Getting a small business loan is not as easy in doing as saying but it is easy if you are a professional businessman and running a good business.
Everyone seeking loan tries to get the business loan best rates, and it is easily possible for the business owners with strong financial background.
For a get a business loan, you can either consider to get it from bank or loan lending companies.
You have to check which one is offering a credit with lowest and best rates according to your needs.
For this, you have to do a lot of research before applying for a loan.
We have made it easy for you by researching and selecting the five best lenders from which you can select from fulfilled requirements.
1. Lending Club
One of the best small business loan lenders you can check for.
If you own business for two years and making at least $75,000 annually, you can be a candidate for getting a loan from the lending club. It offers you to pay back the loan in flexible terms based on your convenience from one to five years.
You can take a loan from $15000 to $300000. It also offers competitive interest rates ranging from 5.99% to 35.89%.
The excellent the credit of the borrower is the lower the interest rate offered.
2. Funding Circle
Funding circle is providing small business financing since back from 2013. It offers the borrowers to take loan ranging from $25000 to $500000 with the interest rates from 5.49% to 27.79%.
It is best suited for well-established business owners making the annual return more than $150000.
If you are a new business owner, you are not a candidate for borrowing loan from funding circle.
You may have to look for some other lenders.
3. On Deck
If you want to get a loan in minimum time, then on deck is the best option but you have to pay back at a bit higher interest rates.
If your business is making an annual return of at least $100000 and has been on the market for at least one year, then you are eligible to apply for a loan.
On deck can lend you money even in a day but you have to pay back in a year or two and with interest rates from 13.99% to 39.99%.
4. Kabbage
If you want an instant loan without any time lag, then Kabbage can lend you up to $150000 just after submitting an application form. But payback term will be as short as six months with much higher interest rates.
Because it gives you money immediately, it costs you more than other lenders in repayment.
It is most suitable for small online business owners who do not fulfil the requirements of other lenders.
5. Funds
Offering up to $500000 with the interest rates from 7.99% to 25% foundation is also a good option to consider while looking for small business loan lenders.
If your business is running for two years and is well established, you are eligible to apply for a loan.
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