If you want to start a new business, you might need to get a business loan. There are many steps to getting a business loan, so you want to make sure you walk through all the steps. The most important step is writing your business plan. You cannot get a business loan without having a business plan in place. There are many different requirements needed for different lenders, make sure that you read them all before you apply.
There are many places where you can get this type of loan in the United States. This article will list a few of the bedriftslån, or business loan lenders. You can do some more research and find more places on your own. You can even check out the Small Business Administration to help you out. The SBA will be your best resource when you are looking for reputable lenders to give you a loan.
Some of these lenders require more than other lenders, yIf you want to start a new business, you might need to get a business loan. There are many steps to getting a business loan, so you want to makeou will have to look into them to see what each lender requires. You might have to have better credit scores for some of them, as well. Just doing a little more research on your own will help you to find the best loan for you.
Kabbage is the best overall lender for business loans for a few different reasons. They have fast funding and a variety of payment options that can help you out. They also have many other services for the small business owner including a mobile app and business checking account and have many different loan options available for the small businessperson.
There are some cons to using Kabbage, as well. They will not lend you money if you have not been in business for at least a year. They also want you to make at least forty-two hundred dollars per month or fifty thousand dollars per year in revenue.
Fundbox focuses more on business lines of credit rather than an outright loan, they are experts on this type of loan because of that. You can get prequalified with Fundbox without having a hard inquiry show up on your credit report. When you apply for your line of credit you will get an almost immediate decision, saving you time and money. With a line of credit, you only borrow what you need instead of a large lump sum.
The only bad thing about Fundbox is that they can only extend you a line of credit up to one hundred fifty thousand dollars.
The best thing about Kiva is that they can offer loans with absolutely no interest. This is good for businesses that only need a small amount of money. Kiva also gives you marketing assistance so that you can properly market your small business. They also give you up to thirty-six months to repay your loan. Kiva is not a bank, it is a peer-to-peer lending service geared toward helping disadvantaged small businesses around the world.
The biggest con to Kiva is that you can only borrow up to fifteen thousand dollars. It also takes a while to fund your loan, which can take up to thirty days.
Fundera is associated with the Small Business Administration and offers many loans through them. One of these loans is the SBA 7(a) loan which helps small businesses and is a very popular loan. You can request funding from the Fundera and get money from SBA lenders around the country.
Fundera is more of a lending broker and not a direct lender themselves. They will find you the lender that will fit your needs but cannot lend you the money. You will need a credit score of at least 550 before they will consider you for a loan. Some loans and some amounts require you to provide collateral.
OnDeck can provide you with the funds that you need quickly, often within one business day. If you take out a small business loan, you can get access to up to two hundred fifty thousand dollars. If you want a line of credit, you can get funded up to one hundred fifty thousand dollars. They are very transparent about the requirements needed to get your loan and your eligibility.
With OnDeck, you need a credit score of at least six hundred to obtain a loan. You must have been in business for at least a year and have an annual business revenue of at least one hundred thousand dollars. Make sure that you read all the requirements that are necessary before you apply for a loan.
With Lendio you can compare offers from at least seventy-five lenders at the same time. You can get your loan funded in less than twenty-four hours in most cases. There are many types of loans available, including SBA loans, small business loans, and business lines of credit. You can borrow as little as twenty-five thousand dollars up to an impressive two hundred fifty thousand dollars.
Lendio is another loan broker and cannot directly loan you any money. They find lenders who can help you and direct you to them for funding. Because there are many lenders involved, the eligibility requirements can differ. Make sure you research each lender before you apply for a loan, some are better for your circumstances than others.
With BlueVine you need a credit score of at least six hundred, but you only must have been in business for six months. You can borrow up to two hundred fifty thousand dollars but can borrow as little as six thousand dollars. You can also qualify for a line of credit of up to two hundred fifty thousand dollars.
There is no mobile app for your line of credit with BlueVine. There is a monthly revenue requirement, but it is not shown on their webpage. These loans are not available everywhere, you cannot get a loan in the Dakotas, Puerto Rico, or U.S. territories. Be careful to read all the requirements before applying for loans here.
- National Funding
You only need to be in business for at least six months to get a loan with National Funding. You can borrow up to five hundred thousand dollars and will need a credit score of six hundred to get funded, but that should be easy to do. If you pay off your loan early, you get prepayment discounts. This is a benefit that other loan companies do not seem to give.
You will need to make daily or weekly payments with National Funding. There can be potentially high loan costs attached to your loan. You will need to have revenue of at least two hundred fifty thousand dollars per year. This may be more than other lenders require, so shop around before you apply.
- TD Bank
With TD Bank you can get funded up to six million dollars, or as little as ten thousand dollars. You will need to be in business for at least a year and have a credit score of at least six hundred sixty. They offer term loans, SBA loans, and lines of credit to satisfy your lending needs. They have online applications and mobile apps for you to keep track of your loan also have customized loans for healthcare professionals.
If you want more than one hundred thousand dollars, you must apply in person. TD Bank only does business in sixteen states, so a majority of states will not be able to do business with them.
- Funding Circle
You can borrow up to five hundred thousand dollars with Funding Circle and need a credit score of at least six hundred sixty. You can get your funds in as little as forty-eight hours for those emergency needs. There are no monthly or yearly revenue requirements for you to be funded.
This company requires that you be in business for at least two years. They also have origination fees up to 6.99%. This is higher than other lenders, so make sure you shop around for the right lender before you apply.
This company can loan you up to six million dollars and you need a credit score of at least six hundred seventy-five. You only must be in business for six months to get a loan from them. They have less stringent requirements for their capital loans. They have a quick application process, and you can be funded quickly, as well.
The requirements for term and CRE loans are more stringent than other loans. You will have to make daily, weekly, or biweekly payments to keep your loan up to date. CRE loans can take up to thirty days to process.
- TAB Bank
You can borrow up to two hundred thousand dollars at TAB Bank with a credit score of at least six hundred fifty. They have no penalty if you decide to pay off your loan sooner than the term, and the terms can be from twelve to sixty months. You can apply for your loan online and the process does not take that long.
There are origination fees and documentation fees charged on all loans. They also require a business lien and personal guarantees for your loan.
These are just a few of the lenders that you can do business with. Make sure that you read online reviews from reliable sources and contact the Better Business Bureau or your state’s attorney general’s office before you apply for any loan. You do not want to be taken advantage of by unscrupulous lenders.