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LendingClub vs Advanced Commercial Capital

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LENDINGCLUB

LendingClub is known as a peer-to-peer lending company. They match borrowers looking for loans between $5,000 to $300,000 with offers from several different lenders. LendingClub has one of the lowest rates available for business loans, starting at 6.16% and going up to 35.89%. LendingClub has an A rating with the Better Business Bureau and has helped facilitate more than $16 billion in loans.

LendingClub has several requirements for those wishing to take out a business loan:

  • At least $75,000 in annual sales
  • 2+ years in business
  • Own at least 20% of the business
  • No recent bankruptcies or tax liens
  • Fair or better personal credit

As with most lenders, the best LendingClub business loan rates are available to those with excellent credit and an established business history.

Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan (debt consolidation, equipment purchase, and so on), and your business' information (for example, address, years in operation, number of employees, and structure, such as LLC, sole proprietorship, and so on)
  • LendingClub will verify your business' identity and creditworthiness
  • After verification occurs, your loan and loan terms will be available for you to select from
  • Select your loan
  • LendingClub authenticates your bank account
  • You receive your funds

The size of your loan and your business history can have an effect on the turnaround time of your loan, but many customers receive their loans within a week or less. LendingClub's Client Advisors are also available Monday through Friday from 6am-5pm Pacific Time, to answer any questions you may have about the lending process. Your loan request will be listed on the LendingClub website for up to two weeks, or until lenders are willing to fully fund your request.

Taking out a business loan typically comes with fees beyond the interest paid on the loan itself. At LendingClub you should expect to pay an origination fee from 1% to 6% of the loan amount, depending on your loan and loan terms. For example, if your business loan is $100,000, your origination fee would be somewhere between $990 and $6,990.

If you need a business loan to grow your company, LendingClub offers highly competitive rates and an uncomplicated application process, backed by years of successful lending to numerous businesses around the country.

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ADVANCED COMMERCIAL CAPITAL

Based in southern Utah, Advanced Commercial Capital provides business loans through a system known as factoring: a business in need of quick cash essentially sells its outstanding accounts receivable to a financial institution (called a "factor"), and that institution buys those accounts at a discount as its fee for the service. Those fees, which would be somewhat comparable to an interest rate on a loan, typically range from 5.5% to 10%, depending on the credit risk of the invoices purchased by the factor. Those rates are significantly lower than most business loans provided by other services in our review.

When deciding to work with a client, ACC looks to see if the business is essentially successful but having issues with managing their cash flow as they provide goods and/or services to stable customers with good credit. The initial application form is somewhat lengthy; prospective customers must provide detailed information regarding their business, including the structure (for example, sole proprietorship, LLC, and so on), owner(s), primary industry, and at least two trade references. Once the application has been submitted, ACC typically renders a decision within 72 hours. After receiving an original invoice and supporting documentation, businesses can expect to have the funds within 24 hours.

When evaluating ACC's reputability as a business loan provider, we noticed several things that could be cause for concern. First, we were unable to find a Better Business Bureau rating for Advanced Commercial Capital; along with a LinkedIn profile showing that the company has 10 or fewer employees, ACC does not seem to be a key player in the business loan market. Also, both the blog and the Facebook page for Advanced Commercial Capital haven't been updated since 2014, again leaving us to wonder exactly how active ACC is within the lending market. On a positive note, a call to the toll-free number featured prominently at the top of ACC's website was answered quickly; the representative reassured us that they are still very active in the lending industry and that they are working on updating both the Facebook page and the blog in the near future.

In summary, ACC may be the perfect lender for established businesses that want an alternative to a traditional business loan and interest rates that are potentially much lower than what they could obtain elsewhere. However, because Advanced Commercial Capital focuses primarily on factoring-type lending, they may not be the best fit for a large number of potential customers, especially those who are looking for startup cash.

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Business Loans

To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and Advanced Commercial Capital.

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.

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!



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