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The Best Business Loan Providers

Who Offers the Best Business Loans?

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

Thursday, October 21st

2021 Business Loan Provider Reviews

On Deck Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

On Deck

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

In business since 2007, OnDeck specializes in providing short- and long-term business loans and lines of credit, and has helped more than 50,000 small businesses access the funds they need to grow. For businesses looking to borrow funds with extremely competitive rates, OnDeck is an excellent choice. They earn our highest rating.

Funding Circle Review 4.5 Star Rating

Funding Circle

4.5 Star Rating

Started by small business owners in response to their own frustrations with securing business loans to grow their company, Funding Circle uses peer-to-peer lending to fund small business loans. With no hidden fees, clear interest rates, and an A+ rating as an accredited business with the Better Business Bureau, Funding Circle is a great choice for people seeking business loans.

Upstart Review 4.5 Star Rating

Upstart

4.5 Star Rating

Upstart is a professional and organized lending platform focused on helping people and businesses achieve their financial goals. Their loan process is quick and efficient, and their sophisticated artificial intelligence system considers many factors beyond just your credit score. With a solid reputation for success, customers can find answers to many of their financial questions because the site clearly describes how their loans work. They also provide education for those seeking guidance for future financial endeavors.

LendingTree Review 4 Star Rating

LendingTree

4 Star Rating

For business owners who want to see a number of possible loan sources in one place, LendingTree is a good site to use. They also offer helpful information about different types of loans: what purpose they serve, the positives and negatives of each loan type, and so on. Lending Tree is not a lender but provides business owners a list of legitimate companies willing to lend money - saving people significant time and effort in the process of borrowing money.

Kabbage Review 4 Star Rating

Kabbage

4 Star Rating

Kabbage uses a unique verification system for businesses looking to qualify for a business loan, making the application process incredibly quick and access to funds almost immediate. While their requirements make them unsuitable for startups, and their total loan amount is smaller than some other lenders, their low fees of 12% or less make them an attractive option for established businesses that need a business loan.

National Funding Review 4 Star Rating

National Funding

4 Star Rating

With loan options ranging from $5,000 to $500,000, National Funding is one of the only providers of business loans who can meet the needs of companies big and small (as long as you have annual gross sales of at least $100,000). They custom-design a loan specific to each customer, and even have options for those with bad credit. While we'd like to see more details about National Lending's fees and typical interest rates, a solid reputation with the BBB and ample 5-star ratings from loyal clients indicate that this provider can be trusted to offer business loans that are fair, affordable, and funded in as little as 24 hours.

Clearbanc Review 4 Star Rating

Clearbanc

4 Star Rating

For most e-commerce businesses, Clearbanc provides an attractive alternative to the typical business loan. They use AI to look at the performance of your company (via login information that you provide to your sales and marketing platforms), and to make you a funding offer based on your current successes and projected growth. Repayments are made on a percentage basis from your future revenue stream, along with a flat fee ranging from 6-12.5% of your funded amount. While you'll be out of luck if your company isn't e-commerce, you should absolutely consider Clearbanc if you've already had some wins with your subscription box, app or SaaS product and just need some money to grow your business.

Balboa Capital Review 3.5 Star Rating

Balboa Capital

3.5 Star Rating

Serving customers since 1998, California-based Balboa Capital has funded nearly $5 billion in financing solutions since its inception. Though some borrowers have expressed frustration with fees and other fine-print items, Balboa's A+ rating with the Better Business Bureau and established history make them a company to consider when looking for a business loan.

National Business Capital Review 3.5 Star Rating

National Business Capital

3.5 Star Rating

National Business Capital provides financing to businesses in a variety of industries and credit histories, specializing in helping those who have previously been turned down by banks and other lenders. They maintain an A+ rating with the Better Business Bureau and have a number of convincing testimonials on their website. Information on their loan terms is hard to come by, and we'd like to see more details with respect to loan amounts, eligibility requirements, and interest rates.

CAN Capital Review 3 Star Rating

CAN Capital

3 Star Rating

Georgia-based CAN Capital has been providing business loans for nearly 20 years and maintains a perfect A+ rating with the Better Business Bureau. However, interest rates aren't readily available, and our research indicates that they may be as high as 85%. We recommend that prospective borrowers make sure to calculate their APR before making a commitment to borrow from CAN Capital.

LendingClub Review 2.5 Star Rating

LendingClub

2.5 Star Rating

LendingClub no longer offers peer-to-peer funding of business loans, having undergone a major overhaul in the last few years. Good thing or bad thing? If you're a newer or smaller business, you can get funding by applying for a LendingClub personal loan. More established companies will be referred to Accion Opportunity Fund, which has a less-than-perfect reputation. This new company format doesn't offer you many benefits when it comes to business loans, and we suggest looking elsewhere.

Advanced Commercial Capital Review 2.5 Star Rating

Advanced Commercial Capital

2.5 Star Rating

Advanced Commercial Capital is based in St. George, Utah and specializes in a particular type of business loan commonly known as factoring, in which a business sells its outstanding accounts receivable to a financial institution (a "factor") in order to get cash immediately. While this type of business loan may work for some established businesses, especially those with a physical inventory, Advanced Commercial Capital may not meet the needs of other types of businesses, including startups.

Compare the Best Reviews

Continued from above...

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!

The Best Business Loan Providers Compare Business Loan Providers Compare Business Loan Provider Reviews What are the best Business Loan Providers Best Business Loan Provider Reviews

Business Loan Provider FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6^% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.

Compare Business Loan Providers

Select any 2 Business Loan Providers to compare them head to head

best-business-loans
  • On Deck
  • Funding Circle
  • Upstart
  • LendingTree
  • Kabbage
  • National Funding
  • Clearbanc
  • Balboa Capital
  • National Business Capital
  • CAN Capital
  • LendingClub
  • Advanced Commercial Capital
On Deck vs Funding Circle On Deck vs Upstart On Deck vs LendingTree On Deck vs Kabbage On Deck vs National Funding On Deck vs Clearbanc On Deck vs Balboa Capital On Deck vs National Business Capital On Deck vs CAN Capital On Deck vs LendingClub On Deck vs Advanced Commercial Capital Funding Circle vs Upstart Funding Circle vs LendingTree Funding Circle vs Kabbage Funding Circle vs National Funding Funding Circle vs Clearbanc Funding Circle vs Balboa Capital Funding Circle vs National Business Capital Funding Circle vs CAN Capital Funding Circle vs LendingClub Funding Circle vs Advanced Commercial Capital Upstart vs LendingTree Upstart vs Kabbage Upstart vs National Funding Upstart vs Clearbanc Upstart vs Balboa Capital Upstart vs National Business Capital Upstart vs CAN Capital Upstart vs LendingClub Upstart vs Advanced Commercial Capital LendingTree vs Kabbage LendingTree vs National Funding LendingTree vs Clearbanc LendingTree vs Balboa Capital LendingTree vs National Business Capital LendingTree vs CAN Capital LendingTree vs LendingClub LendingTree vs Advanced Commercial Capital Kabbage vs National Funding Kabbage vs Clearbanc Kabbage vs Balboa Capital Kabbage vs National Business Capital Kabbage vs CAN Capital Kabbage vs LendingClub Kabbage vs Advanced Commercial Capital National Funding vs Clearbanc National Funding vs Balboa Capital National Funding vs National Business Capital National Funding vs CAN Capital National Funding vs LendingClub National Funding vs Advanced Commercial Capital Clearbanc vs Balboa Capital Clearbanc vs National Business Capital Clearbanc vs CAN Capital Clearbanc vs LendingClub Clearbanc vs Advanced Commercial Capital Balboa Capital vs National Business Capital Balboa Capital vs CAN Capital Balboa Capital vs LendingClub Balboa Capital vs Advanced Commercial Capital National Business Capital vs CAN Capital National Business Capital vs LendingClub National Business Capital vs Advanced Commercial Capital CAN Capital vs LendingClub CAN Capital vs Advanced Commercial Capital LendingClub vs Advanced Commercial Capital
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