There are quite a lot of business financing options out there, but it still doesn’t mean that it’s easy for small businesses to get the amount of money they need to help them grow or simply get started. The brick and mortar bank often isn’t the first place most business bother looking anymore. These days, the best place to get a small business loan is online. But where online should you start looking?
Whether you’re interested in a start-up loan, equipment financing, working capital, or any other type of funding, here are a few places to at least look into:
Lendio
This lending company works more like a matchmaker between borrowers and lenders. The application process just takes a few minutes. You’ll have to fill out an online application and then wait to receive a list of loans you might be able to obtain. Benefits include personalized guidance and a wide variety of borrowing options. The only potential downside is that there are reports of high interest rates on some loans.
Bluevine
This might be the best place to get a small business loan if you own a small business and don’t have a high credit score. There are options such as lines of credit, term loans, invoice factoring, etc. Rates are as low as 4.8%. The line of credit is very useful, and the amount of available credit is automatically restored after you make payments on the balance on time.
Kabbage
This is considered to be a “convenient” option for small businesses that don’t have established credit. All you need for applying is either a business PayPal account or checking account. The repayment terms work similarly to a loan as interest is paid on the principal over a certain amount of time, usually a fixed period of 6-months or annually.
OnDeck
If you think you will need multiple short-term loans over the next 2 – 5 years, this might be the best place to get a small business loan. It’s great for repeat borrowing and there are incentives such as reduced fees and lower rates for repeat customers. There are many positive reviews about this company. The downside is that it has higher application requirements than many other online lenders.
US Business Funding
If you need to purchase inventory, fund equipment, refinance debt, pay business taxes, etc., this is the best place to get a small business loan. There is a 95% approval rate and flexible payment and term options. The application is also easy as the “paperwork” is kept at a minimum.