TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

LendingClub vs Capital Loan Hub

We recommend

 

Disclosure: We are not compensated by companies for their reviews, but we may be compensated for links and advertisements on our website. Click here for details.

 

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.

Visit Site >

CAPITAL LOAN HUB

CapitalLoanHub claims to connect businesses with lenders for no-collateral business loans up to $500,000. While this may be accurate, we found too few details about CapitalLoanHub to know if they are a trustworthy partner for a process that involves such a large amount of money and personally identifiable information.

For example, most reputable lenders and referral services have multiple ways to communicate, whether that's via live online chat, a toll-free number, or all of the above. The only contact methods offered by CapitalLoanHub are an online contact form and an email address - despite being told in the FAQ that prospective customers can call or visit one of their storefronts with any questions. Given that they list their physical address as being on the island of Nevis in the Caribbean, we feel that most American-based businesses will be uncomfortable sharing their private information with CapitalLoanHub, even just to be connected with another (hopefully reputable) lender. There is no guarantee that their information will be kept secure during the process of matching them with possible sources for a business loan.

Even on CapitalLoanHub's "Do I Qualify?" page, there are no specifics as to their lenders' requirements. Do businesses have to be in operation for a certain length of time, have a minimum level of monthly income, or provide a Social Security Number for at least one of the applicants? There's no way to know without providing information; even the "Get Started Now" form has options ranging from "not yet in business" to "5 or more years" time in business, but many business loans are not offered to startups or newer companies.

With so little to prove that CapitalLoanHub is a reliable source for business loans, we can only give them a low rating at this time. We believe you'll have a much more secure and successful process in obtaining your next business loan with one of the higher-rated lenders in our review.

Visit Site >


Business Loans

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

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!



Business Loans In The News

OnDeck Canada Adds New Revolving Credit Facility to Finance Small Business Loans

TORONTO, July 18, 2018 /CNW/ -- OnDeck® (NYSE:ONDK), the leader in online lending for small business, announced today the closing of a CAD50 million asset-backed revolving credit facility with Credit ...

Published:  Wed, 18 Jul 2018 03:30:00 GMT



Behind the Loan: Bank of San Antonio enlists private equity partners to make client's financing possible

Editor's Note: Every business loan has a story of people striving to achieve a goal. With an eye on finding and telling them, the Business Journal is launching "Behind the Loan," an occasional series ...

Published:  Wed, 18 Jul 2018 04:16:00 GMT



Salem student loan collection firm caught in U.S. Department of Education "˜politics'

Meanwhile, the company is struggling to diversify its business to lessen the impact of the decision. In 2009, Windham was one of seven companies to win a five-year contract to handle graduates that ha...

Published:  Wed, 18 Jul 2018 06:42:00 GMT



Google's new "˜Grab and Go' project helps business loan Chromebooks to their employees

At Google, the company offers a "˜Grab and Go' program that allows employees to use self-service stations to quickly borrow and return Chromebooks without having to go through a lengthy IT approval pro...

Published:  Tue, 17 Jul 2018 00:00:00 GMT



Business Loans: Is Having Bad Credit the End of the Road

Running any business-small, medium, or big-is never easy. Besides all the dedication, passion, and hard work you'll need to put in every moment, you should have constant access to capital or funds to ...

Published:  Mon, 16 Jul 2018 03:25:00 GMT



Santander's New Operating Platform from nCino Ensures Faster Loan Processing and an Optimal Experience for Business Banking Customers

Cloud-based Bank Operating System Will Cut Time to Deliver Loan Decisions by Approximately 40% BOSTON, July 17, 2018 /PRNewswire/ -- Santander Bank's Business Banking clients are being introduced to a ...

Published:  Tue, 17 Jul 2018 07:05:00 GMT



Long Island's Gold Coast Bancorp Reports 7% Deposit and 5% Loan Growth in 2018

ISLANDIA, N.Y.--(BUSINESS WIRE)--Gold Coast Bancorp ... There were no FHLB borrowings outstanding at June 30, 2017. Total loans outstanding at June 30, 2018 were $402 million, an increase of $21 milli...

Published:  Wed, 18 Jul 2018 06:38:00 GMT



LendKey and Gradifi Team Up to Help U.S. Employers Offer a Student Loan Refinance Benefit to Employees

BOSTON--(BUSINESS WIRE)--Jul 18, 2018--Gradifi, a leading provider of student loan and college savings benefits, today said it is now offering access to LendKey's nationwide network of lenders through ...

Published:  Wed, 18 Jul 2018 07:37:00 GMT




We recommend

 

- View Full Site -