Where to get a loan for your small business

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Need a loan for your small business but don’t know where to start? You’re not alone. Many small business owners often struggle to obtain loan funds from traditional lenders. But don’t despair, there are plenty of other financing options to explore. In this article, you’ll learn where to get a loan for your small business quickly and easily.



How to Choose the Best Small Business Loans

If you Google “where to get a loan” you will get many small business financing options, making it difficult to decide which is the best business term loan (or any other type of loan) to apply for.

Here are some tips to help you choose the best small business loan:

  • Know your financial health (credit score, profit and loss account, etc.) to assess where you are financially
  • Get detailed information on how small business loans work (different types of loans, interest rates, repayment terms, application fees, etc.)
  • Compare your options to finalize the three best lenders
  • Apply for a loan. Once your application is approved, carefully read the terms and conditions of the loan agreement

Small business loans generally do not charge prepayment fees. But you should always check with your lender. Even some lenders offer discounts if you repay the loan early.

Where to get a small business loan

We have prepared a list of the best business lenders to help you choose the right option for getting a business loan.

Let’s dive in:

1. Foundation

Fundera is not a lender itself, but a marketplace. Small business owners can choose from a wide range of SBA loans, business loans, and lines of credit. With Funderayou can compare multiple small business financing options in one place.

  • Best for: SBA loans
  • Terms: up to 25 years
  • Loan amounts: up to $5 million
  • Rates: From 6%
  • Minimum Credit Score: Depends on individual lender
  • Fees: zero

The specifics above apply only to SBA loans. For details of any other loan program, visit the company’s website.

2. Small Business Administration

Small Business Administration (SBA) loans, partially guaranteed by the SBA, allow you to borrow money to meet unexpected expenses, purchase equipment, refinance debt, purchase commercial real estate, etc

Applying for SBA Loansyou will need to contact the SBA approved lender in your area.

  • Best for: All small business owners
  • Terms: up to 25 years
  • Loan amounts: up to $5.5 million
  • Rate: up to 13%, depending on the type of loan
  • Minimum credit score: depends on the lender
  • Fees: Varies

Due to low interest rates and long repayment terms, SBA loans are the most sought-after loans on the market.

3. Blue Vine

If your business experiences a lack of working capital for a few months a year, a line of credit of blue vine can be ideal for you to obtain business financing in these difficult times.

You must have $10,000 in monthly income to apply for a line of credit.

Here are the main features of the Bluevine line of credit

  • Ideal for: Line of credit
  • Terms: 6 or 12 months
  • Loan amounts: $250,000
  • Rate: 4.8%
  • Minimum credit score: 625
  • Fees: No prepayment or prepayment fees

4. Cabbage

If you are looking for a commercial line of credit, Cabbage is an appropriate option. You will pay monthly interest on the loan amount you use from your credit limit.

  • Best for: Line of credit with flexible payment options
  • Terms: 6 to 18 months
  • Loan amounts: between $1,000 and $150,000
  • Rate: 0.25% to 2.50% for a period of 18 months
  • Minimum credit score: 640
  • Fees: No hidden loan fees or prepayment penalties

5.Kiva

Small businesses looking for crowdfunding loans will find Kiva the right funding partner.

The business community has so far repaid around $1.6 billion in loans.

  • Best for: Financially excluded business owners
  • Terms: 12 to 36 months
  • Loan amounts: up to $15,000
  • Rates: 0%
  • Minimum Credit Score: No information on website
  • Fees: 0%

6. Credible

Credibly is a leading financial institution providing working capital loans, merchant cash advances, long-term business loans, business lines of credit and other business owner lending solutions.

Being one of the leading online lenders, Credible offers prepayment incentives.

Here are details about business expansion loans gathered from trusted sources:

  • Best for: Businesses looking to grow
  • Terms: 18-24 months
  • Loan amounts: up to $250,000
  • Rate: as low as 9.99%
  • Minimum Credit Score: Over 500
  • Fees: Not available

7. Domestic Funding

National Funding offers a variety of loans and financing options for small business owners, including small business loans, working capital loans, short-term business loans, equipment financing and leasing, and more .

The best thing about National Funding loans is that you can get a discount if you pay off the debt in full sooner.

Here are details on National funding funding for equipment collected from credible resources on the web:

  • Best for: Companies that can pay early
  • Terms: 2-5 years
  • Loan amounts: up to $150,000
  • Prices: From 1.10
  • Minimum credit score: 600
  • Fees: Varies

8. On the bridge

OnDeck offers different loan solutions that business owners can avail, depending on their credit history.

A term loan of On the bridge is a great option for dealing with unexpected business expenses.

Here are the key details for applying for term loans:

  • Best for: Easy Approval Loan Approval
  • Terms: Up to 24 months
  • Loan amounts: up to $250,000
  • Rate: 29.9% annual percentage rate of charge (APR)
  • Minimum credit score: 600
  • Fees: setup fee 0% to 5%

9. Quick Bridge

QuickBridge offers a wide range of loans, including small business loans, short-term loans, working capital loans, and unsecured loans.

Even if you have bad credit, you can get a loan from the company.

There is not much information about fast bridge website about its loan products.

The following details have been gathered from reputable online resources:

  • Best for: Working capital lending
  • Conditions: 4-24 months
  • Loan amounts: up to $500,000
  • Prices: Not available
  • Minimum credit score: 500
  • Fees: Set-up fee amount not disclosed

10. Happy Money

As a small business owner, if you want to pay off your credit card bill, a repayment loan of happy money may be an ideal fit.

  • Best for: Personal loans to clear credit card loans
  • Terms: 2-5 years
  • Loan amounts: up to $40,000
  • Rate: Up to 24.99% APR
  • Minimum credit score: 600
  • Fees: 0% to 5% setup fee

11. Checkout

Fundbox is known for offering a line of credit with flexible repayment terms.

In addition to that, Box recently added Fundbox Term Loan, Fundbox Flex Pay and Fundbox Plus to its portfolio.

Here are the specifics of the Fundbox line of credit loan:

  • Ideal for: Line of credit
  • Conditions: 12 weeks to 24 weeks
  • Loan amounts: up to $150,000
  • Rate: from 4.66%
  • Minimum credit score: 600
  • Fees: None

12. Lendio

To be a leading market for various loan products, Lendio can match you with the right business debt management solution based on your credit history.

The company offers trade lines of credit, short-term loans, merchant cash advances, equipment financing, SBA loans and start-up business loans from partner financial institutions.

  • Best for: Start-up business owners
  • Conditions: depends on the type of loan
  • Loan amounts: depends on the type of loan
  • Prices: Not available
  • Minimum credit score: depends on the lender
  • Fees: Not available

A single Lendio loan application will allow you to reach over 75 lenders.

Small Business Loan FAQs

How much money do you need to get a loan for a business?

You might need $3,500 to $12,000 (or more) in monthly income to get a business loan. The exact amount of income varies depending on the lender and the type of loan.

In some cases, you may need to make a down payment of 5% or less to get a loan.

Is it hard to get small business loans?

With a poor personal credit history and no proof of stable income, it can be difficult to get a traditional business loan.

However, many alternative small business lenders can offer you a business loan by reviewing your business plan, cash flow statement, profit and loss statement, and a few other documents.

What are the easiest loans to get?

Small business microloans are the easiest to obtain.

To get a small business microloan, you may need to submit your small business loan application, business and personal credit profile, financial statements, and a few other documents, depending on the lender.

What are other ways to finance a small business?

Some alternative ways to fund a small business are business credit cards, small business grants, crowdfunding, venture capital, personal business loans, merchant advances, and loans from friends or family members. family.

What to do if you are denied a small business loan?

You usually have six months from the date your application was declined to reapply for a traditional bank loan.

If small business lenders have also declined your application for a commercial term loan, you can explore other financing options, such as accounts receivable financing or invoice factoring.

Conclusion

Now you know where to get a small business loan if you have been denied a traditional business loan due to a lack of personal assets/business assets for collateral or an excellent credit history.

Most small business loans offered by the lenders mentioned above do not require a personal guarantee. And you’ll have a flexible way to pay interest in weekly or monthly installments, depending on the lender and the type of loan you apply for.

Get the best small business loan that complements your business operation and start growing your business.

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