Despite small businesses receiving accreditation for being the life force of most economies and creating more employment than their medium and large-sized counterparts, receiving a loan from leading financial institutions such as banks, can be the best bet. However, to obtain one, you may have to entertain a high rope dance due to the stringent requirements that most small businesses fail to meet.
Nevertheless, the last decade has seen numerous alternative lenders giving banks a run for their money as they offer favorable conditions for small businesses to access starting capital, money for purchasing inventory, expansion capital, as well as money to generally strengthen an enterprise’s foundation. Below are the best three places you can trust for the best, fastest, and easy small business loans.
Dealstruck
Dealstruck is increasingly winning the hearts of many entrepreneurs as a number one destination for small enterprise loans capturing various needs including new inventory, equipment, partner buyout, debt consolidation, and much more. They have been featured in The New York Times, Forbes, VentureBeat, TechCrunch, Bloomberg Businessweek, among other reputable platforms as a lender with borrower-friendly terms compared to other similar online business loaning platforms.
Getting financed with Dealstruck is a seamless process that entails; providing them with basic information pertaining your business and selecting a loan option in line with your business’ roadmap; verifying your business income through various supporting documents, and finally getting approval and funding with 3 days. Their interest rates range between 8%-24% with loan offers that stretch up to $250,000. Any figures you settle on with them will always make sense on their online portal that visualizes every bit of your borrowing statistics.
OnDeck Capital
OnDeck Capital is one of the pioneers first to hit the wave of online alternative lending platforms with a history that can be traced back to 2007. They offer access to both short-term and long-term loans ranging up to $500,000 with interest rates starting at 9.99% for annual interest rates (AIRs) and 13.99% for annual percentage rates (APRs).
Having been in business for over a decade, OnDeck has created thousands of success stories for different entrepreneurs who didn’t find a soft spot in the hands of mainstream large lending institutions. To qualify for a loan with them, you need a credit score of at least 500 points as the business owner and a business that has been in operation for quite some time.
Funding Circle
Finally, if you are looking for a platform to borrow more than just a couple of dollars conveniently, the Funding Circle could be one of your go-to options. The peer-to-peer lending platform offers small business owners with a credit score of at least 660 loans ranging between $25,000-$500,000. The greatest advantage of funding circle is that they offer relatively moderate APRs that begin from as low as 4.99%. In addition to the credit score, your business must have been in operation for at least two years, and bear no criminal records as the owner, including bankruptcy reports.