The new calendar year does not only provide people with new beginnings, but it also gives hope to people who want to venture into a small business. Every business needs financing, and money is a common problem among people who want to venture into business. Good thing, some organizations and entities offer business loans. If you are eyeing for a business loan, here are the best small business lenders and their loan products.
With an easy online application, Rapid Finance offers one of the best business loan packages for borrowers. The company’s max amount is pegged at $500,000, which is one of the highest in the industry.
Within the business loan industry, Rapid Finance is known to get 5-star reviews from its customers because of its low fees. But just like any other company, Rapid Finance prefers businesses that are in the market for over two years already. Additionally, the business should have at least $60,000 annual revenue.
Just like Rapid Finance, the maximum amount that a business owner can borrow is $500,000. But what sets OnDeck apart from any other business loan companies is that it lets small businesses and lines of credit apply for loans.
The application period can be done in a day once all documents are prepared. The downside, though, in this company is that it requires its borrowers to get an annual revenue of $100,000.
Unlike other business loan companies, Fundbox does not require any business owner or company to have a minimum credit. The company, likewise, does not have payment fees. This means a borrower can borrow money without having a fear of incurring penalties. Funbox provides its customers with a maximum credit allowance of $100,000. It is lower than other business loan lenders, but more borrowers prefer this company because of their low fees.