percent. They provide repayment terms of 12 and 24 weeks.

Financing Group

Funding Circle is a reputable and well-known name in the area of small business financing. On this platform, more than $10.9 billion has been lent to over 77,000 enterprises worldwide.

Funding Circle’s online loan application process takes about six minutes.

Get annual financing rates as low as 4.99%. You can borrow between $25,000 and $500,000 with a repayment period of six to five years.

This type of adaptability is one of the numerous reasons why Funding Circle is so popular among small business owners.

Use the Funding Circle website’s loan calculator. It’s a terrific approach to calculate your monthly payments based on the loan amount and length.

You will be required to pay an origination charge while using Funding Circle, which could be viewed as a disadvantage. This cost ranges from 3.49 percent to 5.99 percent based on the term.

Funding Circle offers financing for minority business owners, businesses run by women, consolidation of business debt, and business acquisition.

Another reason I enjoy Funding Circle is due to its superior customer service. After applying for a personal loan, you will hear from a professional within an hour. After your offer has been reviewed and accepted, you can often get your funds the next working day.

Kabbage

Kabbage provides capital for small businesses in the form of revolving credit. This online lender offers credit lines of up to 250,000 dollars.

The application process is simple with Kabbage. By applying online, you’ll receive a response within minutes. Thus, you must link your bank account for the system to analyze your business’s success.

To qualify for a loan from Kabbage, you must satisfy the following requirements:

• The company has been in operation for at least a year
• The annual revenue is $50,000, or $4,200 each month.
• This is an excellent option for business owners that do not meet the tougher revenue requirements of other lenders.

Kabbage offers loan maturities of 6, 12, and 18 months with no prepayment penalty. In addition to the financing rate, however, you will pay a predetermined monthly cost. The monthly cost fluctuates between 1.5% and 10% of the loan’s principal balance. If you want to pay off your balance early, there are no prepayment penalties.

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