10 of the Best Loans for Small Businesses
LendingClub Business Loans
LendingClub lets you borrow an amount ranging from $5,000 to $ 300,000.APRs start at 9.77%. The repayment term is between 1 to 5 years. To qualify, you should own at least 20% your business, with it being at least two years old.
OnDeck Business Loans
OnDeck offers loans starting from $5,000 to $500,000. The annual interest starts at 9.99%, for credit with APRs the rates start at 13.99%. To qualify, your business needs to be at least one year old and you should have a minimum credit score of 500.
Chase Bank Business Loans
Chase Bank business loans start from $5,000. You will be required to have a Chase business checking account and a business plan. The bank then determines the loan amount and interest to be charged after making a financial projection for your business.
Wells Fargo Business Loans
Wells Fargo lets you borrow from $10,000 to $100,000 with fixed interest rates of 6.5 to 22.99%. If you put your Wells Fargo savings or CD account as a collateral, your rates can be dropped up to 5.25%. The repayment term is between 1 to 5 years
Bank of America Loans
Bank of America gives unsecured loans that start $10,000 to $100,000 with fixed interest rates starting at 4.75%. The repayment term is between 3 to 6 years.
Smartbiz Loans
Smartbiz loans range from $30,000- $5,000,000.Their interest rates start at 6.75%. The repayment term is between 3 to 25 years.
Lendio Loans
Lendio business loans start from $500 to $5,000,000. Interest rates start at 5.5% with a repayment term of up to 25 years.
Fundation Business Loan
Fundation business loans start at $20,000 up to $500,000. The annual interest rate begins at 7.99%. The loan repayment term is between 1 to 4 years.
American Express Business Loans
American Express lets you borrow loans starting from $ 3,500 to $50,000. The interest rate starts at 6.98%. The repayment period is between 1 to 3 years. However, the applicant should be an American Express Business Card member
Kabbage Loans
Kabbage lends their business loans from as low as $500 all the way to $250,000. Their interest rate is variable and is established after an analysis of your business and credit score. The repayment term is between 6 months to a maximum of 1 year. Your business should be at least 1 year old with minimum annual revenue of $50,000.
Conclusion
A timely financial boost that helps you bring in new stock, purchase work equipment or expand to another store can turn your life around with ease. After your loan request is approved, stick to your business plan to avoid straying out of the budget. Invest in your business strategically to gain profits and repay your loan conveniently.