Top Business Loan Providers in the US
To start a business, you must think of where to get funding for the startup. Your business plan should have details of all the startup capital that you need to launch your business. There are many business loan providers in the US. Consequently, there are many kinds of business loans you can get. Among them are microloans, equipment loans, SBA loans, microloans, personal loans and loan dorm friends and relatives.
The following are the best business loan providers in the US.
Lendio
Lendio provides over 12 different business financing loans. You do not need to have the best credit score to get a loan since they can help you get a loan from their partners. The minimum credit score is 560 with a repayment term of between one money and 25 years. The APR starts at 6% and you can get up to $2,000 million worth of the business loan.
The downside is that they take longer to approve a loan while there are also prepayment penalties. You also need to have a gross average income of $10,000 consistently in the last six months. The business must also be in the US or Canada and must also have a bank account.
SBG Funding
SBG Funding deals with businesses that have been in operation for the last six months. They advance a loan of up to $5,000,000 with a minimum credit score of 500. The APR ranges between 5% and 35%. It is considered the best source of funding for businesses that do not qualify for a loan from financial institutions. They offer a wide range of business loans.
However, to qualify for a loan, your business must have a minimum revenue of $150,000 annually. Luckily, they do not require any other collateral to get a loan. You only need to make payments to your business checking account from where the loan is deducted.
Guidant Financial
Guidant Financial gives loans to businesses that want to open doors. You need to have a good credit score of at least 690 and a credit utilization rate of less than 50%. The interest rates range between 12% and 18%. They advance a loan of up to $150,000, while they also have a wide variety of loans. However, it can take months to have your loan approved.
To qualify for the loan, you must have high credit scores. Your business must also not have ever been declared bankrupt. Its downsides are that you need to provide collateral for SBA loans. It also takes sometime before you can receive the funds.
Kiva
Kiva is a business loan lender for business owners. If you are thinking of getting crowdfund loan, this is the best option since such loans attract a 0% interest rate. You do not require any credit score to qualify. You can qualify for the loan even if you are not a US citizen or resident.
Its downside is that it can take some time before you can be advanced with the finds. This depends on the period it will take to raise the funds.
SunWise Capital
Sunwise Capital is a great option for business owners who do not want a lot of paperwork. You need a minimum credit score of 500 and you can qualify for $2,000,000 loan. The APR starts at 5.49%. It is a great option for business owners who cannot qualify for a business loan from a financial institution due to their credit scores.
The requirements are that the business needs to be at least one year old and also have a minimum revenue of $150,000 annually. You can qualify for the loan with bad persona credit and get the funds within one business day
Diamond Business Loans
Diamond Business Loans offers loans of between $25,000 and $150,000 to business owners. You only need a minimum credit score of 680. The APR ranges between 5.9% and 19.99%. Once the loan is approved, you will receive the funds within two weeks.
To qualify, you must have not been bankrupt or have a record of late repayment. The loan does not have an online application and there is a 10% origination fee. The minimum repayment period is 12 months and a maximum of 60 months.
Seek Business Capital
Seek Business Capital provides loans to businesses that have been in operation for at least six months. They offer loans that range from $5,000 to $500,000 with a minimum credit score of 680. The APR varies and is fixed with the lender but you can be sure they offer the best rates. It takes between 3 and 6 months to receive the funds.
Summary
Getting the best business loan provider will make your loan cheaper and also facilitate smooth repayment. Go for a loan provider with the best loan rates. Having a high credit score will help you get better loan terms. In case you have a poor credit score, you can also get a cheaper loan. You should compare loans from different providers.