While there are many different lenders who work with small business owners, SmartBiz offers convenience and service most others cannot.

The company offers both Small Business Administration (SBA) loans and traditional loan products to help your company grow.

While it doesn’t offer loans directly, it will match your application with banks that do make loans.

Furthermore, the SmartBiz Advisor will tell you ahead of time how likely it is that your application will be approved.

SmartBiz Spotlight

When Are SmartBiz Loans
A Good Option?

Any company that is looking to secure financing in order to grow or scale operations over the next several weeks, months or years would do well to consider SmartBiz.

Fast Funding Timeline

Loan proceeds can be used to hire employees, buy equipment or take other steps to improve business operations and cash balances.

Working with SmartBiz may also be a good option for borrowers who are looking to get funding quickly. It is possible for a loan to be funded within a week, but it can take longer depending on the details of a specific application.

Easy Application Process

A company may benefit from working with SmartBiz if it is looking for a streamlined and convenient application process.

When you spend less time filling out paperwork, you have more time to focus on your customers, develop new products, and keep your eye on business operations.

Are SmartBiz Business Loans Right For You?

SmartBiz loans could be a good option for your company if it has been around for at least two years and makes a minimum of $120,000 per year in revenue.

It might be also possible to secure a loan if you operate a law firm, a diner or any other type of company.

Competitive Interest Rates

Borrowing money can be costly if you choose the wrong lender, but SmartBiz wins high marks for offering very competitive interest rates and charging reasonable borrowing fees.

Depending on the type of loan that you take out, only a single conditional prepayment penalty or none at all may apply.

Buying Real Estate

If you are looking to buy or invest in commercial real estate, SmartBiz can help you finance that investment.

To get such a loan, you will need a credit score of at least 675 and will be required to meet other criteria such as being in business for at least two years.

Refinance Corporate Debt

Business owners who are looking to refinance corporate debt may find SmartBiz loans to be effective too.

You may also be able to refinance loans that were previously secured by personal assets and convert them to loans secured by the company’s assets or credit score instead.

Check Rates at SmartBiz >>

SmartBiz Fees & Loan Terms

If you are looking for a small business loan, you can expect to pay an annual percentage rate (APR) of up to 9.83%.

The APR for a commercial business loan goes up to about 6.66%. The rate is determined by adding the current prime rate plus any additional interest charged by the SBA or the lending institution itself.

Loans that are not issued by the SBA charge interest rates between 7.99% and 24.99%.

SmartBiz Fees

Fees are charged based on the loan amount and the type of loan that you are taking out.

For instance, there is a fee of 2% of the loan proceeds for an SBA 7(a) working capital or debt refinance loan of $150,000 or less.

However, for loans between $150,000 and $1 million, the fee increases to 3.5% of the loan balance.

Commercial real estate loans under the SBA 7(a) program are subject to a 3% or 3.5% fee depending on the loan amount. The fee is reduced by up to 50% in eligible areas regardless of how the money is to be used.

On top of fees charged by the SBA, SmartBiz may charge referral and packaging fees of 0.5% to 2% depending on the loan type.

Bank fees may also apply, as well as closing costs as part of finalizing a business loan through SmartBiz.

Other miscellaneous fees may apply, and they will be disclosed to you prior to agreeing to borrow and repay any funds from a lender.

Check Rates at SmartBiz >>

SmartBiz Loan Requirements

The criteria imposed for loan approval depends on the amount of money that you want to borrow as well as the following factors:

Timeline In Business

To borrow between $30,000 and $350,000, your company needs to have been in business for more than two years at the time the application was submitted.

Credit Score Requirements

You must also have a personal credit score of at least 650 or higher.

Free From Bankruptcy

Other requirements include being current on government-backed loans and being free from recent bankruptcies, foreclosures or other charge-offs.

Citizenship Requirements

To qualify for a loan of this amount, the business must be owned by at least one person who is 21 or older and who is a United States citizen.

Commercial Real Estate

For commercial real estate loans of up to $5 million, the money can be used to both purchase and develop a commercial space. However, the space must be at least 51% owner-occupied.

To be approved for a commercial real estate loan of any amount, you must show that you have enough money to operate the space and pay any personal debts at the same time.

Down Payment Criteria

A down payment of 10% to 15% may also be required.

Those who borrow less than $500,000 can use the money to refinance any debt that is not secured by real estate.

Loan Restrictions

Loans cannot be used for gambling or political purposes or for buying a pawn shop.

They also cannot be used to promote a religious practice, fund mortgages or purchase mineral rights. The SBA may be able to further explain the limitations of using an SBA 7(a) loan during the application process.

Pros and Cons of
SmartBiz Business Loans

Check Rates at SmartBiz >>

SmartBiz Business Loan Alternatives

While SmartBiz may be the proper lending partner to meet your small business financing needs, other companies also offer loans, including:

Kabbage Business Loans

Kabbage allows your company to borrow up to $250,000 that is repaid in 6 or 12 months.

To qualify, you need to be in business for at least a year and have revenue of $50,000 over the course of a year or $4,200 per month over the past three months.

Applying for a loan through Kabbage takes about 10 minutes and can be done through via mobile app.

OnDeck Business Loans

OnDeck provides business capital to companies that have been in existence for at least a year.

Companies must generate at least $100,000 per year, and those applying for funds need to have a credit score of at least 500.

OnDeck partners with SCORE, which helps new business owners learn more about obtaining business capital and other business principles.

Funding Circle Business Loans

Funding Circle offers loans with interest rates as low as 4.99%.

Most loans are funded within 5 days, and funds are repaid in monthly installments over a period of 6 to 60 months.

Applications can be completed and submitted online in about 10 minutes.

SmartBiz Business Loans
Review Summary

If you are looking for money to help your company grow, SmartBiz may be the right partner for you.

Among the many benefits is that you can find out ahead of time whether your loan is likely to be accepted.

Plus, both SBA and non-SBA loans are accessible. This affords companies the opportunity to get financing to refinance debt or hire employees in whatever way is best for them.

Flexible loan repayment terms of up to 25 years result in manageable monthly payments for companies of all sizes.

Depending on the loan type, there may be no prepayment penalty, which means that loans may be repaid sooner to minimize the total interest paid.

If there is any drawback to SmartBiz, it is that companies that haven’t been in operation for more than two years typically don’t qualify for loans.

Weigh the pros and cons for yourself, and decide if SmartBiz is right for you.

Check Rates at SmartBiz >>

The article SmartBiz Loans Review – SBA Loans Made Easy & Fast Too was originally posted on Investormint

Quarterspot is a small business loan provider that lends anywhere from $5,000 to $200,000.

Even borrowers with less than perfect credit histories can apply for financing for terms of up to 18 months because loans are made for businesses with healthy financials.

If you do need access to cash to plug a hole in your company’s financials, Quarterspot may be a good solution, provided you have a personal credit score above 550.

For borrowers with stellar personal credit scores, it is worth shopping around because you may be approved for even lower rates.

Quarterspot Spotlight

QUARTERSPOT SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 3.5 out of 5 stars	Loan Amount Range: $5,000 → $200,000 Approval Time: 1 day Term Length: 9-18 Months APR Rates: 30% → 70% Get Started via Quarterspot secure site

Quarterspot Overview

Quarterspot is especially attractive to borrowers who need access to cash in a hurry.

In as soon as one business day, you could be approved for anywhere from $5,000 to $200,000.

But the speed and convenience comes at a price, which is high APR rates that range from 30% → 70%.

If you are a small business that needs working capital, Quarterspot offers loans for 9, 12 and 18 month terms.

And if you find that you don’t need to hold the proceeds for the full loan term, you can pay back the loan early without being hit with prepayment penalty fees.

Not all short-term small business lenders have zero prepayment penalty loan offers, so Quarterspot shines in this area compared to its rivals.

In general, it is good practice to pay off loans ahead of schedule if you can afford to do so because it saves on interest charges.

However, as a business owner it may be more valuable to have cash on hand short-term to finance salaries, marketing costs, or other expenses even if it means paying more in interest costs.

Is Quarterspot Right For You?

Quarterspot may be a good fit for you if you have a low credit score, provided it is above 550.

If you have an excellent personal credit score, above 750, you should consider other loan providers, such as Kabbage, who may offer lower annual interest rates.

The minimum loan term is 9 months and the maximum loan duration is 18 months so Quarterspot may be right for you if you have short-term financing needs, such as paying for working capital expenditures.

However, if you expect it will take longer than a year and a half to pay back your small business loan then another lender may be a better choice.

Apply For A Quarterspot Business Loan

How Quarterspot Works

Unlike traditional lenders, who focus primarily on credit scores to make decisions on interest rate charges, Quarterspot examines your bank transactions.

By scrutinizing your income and expenses directly, Quarterspot gets a better read on your company’s true financial situation.

It’s a more accurate picture than a credit score because it’s possible you have a low credit score but strong financials which warrant a more competitive rate.

Equally, it’s possible that a high credit score is misleading if business financials are weak.

So, Quarterspot can more accurately assess the risk of loan default and specify an APR rate accordingly.

Quarterspot Fees

Quarterspot is ideal for businesses who need short-term loans in a hurry and are willing to pay a premium for access to cash.

Quarterspot:
What You Need To Know

When you apply for a small business loan from Quarterspot, your business serves as the collateral.

If you believe there is any serious risk of not paying off the loan in a timely manner, consider other lenders who provider longer durations or lenders who don’t require personal guarantees.

Quarterspot will generally disqualify applicants who have a history of bankruptcy in the past couple of years, whether personal or business.

Apply For A Quarterspot Business Loan

Quarterspot Pros and Cons

Quarterspot is best for borrowers who need money fast. But the convenience comes at a price of high interest rates and a personal guarantee requirement.

Quarterspot Summary

Quarterspot is a small business lender that caters to customers with poor credit scores who need financing for terms of up to 18 months.

You can borrow as little as $5,000 or as much as $200,000 and can repay your loan early without incurring any pre-payment penalty costs.

Quarterspot doesn’t just use credit scores to make decisions on interest rate charges but examines your bank transaction history so it can get a better financial picture, but regardless of how strong your financials are, the APR rates are steep, ranging from 30% to 70%.

The bottom line is if you need cash fast, Quarterspot is worth checking out but if you have a decent credit score and time on your hands, consider rates offered by other lenders to make a more informed decision.

Apply For A Quarterspot Business Loan

The article Quarterspot Review 2020 – Fast Business Loans was originally posted on Investormint

Whether you are growing a business, revamping your firm, or expanding your enterprise, financing may be a good option to support your business goals.

As a leader in loan financing for businesses, Currency Capital has over 10 years of experience providing access to online funds for business equipment and new ventures.

Insurance acquisition, site inspections, technology rentals, and new equipment are just a few of the many areas that are eligible for financing from Currency Capital, which  boasts an A+ rating with the Better Business Bureau.

The company also wins brownie points for its streamlined approval process and exceptional customer service.

Currency Capital Spotlight

When Is Currency Capital Equipment Financing A Good Option?

Currency Capital can help finance a wide range of business initiatives.

Purchasing Large Equipment

Does your company need major machinery such as a CNC machine, an excavator, a hydraulic press, or a tractor trailer? Even if all you need is a truck to get your product to customers, Currency Capital may be able to help save you thousands of dollars out of pocket.

And with its many contacts in the technology, insurance, and inspection industries, Currency Capital can help you from start to finish when you need a major piece of equipment for your business.

Checking Driver Backgrounds and Supplier Information

For business needs beyond equipment, Currency Capital can help too.

When you need capital to finance technology development, such as real-time identification and mobile risk assessment tools, Currency Capital has funding options available.

Or if you need to boost your brand presence online or enhance payment processing security, the lender may be a good fit too.

Overdue Invoices

If your business is waiting on payment from clients to expand or make repairs, then a finance loan can help you bridge the gap and keep the ball rolling on projects.

Equally, you can borrow to purchase tools and equipment for harvesting. As opposed to renting tractors, cranes, or pile drivers, you can take out a loan with Currency Capital clients and get rid of recurring rental costs.

Bottom Line

Currency Capital offers dozens of ways to use its funding to build your brand and company.

You can use even Currency Capital’s resources to comply with OSHA regulations and safety checks.

Check Rates at Currency Capital >>

Is Currency Capital Equipment Financing Right For You?

As a top lending company, it has an established track record when it comes to financing businesses. The company has provided more than $500 million in financing for equipment over the years, including over $100 million in the last year alone.

When you contact Currency Capital, you’ll work with a financial advisor to match available loans to your business goals.

Making Quick Equipment Purchases

With its access to over 350 lenders, you get quicker approvals with Currency Capital.

Not all loans have the same requirements or fees, so representatives examine eligible options to determine which lender is best for your company.

Whether your tractor won’t run or you need another truck to deliver all of your products, speed to funding is a priority.

At times like these when money is tight, Currency Capital can help you to keep the wheels turning.

Growing An Established Business

Does your company need to replace equipment because it is close to the end of its life cycle? Do you have too much inventory and not enough space to store it all?

An equipment loan can help you get the construction tools to expand your warehouse.

You can also use Currency Capital resources to sell your old seeder, tractor, or forklift while you find the funding for new machinery.

The variety of financing options are extensive. Heck, if you have a pressure washing business that’s come to a standstill because your washer motor burns up, Currency Capital is a good first stop to find financing.

Resources For Insurance Coverage

Whether you are in construction, agriculture, landscaping, or transportation, you will need insurance coverage for your business and equipment.

Currency Capital has a broad range of contacts in the insurance industry, and the company’s service specialists can help you to decide which insurance policies are best for your specific business needs.

It can also help you find the most appealing providers with the most affordable insurance options.

Currency Capital Fees And Terms

Currency Capital Equipment Financing Requirements

Businesses must be:

• At least 6 months old
• Make a minimum of $75,000 a year

Your personal credit score also matters; Currency Capital requires a score of 585 or above.

Keep in mind your business must not have had a net loss of 10% or more in the 12 months before applying.

Pros And Cons Of Currency Capital Equipment Financing

Check Rates at Currency Capital >>

Currency Capital Alternatives

Several other loan providers offer a variety of options.

Kabbage Business Loans

Kabbage offers business lines of credit of up to $250,000. Your credit rating influences how much of the $250,000 you can get.

Although an excellent alternative for micro-purchases, the loans are not helpful when you need to fund expensive farm or construction equipment.

As you pay back each loan, your approval amount increases.

Fast approval times and low interest rates that range between 1% and 4% are among the advantages of using Kabbage loans. However, you are obligated to pay back any loan within 6 → 12 months.

Your business must be in operation for at least one year before applying.

You must also meet a $50,000 annual income requirement or have made at least $4,200 each month for the previous quarter to apply for a Kabbage loan.

>> Need Fast Cash? Check Out Fundbox

SmartBiz Business Loans

SmartBiz is another option for businesses in need of financing.

Here is an overview of the terms and conditions of a SmartBiz business loan:

• Loans from $30,000 → $350,000
• Requires a personal credit score of at least 650
• Borrowers must be legal U.S. residents with sufficient cash flow for loan payments
• Only businesses in operation for at least two years qualify
• 10-year loan durations available
• Interest rates up to around 9%
• No credit inquiries during pre-qualifying
• Access to funds in as little as one week

OnDeck Business Loans

With an A+ rating with the Better Business Bureau and over $10 billion in loans, OnDeck is a large provider of business financing.

Two lines of financing are available:

• Loans up to $500,000
• Credit lines up to $100,000

The annual interest rates are between 9.99% and 13.99%.

To qualify, applicants must oversee a business that has been operating for at least one year.

Applicants are also required to have at least $100,000 in annual income and a personal credit score of at least 500.

Those who qualify enjoy:

• An easy online application process
• Funds in as few as 24 hours
• Knowledgeable customer service staff members
• Flexible payback periods ranging from three months to three years

Funding Circle Business Loans

A member of the Marketplace Lending Association, Funding Circle has an A+ rating with the Better Business Bureau.

It offers loan decisions in as few as 24 hours and can deliver funds in just five business days.

Other highlights include:

• 10-minute online application process
• Loan amounts ranging from $25,000 → $500,000
• Loan terms between 6 months and 5 years
• Repayment rates as low as 4.99%
• Lack of early payment penalties

Currency Capital Equipment Financing Summary

If you are looking for a reputable lender for new equipment purchases or other business projects, Currency Capital may be a great option. With less than a 1% default rate, the agency’s reputation is stellar.

The support is top notch. Account representatives work with you to match loan products to your business needs, and the company has a vast network of contacts, who can even help you find insurance products.

Some customers claims that Currency Capital loans did not build business credit as fast as they had expected. But on the whole, it is an top tier lending solution for businesses in need of quick and convenient access to funds.

Check Rates at Currency Capital >>

The article Currency Capital Equipment Financing Review was originally posted on Investormint

Peer-to-peer lending (P2P) is one of the most popular ways to both borrow and invest money. Two online P2P companies leading the charge in this revolution are LendingClub and Prosper.

In 2005, Prosper was the first U.S. peer-to-peer (P2P) lender. LendingClub made its debut a couple of years later. Both companies offer borrowing and investing opportunities to anyone with good credit, but Prosper has slightly looser eligibility criteria.

But which offers better value to borrowers and investors? We compare Prosper Vs Lending Club across all their key factors below.

Why Choose Peer-to-Peer Lenders?

Most borrowers don’t realize how much money big financial institutions make on each loan. Interest rate spreads are often high, which is why banks can pocket billions of dollars each year in profits.

P2P marketplaces offer a great opportunity to cut out middlemen and may even offer you a better deal so you get to keep more money in your pocket.

How Peer-to-Peer Lending Works

The way P2P works is that borrowers submit loan requests and investors finance those loans.

Generally, investors will spread their risk across many borrowers and borrowers loans’ are often funded by many different investors.

When a sufficient number of investors commit funds to meet a borrower’s financing needs, the loan gets funded and cash is deposited into his or her checking account.

Investors then reap the interest rewards as the borrower pays back the loan with interest.

Borrowers can often secure funding faster and cheaper than might be available through traditional banking institutions.

Fee Comparison:
LendingClub Vs Prosper

When you take out a loan with LendingClub or Prosper, you will be charged an origination fee.

Investing with LendingClub or Prosper also comes with a service fee.

Each company charges a 1% service fee that’s due upon payout of funds to the borrower.

>> Related: Compare Betterment Vs Prosper

Why Choose Prosper?

Prosper is a pioneer of P2P online marketplaces. With a long history of meeting the needs of borrowers and investors, Prosper caters to a broad customer base – even those with so-so credit profiles.

Why Choose LendingClub?

Although Prosper has a straightforward website and user experience, LendingClub is even simpler to use.

If you’re a new borrower, the simple online application process is a huge plus.

You’ll also find more loan options at LendingClub than you will at Prosper. For example, it’s possible to refinance an auto loan and pay off credit card debt with two loans from LendingClub.

Check LendingClub Rates >>

How LendingClub
vs Prosper Stack Up

Because LendingClub and Prosper are the main online P2P lenders in the industry, their differences are subtle. Your financial standing will be a big part in deciding which lender is right for your needs.

Check Prosper Rates >>

For Investors: Which Is Better?

LendingClub and Prosper have the exact same requirements for anyone looking to invest in their loans.

You must:

• Earn at least $70,000 annually
• Have liquid assets valued at $70,000+

However, there are a few differences in investments once you pass the lenders’ basic criteria.

Here’s a closer look at the benefits of each company:

Benefits of Prosper To Investors

For investors who wish to take charge of their own investment decisions, Prosper offers loan breakdowns and credit data in order to help you make educated decisions.

You can buy a piece of a loan or the entire thing in the Prosper marketplace.

Historically, average returns at Prosper range from 4.9% to 9.9%. With bank interest rates on savings accounts still at long-time lows, Prosper interest rates are an attractive alternative.

Benefits of LendingClub To Investors

While Prosper has an automated investing solution, LendingClub has the simpler interface.

You can choose to invest in low-, medium-, or high-risk loans.

LendingClub software performs the calculations and assesses investments on your behalf. The entire process is done with just a few clicks of your mouse.

Historically, LendingClub boasts returns that range from 5% → 7%. These amounts are lower than Prosper’s rates, but it also has a better track record with fewer loan defaults.

The strict criteria that need to be met in order to issue loans may be the reason why.

Higher returns often follow high-risk investments that aren’t necessarily part of LendingClub’s platform.

LendingClub vs Prosper
Comparison Summary

Before selecting LendingClub or Prosper, consider the following criteria to make a more informed decision.

Easy To Use: LendingClub

LendingClub has been around for more than a decade, and that longevity shows with an easy site navigation.

When you use LendingClub, you’ll be able to view all of your loans or investments on one page. You can modify the numbers easily to see which investments might be a good fit.

By contrast, the user experience on the Prosper website is not as intuitive. Borrowing and investing requires more familiarity with the website.

Lower Credit Rating Requirement: Prosper

Borrowers with lower credit scores are eligible to apply.

Cool Features For Prosper Investors

Prosper has some cool features for its customers. For example, you can use a “Prosperity” plugin in Google Chrome that allows you to auto-fill credit data on your loan page.

Each loan has a credit history attached to it, which helps you diversify your portfolio.

With the credit information, you can invest whatever you’d like into the loans.

Investment Control: Prosper

Whether you want to invest $29 or $1,029 into a loan, it’s up to you.

In contrast, LendingClub requires investments in $25 increments.

LendingClub’s borrowing choices

LendingClub boasts a huge assortment of loan choices, including business loans, auto refinancing, and debt consolidation. Even home purchases and vacations are options.

Prosper focuses on unsecured debt that’s typically credit card-based. Borrowers with loftier goals may want to stick with LendingClub’s numerous options.

Both lenders have taken cues from each other over the past decade or so. In many ways, they’re very similar so you may wish to check rates at both to find the best one to meet your needs.

For borrowers, a low interest rate is key, which is where LendingClub usually shines brightest. For investors, the freedom to pick and choose how much they commit and to which loans may be the top priority, which is where Prosper has the edge.

Check Prosper Rates Check LendingClub Rates

The article LendingClub vs Prosper Comparison was originally posted on Investormint

Are you seeking a business loan of up to $300,000? If you are looking to expand your business, Lending Club business loans might be the answer for your organization.

Loans provide relatively quick and easy access to cash, and repayment terms are flexible.

These loans are designed for business owners who want to expand or refinance an existing loan, and annual percentage rates begin at 9.8%.

Lending Club Spotlight

When Are Lending Club Loans A Good Option?

If you need cash fast, you can have a Lending Club loan in as little as two days.

You will need to put up collateral only if your loan is over $100,000.

A loan never requires collateral of personal belongings, such as your home. A UCC-1 is the only requirement; it allows Lending Club lay claim to business assets in case of loan default.

Another reason to choose Lending Club business loans is when you are looking to grow your business but don’t have sufficient cash reserves to invest in marketing, sales, or business operations.

Check Rates at Lending Club >>

Are Lending Club Business Loans Right For You?

If you need a business loan of less than $300,000, Lending Club might be the right choice.

Lending Club will require a minimum credit score of 600, so you need to have fairly good credit.

You can apply online and complete the application process in under 10 minutes in order to prequalify; it saves time and energy in dealing with banks and having to take time away from your business.

For borrowers with good credit, terms are similar to those that you might find from a bank loan.

What Can You Use Business Loan Funds For?

You can use these loans to expand your business, change to a new location, hire new employees and invest in your current employees, who are a valuable resource.

If you wish to purchase new equipment, consolidate debt or expand your advertising and marketing budgets, that’s all permitted. Equally, it may be smart to improve operations with loan funds in order to save you money in the long run.

You might be looking to consolidate debt and move from a high-interest loan to a simple monthly payment that is transparent; this can free up other cash flow which is needed to effectively make your business stronger.

Other common reasons to choose Lending Club business loans include expanding the present location of your business with new features and design, or upgrading technology systems.

By borrowing from Lending Club, you can grow and improve your business with a loan that is flexible.

Check Rates at Lending Club >>

How Does Lending Club Make Approval Decisions?

Lending Club uses an automated technology platform to determine a business’s risk as well as to analyze business data.

Once you have accepted the terms of the loan, Lending Club verifies who you are.

You then provide bank statements for the past three months and an IRS Form 4506-T as well as business tax returns.

Two credit checks are conducted:

• One check is at the beginning and is a soft pull when you prequalify.
• The second is a hard pull at the finish of the application process.

Keep in mind, you’ll need to have strong financials most likely to win approval.

Does It Affect Your Credit Score?

A customized quote does not affect your credit score.

Depending on the size of the loan and how quickly documents are submitted, you can have your cash within two days to two weeks.

Lending Club Fees & Loan Terms

APRs range from 9.8% to 35.7% for business loans, making Lending Club competitive. However, the 35.7% figure is somewhat higher than the rates offered by traditional banks.

However, the rates are lower than many other online lenders that can sometimes charge 2-3x higher rates.

Banks might charge an APR of 6 to 10%, but the process with Lending Club is quicker and simpler.

Terms are from one to five years with fixed monthly payments.

You can borrow as little as $5,000 or as much as $300,000.

Lending Club Loan Requirements

The business loan requirements for a Lending Club loan are straightforward.

You must have a credit score of 600 or above, and you must put up collateral for loans that are over $100,000.

Borrowers will have to personally guarantee loans that are less than $100,000. This includes the liquid assets of your business such as accounts receivable, inventory and cash.

Real estate and your personal property are not considered for collateral. Your personal assets and credit score are at risk if you don’t pay the loan back.

Other requirements include:

• No recent bankruptcies
• At least $50,000 in annual sales
• 12 months or more in business
• No tax liens
• Personal credit of fair or better

In addition, you must own at least 20% of your business.

Check Rates at Lending Club >>

Pros And Cons Of
Lending Club Business Loans

Lending Club Alternatives

SmartBiz Business Loans

These are SBA loans in amounts ranging from $30,000 to $5 million. The repayment term can vary between 10 and 25 years.

The application process is online where you’ll be matched to lenders most likely to approve your loan.

SmartBiz will hand you off to one of its bank partners if you don’t qualify for the SBA loan.

After completing the application, you may have your funds in as few as 7 days.

Rates start at 6.75% if you qualify.

Kabbage Business Loans

Kabbage provides lines of credit up to $250,000 or loans up to $150,000. Six- or 12-month terms are possible.

The initial payments are higher, so you won’t save much on interest if the loan is paid off early.

You can review the schedule for payments before withdrawing money and withdraw as needed; this on-demand feature provides a financial cushion that may be of value to some businesses.

No minimum credit score is required, and the business only has to be one year old.

Revenue should be at least $50,000 annually or $4,200 per month.

Lending Club may be a better choice if you need more than $100,000.

OnDeck Business Loans

For new businesses, OnDeck is a popular choice.

It offers lines of credit up to $100,000 as well as business loans of up to $500,000.

Minimum annual revenue should be at least $100,000, and your credit score should be 500 or above.

Repayment with OnDeck can be weekly or even daily, which might be a problem for a business with cash flow issues.

Funding Circle Business Loans

Loans through Funding Circle are for amounts from $25,000 to $500,000. Terms are similar to Lending Club with one to five years to repay.

The time it takes to fund the loan averages 10 days, a bit longer than Lending Club in some cases.

The APR with Funding Circle is from 10.91% to 35.5%.

Both Lending Club and Funding Circle provide loans to small business owners; it might just be a matter of where you qualify since both lenders are similar.

Lending Club Business Loans
Review Summary

In order to determine if a Lending Club business loan is right for your business, it is important to consider the pros and cons.

The application and approval process is fast, and you can have your loan in as few as two days. This is a great option when you need to make a quick business decision and time is of the essence.

You can use the capital for whichever business reason you choose. Large amounts of cash, up to $300,000, are readily available to your business. Whether you’re interested in increasing inventory, adding new equipment, boosting advertising and marketing budgets or any other business need, the capital is yours to spend on whatever business cost is necessary.

Terms are easy, with fixed payments and no prepayment penalty if you pay off the loan early; this will save you money. Percentage rates are similar to what a bank would offer to borrowers who have good credit; however, Lending Club does not use personal assets, such as your home, as collateral.

If your business is less than a year old, a Lending Club business loan may not be for you. You can explore other options as there are a host of online lenders with whom you may qualify.

The Bottom Line: Lending Club is the right choice if your business is established, your credit score is good and you need the cash quickly. Rather than shopping around at banks and other online lenders, Lending Club is a good first stop in seeking business financing. The right lender will work with you to finance your business and your dreams for its success, so decide if Lending Club is a suitable option for you.

Check Rates at Lending Club >>

The article Lending Club Business Loans Review was originally posted on Investormint

Funding Circle takes financing to a new level by providing a platform in which peers can provide funds to each other.

Investors have control over where their money goes and borrowers can find funding efficiently, creating a streamlined financing process.

By taking out the middleman, red tape, extra fees, and long waiting periods, the process moves more quickly, and in some cases, funds can be transferred in as few as five days from when an application is officially submitted.

Funding Circle Spotlight

When Are Funding Circle Loans A Good Option?

Investors looking to diversify from regular stocks and bonds may find attractive investment opportunities at Funding Circle where businesses with good credit seek financing.

Build Your Credit

As a borrower, this can play out in two ways for you.

First, you can keep or grow your strong credit profile by pursuing a Funding Circle loan and paying it back on time, or early.

Second, if you’re in the beginning stages of entrepreneurship, you can use this loan to build your credit.

Hire, Invest, Grow

When you run a small business, you can only do so much with the resources that you have at your disposal.

Chances are if you have $10,000 to invest in your business it will go much further for you than $1,000.

So, you have the opportunity to expand business operations, invest in better equipment, or hire more employees to help you grow revenue.

Maintain Control of Your Business

Funding Circle business loans range from $25,000 to $500,000.

You can decide how you spend the money. However, you will need to provide reports to your lenders upon request.

This gives you flexibility and control over what happens at your business versus raising money from a venture capital firm for example.

Peace of Mind

Funding Circle borrowers can rest easy knowing that their rights will be protected.

The company has created a Borrowers’ Bill of Rights that ensures borrowers and investors are on the same page.

Borrowers have the right to transparent pricing and terms, non-abusive products, responsible underwriting, inclusive credit access, and fair collection practices.

With these policies clearly laid out, the chances of succumbing to a predatory lender are reduced.

Apply To Funding Circle >>

Are Funding Circle Business Loans
Right For You?

As you think about whether you want to pursue a business loan, you have a lot to consider.

Fast Access To Cash

You’ll need a detailed plan that describes how you’ll use those additional funds to improve your position, and you’ll need to weigh the costs and benefits of each decision you make.

Applying for a Funding Circle business loan may be a practical choice to make if a fast turnaround time is important to you.

The time it takes for traditional loans to be fully processed can sometimes take many months or even longer, and some organizations just aren’t in a place where they can wait that long.

Fast Application Times

The initial loan application at Funding Circle can be submitted in under 10 minutes.

After that, a personal loan specialist will look over your documents and contact you within the hour.

An underwriter will then step in and give you some options. In some cases, this could be the very next day. You’re free to accept a loan or walk away. If you do accept financing, you can receive your funds within a matter of days.

Competitive Rates

The competitive rates at Funding Circle can make funds more accessible to small businesses.

If you don’t have that much capital in reserve, it may otherwise be difficult to secure a loan with low rates.

Because the marketplace is opened up through Funding Circle, the rates that you can see could potentially be driven down through competition and transparency.

Need A Personal Loan? Try SoFi

Funding Circle Fees
And Loan Terms

The company prides itself on its straightforward approach to lending.

Origination fees could vary between 0.99% and 6.99%. This is a one-time fee you’re asked to pay to cover the startup costs of producing your loan.

The amount varies from borrower to borrower and is related to your credit profile.

You’re only responsible for paying that origination fee (through a deduction from your total loan proceeds) if you end up receiving funds.

Late payment fees of 5% applies when payments are missed.

This amount is withdrawn directly from your account and sent to your investors. This would only occur if your monthly payment is not sent on time.

Other than those fees, there are no other costs. Notably, there is no prepayment fee, so you can repay the entirety of your loan without penalty.

Interest rates are fixed, making it easier to plan out your budget each month.

Terms are anywhere between 6 months and 5 years.

Within each of those terms, the interest rate could vary depending on your credit profile. For example, a six-month loan could have an interest rate of 4.99%, 23.74%, or anywhere in between.

A five-year loan could have an interest rate of 8.5%, 27.79%, or any rate in between the two.

Apply To Funding Circle >>

Funding Circle
Small Business Loan Requirements

Not just anyone can receive a small business loan through Funding Circle. There are requirements in place to make sure that investors are protected and that the site as a whole can remain profitable.

Two main requirements are:

(1) The business is at least two years old; and

(2) You have a credit score of at least 620.

No annual revenue minimums are stipulated.

That being said, your terms will be quite different if your business is 2 years old, you have minimal profit, and your credit score is in the low 600s versus if you own an established business, have a high annual revenue, and your credit score is top notch.

Pros And Cons of
Funding Circle Business Loans

Fast Processing Time: In less than a week, you could see money in your bank account, even after having completed relatively little in terms of paperwork.

For many businesses, it’s hard to predict the business outlook in six months, so having this immediate response to a loan application can be a major advantage.

Competitive fixed rates make this type of lending more affordable. Saving money each month on interest can help a small business do more.

While Funding Circle bypasses the traditional process of going through a brick-and-mortar bank, it also takes strong measures to protect lenders and investors alike.

It’s not the lenders who are setting their rates but Funding Circle, which has a strong motivation to keep both borrowers and lenders happy.

No Prepayment Penalty: Should you be able to pay off your loan early, you can certainly do so.

Because there are no prepayment penalties, you don’t have to worry about being hit with hidden fees when making extra payments.

Apply To Funding Circle >>

Cons: Funding Circle is not ideal for everyone. Established businesses are typically favored, and it can be harder for relatively new entrepreneurs to find an affordable peer-to-peer loan.

If you don’t have the required minimum credit score, there is not much that you can do since those prerequisites have already been set in place.

Furthermore, the speed at which Funding Circle works is impressive but not at an industry-leading level.

If you need immediate cash, other lenders may serve you better.

Funding Circle Small Business Loans
Alternatives

If you like the idea of peer-to-peer funding but want to explore other avenues before making a final decision, you do have some options.

Kabbage, SmartBiz, and OnDeck are worth considering.

Kabbage Business Loans

Kabbage is one of those sources of loans that can give you funds immediately.

Once you enter your information and submit your financial data, which you can do through a mobile app, you can get a decision that day regarding how much capital you can access.

You can start using that money right away or ask for more money as needed.

Loans of up to $250,000 are provided to qualified applicants.

SmartBiz Business Loans

SmartBiz provides loans between $30,000 and $5,000,000.

This would be a good choice if you’re looking for larger sums of money with longer repayment terms as their terms usually last between 10 and 25 years.

Their rates are start at 6.75%, so you’d have to compare them with the rates that you receive from Funding Circle after you input your credit profile.

Importantly, SmartBiz funds are sent out to borrowers in as fast as one week.

On SmartBiz, those who don’t qualify for SBA loans can potentially qualify for non-SBA options.

OnDeck Business Loans

OnDeck has two options from which to choose. You can either apply for a line of credit or a term loan.

Lines of credit up to $100,000 are available, and those rates start at 13.99% APR.

Term loans are provided up to $500,000, and their interest rates start at 9.99% APR.

You can compare these numbers with rate offers from other lenders.

Just remember to take the turnaround time into consideration. OnDeck typically makes decisions in minutes after you put in an application, and once you sign your contract, you could see money in your account within 24 hours.

Funding Circle Business Loans
Summary

What Funding Circle brings to the table is a simple way of accessing an alternative financing source.

By connecting borrowers and lenders, the company creates a win-win. Borrowers can avoid the time consuming process of loan applications at traditional banks while lenders enjoy reasonable returns on capital.

The online application times are fast. You can be done in less than 10 minutes.

And the funds that you can receive are significant, starting at $25,000 and going up to half a million dollars.

Plus, you could see that money in as few as five days. One drawback, though, is if that five days is not fast enough for your situation, you’ll need to look elsewhere for assistance.

Apply To Funding Circle >>

The article Funding Circle Business Loans Review was originally posted on Investormint

Credibility Capital is an online lender based in New York. The company offers short-term business loans to small businesses with good credit who may not be able to secure funding from banks or similar lending institutions that offer traditional financing.

As an online loan provider, Credibility Capital has streamlined its loan application process to offer an easy way to get funds in a matter of days.

Borrowers can apply, have their application assessed, and receive funds without ever setting foot in an office, making the process simple and easier when compared to some other lenders.

Applicants are also able to check their eligibility for acquiring a loan without creating an online account.

Credibility Capital Spotlight

When Are Credibility Capital Loans A Good Option?

To qualify for Credibility Capital loans with annual percentage rates between 10% → 25%, borrowers must have a strong personal credit rating of at least 680 and annual business revenues of at least $250,000.

Business owners must be citizens of the United States and must have established their companies at least 18 months earlier.

In addition, applicants must not have incurred a personal or business bankruptcy within the last five years.

Those requirements do not automatically guarantee the approval of a loan. To help fulfill the needs of applicants who do not qualify for one of their loans, Credibility Capital will match them with another lender from their network of partners.

Small- to medium-sized businesses who want to expand and grow their operations may find Credibility Capital a viable loan source.

Because funding happens quickly, usually within seven days, you can start growing your business almost immediately. When seeking approval from traditional lenders, months often pass before loans are approved. Quick funding can translate into higher profits at an earlier date.

Are Credibility Capital Business Loans Right For You?

Credibility Capital does not charge any prepayment fees. So, if you find yourself in a position where your business has begun to generate more income and you want to pay off the loan faster, you can do so without penalty.

By paying off the loan faster, you can save a considerable amount of money on interest charges and benefit even more by putting those funds back into your business.

Fast Underwriting Process

The online application form is simple and should take you no longer than approximately 30 minutes. Applicants will need to provide information about the business and its ownership as well as how the loan will be used.

After Credibility Capital receives the initial online form, they may request business bank statements, merchant account statements, and additional information on another one-page application.

The lender will then do a soft pull of personal credit reports and a hard pull of business credit reports of applicants who meet basic eligibility requirements.

If your credit history meets its eligibility criteria, Credibility Capital will send an initial loan offer and may request additional documentation.

The company makes this easy for applicants, who can upload all required information through an online portal that also tracks loan applications easily.

At this point, Credibility Capital will perform a full assessment and send a final offer to applicants who pass.

Loans are typically approved for 10% to 20% of an applicant’s annual revenue.

Before closing on loans, Credibility Capital requires a brief telephone conversation with applicants.

Fast Delivery Of Funds

Funds will be deposited in the applicant’s account within three business days, sometimes sooner.

The beauty of Credibility Capital’s underwriting process is that it doesn’t always walk a hard line for all business metrics. If a company shows strength in one or more areas, those pluses can make up for lower credit scores or less business revenue.

Once you have been approved for a loan, your first payment will be due within 30 days and is paid via an ACH transfer from your business checking account. This makes repayment easy and secure.

Amortize Loan Payments

All Credibility Capital loans have fully amortized monthly payments, meaning that each payment pays a portion of the original loan amount and interest due to ensure that the loan will be fully paid at the end of the term without incurring additional fees.

Credibility Capital’s online portal makes it easy for borrowers to check loan balances.

Beware of Late Fees

The company does not report loan payments to credit bureaus, so a late payment will not affect your credit score. At the same time, late payments are subject to a late fee amounting to 5% of the loan payment.

The fee for insufficient funds is $35 for each instance.

Credibility Capital
Fees And Loan Terms

All fully amortized loans will incur a single origination fee of 3% to 5% to cover servicing and processing.

Here is a quick summary of the company’s loan terms:

Apply To Credibility Capital >>

Credibility Capital
Small Business Loan Requirements

Applicants looking for a small business loan from Credibility Capital must meet certain eligibility criteria:

Applicants can check their eligibility status without establishing an account.

Once an account is established, the company will ask for your:

• Social Security number
• Tax identification number
• Business revenue records for the last 12 months

Pros and Cons of
Credibility Capital Business Loans

Pros: Even though the terms may not be as favorable as those offered by banks or similar lending institutions, Credibility Capital term loans are ideal for business owners with good personal credit.

The company’s interest rates are comparable to other online lenders, and the speed at which applicants receive funds is a big plus.

Additionally, the one-time origination fee is more convenient and less expensive than a monthly service fee.

Automatic ACH debits are also more convenient, making the process easier for both the borrower and the lender.

Cons: Credibility Capital’s requirements are more stringent than other online borrowers, so fewer people will qualify.

Also, the loans offered by this company are only viable for short-term financing. This means that if you’re looking for funding over the long term, you’re better off seeking it elsewhere.

Possibly the biggest drawbacks are the UCC-1 filing and personal guarantees for owners who have more than a 25% stake in their business.

Keep in mind that your business is on the hook if things go belly up. That means you could lose your business if you default on the loan.

Also, the personal guarantee means that your personal assets are at risk in the case of default.

These two requirements make it risky for struggling businesses to take out a loan with Credibility Capital.

Apply To Credibility Capital >>

Credibility Capital
Small Business Loans Alternatives

Other online lenders offer similar loan products and terms that could be more attractive for some businesses.

Kabbage: This lender offers quick business funding for borrowers with rocky credit histories.

Terms are six months to 18 months with APRs that run from 24% to 99%.

SmartBiz: It offers a quick and easy way to get a Small Business Administration (SBA) loan.

Loans are available from $30,000 to $350,000 at APRs that start at 8.53% for a term of up to 10 years.

OnDeck: This company has looser qualifications and more options, but you’ll also pay more.

APRs range from 16.7% to 99.4% for term loans and 11% to 60.8% for lines of credit.

Financing is available for up to $500,000.

Repayment is daily or weekly for term loans, and lines of credit are repaid weekly.

Funding Circle: This is a peer-to-peer business lender aimed at businesses that have good lines of credit and who have operated for at least two years.

Loans are available for one to five years with APRs ranging from 10.91% to 35.5%.

Funding typically takes 10 days.

Credibility Capital
Business Loans Summary

Credibility Capital is a viable business loan option for companies with a good credit rating that need fast capital and have the ability to repay the funds within three years.

The one-time origination fee and no-prepayment penalty make the costs associated with the loans more attractive than some other online lenders, particularly when interest rates are considered.

The application process is also easy and streamlined so that borrowers can get access to cash as quickly as possible.

The biggest drawback is the UCC-1 filing requirement. This essentially uses the company as collateral and could cause the owner to forfeit assets should the loan default.

Apply To Credibility Capital >>

The article Credibility Capital Business Loans Review was originally posted on Investormint

Since 2013, BlueVine has given more than 10,000 small business owners access to approximately one billion dollars. BlueVine specializes in providing businesses with capital through credit lines and invoice factoring.

Invoice factoring is nothing new. What makes BlueVine’s invoice-factoring business model unique is its online platform, which expedites factor payments.

Once the process is in place, payments to a cash-strapped company can be approved in as little as an hour.

BlueVine also allows companies to choose which invoices they want to advance for payment, and BlueVine protects its clients’ privacy so that their customers need never know that payment promises are being exchanged for cash up front.

BlueVine advances payment for customers’ invoices and makes its money from the fees that accrue while the business owner is waiting for customers to pay those invoices.

How Does BlueVine Work?

Clicking the “Apply Now” option on BlueVine’s home page takes you to a web form where you’ll enter your contact information and indicate:

• How much funding you need
• What you will be using those funds to accomplish
• Choose whether invoice factoring or a revolving line of credit is the right type of financing

If you don’t know, don’t worry; there’s also an option for “unsure” in the pull-down menu.

At one time, clients who did not want to fill out the web form had the option of connecting through their QuickBooks accounts, but this is no longer the case.

Next, you’ll be asked some basic questions about your business such as:

• Legal name
• Legal entity status
• Annual revenues
• Tax ID/EIN
• Type of customers

Continue, and you will be given two options for providing BlueVine with the financial information the company will need to verify your creditworthiness.

You can either give BlueVine electronic access to your business banking and pertinent credit card accounts, or you can upload your three most recent monthly bank statements.

While underwriters are reviewing your financial statements, you will receive a phone call from a BlueVine analyst who will become your point of contact with the company until your application is approved.

Are BlueVine Lines of Credit
Right For You?

BlueVine has a lot to offer, but before you sign on the dotted line, you’ll need to determine if the services are ideal for your situation.

Consider the following factors.

BlueVine Fees and Terms

BlueVine does not charge setup fees or subscription fees for either of its financial products.

Flex Credit

BlueVine offers two lines of credit as part of its Flex Credit product: Flex6 and Flex12.

Flex6 draws are repaid through a series of 26 automatic debits from your business bank account over a period of six months.

Flex12 offers a 12-month repayment period. There is no prepayment penalty for repaying the entire amount you owe before it is due.

The amount available through a Flex Credit line depends upon a number of factors and can range anywhere from $6,000 to $5,000,000.

In determining the credit line it will advance to you, BlueVine focuses more on a company’s potential for generating revenue than it does on the credit history of the business or the business owner.

The standard fee associated with a credit line draw is 1.2% per week, but this can fluctuate according to factors like credit scores, outstanding tax liens and other available credit lines.

Some clients may be charged as little as 0.5% per week. The interest rate on a $200,000 loan can be as low as 4.8%.

BlueVine Invoice Factoring

BlueVine will advance between 85 and 95% of the value of an invoice that’s due in 1 to 13 weeks.

You will receive the remainder of the invoice’s value when your customer pays you after BlueVine has subtracted its own fees.

BlueVine will give you a two-week grace period if a customer fails to pay you by the invoice’s due date, but there’s a late fee of 3% for every week thereafter.

Once BlueVine receives an invoice, it assumes control of the relationship with the customer associated with that invoice and will handle subsequent communications and collections pertaining to that invoice.

BlueVine’s fees for this service range anywhere from 0.5% to 1% of the invoice amount calculated weekly, which amounts to annual percentage rates that vary between 15 and 68%, though the average APR is 35%.

If you prefer to get money from BlueVine through a wire transfer rather than through an electronic bank-to-bank transfer, you may also be charged a $15 wire transfer fee.

BlueVine Eligibility Requirements

BlueVine’s revolving line of credit and BlueVine’s invoice factoring product have different eligibility requirements. In neither instance must profitability be explicitly demonstrated.

Eligibility Criteria For Flex Credit

State regulations prohibit BlueVine from offering lines of credit to business owners in North Dakota, South Dakota, Vermont, New Hampshire, Nevada, Kentucky and Tennessee.

To qualify for Flex6, your company must have been in business for at least six months, and it must be generating monthly revenues of $10,000 or higher, which amounts to minimum sales of at least $120,000 a year. The business owner’s personal credit score must be 600 or higher.

Successful Flex12 applicants are typically Flex Credit clients who have a history of at least 10 weeks of successful repayments.

They will have been in business for two years or longer, and their business will be organized either as corporate or LLC legal entities.

Their business will generate $500,000 or more in revenue annually, and the business owner’s FICO score will be 650 or higher.

Eligibility Criteria For Invoice Factoring

BlueVine doesn’t work with companies in the health care or finance sectors or with businesses that are involved with gambling, pornography or the sale of firearms or tobacco.

To qualify for BlueVine’s invoice-factoring product, your company must have been in operation for at least three months and deal in business-to-business commercial transactions.

The business owner must have a FICO score of 530 or higher.

Annual revenues must be at least $100,000.

Pros And Cons of BlueVine

BlueVine Pros

There are several reasons why BlueVine’s financial services may be attractive to a small business owner.

Quick Approval Process

Cash flow is one of the most pressing challenges faced by any small business.

According to a recent study by U.S. Bank, undercapitalization and poor cash flow management are the most commonly cited factors in 82% of all small business failures.

If you find yourself struggling to stave off a liquidity crunch that seems to have arisen out of nowhere, BlueVine may be a great option for you because the application and approval processes are very quick.

You can be approved for Flex Credit in as little as 12 hours and for the invoice-factoring product within a day.

Once your application is approved, you’ll have access to the funds you need within 24 hours.

Convenient Monetization

On paper, your company may look as though it’s doing well because you maintain a good balance between receivable invoices, payable invoices and operating expenses.

Appearances can be deceiving, however, because some of those clients who owe you money are dragging their heels.

BlueVine gives you a way to monetize your late payments so that critical business operations don’t suffer.

Poor Credit

Invoice factoring is a strategy that focuses more on the creditworthiness of an organization’s customers than it does on the credit history of the company’s owner.

If BlueVine assesses your business and finds that it has the potential to generate revenue, you have a good shot at being approved for the company’s invoice-factoring product.

BlueVine is also willing to take risks and extend its Flex Credit revolving line to business owners whose FICO scores fall well below 700, which is the cutoff for “good” credit.

Apply To BlueVine >>

BlueVine Cons

With an APR that can rise as high as 68%, there’s no denying that BlueVine’s invoice-factoring product does not come cheaply.

As a point of contrast, the average APR on an unsecured credit card is approximately 25%.

If an unscrupulous customer fails to pay an invoice, you are on the hook and will have to pay back the amount the company advanced you on that invoice.

BlueVine also keeps tabs on your company’s debts and revenues once you sign up for Flex Credit. There have been occasions when it has rejected a customer’s attempt to withdraw funds even when that customer was theoretically qualified.

BlueVine Small Business Alternatives

When it comes to online business funding services, Kabbage, SmartBiz, OnDeck and Funding Circle compete with BlueVine.

Kabbage Business Loans

Kabbage offers business owners a more traditional line of credit than BlueVine’s Flex Credit with lower revenue expectations and a longer interval of time for repayment.

Its credit lines are typically smaller than BlueVine’s. Kabbage does not offer an invoice-factoring option.

SmartBiz Business Loans

SmartBiz is not really a lender but an online facilitator that connects businesses with banks that offer SBA 7(a) loans through the Small Business Administration.

SBA loans take a long time to process, so typically, they are not a realistic option for businesses looking for a quick way out of a cash crunch.

>> Fast Business Loans from QuarterSpot

OnDeck Business Loans

OnDeck offers lines of credit of up to $100,000 at an APR ranging between 14% and 40%, which is considerably lower than the higher range of APRs charged by BlueVine.

OnDeck does not offer invoice factoring.

Funding Circle Business Loans

Funding Circle will give you up to five years to repay any draws you make on your line of credit.

This can be a good thing because it may make each individual payment smaller and more manageable, but it can also be a bad thing because the longer repayment terms mean you may end up paying more in interest over the long run.

Starting interest rates are 4.99%, which is higher than BlueVine’s lowest interest rate.

Funding Circle does not offer invoice factoring.

BlueVine Lines of Credit And
Invoice-Factoring Summary

While many online financial platforms offer business loans and business lines of credit, BlueVine is one of only a handful of online lenders that offers an invoice-factoring product as well.

This gives you more flexibility in choosing the financial product that will best meet your business needs. If you’re struggling with irregular payment cycles, BlueVine offers you a way to meet your operational expenses without hurtling into the cash crunch wall.

Sole proprietorships, corporations, and most everything in between can apply and receive fast turnaround times to access capital.

It is a good option if your business has a strong revenue base but you need to bridge a short-term gap in your cash flow. Nevertheless, borrowing costs can be high, so make sure to fully weigh the pros and cons when determining if this lender is right for you.

Apply To BlueVine >>

BlueVine FAQ

What Are Revolving Lines of Credit?

Revolving lines of credit are cash advances that work similar to a credit card: Clients borrow money up to a certain cash limit for a predetermined period of time; they’re charged interest on the amounts they borrow, and as they pay down their debt, the amounts they repay can be borrowed again.

BlueVine makes money on its proprietary Flex Credit revolving credit line from fees as well as from the interest charged.

>> Check Out StreetShares Fast Business Loans

What Is Invoice Factoring?

Invoice factoring is a financial transaction in which a small business sells its invoices to a third party in exchange for capital that will help them meet cash flow demands.

Because invoices are the medium of exchange, only B2B companies that do business with other companies can take advantage of this service.

The article BlueVine Review – Invoice Factoring & Lines of Credit was originally posted on Investormint

Fundbox is an online lender that makes cash available to entrepreneurs who are in need of interim financing.

You can quickly apply for a line of credit or invoice financing for as much as $100,000.

Borrowers rely on Fundbox when they need access to funds as quickly as the next day.

Fundbox has helped entrepreneurs, small business owners, and freelancers optimize their cash flow.

How Does Fundbox Work?

When you are approved for a line of credit (LOC) from Fundbox, a preset dollar amount is made available as a loan to you.

The interest rate for the line of credit is predetermined and set forth.

You can draw out money as needed to operate your business or for any reason, and interest is paid on the entire loan amount.

Fundbox is the lender, and weekly repayments are made to the company in set increments.

All terms of the loan are set forth in the loan agreement.

Invoice factoring is an alternative that may be appropriate in some situations, such as when your business has a large amount of unpaid customer invoices.

Fundbox’s invoice financing allows you to borrow money; you will get 100% of the value of the outstanding invoices.

You are in effect getting paid in advance as you wait for your customers’ payments.

This is made available to customers who are in the business-to-business (B2B) market sector.

Are Fundbox Lines Of Credit
Right For You?

As a business owner, there are times when you need cash quickly. Fundbox makes it easy to apply online, and you can be notified of your approval in minutes.

Fundbox will arrange to get you the money in as little as one business day. You will not have to wait for days or weeks as you might with many other lenders.

Depending on the loan amount, a personal guarantee may not be required.

When Is Fundbox A Good Choice?

Many customers choose Fundbox after they have had trouble getting approved for a loan from a traditional financial institution.

That’s because Fundbox makes it easier to qualify for financing.

If you have been unable to meet the financial requirements for a loan, a line of credit from Fundbox may be the right choice for you.

You are required to be in business for at least three months and your company’s annual revenue should exceed $50,000.

There is no need to provide proof of collateral.

Fundbox Fees And Terms

When you select invoice financing, be prepared to make equal repayment amounts over a 12-week or 24-week period.

In the case of a line of credit, weekly repayments are required to be made for up to 12 weeks.

The lender will grant loans ranging from $1,000 to $100,000.

The APR (annual percentage rate) will vary. With invoice-factoring financing, rates start from 10.1%. APR rates for a line-of-credit loan start at 10.1%.

You won’t pay application fees with Fundbox, but there is a fee based on the amount of the loan.

To keep track of all transactions, Fundbox provides a customized dashboard.

Apply For Financing At Fundbox >>

Fundbox Requirements

Repayment of the loan must be completed in 12 weeks unless otherwise noted.

The lender will automatically deduct the payment amount from your bank account each week.

Fundbox requires that customers have a business checking account.

Financing solutions are suitable for short-term financing to help business owners manage cash flow.

There are no prepayment penalties, so you can save a lot of money if you are able to pay off the loan faster.

In order to qualify for invoice financing, your company must be based within the United States or within a U.S. territory.

Pros And Cons Of Fundbox

Fundbox Pros

If you’re looking for a loan for your business, you’ll need to weigh the pros and cons before deciding if a Fundbox loan is right for you.

There are many positive reasons to obtain financing through this lender. For instance, the online application process is easy and free and the qualifying requirements are less stringent than most other lenders.

Newer business owners have an equal chance to qualify even if they have only been in operation for a short period of time.

Fundbox can help you get the cash you need quickly, and the money will be directly deposited into your account for your immediate use to grow your business with no questions asked.

Bad credit will not be a deterrent in most cases.

Fundbox Cons

There are also reasons why their services may not be right for you at this time.

The first consideration is the high cost of borrowing money. The APR rates can end up being as high as 79.8% and the repayment duration can be as short as 12 weeks. So, each weekly payment could be high.

Another possible drawback, depending on your situation, is that financing obtained through Fundbox cannot exceed $100,000.

Check Rates at Fundbox >>

Fundbox Alternatives

If you need to look elsewhere, Kabbage, SmartBiz, OnDeck, and Funding Circle are all solid options.

Kabbage Business Loans

A Kabbage business loan can be an alternative form of financing for some borrowers with up to $250,000 available.

Like Fundbox, it is designed for those who need capital for their business quickly.

Borrowers can apply online, and the application takes only a matter of minutes to complete.

Same-day approval is offered in most cases, and you can have access to the money in only a few days.

The repayment period is longer and will generally range from 6 → 24 months.

People with problematic personal credit can get approved more easily for a Kabbage loan.

You should anticipate that the APR for a Kabbage business loan can range from approximately 24% to 99%.

SmartBiz Business Loans

Another alternative loan option is a SmartBiz loan. It offers an alternative way to obtain a Small Business Administration (SBA) loan.

The allowable loan amount ranges from $30,000 → $350,000.

This can be a suitable alternative for owners who are looking to refinance existing business debt or for those who are planning business expansion.

The repayment period of a SmartBiz loan may be 10 years and the borrower must have an established business.

Upon approval, the money becomes available in several weeks, but in some cases, it can be sooner.

OnDeck Business Loans

OnDeck business loans can be another choice when you need money quickly.

A customer can apply online or over the phone. It is fast and convenient and takes about 10 minutes.

The APR for an OnDeck loan can vary from approximately 16.7% to 99.4%.

The funds are available fast, typically within 24 hours.

At a time when unexpected expenses arise, borrowers may opt for this type of loan because money is quickly accessible to them.

If your credit is less than perfect, it is sometimes easier to be approved for an OnDeck loan versus other traditional loans.

>> Related: Are Quarterspot Business Loan A Fit For Your Business?

Funding Circle Business Loans

Funding Circle business loans connect small business owners with investors who are willing to assist them with financing.

Borrowers are expected to have a good credit rating and an established business with at least two years in existence.

Loan limits range between $25,000 → $500,000.

The current APR for a Funding Circle business loan is from 10.91% to 35.5%.

The loan terms range from one year to five years and funds are usually made available in about 10 days.

If you need the money in less time, other online lenders may be the better choice. There is an easy application for Funding Circle loans, and borrowers can get approved quickly.

Plus, no prepayment penalties apply.

If a business owner requires only short-term financing, the investors get paid back quickly.

Fundbox Lines Of Credit And
Invoice-Factoring Summary

Fundbox has gone to great lengths to simplify the loan process for its customers. The application is simple to follow regardless of which loan products you select. And the loan terms for line-of-credit financing as well as invoice-factoring financing are straightforward.

It’s not an understatement to say the company has made the process of qualifying for a loan one of the simplest in the industry. However, Fundbox alternatives are available, though many charge higher APRs.

Rates for a line of credit up to $100,000 are competitive.

Fundbox offers direct deposit of your funds, and your account will be credited within one business day.

Invoice factoring is an effective way to collect on your invoices ahead of time.

If you are in a B2B industry, you already know how quickly these amounts can add up.

Fundbox provides you with the cash you need well before an invoice gets paid.

You can review your account anytime on your dashboard. With no fee or penalty for prepayment, the term of your loan with Fundbox can be shortened. In the meantime, you have the cash you need to run your business.

Most customers are small business owners, and they rely on Fundbox to deliver on its promise to provide money when they need it most.

As impressive as this lender is, Fundbox may not be right for everyone.

The one drawback is that rates are higher than they would be at a traditional financial institution. So, if you’re able to find a lender who offers you a lower APR, that is probably going to be your best choice.

Otherwise, a loan from Fundbox may be the best choice for you and your growing business.

Check Rates At Fundbox >>

The article Fundbox Review – Fast Cash For Small Business was originally posted on Investormint

Lendr is a small business loan provider that lends up to $500,000 for a wide variety of expenses, ranging from equipment financing to stocking up on inventory.

It takes as few as 5 minutes to apply for a cash advance that you can put your hands on in as soon as 1 → 2 business days, even if you don’t have perfect credit.

As long as your credit score is above 520, Lendr may be able help you finance any business expense or working capital shortfall.

However, your business will need to be up and running for at least 12 months and be generating revenues of $10,000 or more monthly to qualify.

If you can jump over those hurdles, you could get access to cash fast for terms as short as 4 months.

For borrowers who already enjoy top notch credit scores, shop around to compare rates from lenders who may be more competitive.

Lendr Spotlight

LENDR SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Loan Amount Range: Up To $500,000 Approval Time: 2-3 business days Term Length: 4+ Months APR Rates: 1.25%+ Per Month Get Started via Lendr secure site

Lendr Overview

Lendr is an attractive alternative to small businesses who need cash fast.

Within a couple of days, you can receive up to $500,000 to finance working capital needs whether adding more seats to a restaurant, improving a showroom, advertising, or any other expense.

The fast timeline to funding comes at a cost of 1.25% per month or higher, which translates to a minimum of 15% annually.

The term lengths can be as short as 4 months which may be perfect for businesses looking to stock up on inventory for a spike in holiday sales.

Lendr promises no hidden fees and no lengthy paperwork, but it is worth checking out which charges apply before signing any loan agreements.

The short loan terms offered by Lendr are attractive because longer duration terms result in higher interest charges.

However, if you need cash on hand to pay for employee salaries, business development, or marketing costs, you may not have much choice but to select a longer term loan.

Is Lendr Right For You?

Lendr provides Client Cash Advances (CCA) to help small businesses grow. In return, Lendr requires you to pay back the advance plus a fee.

The way Lendr ensures that you follow through on your obligation is by taking a fixed percentage of your daily bank deposits until the entire amount is paid back.

For a lot of business owners this repayment structure is helpful because it is aligned with your cash flow.

You can also explore variable payment schedules with Lendr.

So, if you are worried about taking on a fixed repayment schedule from other lenders that don’t work with your cash flow, Lendr may be a great fit.

For small business owners who enjoy top notch credit scores above 750, loan providers like Kabbage are worth checking out to see if better rates are available.

Keep in mind that the 1.25% per month minimum rate can add up to a hefty interest rate charge over a long time period so, where possible, it is best to limit the loan period.

Apply For A Lendr Business Loan

How Lendr Works

Lendr is different from most traditional small business lenders who hone in on credit scores to make lending decisions.

Instead, Lendr wants to know how long you have been in business and how much you receive in monthly revenues, believing those metrics provide key financial insights.

It makes sense because a business may have weak financials even though the owner may have a good credit score, and vice versa.

By examining revenues, Lendr can more accurately adjudicate the default risk when issuing a loan and better determine the right interest rate to charge.

Apply For A Lendr Business Loan

Lendr Fees

Lendr is a good fit for businesses who need money fast and are willing to pay higher interest rate charges for the speed and convenience.

What Can You Get A Lendr Loan For?

Lendr provides specialty financing across a range of categories, including:

• Business Financing
• Startup Business Funding
• Small Business Funding
• Working Capital
• Equipment Financing

Business Funding

Lendr provides cash advances to small businesses who need to invest in inventory or equipment to grow, or who are experiencing sales fluctuations.

Even if the issue is a delay in accounts receivable, it may be possible to receive funding.

Generally, traditional lenders will limit cash advances to business applicants with top notch credit histories but Lendr will work with you so business cash flow is not sacrificed.

As long as you have been in business for at least twelve months, you may qualify for a Lendr small business loan.

Startup Business Funding

When you are looking to get your business off the ground, startup funding is not readily accessible at many credit unions and major financial institutions.

New business owners often run into brick walls even with online lenders.

So, Lendr earns high marks for being willing to partner with eligible fledgling businesses for funding needs.

Small Business Funding

Whether you are a small or midsize business applicant, Lendr will work with you up to the tune of $500,000.

As an A+ rated company by the Better Business Bureau, Lendr has a proven track record of honoring its commitment to partner with business clients to achieve their goals, whether that means flexible small business funding options or variable repayment schedules.

Working Capital

Each business has different working capital needs that are based on the difference between their assets and liabilities.

A restaurant owner may need working capital to improve a storefront while a toy store may need working capital to finance inventory over the holidays.

Whatever the issues, whether sales cycles or challenges with suppliers, Lendr provides the working capital resources to support businesses through the ups and downs of the business cycle.

Equipment Financing

Lendr provides equipment financing across a range of industries and sectors, including:

• Construction
• Farm
• Industrial
• Medical
• Restaurant

Apply For A Lendr Business Loan

Lendr Pros and Cons

Lendr is best for borrowers who need money in a hurry and are willing to pay a premium for fast access to cash, whether for working capital needs, equipment financing, or other expenses.

Lendr Summary

Lendr provides cash advances to small and midsize businesses as well as startup businesses in need of capital for virtually any expense, ranging from stocking up on inventory to equipment financing.

Applicants can receive as much as $500,000 in as few as 1-2 business days for term lengths of 4 months or more.

Unlike many traditional lenders who place a heavy emphasis on credit scores, Lendr pays more attention to how long you have been in business and your monthly revenues, so even if you don’t have a stellar credit history you may still be eligible for a loan.

For small business applicants who have top notch credit histories, it is worth shopping around because Lendr charges a minimum 1.25% interest rate per month, which is not egregious in light of the speed and convenience of funding but equally may not be the most competitive rate available.

The bottom line is if you need access to cash in a hurry and want to partner with a lender that has a top notch rating from the Better Business Bureau, and lots of positive feedback from customers, Lendr may be a good fit.

Apply For A Lendr Business Loan

The article Lendr Review – Fast Business Loans was originally posted on Investormint