This Directory of online companies that provide direct small business loans was last revised in August 2016
Kabbage is an industry leader when it comes to funding small business loans. In fact they claim to have funded well over $500 million in small business loans since their inception! Kabbage claims to have a 5 minute process that’s completely online and fully automated. A small business loan with Kabbage is typically repaid over 6 months and fees will average anywhere from 1% to 14% of your specific loan amount. Kabbage is currently offering small business loans of anywhere from $2,000 to $100,000.
LendingClub offers online business loans as well as personal loans. Lendingclub operates as a peer to peer lender. This means they connect consumers looking for a loan with investors who are looking to make solid returns by funding loans. Other than that their small business loans function much the same as other online lenders. Their loans have fixed monthly payments with no prepayment penalties and you can apply for a business loan of anywhere from $2,000 to $300,000. You will typically need to show at least $80,000 in annual revenue with two years of operating history to be approved for a loan.
CanCapital offers traditional small business loans as well as merchant cash advances. Their unsecured small business loans range from $2,000 to $150,000. In order to be approved for a CanCapital small business loan you will need to show that your business has gross monthly revenues of at least $5,000 and that you’ve been in business for at least 6 months. With their merchant cash advance you can get anywhere from $5000 to $150,000 by selling a portion of your future credit card sales. No personal collateral is required with a merchant cash advance and there are usually no fixed payment amounts or set due dates.
Ondeck has been around since 2007 and since then they’ve delivered more than $2 billion in online loans. They currently offer unsecured business loans of anywhere from $5,000 to $250,000 that can be paid back in 3-24 months. To be approved for a loan you’ll need to have been in business for at least a year, have a personal credit score of 550+ and your business must have over $100,000 in yearly revenue. Ondeck also offers business lines of credit where you can access up to $20,000 in cash when you need it. They claim you can expect a loan decision within minutes and have cash in hand in one business day with either of their lending options.
Fast unsecured has a corporate funding program in place that promises anywhere from $20k to $150k in corporate funding with an average interest rate of 12%. As far as we can tell this is not a typical small business lending platform. Instead, this company has a system in place to get your approved for numerous corporate credit cards. You provide them with all necessary documents and identification items and they will process and manage all your business credit card applications. Check out their site for more details.
FundBox is another alternative way for small businesses to access cash. Instead of taking out an unsecured business loan, Fundbox will advance you payments on future invoices. They claim that you no longer need to wait in excess of 60 days+ in order to be paid on your invoices. It’s not clear exactly how much you can have advanced by using this method but it looks like Fundbox requires full payment on the advance within 3-4 months. They have much more information on their site about pricing and what you need to qualify.
Noble is a longtime lender of unsecured business loans. They first started funding online small business loans in 2005 and since then they’ve funded well over 200 million. Their unsecured business loans are funded anywhere from $60k to a few million. Based on their qualification page, it seems that you can be approved for an online loan within 2 business days and have funding the next day. Rates seem relatively low at 10% and up. Lastly, Noble’s unsecured business loan terms run anywhere from half a year to two years depending on the situation.
First Merchant Funding
First Merchant has been in business for nearly a decade and they claim to be the nationwide leader in merchant cash advances. With their merchant cash advance program you can receive over $200k in the form of a cash advance on future receivables. This cash advance program can be for anywhere from 4 months to over 1 year and typically will not need to have a decent credit score in order to be approved. Most applicants will need to show credit card payments of over $3000 in order to be approved for this type of cash advance.
Lendio offers a wide array of online business loans. It seems their most popular type of loan is a traditional small business loan with set repayment terms and fixed interest rates. Lendio also offers business lines of credit that you can draw upon to finance your business. They also offer business finance loans and cash advance loans that allow a business to borrow against future earnings. With their cash advance loans you will typically be approved as long as you have a steady stream of merchant income and a business history of at least 12 months.
FastUpFront provides small business loans as well as business cash advances. With a business cash advance your funding amount is based on future revenue. Fast Up Front claims you shouldn’t worry too much about bad credit as a business cash advance is based on revenue and not your past credit history. Their funding requirements state that your business must be registered in the US and be an established business with proof of income. As this time they can’t work with startup companies. They can approve a business cash advance in 12-24 hours and you can expect to have cash in hand in just a few business days.
Fundation seems to stand out a bit from other companies that offer unsecured business loans as they claim to have a loan application process that takes less than 10 minutes. With a fundation small business loan you’re eligible to borrow anywhere from $25,000 to $500,000. Their online loan is typically repaid in 1 to 4 years and you can expect that averages around 15%. To be approved for a loan your business must have at least 2 years of records and at least $150,000 in annual revenue. You will also need average to good credit to be approved for their unsecured business loans.
Credibly has been in the online lending business for over 4 years and they specialize in online small business loans as well as working capital loans of up $250,000. With their small business loans you will need to have been in business for over 6 months and show monthly deposits that are in excess of $17,000. Their small business loans have a startup fee of 2.5% and your interest rate will depend on the specific loan terms. With their merchant cash advance you will also need to have been in business for over 6 months and you’ll need to show at least $5,000 in monthly credit card sales. Credibly claims that over 85% off online applicants will pre-qualify and you can expect to receive an unsecured loan approval within one business day.
SkyCap offers online small business without the hassle of dealing with a bank. They also claim to fund more unsecured business loans that would typically be turned down by other financing companies. SkyCap allows you to apply for a small business loan online or over the phone and you should expect a funding decision within 6-12 hours. To be approved for a loan your business must have been in operation for at least 5 months and you can expect your loan to be based on your future revenue. Once you receive the loan you will pay it back in monthly installments.
Wall Street Funding
WallStreet is an online company that specializes in unsecured business loans as well as merchant cash advances. To be approved for a small business loan your business must have over 10k in monthly deposits and you’ll need to show at least 3 months of business records. They claim your credit rating won’t necessarily affect your loan approval as it’s only a small component of the approval process for unsecured business loans. They are currently lending anywhere from a few thousand dollars all the way up to one million dollars. Your loan amount will be based on how much revenue your business generates.
Balboa Capital has multiple financing products for all types of small businesses. This company has been in business for nearly two decades and they mainly specialize in equipment financing and leasing. They claim to have financed over 4 billion dollars since their inception and have offices all throughout the country. In addition to equipment financing they also fund unsecured business loans and working capital loans. With their unsecured business loans you can be approved for a loan with no collateral assuming you meet their basic qualifications. Balboa is funding unsecured business loans of up to 250k and payment terms will range from 4 months to one year based on your specific terms.
LendCred’s goal is to make small business financing as simple as possible. They claim to have a 3-step process for small business loan approval. With their application process they start with an online pre-qualification. With this process you can typically expect to find out how much you may qualify for and what types of terms to expect with an unsecured business loan. Assuming you qualify for a loan, you may be eligible for their lending credit guarantee. With this option Lendcred will guarantee a minimum amount of $40,000 or more in a business line of credit. There are obviously terms for this option so check out their website to learn more about their unsecured business loans.
National has been providing online unsecured business loans since 2000. In addition to small business loans they also specialize in equipment financing and merchant cash advances. National claims to funds unsecured business loans of up to 500k with a funding completion of less than one business day. They have multiple loan terms and claim that none of their small business loan terms are the same. They also provide a weekly payment plan for most unsecured business loans where you can have the payment directly debited from your account each weekday. Their merchant cash advance terms are much the same. You need to have been in business for at least 6 months with average monthly credit card receipts of at least $2500.
More helpful information about unsecured small business loans:
A common question we receive from small business owners is whether or not they need to give a personal guarantee in order to be approved for unsecured business loans. Many SBO’s view the application process as daunting and they first want to know if they need to guarantee the loan with their personal worth. We touch on this question in the following article. Do I need to give a personal guarantee when applying for online unsecured business loans?
Are you also looking for a lender that has decent rates when it comes to online small business loans? Is it important to you that your lender has published their fees and lending rules online and made you aware of all the lending rules? If so you want to check out our latest article. In this post we breakdown how to find a decent lender and also discuss how to find the best rates when it comes to online unsecured business loans.
Here’s a topic that you probably don’t want to think about, but it’s important that you know how it works. Do you know what happens if you default on an unsecured business loan? Most of us will pay back our online small business loans on time, but things happen! Don’t get caught in a situation that you can’t handle. Know your rights and be prepared for the worst case financial and legal scenario. While we never give financial or legal advice, there are some things you should about what happens if you default on an unsecured business loan.
Are you in need of information on how to best apply for small business loans online? There are many options when it comes to searching for the top unsecured business loan lenders. Make sure you’re making the best choice! Check out our latest article that shows tips on how to apply for online unsecured small business loans.
Do you want to apply for a same day unsecured business loan? If so, you’ll need to know how the process works. There may be a lot of paperwork required and your lender will also want to verify your personal and business information. Hint, it’s not easy to get a same day unsecured business loan! How to get a same day small business loan.
Have you ever wondered what type of interest rate you should expect with your unsecured business loan? Well, we broke down the options for you! I’m looking into taking out an unsecured business loan. What type of interest rate should I expect, and how long will it take to pay off this loan?