Kabbage is an industry leader when it comes to funding unsecured loans. In fact, they claim to have funded well over $500 million on online loans since their first day in business! Kabbage claims to have a fast application process that’s completely online and automated. Most loans with Kabbage are repaid over 6 months. Fees will average anywhere from 1% to 14% of your specific loan amount. Kabbage is currently offering online loans of $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, they function much the same as other online lenders. Their loans have fixed monthly payments with no prepayment penalties. Prospective Borrowers can apply for an online loan of anywhere from $2,000 to $300,000. Applicants will need to show at least $80,000 in annual revenue with two years of operating history to qualify for a loan.
CanCapital offers traditional small business loans as well as merchant cash advances. Their advances will range from $2,000 to $150,000. To gain approval by CanCapital a company will need to show gross monthly revenues of at least $5,000. They will need to have been in operation for at least 6 months. With their online funding program, you can get $5000 to $150,000 by selling a part 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 present their product as an alternative to SBA financing. Ondeck provides loans of $5,000 to $250,000 that have a payoff date of 3-24 months. Borrowers will need to have operated for at least a year to get a loan pre-approval. They will need a personal credit score of 550+ with a business that has over $100,000 in yearly revenue. Ondeck also offers service 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 day with either of their lending options.
Fast Unsecured has a corporate funding program that promises amounts of $20k to $150k in capital or corporate funding. The interest rate for these loans will average 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 you approved for many corporate credit cards. You give them with all necessary documents and identification items before getting approval. They will process and manage all your credit card applications. Check out their site for more details.
FundBox is another alternative way for companies to get cash. Instead of taking out an unsecured business loan, Fundbox will advance payments on future invoices. They claim that you no longer need to wait more than 60 days+ to get money for your invoices. It’s not clear exactly how much money you can get by using this method. It looks like Fundbox requires full payment on the advance within 3-4 months for companies with less than one year in operation. They have much more information on their site about pricing and what you need to qualify.
Noble is a longtime lender of no collateral capital financing and SBA loans. They began funding unsecured business loans over 15 years ago. Over that time they’ve funded well over 200 million dollars worth of loans. Their unsecured online loans will range from $60k to a few million. Based on their qualification page, it seems that you can hope for approval on an online loan within 2 working days and get money by next day. Noble could be a good option as rates seem low at 10% and up. Noble’s online funding terms run from half a year to two years depending on the underwriting situation.
First Merchant Funding
First Merchant has been in business for a decade, and they claim to be the nationwide leader in merchant cash advances. With their merchant cash advance program, a borrower can receive over $200k in the form of a cash advance on future receivables. This online program can run for anywhere from 4 months to over 1 year. Borrowers will not need to have a decent credit score to qualify. Most applicants will need to show credit card payments of over $3000 to qualify for this type of cash advance service.
Lendio offers a wide array of same day business loans that function much the same as typical SBA financing. It seems their most popular type of loan is a traditional SMB loan with set repayment terms and fixed interest rates. Lendio also offers lines of credit. You can draw upon this type of funding to finance your daily office needs. They also provide business finance loans and online cash advance loans. Approval will depend on your credit report rating and employment history. A firm can borrow against future earnings with this type of funding. Applicants will see approval as long as they have a steady stream of merchant income and a work history of at least 12 months.
FastUpFront provides financing for first time business owners as well as online cash advances. With a working advance, your funding amount comes from future revenue not credit scores or corporate history. Fast Up Front claims you shouldn’t worry too much about bad credit. A cash advance is based on future revenue and not your past credit history. Their funding requirements state that owners must be registered in the US. You need a company with proof of income. As of 2020, they can work with startup companies but you should expect higher interest rates. They can approve loan amounts in 12-24 hours and you can expect to have cash in hand in a few days. This type of financing is a good option for companies with less than 1 year in business.
Fundation seems to stand out a bit from other companies that offer unsecured business loans. They claim to have a loan application process that takes less than 10 minutes for small business owners to complete. With a Fundation small business loan, you’re eligible to borrow anywhere from $25,000 to $500,000 with an approval in less than 24 hours. Their business loan is repaid in 1 to 4 years and you can expect that average interest rate to be around 15%. To qualify for an unsecured loan your business must show at least 2 years time in business and at least $150,000 in annual cash flow revenue. You will also need average to good credit to get approved for most of their lending options.
Credibly has been in the online lending business for over 4 years. They specialize in funding small business loans as well as working capital loans of up $250,000. An applicant must be in business for over 6 months and show monthly deposits that are more than $17,000. Their financing terms come with a startup fee of 2.5% and your interest rate will depend on the specific loan terms. With their merchant advance, you will also need to have been in business for over 6 months. There needs to be proof of at least $5,000 in monthly credit card sales. Credibly claims that over 85% off online applicants will pre-qualify. Borrowers can expect to receive a a same day business loan approval within one day.
SkyCap offers online long-term small business lending without the hassle of dealing with a bank. They also claim to fund more unsecured business loans than most other financing companies. SkyCap allows you to apply for a direct financing over the phone and you should expect a funding decision within 6-12 hours. Same day funding to your bank account is available in certain situations. To be approved for a loan your company must have been in operation for at least 5 months and you can expect your loan to be based on your future revenue. After you receive their term loans you will pay it back in monthly installments.
National offers a variety of lending programs tailored to meet your unsecured business funding needs. Their main programs consist of small business loans and equipment financing and leasing programs. They’ve been in business since the turn of the century and claim to have provided some type of funding to well over 35,000 business since then. Online lending terms are simple with National. A qualified company can borrow a few thousand dollars all the way up to half a million. You will have no collateral requirements and you can always set up convenient monthly payments from a bank account.
With BFS Capital, you can submit a direct loan application, get an online approval and see funds in your checking account within two business days. Much like other lenders listed here, you won’t need to show any type of collateral to qualify. Instead, BFS will underwrite your loan based on past sales history and conditions of your business. They offer financing for many growth industries. These include restaurant loans, construction loans and manufacturing loans to name a few. BFS works with you to set up a simple program for monthly payments that will be based on your companies cash-flow.
Wall Street Funding
Wall Street is an online company that specializes in unsecured small business loans as well as merchant cash advances. Your business must have over 10k in monthly service deposits. You’ll also need to show at least 3 months of service records. They claim your credit report rating won’t affect your loan approval as it’s only a small part of the approval process. They are lending anywhere from a few thousand dollars all the way up to one million dollars. Business revenue will determine the unsecured loan amount which generates under SBA guidelines.
Balboa Capital has online financing products for all types of companies. This firm has been in business for over 20 years specializing in equipment financing and leasing. They claim to have financed over 4 billion dollars with offices all throughout the country. Besides equipment financing, they also fund unsecured business loans and working capital loans. With their unsecured business loans, applicants can be approved for a loan with no collateral. This approval assumes the basic qualification standards. Balboa can provide financing of 250k for any business or real estate venture. Payment terms will range from 4 months to one year based on your specific terms.
LendCred’s goal is to make unsecured financing as simple as possible. Similar to many small business lenders in this list, They claim to have a 3-step process with 24/7 online help. With their application process, they start with an online pre-qualification. With this process, you can expect to find out which products and services you qualify for within 24 hours. They will also explain the types of terms to expect with a secured business loan. Assuming you qualify for a long term loan, you can be eligible for their lending credit guarantee. Lendcred will guarantee an amount of $40,000 or more in a business line of credit. There are terms for this option so check out their website or contact customer service to learn more.
National Same Day Business Loans
National has been listed in our directory of small business loan companies for nearly a decade. Like most small business lenders in this comparison, National specializes in equipment financing and merchant cash advances. Most of their focus is on online companies in need of cash flow. National claims to fund up to 500k with a funding completion of less than one business day, or that same day if possible. They have many loan options and claim that none of their lending terms are the same. They also offer a weekly payment plan for most transactions. With this type of financing the payment is taken out of a checking account. Their merchant cash advance service terms are much the same. You need show a time un business of at least 6 months with average monthly credit card receipts of $2,500.
Let us know of any Unsecured or SBA Lenders Missing from this Directory.