Every small business owner needs to have sufficient capital in order for them to sustain themselves & their business ventures in the economic sphere. But more often than not, they lack the capital.
This is when finance companies step in. They provide these small business owners with funding in the form of loans to support their business. Therefore, in this article, we are going to scroll through some of the finance companies that offer loans to small businesses.
Top US Finance Companies To Choose For Small Business Loan
Small business loans provide an opportunity for eligible business owners to borrow money to meet their business operating expenses and several company-related expenditures. Doesn’t matter whether you’ve just started off or maybe just trying to expand. A small business loan assists you with the funding that you need to make your business reach heights.
Here’s presenting the top US-based finance companies that small businesses can approach for loans:
1. Lendio
Rating- 4.5
Minimum Credit Score- 560
Time in Business- Six months
Pros – *Offers a wide variety of loan products, such as lines of credit, term loans, & SBA loans, and connects you with 75 lenders.
Cons- * There are different funding times for different lenders.
*Some money lenders might charge you with a prepayment penalty.
Eligibility- The minimum credit score requirements depends on the loan product. The qualifying score for financing starts from 560; however, the most favorable terms are always directed towards companies with a score of 680. In addition to that, it is a compulsion for your business to be in the market for a minimum of 6 months to 1 year.
Turnaround Time- It takes almost about 15 minutes to apply for a loan through the Lendio financing company. After reviewing the offers & having them approved by the lender, you are now eligible to receive the funds, within 24 hours.
Loan Amount- $500 to $5 million
2. OnDeck
Rating: 4.5
Minimum Credit Score- 625
Time in Business- One year
Pros –*Offers a same-day funding system, which includes terms loans worth $250,000 & lines of credit worth $100,000.
Cons- * It does not accept borrowers from Nevada, North, and South Dakota.
Eligibility- The prospective borrowers, need to have a minimum credit score of 625, in order to qualify for a term loan or a line of credit at OnDeck. In addition to that, the business must have a year’s presence in the market, along with annual gross revenue of $100,000.
Turnaround Time- You can literally apply & receive a decision regarding your loan on the same day, from the OnDeck financing company. Not only that, but borrowers can get funds transferred into their bank accounts, as soon as they are approved.
Loan Amount- $5,000 to $250,000
3. Kabbage
Rating- 4
Minimum Credit Score- 640
Time in Business- One year
Pros – * It is backed by American Express and has no prepayment penalty.
Cons- * There’s a monthly fee on every unpaid balance, and demands a personal guarantee.
Eligibility- To fit the eligibility criteria of the Kabbage financing company, borrowers need to be in business for a minimum of a year, along with a minimum credit score of 640, a monthly revenue generation of up to $3,000, and an authentic business checking account.
Turnaround Time- As soon as, prospective borrowers are done with the loan application & have also signed the loan agreement, the funds get transferred to their respective verified bank accounts. Depending on the bank, it can take upto 3 business days for the loan to reflect on your account.
Loan Amount- $2,000 to $250,000
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4. TD Bank
Rating- 4
Minimum Credit Score- 660
Time in Business- One year
Pros – * Offers mobile banking & online application facility.
Cons- * It has branches in only 16 states.
Eligibility- The borrowers must have an individual credit score of 660 and the business must have a year of market presence in order to qualify for the loan. TD Bank is usually one of the most difficult financing companies to qualify for a loan.
Turnaround Time- Although the TD Bank finance company offers same-day approval for its lines of credit & business loans, however, it might take 2 business days to receive your funds.
Loan Amount- $10,000 to $5 million
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5. Giggle Finance
Rating- 4.2
Minimum Credit Score- 750
Time in Business- Three months
Pros – *There are no hidden fees along with a flexible payment schedule.
Cons- Unknown
Eligibility- It is not mandatory for borrowers to have a good credit score in order to qualify for a loan at the Giggle financing company. Any gig economy employee & small business owner generating a revenue of $1099 is eligible for a loan.
Turnaround Time- You can access your funds within minutes of it being approved.
Loan Amount- Up to $5,000
Conclusion
With that being said, we have come to the end of this article. However, along with the aforementioned small business finance companies, you can also consider truerate services, and vendee financing as other potent options.
Connect with us in the comments section below. In case you’ve got a few extra points to add to this list.
