BusinessLoans.com: Streamlined Loan Comparison and Access
BusinessLoans.com, launched in 2020, is dedicated to simplifying the loan application process and connecting borrowers with the most suitable loans for their needs. The platform excels at assisting borrowers with limited knowledge or experience in business loans. Regardless of their qualification criteria, BusinessLoans.com works with every borrower to secure the funding they require.
Applying for funding through BusinessLoans.com is a quick and easy process, involving the provision of 13 data points that most borrowers will readily know. The application can be completed in under three minutes. Once submitted, a company representative will promptly reach out to help borrowers choose from the available loan options. The selection of options is determined by BusinessLoans.com’s algorithm, which is constantly refined with the input of their extensive network of lending partners.
While waiting for the representative to get in touch, borrowers can explore BusinessLoans.com’s homepage and guides for additional information. The company is committed to demystifying loans and ensuring they work for every borrower. They provide comprehensive education on loan comparisons and offer hands-on assistance throughout the process. For these reasons, BusinessLoans.com is our top recommendation for comparing loan options.
Biz2Credit: Leading Marketplace Lender
We have chosen Biz2Credit as the best marketplace lender due to its extensive track record in arranging small business loans and its network of lending partners, which helps borrowers find the most suitable financing options. Since its establishment, Biz2Credit has facilitated over $7 billion in small business loans.
One notable aspect of Biz2Credit is the wide range of options it offers. Borrowers can apply for term loans, working capital loans, commercial real estate loans, or Employee Retention Tax Credit (ERTC) loans. Interest rates start at 7.99% and are dependent on the borrower’s credit score. A higher credit score leads to lower interest rates.
We appreciate that Biz2Credit charges simple interest, a feature uncommon among business lenders. Simple interest is calculated solely based on the principal balance each month, while compounding interest takes into account the principal balance and any outstanding interest already accrued, making the loan more expensive.
To qualify for a loan with Biz2Credit, borrowers need a credit score of at least 660 and annual sales of $250,000. While this may exclude some borrowers, it allows Biz2Credit to offer competitive rates. Additionally, the lender offers a discount for connecting your business checking account.
Fundbox: Premier Lender for Lines of Credit
For those seeking a line of credit, Fundbox stands out as our recommended lender. It not only provides competitive rates but also offers remarkable transparency regarding its pricing. With Fundbox, borrowers know the exact cost of their line of credit before finalizing the transaction, a level of transparency not commonly found among lenders. This empowers borrowers to make informed decisions.
Fundbox extends lines of credit up to $150,000 with repayment terms of 12 or 24 weeks. While the repayment period is shorter than other lenders, it is important to note that a line of credit is primarily intended for working capital or short-term business expenses. For long-term financing needs, a term loan is more suitable.
Flexibility and convenience are key attributes of Fundbox. Their Flex Pay program allows for easy repayment of the line of credit through weekly payments, minimizing the impact on cash flow. Additionally, Fundbox offers a user-friendly online application process and provides next-day funding, enabling borrowers to access the necessary funds quickly.
Fundbox goes beyond lending by integrating with popular accounting apps such as Freshbooks, Quickbooks, Zoho, and the online job site Indeed. This integration allows for seamless coordination between business operations and financing. Some borrowers may also be eligible for same-day funding, further enhancing Fundbox’s appeal.
SBG Funding: Best Choice for Flexible Loan Terms
Flexibility is crucial for small businesses, which is why SBG Funding stands out as the best lender for accommodating varying loan term needs. Whether you require short-term, medium-term, or long-term funding, SBG Funding offers options tailored to your requirements. We appreciate that loan terms can range from as short as six months to as long as 10 years.
SBG Funding’s flexibility extends beyond loan terms. Depending on the type of loan, borrowers can access funding up to $10 million, allowing for growth and scalability. This means you can start with a short-term loan of $10,000 and later secure a loan for a significant investment, such as purchasing a $1 million piece of equipment. SBG Funding supports your business’s growth with its diverse loan products.
Additionally, SBG Funding is willing to work with borrowers who have experienced credit challenges. Their quick qualifying decisions and potential same-day funding provide expedited access to capital. However, it is important to note that SBG Funding requires more documentation compared to other lenders. Despite this, the competitive rates, flexible terms, and substantial loan amounts make the additional effort worthwhile. If you seek a flexible lender, SBG Funding deserves serious consideration.
Rapid Finance: Top Choice for Speedy Funding
As the name suggests, Rapid Finance specializes in delivering fast funding to approved loan applicants. Both loan approval and funding can occur within hours, surpassing the speed of most lenders in our review. Rapid Finance offers merchant cash advances ranging from $5,000 to $500,000. Repayment is based on a fixed percentage of future credit card transactions.
To apply with Rapid Finance, you will need to provide a government-issued photo ID, a voided check from your business’s checking account, the last three months of your company’s bank account statements, and the three most recent credit card processing statements. The online application can be completed in approximately 15 minutes if all the required documentation is readily available.
