Best Small Business Loans
Looking for reliable business funding?
Growing a business is a huge challenge, especially for small to mid-sized companies since all funding comes directly from the revenue, if not from the owner’s pocket. It’s the main reason why many businesses rely on business loans. While getting a business loan might be the easy way out of your financial issues, applying for one isn’t exactly as simple as it seems.
Getting a loan with big institutions like banks and lending companies is tedious and will require tons of paperwork. Aside from this, some banks will only offer you a high-risk loan, paired with terms that are difficult to adhere to. That is why you should be watchful of the loans you are applying for.
There are many concerns revolving loan application and management. Many individuals face issues in getting a loan and in managing their debts. The good thing is that there are debt service companies that will assist you every step of the way - from helping you land the perfect loan that fits your requirements to guide you in settling your debts. Whatever it is, you’re sure to find the service that you need in these companies.
Best Choice for Individuals with Average to Low Credit Score
LendingTree is an online loan marketplace that connects multiple borrowers with lenders to come up with a sound agreement that’s a win-win for both parties. To date, LendingTree helped over 100 millions of customers since beginning in 1998.
LendingTree doesn’t offer loans or credit; the company functions as a middleman between borrowers and lenders. It offers a wide selection of financial services through its massive lender network across the US.
The company offers several types of loans, including the following:
- Business Loans
- Mortgage Refinance
- Home Equity Loans
- Credit Cards
- Reverse Mortgages
- Mortgage Calculators
- Banking Products
- Personal Loans
- Auto Loans
- Free Credit Score
- Student Loan Refinance
LendingTree facilitates loans between $1,000 and $35,000. To start with your application, you only need to verify your details alongside your credit rating.
What I like about LendingTree:
The thing I like most about LendingTree is how it changed the status quo from the banks having the sole power to reject or accept loan applications, to have the banks bid for borrowers. Even without an outstanding credit score, LendingTree will surely help you get multiple offers in minutes upon signing up. This service makes it easy to get lenders to deal with you, and the best part is – this service is for free.
LendingTree offers an excellent way to find the best deal for your financial requirements, so you won’t have to deal with the stress of getting rejected by banks and lending institutions. By receiving multiple offers from banks and other financial institutions, you’re sure to get the financial aid that you need. The best part? The service is free!
If you want to know more about LendingTree and its features, check out my review article below.
Best Choice for Small Businesses
Kabbage specializes in funding small businesses and individuals. It is 100% legitimate and has been around for over a decade, garnering an A+ rating with the Better Business Bureau since 2014. The company offers credit lines ranging from $2,000 to $250,000, with APR ranging from 20% up to 80%.
Kabbage is an online lending company that provides funding to small businesses and individuals through its platform. The company offers financing of up to $250,000 with lending terms of up to 18 months. It serves the type of customers that banks typically reject, like those who don’t have an excellent credit rating and need cash immediately.
What I like about CuraDebt:
The thing I like most about Kabbage is its accessibility and ease of use. Kabbage makes it extremely easy for individuals to get funding even without an outstanding credit score. It’s fast processing & approvals is also praiseworthy, perfect for those who need instant business funding.
Kabbage offers a simple monthly payment whenever you use funds – pay for what you spend. Monthly payment with Kabbage is a combination of the principal and interest, depending on the type of loan you have.
Here are the basic things you need to understand:
- Six-month loan term will typically require you to pay a fee of 1.5-10% of the loan amount for the first two months and 1% for the following months
- A 12-month loan term requires you to pay 1.5-10% for the first six months and 1% for the remaining months
- Kabbage’s maximum loan amount is only $250,000
- The most extended payment term is only 18 months
Kabbage is perfect for borrowers who don’t have an outstanding credit score. It’s also the right choice for those who need cash urgently with its quick funding service. Its service makes it easy for you to get instant funding without going through tedious bank applications. Thus, making it the perfect choice for short-term credit.
Best Reliable Funding for Small Businesses
Trust Capital Funding offers full-service financial solutions for entrepreneurs nationwide. It features reliable and flexible financing perfect for small businesses of any industry. To date, it boasts an A+ BBB rating and 4.4 rating on TrustPilot, which simply shows its credibility in the financing field.
- Revenue Based Financing
- Freedom Flex Financing
- Traditional Banking Products
- Merchant Processing
- Franchise Funding
- Commercial Real Estate
Top Features of Trust Capital Funding:
- Tailor-fit funding
- Guaranteed ability to beat all pricing
- Next day funding
- Versatile enough to be used with Global Payment Systems, etc.
- Real time access for transaction history
- Multilingual Customer Services Representatives
- Ability to finance credit card receivables
- Flawless credit card processing
Best for People with Bad Credit Score
BadCreditLoans has been helping people get funding for their business since 1998. Take note, however, that BadCreditLoans does not offer loans. Its main service is to connect you with its massive network of lenders and creditors for free. If you’ve been having issues connecting with a lender, then this service is for you. With BadCreditLoans, you’ll be sure to get an offer regardless of your credit score.
- Loan amount: $500 to $5,000
- Interest Rate: 5.99% - 35.99%
- Loan Term: 3 to 60 months
What I like about BadCreditLoans:
- Apply for credit 24/7
- Quick funding - Next business day
- Apply once and reach multiple lenders
- Simple Setup
- Perfect for those with low credit score
- High-grade data encryption for security
With BadCreditLoans, getting personal or emergency funding comes easy. If you’ve been having issues in getting offers from traditional lenders, this is for you. BadCreditLoans provides you with a platform that lets you connect with multiple lenders, even when other lenders try to avoid you for low credit score.
Getting the perfect loan for your business can be challenging. There are tons of factors that you need to consider to effectively match your needs with a lender’s offer. With these loan providers, you’ll be sure to find a suitable match for your requirements.
What do you think of our list? Let us know in the comment section below!
eCommerce Paradise was created by Trevor Fenner of Seattle, Washington in 2015 to help you, the entrepreneur, to start and scale your own eCommerce business. Trevor owns multiple 7-figure eCommerce stores and is a digital nomad, traveling the world while working remotely with the help of his team of virtual assistants from around the world. Trevor is currently located in Bali, Indonesia, and is a passionate skateboarder, surfer, scuba diver, photographer, environmentalist, outdoorsman, fitness and tattoo enthusiast.
AFFILIATE DISCLOSURE: Some of the links on this page may be affiliate referral links. I will get a commission from the vendor when you make a purchase after clicking them at no added cost to you. As a result, many of them also provide you with a special discount just for using my link. You can go directly to their support if you have any issues with their software or product.