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The Best Business Loan Providers

Where Can You Get the Best Business Loans?

Whether you're kicking off a new enterprise, scaling up your current operation, or launching a digital storefront, there's a good chance you'll find yourself in need of a business loan. Traditionally, small business owners would turn to their local banks for financing, where personal relationships and reputations were significant factors in securing a loan. Back then, options were limited, making the hunt for low-interest rates a real challenge.

Today, the landscape has shifted favorably for business owners. A wealth of online lenders are available, offering competitive terms and rates, all vying for your business. The trick is to find a reputable business lender that meets your particular needs and objectives.

Friday, June 21st

2024 Business Loan Provider Reviews

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National Funding Review 5 Star Rating

National Funding

5 Star Rating
  • Range of $5,000 to $500,000 available for qualified borrowers
  • Fast funding decision and access to funds
  • Personalized service from a dedicated Funding Specialist
  • Tailored lending solutions for specific business needs
  • Reasonable minimum requirements for application
  • Positive customer reviews on Trustpilot and the Better Business Bureau
Top Consumer Reviews Best-In-Class Blue Ribbon Award

National Funding offers small business lending solutions tailored to specific needs, providing entrepreneurs with a simple application process and personalized service. With small business loans ranging from $5,000 to $500,000 and equipment financing options up to $150,000, National Funding is committed to providing scalable and sustainable financing to help businesses succeed. The company's fast and easy application process allows for a funding decision and access to funds in as little as 24 hours, with a dedicated Funding Specialist guiding applicants through the tailored lending solutions.

Top Consumer Reviews BBB Badges

The National Funding advantage

The commitment of National Funding to the success of small businesses and has a proven track record, having provided over $4.5 billion in funding to more than 75,000 businesses nationwide. The company's dedication to scalability and sustainability in financing sets it apart, offering a simple application process, personalized service, and quick access to funds. They offer business loans for specific industries from accounting, chiropractic, and senior care to automotive, construction, and restaurant equipment.

More than just basic business loans

If your needs go beyond a basic business loan, National Funding has the plans. They can provide funding for special interests like women, minorities, and veterans. Even further, they have bridge loans, corporate loans, business term loans, and dozens of other offerings. The company's fast and easy application process, combined with its track record of funding businesses nationwide, showcases its devotion to helping businesses succeed.

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A few eligibility requirements

With minimum requirements of being in business for at least 6 months, having $250,000+ in annual sales, and maintaining a business bank account, small business owners can apply online and receive a funding decision in as little as 24 hours.

Fast and easy application process

The application process at National Funding is designed to be hassle-free and efficient. You need only enter your name, email, phone number, the amount you're requesting, and, optionally, your zip code. From there the site will gather more information including your business name, address, tax info, owner info, signature, and bank statements. Then it will either try to match you with immediate funding or will refer you to other source partners. Once the application is submitted, a dedicated Funding Specialist will reach out to discuss tailored lending solutions, providing a seamless experience for applicants.

Customer reviews and ratings are high

National Funding has garnered positive feedback from its customers, as evidenced by its Trustpilot rating of 4.6/5 based on 1,741 reviews. The overwhelmingly positive reviews for National Funding highlight exceptional service from their Funding Specialists. Customers express gratitude for the personal and attentive assistance they received throughout the funding process. The Funding Specialists are praised for their knowledge, helpfulness, and ability to make the loan process easy and seamless. Additionally, customers appreciate the quick turnaround time for funding and the professionalism of the National Funding team. Overall, the reviews emphasize the high level of customer service and satisfaction provided by National Funding and its dedicated team of Funding Specialists.

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The other side of the coin

A very small percentage of the reviews were negative. A few customers have expressed dissatisfaction with the company's lending practices, reportedly feeling misled about interest rates and loan terms. One customer was presented with an offer that they felt had an "astronomical" interest rate. Some others have reported a poor customer service experience, including difficulty in obtaining assistance through their financial struggles.

A top-rated choice

The bottom line is that National Funding is an excellent lender when it comes to business loans. They provide personalized service and can tailor their lending solutions to a company's individual needs. They provide quick access to funds once the loan is approved, and have provided over $4.5 billion in financing to more than 75,000 businesses nationwide. With a proven track record of success, National Funding stands out as a reliable partner for businesses of all sizes that seek financing solutions. They earn our highest rating.

National Business Capital Review 4.5 Star Rating

National Business Capital

4.5 Star Rating
  • Between $100,000 and $10,000,000 loan amounts
  • Wide range of loan options tailored to specific business needs
  • Speedy, secure online application process
  • Quick access to funding for prompt business opportunities
  • Personalized customer service through dedicated Business Finance Advisors
  • Recognition and credibility through industry awards and positive customer reviews
  • "A+" rated and accredited by the BBB

National Business Capital is a financial services company specializing in providing loans to businesses of all sizes, headquartered in Hauppauge, NY. It strives to support business growth nationwide with its breadth of financial products, including Business Loans, Business Line of Credit, Term Loans, Equipment Financing, Revenue-Based Financing, SBA Loans, Small Business Loans, and Subordinated Debt.

Committed to business financing

National Business Capital has been committed to helping businesses finance their growth since 2007, claiming to have provided over $2+ billion in funding. It prides itself on its exclusive relationships with top B2B lenders which result in unique offers for its clients. An application process with National Business Capital is purposely streamlined, secure, and can be completed within minutes.

Wide range of lending options

National Business Capital offers several financing options, aiming to cater to a broad spectrum of businesses. Those options include general Business Loans, a Business Line of Credit for those who need flexible access to funds, and Business Term Loans for businesses needing funding for longer-term projects. For businesses in need of equipment, National Business Capital offers Equipment Financing. Revenue-Based Financing is available for businesses with strong sales but that may lack traditional collateral. SBA Loans are also on offer, and feature lower rates and longer terms for creditworthy businesses. Additionally, Small Business Loans and Subordinated Debt provide funding opportunities for small businesses and those businesses in need of mezzanine financing. Depending on the type of loan your business needs, you could secure up to $10 million from National Business Capital.

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Process is extremely streamlined

The application process with National Business Capital is intended to be quick and easy. Clients can move through the application within minutes and upload their required business documents securely. Following the application, they are presented with offers to compare and select the best one that suits their circumstances, with the added benefit of expert advice from National Business Capital's team. Once the offer is selected, the money gets disbursed quickly, allowing businesses to seize immediate opportunities or tackle new challenges.

Your terms and rate will vary

With respect to terms and conditions, detailed information about the interest rates, fees, and charges associated with their loan products is not directly provided on the National Business Capital website. It appears the specific rates and fees are tailored to each individual business based on factors such as business stability, revenue, and creditworthiness. Clients may expect transparency once they proceed with the loan application.

Excellent reputation

National Business Capital touts its industry recognition and a strong reputation. It features in the Loan Advisor's top three best places for business loans category. The company holds an "A+" rating with the Better Business Bureau and has been accredited since 2012. Client reviews on sites like Trustpilot often praise the company's professional and helpful staff, quick responses, and personal attention they received throughout the lending process.

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Customer support is on point

Customer service is a priority for National Business Capital, evident from its dedicated Business Finance Advisors. They ensure a personalized approach to the finance needs of every business, guiding them through the often complex world of business financing.

Fast application process and great customer service

National Business Capital delivers several positive points. First and foremost, the variety in their lending options is highly beneficial for businesses, as they cater to a variety of specific business needs from general business loans to more specific funding options like Equipment Financing and Revenue-Based Financing. Notably, the application process is fast, streamlined, and secure, with a quick funding payout that many businesses find crucial. Also, their strong industry relationships enable them to present uniquely appealing offers to their clients. The company's customer service is another plus point, featuring personalized advice and guidance from dedicated Business Finance Advisors. Positive customer reviews, industry recognition and an "A+" rating from the BBB adds to its brand credibility.

We wish the website better reflected fees

Transparency regarding the interest rates and fees, which could vary widely depending on the specifics of the business and the chosen loan product, seems to be somewhat lacking from the company's website. This lack of clarity may lead to unexpected costs for some businesses. To fully understand the terms, conditions and potential charges, clients need to go through their loan agreement in detail, ideally with the guidance of their Business Finance Advisor. Some customers on Trustpilot expressed disappointment with the high interest rates and hidden fees they encountered.

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Thousands of five-star reviews

Examining feedback from customers on Trustpilot reveals it being the highest-praised business loan company we've seen. A full 5-star rating among 98% of 2,486 borrowers is significant in this marketplace. Positive reviews frequently praised the professional and useful service they received from National Business Capital, highlighting the helpfulness of the staff, the rapid responses to inquiries and the personalized attention throughout their borrowing process. Many also appreciated the company's effectiveness in matching them with suitable financing options for their specific business needs.

Complaints track with the industry

However, reviews were not universally positive. A minority of reviews on Trustpilot were critical of the high interest rates and hidden fees they were subjected to. Some businesses indicated they felt they were not given complete information about the terms and conditions of their loans, leading to unforeseen costs. Other negative reviewers pointed to a lack of transparency about repayment terms and conditions. Some reported difficulty getting in touch with customer service, though these were relatively few.

A great choice for business loans

In summary, National Business Capital stands out as a comprehensive business loan provider, offering varied lending options to accommodate a wide range of business financial needs. Its fast and secure online application process, a broad array of lending options, and personalized customer service are clearly its strengths. The credibility it has gained through industry recognition and positive customer reviews adds to its appeal as a reliable lender. However, as with most lenders, lack of transparency on its website regarding the cost of borrowing is something to be careful of. Borrowers must ensure they fully understand the terms, charges, and implications of their chosen loan agreement before committing. Nonetheless, with high loan amounts available to borrowers, along with very high ratings and relative lack of complaints, businesses of all sizes will find National Business Capital to be a trustworthy and helpful lender to boost their growth and financial stability.

CAN Capital Review 4.5 Star Rating

CAN Capital

4.5 Star Rating
  • Established in 1998, Georgia-based CAN Capital offers business loans ranging from $2,500 to $150,000 or more with terms from 4-24 months. CAN Capital focuses specifically on small business owners, with tools, resources, and blog posts directed towards helping them to grow their businesses and succeed.
  • Personalized service and long-term lending partnerships
  • Streamlined application process
  • Responsive customer service
  • Customized loan terms that can suit different business needs

CAN Capital is a seasoned player in the small business financing industry, providing tailored working capital loans and equipment financing to businesses looking to grow or manage their operations effectively. They claim a strong track record with over 190,000 funding transactions and more than $8 billion in working capital provided.

Streamlined application process

The company emphasizes a streamlined online application process, aiming to deliver quick and customized financial solutions to meet the varied needs of its clients. While the specifics of their loan terms, interest rates, and fees are not transparently outlined on the website, CAN Capital's experienced presence in the market and positive reviews positions them as a potentially strong partner for small businesses seeking financial support.

Working capital loans and equipment financing

CAN Capital presents two main financial products: working capital loans and equipment financing. Working capital loans are short-term loans presented as flexible options for various business needs. Equipment financing, meanwhile, is tailored for businesses needing to purchase new equipment. For vendors, CAN Capital offers solutions enabling them to provide equipment financing to their customers, potentially boosting sales and maintaining profit margins.

Borrow up to $250,000

CAN Capital's working capital loans are designed to provide businesses with the funds they need to cover various operational expenses, from inventory and payroll to vendor fees and marketing campaigns. They offer funding amounts ranging from $2,500 to $250,000 with term lengths of 6 to 24 months. The company claims a quick decision-making process and the possibility of depositing funds as soon as the next business day if approved. The repayment process involves automated ACH deductions, and there is an available pre-payment discount.

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Get up to $250K for equipment

CAN Capital offers equipment financing for small business owners looking to acquire new or used equipment. They provide funding up to $250,000 with term lengths ranging from 24 to 72 months. An important feature of their service is that they only conduct a soft credit pull, ensuring there is no impact on the customer's credit score. They also offer the possibility of 100% financing, covering the whole cost of the equipment, including additional costs such as delivery charges, taxes, installation, and training. Plus, the structure of the financing is such that the equipment could potentially pay for itself over the course of the term, with revenue generated from its use.

Trustworthy partner for vendors

On the vendor side of the transaction, CAN Capital provides a unique program aimed at equipment vendors, centering on the concept of not just processing equipment financing applications but also being a true business ally for these vendors. They propose solutions that can aid equipment vendors in selling more products, maintaining profit margins, and allowing their customers to acquire the necessary equipment for their businesses.

Funds for equipment financing

The service highlights that most businesses, about 80%, utilize some sort of financing for their equipment purchases which underscores the demand for accessible equipment financing options. Offering such options can help vendors by providing their customers with low monthly payments and the opportunity to get equipment with little or no money down, which can be a significant selling point. Moreover, this type of financing can assist the customer's cash flow management and may offer tax savings under IRS Section 179, with the potential for businesses to deduct some or all of the equipment purchase price.

Variety of benefits

The benefits that CAN Capital touts for its Equipment Financing (EF) Program include having a dedicated Business Development Manager, swift turnaround times on credit applications, competitive finance rates, and the flexibility to finance both new and used equipment. This program is designed for vendors looking to increase their sales through robust financing options and directly benefits you as the borrower.

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Limitations you should be aware of

CAN Capital's funding comes with certain limitations that potential borrowers should consider. First, to be eligible for their term loan product, a business must have at least three years in operation, a personal guarantor with a FICO score of 600 or greater, less than $175,000 in outstanding tax liens or judgments, and no open or dismissed bankruptcy within the last 24 months. An origination fee of 3% of the principal amount is also charged, which is deducted from the business's bank account the day after funding.

Automatic repayments

Regarding repayment, the payments for CAN Capital's term loan are automatic, with a predetermined amount debited from the business account either every weekday or on one specific weekday depending on the agreement. They also place restrictions on renewal processes, indicating that a renewal specialist will contact eligible businesses to discuss their options when they become eligible for review. This suggests that renewals are not automatically available and require further qualification review.

Application process is straightforward

The application process for CAN Capital begins by filling out their multi-step online form with contact information and financial data about the business. The loan application then goes to a broker who will then inform the business of its potential qualifications and funding amounts available with no obligation to proceed.

Funding within 1 business day after approval

Once approved, the funds can be sent to the business account as quickly as the next business day, demonstrating the company's commitment to swift financial support. If future funding is needed and the business is eligible for renewal, a specialist from CAN Capital will make contact to review options and process the renewal.

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Customer reviews are very positive

Based on the numerous positive reviews we found, CAN Capital draws frequent praise for fast funding turnarounds, professional and responsive customer service, smooth application processes, and long-term lending partnerships. Specific strengths highlighted include staff who are timely, efficient, compassionate, dependable, and loyal in supporting client needs. Customers emphasize that CAN Capital delivers on funding reliably and quickly when needed, with account representatives guiding clients through every step, tackling obstacles that arise. The positive reviews portray CAN Capital as a company committed to forming trusted relationships with small businesses over years of repeat lending, rather than just pursuing one-off transactions. Multiple customers express gratitude and plans to stick with CAN long-term due to the customized guidance and care they receive.

A few complaints

While CAN Capital draws a vast amount of high praise for friendly staff, in some few cases they seem to have struggled with high interest rates that make borrowing costly, poor customer service when issues arise, inflexibility adjusting payments during COVID-19 hardship, and harsh collection tactics like filing liens or contacting clients' customers over accounts.

Excellent choice if you need a business loan fast

CAN Capital is a great choice for businesses in need of expedited financing, offering a swift application process and rapid access to funds, often as soon as the next business day. The company is recognized for its commitment to building lasting relationships with clients, underscored by the personalized service and consistent support from dedicated account representatives. Their professional and compassionate customer service team is often highlighted in customer testimonials, suggesting a customer-centric approach. With flexible financing options tailored to meet various business requirements and great reviews, CAN Capital positions itself as a responsive and reliable lending partner for businesses seeking growth or stability through additional capital.

Balboa Capital Review 4 Star Rating

Balboa Capital

4 Star Rating
  • "A+" BBB rating and positive customer service reputation
  • Over $7 billion funded with nationwide coverage
  • Simple and quick online application process
  • Fast turnaround times for funding decisions and disbursement
  • Personalized service with a single point-of-contact and industry expertise

Balboa Capital is a division of Ameris Bank that positions itself as a transformative force in the small business lending space. With an "A+" rating from the Better Business Bureau and a 90% approval rating from Trustpilot, Balboa Capital has established a reputation for making small business funding simple and accessible. Their simple and quick lending process, coupled with a commitment to informing customers about potential tax savings, demonstrates a holistic approach that goes beyond lending to support small businesses' growth and financial well-being.

Has already funded more than $7B in business loans

Balboa Capital offers a range of funding products tailored to meet the diverse needs of small businesses. With over $7 billion funded and a nationwide reach, their large lending capacity supports their commitment to fostering growth and operational needs across various industries.

Borrow up to $5M (!)

Funding options include small business loans, SBA loans, and equipment, commercial, vendor, and franchise financing. Small business loans are between $20,000 and $250,000. SBA loans are for $400,00 to $5 million. Equipment, commercial, and vendor loans are up to $500,000. Franchise loans are up to $350,000.

Helpful tools

In addition to their funding, their website offers calculators for business and equipment loans, calculators and information about deductions and employee retention credit, and various blog posts and infographics to help you make your decisions.

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Quick and easy application

One of the key features of Balboa Capital's offerings is the simplicity of their application process. You can apply online by providing a federal tax ID, zip code, email address, and information about your business, and the lender's system then evaluates and expedites the credit decision. If you qualify and you elect to receive the funds, the money is transferred quickly to your bank account. This efficiency is a significant advantage for businesses that need fast access to capital for payroll or equipment replacement.

They've got connections

Balboa Capital also highlights their industry expertise with equipment vendors, franchise owners, and middle-market executives. They provide personalized service through their account managers, over 200 employees, and a single point-of-contact system.

Definitely some benefits getting business loans here

The benefits of choosing Balboa Capital for small business funding are numerous. The lender's "A+" BBB rating and positive customer reviews reflect their reliability and service quality. Their simple, quick process reduces the time and effort typically associated with securing business loans, allowing business owners to focus on their operations and growth strategies. Additionally, Balboa Capital's promotion of and educational materials about the Section 179 tax deduction, which lets businesses deduct the cost of qualifying new or used equipment, indicates their commitment to providing value beyond just lending.

Hard to determine rates and terms in advance

On the downside, information on Balboa Capital's interest rates, fees, and pricing are only general statements and are not detailed throughout their website. Without this information, you'll find it challenging to assess the cost-effectiveness of their loan products compared to other lenders.

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Praise from clients

Customers have expressed high satisfaction with Balboa Capital, particularly praising the exceptional service provided by specific representatives. Reviews consistently highlight the company's professionalism, efficiency, and the ability to secure funding quickly and smoothly. Clients recommend Balboa Capital for their transparent processes, excellent communication, and the personal dedication of staff members who go above and beyond to ensure customer needs are met. The positive experiences span various services, including equipment financing and business loans, with many customers noting the ease of the process and the helpfulness of the representatives in guiding them through each step.

Just a few complaints

A smaller contingent of customers have expressed dissatisfaction with Balboa Capital's services. Common complaints include a lack of responsiveness and support after securing financing, difficulties with communication, and issues with billing and fees. Some customers have reported being charged for insurance they already had, experiencing problems during the pandemic when seeking flexibility with payments, and encountering hidden fees or unexpected lease renewals. There are also mentions of poor customer service, including long hold times, unhelpful staff, and a lack of resolution to disputes. These experiences contrast sharply with, but pale in comparison to the positive sentiment.

Recommended for business loans

Balboa Capital presents itself as a lender that simplifies the small business funding process. With a focus on quick funding, customer service, and industry expertise, they offer a compelling option for businesses seeking growth capital. Give Balboa Capital a chance to provide your business loan.

Funding Circle Review 4 Star Rating

Funding Circle

4 Star Rating
  • Offers loans ranging from $25,000 to $500,000
  • Multiple financial products: Business Term Loan, SBA 7(a) Loan, and Business Line of Credit, catering to diverse needs
  • Quick turnaround times with approval in as fast as 24 hours and funds transfer in as few as 2 days
  • A single application to qualify for multiple products, streamlining the application process
  • A credit line that replenishes with each payment made in the Business Line of Credit structure
  • No prepayment penalties, offering greater flexibility to businesses

Offering a trio of loan options, Funding Circle brings versatility to the business lending landscape. With their Business Term Loan, SBA 7(a) Loan, and Business Line of Credit, the platform caters to businesses with varying financial needs. Each loan type is quite distinctive, offering a unique blend of benefits.

Business Term Loan

Funding Circle offers Business Term Loans that can range from $25,000 to $500,000 for periods ranging from 6 months to 5 years. Their loan application process is designed to be hassle-free and fast, with a commitment to provide a decision within 24 hours and disbursement of funds in as little as three days. Importantly, Funding Circle doesn't penalize businesses for prepaying their loans, a feature that can be beneficial for companies looking to manage their debt effectively. This product caters to a wide variety of business types in different industries, providing a flexible financing solution to meet diverse needs.

SBA 7(a) Loan

Funding Circle's SBA 7(a) Loan, which is government-supported, showcases a compelling aspect: its accessibility runs from a minimum loan amount of $75,000 up to a maximum amount of $5 million. With term lengths extending even up to 10 years, this loan presents an appealing low-cost, long-term financing solution. Funds are delivered three times faster than the industry average, and typically carry very low interest rates. The website mentions that this loan type could require collateral, signifying a slight constraint for some businesses.

Business Line of Credit

Funding Circle's Business Line of Credit serves as a flexible financial tool for businesses, offering credit lines up to $250,000. Highlighting its adaptability, the line of credit replenishes with each payment made, giving businesses continuous access to funds. Same-day funding is another significant feature of this product, allowing businesses to meet their immediate financial needs efficiently. Moreover, businesses only pay interest on the funds they use, not the entire credit line, making it an economical choice for those seeking a responsive and adaptable lending tool.

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Limitations, terms, and conditions to be aware of

While Funding Circle offers a range of products designed to suit varying business needs, it's essential for potential borrowers to fully understand the terms and conditions associated with the loans.

  • For example, Funding Circle's application process is designed to be efficient, quick, and easy. However, the actual time it takes to receive funds may vary based on the loan type, amount, and individual circumstances of the borrower. This is an important detail to consider as the timing of funds disbursement could potentially impact the financial planning of your business.
  • Regarding repayment, Funding Circle emphasizes regular monthly payments through ACH (Automated Clearing House) as the primary repayment method for their loans. This means businesses will need to ensure they have sufficient funds in their account each month to meet this commitment. The company also states clearly that failure to make payments on time may result in late fees, a point that underlines the importance of punctual repayment.
  • Their support page also highlights that while Funding Circle doesn't charge penalties for early repayments, any discounts on fees for early repayment are at the company's sole discretion. This suggests that although businesses have the flexibility to pay off their loans earlier than the agreed term, they may not necessarily receive any cost advantages for doing so.

Easy application with quick approval

Funding Circle has a simple four-step online application process for their business loans, which typically takes around six minutes to complete. A personal account manager reaches out within an hour to collect documentation and understand the business better, with decisions made in as little as 24 hours. Typically, they require basic information about the business, financial statements, tax returns, and identification details. The faster the applicant can provide these documents, the quicker Funding Circle is able to reach a loan decision. The application process for Funding Circle loans seems streamlined and straightforward, given the digital nature of the platform. The quick approval timeframes and fund disbursement within as few as two days reflect the efficiency of their online processes. Moreover, the application procedure at Funding Circle allows businesses to qualify for multiple products through one application, making the process less cumbersome compared to others.

Not all businesses will qualify

The minimum qualifications to apply for a loan through Funding Circle are having at least two years in business, a personal FICO credit score of at least 660 for business owners, and no personal bankruptcies amongst the business owners within the last seven years. It's important to note that businesses in certain industries, such as speculative real estate, nonprofit organizations, weapons manufacturers, gambling businesses, marijuana dispensaries and pornography, are not eligible.

You can't always get what you want

While there's no obligation to accept a loan offer, once an application is submitted, the loan amount cannot be changed. The credit assessment team may deem that a smaller amount can be borrowed. In addition, while applicants can generally choose the loan term that best suits their needs, Funding Circle sometimes limits the loan term based on applicant creditworthiness.

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Can help you connect with other partners if needed

Funding Circle takes a holistic approach to understand small business creditworthiness, evaluating both business and personal financial variables. The final interest rate on the approved loan depends on creditworthiness, calculated by reviewing both personal and business finances. If an applicant doesn't qualify for a loan from Funding Circle at this time, they could review the minimum eligibility criteria and try again later, generally in six months. In some cases, Funding Circle may also be able to connect applicants with other lenders who may be able to offer financing.

Customer reviews are positive overall

The positive reviews far outweigh the negative reviews for Funding Circle. Many reviewers appreciate the quick and straightforward application process, which allowed them timely access to needed funds. They also praise the company's efficient customer service, particularly noting the clarity of explanations and support provided by dedicated account managers. Their professional approach and transparency during the loan application process have been commended, contributing to a better understanding of terms and conditions. Lastly, customers emphasized that the financial products offered were well-suited to their business needs, with some noting they have repeatedly used Funding Circle's services, indicating overall satisfaction with their experiences.

A few negative comments too

Some negative reviews about Funding Circle focus on issues related to their collections processes being aggressive, lack of assistance during challenging times such as the Covid-19 pandemic, and a high-interest rate charged for their services. Additionally, some users have reported dissatisfaction with Funding Circle's marketing methods and the company's opaque refusal of applications without proper explanation.

Earns our recommendation

Tying up the threads, Funding Circle could be a viable choice for businesses with robust financial profiles seeking flexible loan options. The assistance of a personal account manager throughout the application process adds a personalized touch to their service. However, businesses should consider their standing against the eligibility criteria and also be prepared for possible term limitations based on creditworthiness. Potential customers would do well to gather all necessary documentation promptly and to seek clarity on specifics where information is lacking, ensuring a thorough understanding of the process and terms, prior to engaging with Funding Circle.

LendingTree Review 3.5 Star Rating

LendingTree

3.5 Star Rating
  • Diverse business loan options, including SBA loans, short-term loans, long-term loans, and more
  • Businesses can apply for loans through a simple and straightforward online process
  • Loan options for various types of businesses including Sole Proprietorship, Partnerships, LLCs, and Corporations
  • Connects businesses with a network of potential lenders
  • Does not charge users for its service

LendingTree serves as a marketplace for diverse financial products, offering a lot of loan options suited to different business types and requirements. It has made the application process relatively straightforward, simplifying loan comparison for businesses. However, as it is not a direct lender, the final loan terms and conditions are set by the individual lenders in its network, which could lead to inconsistency and may be overwhelming for some users.

Options for virtually any business

LendingTree offers a bouquet of distinctive options for several types of business organizations including Sole Proprietorship, Partnerships, Limited Liability Companies (LLC), S Corporations, and C Corporations. They connect businesses with different types of loans, such as SBA loans, short-term loans, long-term loans, lines of credit, and equipment financing, among others.

13 lending partners for business loans

LendingTree provides small business loans from 13 top lending partners that include SBA, OnDeck, Funding Circle, American Express, Credibly, Taycor Financial, Wells Fargo, Fundbox, Fora Financial, National Funding, Headway Capital, eCapital, and Accion (and yes, you will see some of those options featured separately and in greater detail on our list).

Selection criteria for business lending partners

The lenders in the LendingTree network were chosen based on a set of criteria that included a maximum loan amount of at least $150,000, the promise of funding within two weeks of approval, and a requirement of no more than two years in business. Other determining factors were a personal credit score requirement below 680 and transparency in rates and repayment terms. Preference was also given to lenders that report to all major credit bureaus, offer competent customer service, and provide additional benefits to customers, such as complimentary business coaching.

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Access practically any type of loan here

LendingTree's marketplace includes a dizzying array of different loan products and funding options. Their small business loans are diverse, including term loans, lines of credit, equipment financing, commercial real estate loans, SBA loans, microloans, working capital loans, and invoice factoring. Here's a sample of the types of business loans that LendingTree can provide:

  • Term loans are lump sum loans with fixed monthly repayments, either short-term or long-term
  • A business line of credit is revolving and ideal for recurring expenses
  • Equipment financing caters to businesses requiring heavy machinery or other equipment
  • Commercial real estate loans are for business-related property
  • SBA loans, guaranteed by the U.S. Small Business Administration, offer long repayment terms with low interest rates
  • Microloans target startups or underrepresented business owners
  • Working capital loans cover short-term operating expenses
  • Invoice factoring allows businesses to sell unpaid invoices for a cash advance

Additionally, businesses can also consider funding options like merchant cash advances, business credit cards, small business grants, crowdfunding, personal loans, and bootstrap financing, which all have various advantages and conditions.

Comparison shopping has its benefits

The major advantage of using LendingTree for business loans is their match-making proficiency between businesses and available loan options. This facilitates ease of comparison, enabling businesses to find the most suitable loan option per their unique needs. It's important to remind you that LendingTree isn't a direct lender but serves as an intermediary connecting businesses with potential lenders. This marketplace model allows LendingTree to present a wide array of loan options, thus ensuring businesses can find a solution that aligns with their requirements.

You're limited to the lenders chosen for you

While LendingTree does provide a diverse pool of loan options, specific loan terms, interest rates and conditions will vary since they are determined by the individual lenders. Additionally, the variety of options could become overwhelming for some users trying to find a suitable loan.

Application process will have to be repeated

The application process on LendingTree starts online by filling out a form, after which they get loan offers from various lenders. Business owners can then compare these offers and apply directly with the lender that best fits their needs. While this process is relatively straightforward, it's important to keep in mind that each individual lender may have additional application requirements and procedures, so you might feel like you're doing the same thing twice.

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The advantages to business loan comparison shopping...

LendingTree caters to a wide range of businesses by offering varied loan options for different business types. Users can expect a relatively straightforward and easy application process, allowing businesses to compare various loan options swiftly. Additionally, LendingTree assists businesses that may not qualify for traditional funding by connecting them with suitable alternative lenders.

...and the disadvantages

However, the fact that LendingTree is a marketplace rather than a direct lender could be seen as a disadvantage by some because the final loan terms and conditions are determined by individual lenders in the network. This might lead to inconsistency in loan terms. Due to this, users may receive numerous offers, calls, and emails from lenders which could become overwhelming.

Pricing, interest rates, and fees depend on lenders

The pricing, interest rates, and fees associated with each loan are determined by the specific lenders in LendingTree's network. However, it's crucial to note that LendingTree itself doesn't charge users for its service: the cost of a loan will come from the individual lender chosen. As is standard with business loans, factors such as the loan term length, loan amount, business financial health, and the current market may influence the final costs. Businesses are advised to carefully scrutinize the terms and conditions of each loan offer they receive before making a decision.

Reviews are a mixed bag

LendingTree is accredited by the Better Business Bureau (BBB) since 2019 and has been in operation for 26 years. On the BBB rating system, LendingTree LLC has received an "A+" rating. On the customer sentiment front, however, it has an average score of 1.14 stars out of 5 from 125 customer reviews. There have been 245 customer complaints lodged in the last 3 years, with 65 complaints closed in the last 12 months.

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A lot of positive customer feedback

On Trustpilot, with a 4.4-star rating and over 14,000 reviews, customers are praising the platform's ease of use and quick loan disbursal process. They have shared positive experiences, describing the service quality as "excellent" and the overall interaction as "superb". Small businesses, in particular, seem to find LendingTree's platform user-friendly and essential for their financial needs. Even short, less detailed reviews expressed satisfaction with phrases like "Very Good" and "Nice Services". One user also commended the smooth and beneficial refinancing process through LendingTree.

But some dissatisfied customers too

Among dissatisfied customers on Trustpilot, a recurring complaint is that LendingTree appears to suggest lenders that weren't helpful or didn't approve their loan requests. This has left some users frustrated as they received no assistance getting funding. Some users have also expressed dissatisfaction with the company's handling of cases involving less-than-perfect credit, suggesting a lack of support for customers who are not in an optimal financial position. Overall, these issues highlight potential limitations in LendingTree's ability to match all its users to the most suitable lenders.

Could save you some time - or cost you some

LendingTree offers a significant value proposition for small businesses in search of funding by providing them with a massive variety of loan options to choose from. Despite being a marketplace rather than a direct lender, they have effectively simplified the loan exploration and comparison process. That said, the abundant options could seem overwhelming and the actual loan terms are ultimately decided by the individual lender, which could vary widely. The bottom line? LendingTree can provide you with multiple offers to satisfy your business financial needs.

LendingClub Review 3.5 Star Rating

LendingClub

3.5 Star Rating
  • Loan amounts spanning between $5,000 to $500,000
  • Fixed monthly payments
  • No pre-payment penalty clause
  • Dedicated client advisor to guide throughout the process
  • Swift online application and funds disbursement

LendingClub is a prominent online lending platform that caters to both personal and business financial needs. Its personal loans range from $1,000 to $40,000, providing a flexible solution for various financial requirements such as debt consolidation, home improvement, or major purchases.

Business loans up to $500,000

LendingClub's Business Loans service, in collaboration with the Accion Opportunity Fund, offers loans ranging from $5,000 to $500,000 to help businesses grow. These loans come with a fixed monthly repayment plan that spans from 1 to 5 years, providing businesses with financial predictability. The application process is entirely online, making it convenient and quick for applicants. They don't impose any prepayment penalties, offering the flexibility to clear the loan ahead of schedule.

Application process is easy to understand

The application process for LendingClub is an online, convenient, and rapid service. It revolves around several stages meant to fine-tune the specification of the loan to meet the applicant's precise requirements. It kicks off with the applicant describing their requirements and ends successfully with the transfer of funds to the bank account.

  • The applicant initially needs to discuss their details and the nature of the debt they want to consolidate. Subsequently, they will navigate through different loan and interest rate options and elect the one that satisfies their needs the best.
  • The next step requires confirmation of the details mentioned by the applicant during the signup process, which sometimes may include sending further documents or data about their business or their vehicle (if being used to secure the loan).
  • Upon the completion of these stages, the loan is automatically deposited into the applicant's bank account.

Rates and fees not openly disclosed for business loans

LendingClub doesn't provide specific information on business loan rates and fees. That is likely due to the more dynamic conditions around loans and will need to be part of your discussion with the loan representative you work with. However, it can be helpful, as a substitute, to look at Personal Loans rates and fees, which are determined based on the creditworthiness of the applicant. The personal loan amounts range from $1,000 to $40,000, and the loan term options are either 3 or 5 years. There are no application fees, prepayment fees, or brokerage fees. However, an origination fee, which is included in the APR, ranges from 3% to 6% of the loan amount, depending on the grade of the loan. Late payment fees and check processing fees may apply in some cases.

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Eligibility criteria are easy to meet for most applicants

The eligibility criteria for LendingClub's small business loans are fairly transparent. It accommodates enterprises that have spent 12 months or more in business and can affirm an annual sales revenue of at least $50,000. Furthermore, the company must be based in the U.S, and the applicant should own at least 20% of the business. On the downside, while LendingClub tries to accommodate a variety of enterprises, their eligibility criteria might not cater to all. Start-ups, in particular, might face some difficulty aligning with these requirements. It's also important to note that application submission may end up causing a hard pull of the applicant's credit report. This could potentially impact their credit score with major credit reporting agencies.

Is $500,000 enough for your business?

Moreover, while the available loan range between $5,000 to $500,000 caters to a wide category of businesses, it might not suffice for enterprises seeking large-scale investment.

Pricing and interest rates disclosed later

In terms of costs, specific information about pricing, interest rates, or fees isn't explicitly mentioned on the LendingClub website and tends to vary based on individual credit profiles and the specific lending terms. However, one noteworthy aspect is that all credit products are subject to sufficient investor commitment and approval, adding an extra level of scrutiny and potential variability in the loan process.

Solid feedback from clients

LendingClub has received high praise from its customers on Trustpilot, with many lauding the speed and efficiency of the loan application and approval process. Notably, the company's rapid transfer of funds post-approval was a standout feature. Customers also appreciated the easy-to-navigate application process and the favorable terms with regard to interest rates, loan duration, and repayment schedules. Additionally, transparency in procedures and responsive customer service were key aspects that further enhanced the customer experience.

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Payoffs may not go 100% smoothly

Some customers express dissatisfaction particularly over the handling of loan payoffs. They express frustration due to the delay in credit reflecting in their accounts post-payment. Additionally, customers criticized customer service, citing a lack of satisfactory responses and difficulty in gaining access to supervisors for escalation requests.

Be aware of past legal action

One major item to note is a now-settled government action against LendingClub. According to the Better Business Bureau (BBB), LendingClub Corporation, despite its 17 years of experience and an "A+" rating, faced a significant government action in 2018 when the Federal Trade Commission stated that LendingClub promised customers "no hidden fees" but in fact deducted hidden fees from loan funds. The FTC also accused the company of continuing to charge customers who had canceled payments or paid off their loans entirely, among other allegations.

FTC settlement

In 2021, without admitting wrongdoing, LendingClub agreed to pay $18 million to settle these charges. As part of the settlement, the company is now barred from making any misrepresentations to loan applicants and must clearly and conspicuously disclose any upfront fees and the total amount of funds that borrowers will receive. Even though this settlement happened in 2018, it still represents a significant negative mark against the company in the context that none of the other reviewed companies seem to have had a similar controversy. Take this into consideration when attempting to obtain a business loan from LendingClub.

Final verdict is a qualified yes

LendingClub, leveraging its strategic alliance with Accion Opportunity Fund, provides a comprehensive financial solution serving businesses seeking additional funding. The program is designed to cater to the specific capital needs of an array of businesses, enhancing its appeal to a broad spectrum of enterprises. The business loan offerings stand out with notable benefits including the absence of prepayment penalties, predictable fixed monthly payments, a wide loan amount range, and the provision of dedicated client advisors. The advantages certainly outweigh the drawbacks. Therefore, for businesses that meet the eligibility criteria, LendingClub's business loans emerge as a viable and recommended option.

Fundera Review 3 Star Rating

Fundera

3 Star Rating
  • Between $50,000 to $500,000 loan amounts
  • Access to many different types of business loans
  • Dedicated loan specialists
  • Wide range of affiliate services
  • High satisfaction rates as evidenced by Trustpilot reviews
  • Accredited by the Better Business Bureau with an "A+" rating

Fundera serves as a multifaceted financial platform for small businesses, providing a range of loan options and additional services, guided by expert loan specialists. From its inception in 2014, the platform has built itself up as a reliable partner for entrepreneurs seeking advice on and options for business funding. Though Fundera does not directly lend to businesses, its platform associates borrowers with a broad array of lenders who can offer loans up to $5 million, depending on the specific needs of the applicant.

Connect you with multiple lending options

Fundera's strength lies in the variety of financial solutions it brings to the table. It offers access to many different types of business loans and features a host of lenders for borrowers to select from. This wide range of loan and financing types ensures that regardless of your business's specific financial needs, you can find a suitable and fitting option. They provide access to Small Business Administration (SBA) loans, business term loans, business lines of credit, and startup loans. Furthermore, they cater specifically to businesses with incoming invoices through invoice financing and to businesses requiring equipment through equipment financing. For businesses seeking short-term solutions, they provide short term business loans and merchant cash advances. Overall, Fundera's diverse and flexible loan offerings make them a holistic solution for a small business's financial needs.

Benefits particularly for newer small-business owners

A distinguishing feature of Fundera is the assistance provided by dedicated loan specialists. As an entrepreneur using the platform, you gain the expertise of financial professionals who guide you through the funding process. For small businesses that may lack extensive knowledge of financing options, this is a significant advantage. These specialists offer comprehensive, shareholder-friendly financial advice, assisting businesses in making informed decisions about their financial futures.

Additional services to help you grow

Beyond loan access, Fundera provides related services. For instance, they offer an ISO loan referral affiliate program, making it possible for businesses to earn by referring others to the platform. The company also provides recommendations for credit cards, highlighting those tailored to the specific needs of small businesses. This array of solutions makes Fundera an all-encompassing financial resource.

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Application process is more complicated than many rivals

The application process for a business loan through Fundera is more involved and less convenient than with other business loan services.

  • It starts with understanding your business needs and identifying the type of funding that would be most suitable.
  • Next, you'll need to gather necessary documents like business financials, tax returns, and legal documents. It's also important to assess your business credit score as lenders often consider this in their decision-making process.
  • Once you have all this information ready, you can fill out Fundera's online application. After the application is submitted, Fundera matches your business with potential lenders.
  • The final steps involve reviewing the terms of any loan offers, selecting the one that fits best and then closing the deal with the lender.

It's crucial to understand the terms and conditions before signing the loan agreement. Fundera's dedicated advisors support you throughout this process.

Limitations inherent to a referral service

However, it's important to note that Fundera has some limitations. An obvious downside is that Fundera does not function as a direct lender. It is strictly a marketplace that connects borrowers with potential lenders. This setup means that the service has no control over the terms and rates you ultimately get, which can lead to discrepancies between what is expected and what is received. Another issue encountered by some users is the lack of transparency. The company offers a wide variety of financial products, and the terms and conditions vary significantly across lenders, inevitably leading to confusion or misinterpretations among borrowers. This could be improved through clearer communication regarding the specific terms of their partner lenders.

Funding takes longer

Fundera also has a longer funding turnaround time compared to its peers. For businesses that urgently need funding, the waiting period could potentially lead to missed opportunities.

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High ratings

When it comes to customer ratings, Fundera has received mostly positive feedback. On Trustpilot, it holds a commendable average rating of 4.7 out of 5, showing high customer satisfaction. The company also has 890+ reviews on Facebook and Trustpilot, with an average rating of 4.6 out of 5, indicating that the vast majority of users found Fundera's services satisfactory. Fundera is also accredited by the Better Business Bureau, upholding an "A+" rating. Over the past three years, only two complaints against Fundera were lodged and have since been addressed and resolved.

Positive customer feedback...

Customers have shared high praise for Fundera's service and assistance in acquiring capital for their respective businesses. Reviewers have commended the company's loan specialists for their professionalism, diligence, and effective communication, notably mentioning several representatives by name for their exceptional assistance. They praised Fundera for its quick and efficient funding process, clarity and simplicity in presenting loan options, and dedicated attention to individual business needs. Although a few reviewers are still monitoring the impact of the acquired capital on their businesses, the overall consensus indicates that Fundera has fostered positive experiences and beneficial outcomes for its clients.

...and then there are the negatives

On the downside, there's a contrasting score on BBB, with a 1 out of 5 stars rating. While most clients rate Fundera close to five, there have been controversies about Fundera dealing with reputedly dubious financiers. Fundera maintains that they're transparent about their partner lenders. There were also complaints about high interest rates, lack of communication, unprofessional behavior, and difficulties with the application process. Some clients felt misled about loan approval statuses and were dissatisfied with the way their personal information was handled, while others experienced unexpected delays or were completely ghosted by company representatives. Despite these negative reviews, it's worth mentioning that such issues were not the norm and Fundera's overall rating remained high.

Good but not quite great

Fundera provides a variety of financial solutions that cater to businesses of different sizes and needs, offering the assistance of dedicated loan specialists who add significant value. However, the lack of transparency in terms and conditions and the longer funding turnaround time could pose drawbacks for some businesses. Fundera seems to be on the right track so far, but there's at least one other business loan referral platform that we'd recommend you try first.

Upstart Review 2 Star Rating

Upstart

2 Star Rating
  • "A" rated and accredited by the BBB
  • High loan amounts from $1,000 to $50,000 (1)
  • Fixed 3 or 5 year terms (3)
  • Efficient application process
  • Borrowers can get funds as fast as one business day (4)
  • Machine-learning fair credit assessment
  • Origination fees disclosed at the time of loan offer

Upstart has been making a name for themselves in the industry by leveraging technology to offer an improved and streamlined lending experience. Developed by a group of ex-Google staff, Upstart prides itself in its use of artificial intelligence and machine learning to fast-track loan applications and provide accurate risk assessments. This decision-making model takes into account factors like employment history, education, and credit score.

Personal loans can be used for any purpose

Upstart specializes in personal loans that can be used for a variety of purposes such as home improvements, medical expenses, tuition, taxes, and large purchases. Other types of loans include debt consolidation loans. This wide range of options empowers consumers with the flexibility to select a loan product to meet their specific needs. Another noteworthy feature on offer is the ability to pay the loan early without prepayment penalties, providing borrowers with the opportunity to save on interest.

Terms and conditions are clearly stated

The range of loan amounts can start from $1,000 and can reach as high as $50,000. Interest rates and loan term lengths can vary greatly based on the borrower's creditworthiness and loan amount. Available loan terms can range from three to five years, which provides flexibility for borrowers. Borrowers should be aware that late payment or returned-payment fees will apply, and APR ranges are based on your creditworthiness and your state of residence.

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Application process is uncomplicated

The process of applying for a loan with Upstart is straightforward and user-friendly. You simply log onto the site and click the "Check Your Rate" button, and you're walked through a few simple steps to provide necessary information. This includes your credit score category, date of birth, address, email, annual income, rental/mortgage payment, and other related inputs. From there, the platform performs a soft credit check - which does not impact your credit score - to determine your eligibility and conditions for a loan. The process takes only a few minutes.

The positives are definitely there

On Trustpilot reviews, we found that Upstart's customers value the fast and efficient application process, quick funding, and professional service. Many reviewers emphasize that their loan process was straightforward and user-friendly, allowing them to access needed funds in record time and at lower rates than competitors.

Some concerns raised

Nevertheless, there are some concerns. The most common critique pertains to higher-than-expected interest rates that some borrowers find burdensome. A handful of customers faced technical snags during the application process, while others felt their customer service experience left much to be desired, citing communication lags and lack of clarification on key topics. On the other hand, Upstart currently has an "A+" rating from the Better Business Bureau (BBB), shining a light on their trustworthiness.

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Biggest problem? Not for business loans

Upstart is a provider of personal loans. They used to provide business loans but they have removed that feature from their offerings for the foreseeable future. We've evaluated them among business lenders because they used to offer them, may still at some point, and you could theoretically use a personal loan to cover your business needs. However, Upstart can't provide an actual business loan; that's why you won't see options in the hundreds of thousands (or even millions) here like you'll find with other lenders on our list.

Better suited for personal loans

For personal loans, the smooth online interface, speedy approval process, and flexible loan options make it an attractive platform. Potential borrowers, however, should be prepared to face occasionally high interest rates and might sometimes encounter inconsistent customer service. The convenience and efficiency of the Upstart process could outweigh these negatives, especially for borrowers in need of quick access to funds for diverse personal needs. While the advantages of Upstart personal loans are apparent, the inability to provide business loans will deter business customers.

Atlas One Fund Review 1 Star Rating

Atlas One Fund

1 Star Rating
  • Between $5,000 and $5,000,000 loan options
  • 24-hour funding for approved applications
  • No collateral is required for most products
  • Flexible repayment terms
  • Various financing options for different needs
  • Fast online or phone application

Atlas One Fund is a business loan provider that provides multiple financing options for small businesses that want money for their operations faster than traditional bank loans. Atlas One Fund isn't a bank, so it can provide a streamlined funding process that business owners can use to access the capital they need to launch and grow their operations in a more timely manner than through other means.

Financing options are varied

Atlas One Fund offers several financing products to meet different business needs, including a Merchant Cash Advance (MCA). It provides a lump sum of cash in exchange for a percentage of future credit/debit card sales with no credit score requirements and funding within 24 hours. Another option is a Business Loan, which serves as an unsecured loan alternative to bank loans. It does not require collateral and has a fast approval process within 24 hours. All of Atlas One Fund's financing products have flexible repayment terms and do not require minimum credit scores, and businesses in any industry can apply.

Business Line of Credit

Additionally, they offer a Business Line of Credit that provides access to a revolving line of credit up to $500,000. With a Business Line of Credit, businesses only repay amounts withdrawn plus interest and can receive 24-hour approval. Finally, they offer Equipment Financing in the form of loans or leases to purchase equipment with terms of up to 5 years, requiring one year in business.

Application process has problems

Applying is supposed to be simple according to the website's promotional copy. It says that you can apply online or over the phone by providing the amount you need, your monthly revenue, and contact information. However, the website's application form did not recognize as valid a perfectly valid U.S. phone number we entered, so we were unable to go through all the steps. An alternative path led us to a Dropbox Sign page where they wanted us to give up our email address and then review and sign an intimidatingly long legal document.

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Be aware of the eligibility requirements

From what we could gather from the rest of the website, the system evaluates the business and typically provides a decision within 24-48 hours. To be approved, businesses must have been in operation for at least 1 year, have a FICO score of 600+, and average monthly revenue of $10,000+. If approved, closing documents are signed and funds are deposited via wire transfer or ACH, sometimes on the same day. No collateral is required for most products.

Some advantages (maybe)

There are several potential benefits to obtaining financing from Atlas One Fund. The application process is (allegedly) fast, with most loans being deposited within 24 hours of approval. This allows you to access capital quickly when you need it. Additionally, no collateral is typically required for their financing products. Not having to pledge an asset can make obtaining funds more feasible for some. Atlas One Fund also offers flexible repayment terms that work with various business cash flows. And, they provide different financing options so you can choose the one best suited to your particular needs.

  • The application process is fairly quick, with most loans being deposited within 24 hours of approval. This allows you to access capital quickly when you need it.
  • Additionally, no collateral is typically required for their financing products. Not having to pledge an asset can make obtaining funds more feasible for some.
  • Atlas One Fund also offers flexible repayment terms that work with various business cash flows. And, they provide different financing options so you can choose the one best suited to your particular needs.

Too many downsides

However, there are also some drawbacks to consider.

  • Interest rates and fees tend to be higher compared to traditional bank loans. This means financing from Atlas One Fund is likely to cost more in the long run.
  • Eligibility criteria for approval are also strict. Applicants must meet minimum requirements around credit scores, time in business, and revenue levels. This can exclude some businesses that need help. Products like merchant cash advances also involve daily or weekly repayment of future credit card or debit card sales.
  • Repaying a portion of revenue streams over time adds complexity versus a regular loan payment. You must also carefully consider the overall application of funds due to the higher costs of financing.

In weighing the pros and cons, you'll need to assess whether the faster funding and flexible terms from Atlas One Fund outweigh the increased interest and fees. The financing may make sense for some, but others may be better suited to alternatives depending on their specific situation and ability to qualify. A thorough review of all options is advised before applying.

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No customer reviews

Unfortunately, there were no customer reviews available when we evaluated Atlas One Fund. Neither Trustpilot nor the Better Business Bureau had listings and reviews. That's a huge problem when a small business owner like you is trying to determine if a lender has the reputability and the track record of customer service to help guide them through something as impactful as a business loan.

It's a no from us

Atlas One Fund's streamlined application and fast funding process allow most businesses to receive funds within 24 hours if approved. However, eligibility requirements are strict and financing comes at higher costs than traditional bank loans. The fact is that in order to get a loan, borrowers must demonstrate a certain trustworthiness via their credit scores. It's only fair that lenders be treated the same from the borrower's perspective through trusted review sites. Atlas One Fund is the only company to have no reputational measurement through trusted outlets like Trustpilot and the Better Business Bureau. That puts them at the bottom of our recommendation list.

Upstart Disclosure

(1) Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

(3) The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 22.00% and 60 monthly payments of $25.03 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,018 including a $600 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

(4) If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Compare the Best Reviews

Continued from above...

Online business loans have gained immense popularity in recent years, transforming the landscape of financial transactions for entrepreneurs and small business owners alike. The appeal of these loans extends beyond mere convenience; it encompasses a variety of factors that business owners are increasingly taking advantage of.

One important aspect that contributes to the popularity of online business loans is the accessibility they provide. Unlike traditional lending institutions, online lenders offer a streamlined application process that can be completed from the comfort of your home or office.. This accessibility is a game-changer for busy entrepreneurs who may find it challenging to carve out time for lengthy in-person meetings with traditional lenders. The online platform enables borrowers to initiate the loan application at their convenience, eliminating the need for physical presence and extensive paperwork.

The speed at which online business loans are processed is also a significant driving force behind their increased popularity. Traditional banks often involve prolonged approval procedures, requiring extensive documentation and meticulous scrutiny. In contrast, online lenders leverage technology to expedite the approval process. With algorithms and automated systems, these lenders can often assess applications quickly, providing borrowers with prompt decisions. This quick turnaround is particularly crucial for businesses facing urgent financial needs or time-sensitive opportunities.

Another often overlooked reason why online business loans have become so popular is the flexibility the offer. Traditional lenders often adhere to rigid criteria, which makes challenging for businesses with less-than-perfect credit histories to secure funding. Online lenders, on the other hand, often consider a broader range of factors in their assessment, including the business's online presence, cash flow, and overall financial health. This flexibility opens up opportunities for a more diverse array of businesses and financial conditions.

So how do you determine which business lender is right for you? There are several key considerations you should weigh in your evaluation:

  • Loan amount and interest rate: What's the maximum amount you can borrow, and what are the interest rates like for loans of that size?
  • Application process: Is it possible to tackle the loan application online? How streamlined and user-friendly is the application process?
  • Business history requirements: Is there room for a brand-new business to secure a loan, or do you need a certain amount of operating history? What other requirements or collateral might be necessary?
  • Lender reputation: Does the lender have a solid track record of ethical business practices, as evidenced by their BBB rating or other industry standards?

These factors are especially important as lenders adapt and evolve their services. For a rundown of the top business loan providers, Top Consumer Reviews has curated a list of the best options out there. This resource will help you secure the most suitable loan for your business at a manageable 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
  • National Funding
  • National Business Capital
  • CAN Capital
  • Balboa Capital
  • Funding Circle
  • LendingTree
  • LendingClub
  • Fundera
  • Upstart
  • Atlas One Fund
National Funding vs National Business Capital National Funding vs CAN Capital National Funding vs Balboa Capital National Funding vs Funding Circle National Funding vs LendingTree National Funding vs LendingClub National Funding vs Fundera National Funding vs Upstart National Funding vs Atlas One Fund National Business Capital vs CAN Capital National Business Capital vs Balboa Capital National Business Capital vs Funding Circle National Business Capital vs LendingTree National Business Capital vs LendingClub National Business Capital vs Fundera National Business Capital vs Upstart National Business Capital vs Atlas One Fund CAN Capital vs Balboa Capital CAN Capital vs Funding Circle CAN Capital vs LendingTree CAN Capital vs LendingClub CAN Capital vs Fundera CAN Capital vs Upstart CAN Capital vs Atlas One Fund Balboa Capital vs Funding Circle Balboa Capital vs LendingTree Balboa Capital vs LendingClub Balboa Capital vs Fundera Balboa Capital vs Upstart Balboa Capital vs Atlas One Fund Funding Circle vs LendingTree Funding Circle vs LendingClub Funding Circle vs Fundera Funding Circle vs Upstart Funding Circle vs Atlas One Fund LendingTree vs LendingClub LendingTree vs Fundera LendingTree vs Upstart LendingTree vs Atlas One Fund LendingClub vs Fundera LendingClub vs Upstart LendingClub vs Atlas One Fund Fundera vs Upstart Fundera vs Atlas One Fund Upstart vs Atlas One Fund
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