Need help finding the right small business loan?
Answer a few questions about your business and we'll show you some small business loan options to consider and why.
Do I qualify?Answer a few questions about your business and we'll show you some small business loan options to consider and why.
Do I qualify?$585.3 billion Total value of small business loans outstanding as of 2013.
22.9 million Number of small business loans outstanding as of 2013.
$376,537 Average amount of an SBA 7(a) small business loan in 2016.
$24 billion Total value of SBA 7(a) loans secured by small businesses in 2016.
* According to a 2013 report by the Small Business Administration. A small business loan is defined as a loan of $1 million of less.
If you are looking for a loan for your business and your credit is less than stellar, we recommend taking a look the following options. The lenders below offer easier qualification requirements and look at factors beyond your credit score when weighing the merits of your loan application. OnDeck for example, has a low minimum FICO score requirements of only 500; while Fundbox has no minimum credit score requirement.
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Loan products | Invoice Factoring | Line of Credit
Invoice Factoring |
Short Term Loan
Medium Term Loan Line Of Credit |
|
Loan amount | Up to $100,000 | Up to $500,000 | Up to $500,000 | |
Estimated APR | 13 - 68% | 16 - 62% | 10 - 96% | |
Time to Approval | 30 mn | 1 day | 1 day | |
Time to Funding | 1 day | 1 day | 1 day | |
Repayment term | 3 months | 6 months | 12 months | |
Repayment | Weekly | Weekly | Daily | |
Prepayment penalty | NONE | NONE | YES | |
Minimum Requirements | ||||
Credit score | None | 530 or higher | 500 or higher | |
Time in business | 6 months | 6 months | 9 months | |
Annual revenue | N/A | $70,000 | $75,000 | |
APPLY NOW | APPLY NOW | APPLY NOW |
Before agreeing to the terms of any loan, we recommend running your numbers using this calculator so you know how much the loan you plan on taking out will actually end up costing you. This way, you will be able to make an informed decision as to whether you can actually afford this loan. To help you get calculate this accurately, you can use our free small business loan calculator to figure out your monthly payments as well as the total amount you will be paying in interest.
Loan size | Repaid in less than 7 years | Repaid in over 7 years |
---|---|---|
$25,000 and under | 8.25% | 8.75% |
$25,000 to $50,000 | 7.25% | 7.75% |
Over $50,000 | 6.25% | 6.75% |
Current rates for SBA 7(a) loans | April 2017 |
Tips and advice on small business related topics by small business advocates and thought leaders.