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Best 8 Business Loans Services

Most businesses are now in the recovery phase, following the COVID-19 pandemic. As such, these businesses desperately need capital boosts for smooth operations. Therefore, if you’re in the market for a business loan, we have you covered. Considering all the financing options available today, comparing and arriving at the right business loan can be overwhelming. You can choose to go to traditional lenders like banks and credit unions for great deals, or you can borrow from online lenders for lower loan requirements. You get to decide which online lender gives the best policy in terms of loan terms, lines of credit, microloans, invoice financing and more.

Last Updated July 2022

BlueVine banner
  • Best for - Invoice factoring and lines of credit
  • Interest rates - 0.25% per week
  • Loan estimates - Loan amounts up to $5 million
  • Funding period - Same day
  • Credit score - 530
  • Funding - Funding as fast as same day
  • Min revenue - $10,000 per month
  • Min time in operation - 3 months or more

BlueVine is a financial tech company that provides business checks, loans and invoice factoring for small businesses. Bear in mind that BlueVine isn’t a bank. Moreover, the company’s attractive invoice factoring service can improve your business credit limits by giving you 85-90% funds upfront.

BlueVine gives its customers a whopping 5 million USD for invoice factoring with a 0.25% interest rate per week. However, you have to meet its minimum qualifications, including three months or more business operations, B2B model, 530 FICO score and at least $10,000 monthly revenue.

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BlueVine logo
Biz2Credit banner
  • Best for - Fast funding, SBA loans, lines of credit, unsecured business loans, equipment funding, merchant cash advances
  • Early funding - 24 hours

Biz2credit is an excellent choice if you want an online market place that can help you get fast funding and don’t want to give a security. Biz2credit is not an actual business loan lender. The company uses a proprietary platform to get you the right funding source. Biz2credit boasts a fast process that allows businesses to register and get approvals in minutes. You also get funding the in under 24 hours.

Biz2credit is available to all models of small businesses and asks for minimum qualifications, low interest rates. They also charge low fees, but it varies with the loan lender you choose.

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Biz2Credit logo
OnDeck banner
  • Best for - Fast funding, loyalty, prepayment benefits
  • Interest rates - Starting at 35% Annual Percentage Rate (APR)
  • Loan amount - Starts at $100,000 up to $250,000
  • Funding period - Same day
  • Credit score - 600
  • Min revenue - $100,000 per year
  • Min time in operation - 1 year

OnDeck is a business loans lender that excels in terms of fast loans, loyalty and a ton prepayment benefits. It gets better when you already have a similar render, as OnDeck automatically waives any remaining interest rates if you take a new business loan. The best part, you also get a 0% original fee.

The prepayment benefits you get from OnDeck enable you to clear unpaid loans in full. You’ll also have all underlying interests waived without extra costs. However, there’s a catch, OnDeck retains the right to seize all business assets. OnDeck also demands that you sign a personal consent that lets them go after your personal assets if you don’t clear your loans as per set-policy.

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OnDeck logo
Uplyft Business Funding banner
#4

Uplyft Business Funding

  • Best for - business with bad credit
  • Interest rates - start at 4.66%
  • Loan amount - $ 1,000 to $ 250,000
  • Funding period - same day
  • Credit score - as low as 450
  • Min revenue - $ 8,000
  • Min time in operation - 12 months

Uplyft funds businesses of all kinds; they don’t require you to have a perfect score. You can get approved online in minutes and get funding the same day. They have user-friendly account management software. You can access it through any device. Their loan terms run from 3 months to seven years.

They don't ask for asset collateral, and you can keep taking funds until your limit is reached. Funds are deposited directly into your account after requesting. You should access your loan portal frequently to see when you are eligible for more money. Many small businesses have benefited from their platform. They have business funding blogs that can be helpful for a start-up.

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Uplyft Business Funding logo
Rapid Finance banner
  • Best for - Merchant cash advances, fast funding, lines of credit, bridge loans, invoice factoring, asset-based loans, SBA loans, commercial and real estate loans
  • Interest rates - Starting at 9% to 31% of the borrowing amount (STL)
  • Loan amount - Starts at $5,000 up to $10 million
  • Approval time - 1 business day
  • Credit score - 550
  • Min revenue - $50,000 per year
  • Min time in operation - 2 years

Rapid Finance is a tech-powered financial service that offers business loans to small and medium-sized business in the US. The service provides fast funding at competitive rates and flexible terms. Case in point, if you’re to qualify for a loan, Rapid Finance requires a credit score of at least 550, $50,000 annual revenue and up to 2 years of active operations. Furthermore, the company gives merchant cash advances starting from $5,000 to $500,000 and approves your loan application in 1 business day.

We also learnt that Rapid Finance assigns you an expert advisor to help you select the best financial options from their products array. There’s also a user-friendly client portal that you can access around the clock. Thankfully, you can easily upload your business documents, view payment details and review funding options.

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Rapid Finance logo
Lending Tree banner
  • Best for - Merchant cash advances, fast funding, lines of credit, bridge loans, invoice factoring, asset-based loans, SBA loans, commercial and real estate loans

Lending Tree is a digital marketplace that lets you interact with multiple loan services to find the best loan terms for your business. The website asks that you answer a couple of questions before it can suggest a list of loan services to choose from. Moreover, the business loans section further offers multiple categories of loan lenders, including sole proprietor, partnerships, Limited Liability Company (LLC), S corporation and C corporation.

Worth mentioning, comparing various loan lenders on Lending Tree doesn’t affect your overall credit score. The whole process is also free, fast and efficient. You can also register with Lending Tree to check your credit score for free. And looking at the website, Lending Tree also suggests numerous ways to raise your credit score and warns against loan options that can compromise your credit score in the long run. What’s more, you also get multiple loan calculators to help you navigate through other financial decisions.

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Lending Tree logo
Fundera banner
  • Best for - quick small business loans
  • Interest rates - 7% - 30%
  • Loan amount - $ 2,500 – 600,000
  • Approval time - 1 day – 3 weeks
  • Credit score - 680
  • Min revenue - annual revenue of $ 200,000 or higher
  • Min time in operation - 3 years

Fundera has helped over 85,000 small businesses across the US. The online company has been in existence for over six years. They offer a wide variety of loans for different types of businesses. But that means the eligibility requirements also differ. You will be looking at quarterly, monthly, weekly or daily payments depending on the type of loan you take. They are not lenders per se; they help you find the best lender for your business.

They have comparison technologies to help you make better business financial decisions. For you to qualify for a loan, your business needs a 680 credit score. It's a bit higher than other competitors require, but they offer some of the best services. You will get invaluable financial advice, tools, information, and insight. Their high standard and strict criteria of choosing lenders will benefit you. You can rest assured your business will be getting funds from a legit lender.

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Fundera logo
Top 7 Business Loans Providers

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