Best Business Loans for April 2019

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LendingTree vs Balboa Capital

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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.

LENDINGTREE

If you'd like to get a feel for the different types of business loans available and some possible partners that would fund the loan you choose, LendingTree can help. Unlike most of the other business loan sources in our review, LendingTree does not fund loans directly but instead serves as a connection between borrowers and lending partners.

LendingTree is very helpful when it comes to understanding different types of business loans. Do you know the difference between a Small Business Loan and an SBA Loan? How about between a Working Capital Loan and a Business Line of Credit? If not, don't worry - you'll find a wealth of information on the main business loan page. Just click on the various types of loans listed and you'll find detailed explanations, along with helpful Pros/Cons summaries to help you understand at a glance.

To get an idea of what LendingTree has to offer for your business, the main landing page (as well as the link for Business Loans on the primary site) will ask you first to choose what kind of business you have:

  • Sole Proprietorship
  • Partnership
  • Corporation
  • S-Corporation
  • LLC

From there, you'll choose the range of loan you're looking for, from less than $15,000 to more than $300,000. Enter the month and year that you started your business (or the acquisition date), your monthly revenue, and whether or not you've filed for bankruptcy in the last 7 years. You'll then need to provide your business' name, phone number, and email address in order to see your funding options. Just be aware that if you put it "dummy" information just to see your possible loan details, you'll get an error message saying that your data doesn't match.

The number of lenders a business is matched up with can vary significantly. Factors such as income, years in business, location and more will help determine how many companies are potentially interested in lending you money.

Of course, in order to get your loan funded, each lending partner will have their own specific requirements. LendingTree does a decent job of communicating that to prospective borrowers, giving a list of steps and documents, you should expect throughout the process, such as putting together a cash flow projection and gathering papers like your business license and your personal/business tax returns.

LendingTree reduces the headache many of us face attempting to borrow money. No need to complete multiple applications from local lenders when LendingTree serves as the liaison between business owners and banks. LendingTree provides a fast and efficient process of identifying potential lenders as well as a wealth of information for those looking to borrow for business purposes.

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BALBOA CAPITAL

Balboa Capital is a well-known company in the business loan market. Located in Irvine, CA, Balboa has been helping borrowers get the funds they need to start or grow their businesses anywhere in the US for nearly two decades.

Business owners looking to get a loan have two primary choices: small business loans or equipment leases. For either option, the process is simple:

  • Start by getting a free quote; for a small business loan, choose the amount desired, from $1000 to $250,000, and the desired term, from three months to one year. For example, a loan of $100,000 with a term length of 12 months is estimated to cost $446-$462 daily (or approximately $13,380-$13,860 per month).
  • Complete a short online application, providing basic details such as number of years in business, percentage of ownership, and location. (Note: the owner's social security number is required.)

Once those two steps have been completed, an account manager from Balboa Capital will contact the prospective borrower - often within a matter of minutes, and almost always the same day - with a decision on the loan. If approved, equipment financing is typically funded on the same day, and business loans are funded within a few days.

While Balboa Capital's site doesn't make their interest rates obvious or easy to find, we calculated on our sample loan described above that the interest rate would be somewhere around 60%! We highly recommend that prospective borrowers make sure to be very exact with their businesses' details (for example, years in business, total revenue, credit history) and to read the fine print, to make sure that any loan terms offered by Balboa Capital are reasonable, given the difficulty in determining outright what interest rates and fees might be expected.

We're encouraged to see that Balboa Capital maintains a perfect A+ rating with the Better Business Bureau, and an excellent rating across 72 reviews gathered by Trustpilot. Based on information offered by Balboa Capital's customers, we suggest that borrowers make sure to understand any origination fees, termination fees, and other costs, as some reviews express frustrations with unexpected costs in the fine print, especially for customers using Balboa's equipment lease program.

While we would have liked to see more transparency with Balboa Capital's interest rates and fees, their well-established history and excellent rating with the BBB make them a contender within the business loans market. As with any borrowing situation, customers should make sure to have a clear understanding of any possible fees and other costs before signing on the dotted line.

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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

China big banks hiked small business loans 17 pct in Q1, reduced interest rates -regulators

BEIJING/SINGAPORE, April 25 (Reuters) - Chinese banks have extended more loans at lower interest rates to small firms in the first quarter, heeding Beijing's call to support the economy, banking ...

Published:  Thu, 25 Apr 2019 00:18:00 GMT



4 Reasons Why Your Business Might Need A Loan

It is not unusual for a business to need a loan. It does not matter the size or time that it has been in operation. Companies ask for loans every other day. Managing all costs in business may not ...

Published:  Tue, 23 Apr 2019 06:24:00 GMT



LendingClub to stop originating small-business loans

LendingClub is shutting down its 5-year-old business lending arm, which was dwarfed by its flagship consumer loan unit, and will refer prospective commercial borrowers to two partner companies. Under ...

Published:  Tue, 23 Apr 2019 11:17:00 GMT



Shetland Islands Council loans local business £300,000 for housing project under pilot scheme

Shetland Islands Council has approved a loan of £300,000 to building firm BA Builders to allow for new homes to be constructed in rural areas. The loan is designed to create 13 modern and energy ...

Published:  Thu, 25 Apr 2019 01:17:00 GMT



Disaster declaration makes SBA, USDA loans available in Wyoming, Livingston counties

ALBANY - The U.S. Small Business Administration has Economic Injury Disaster Loans available to several New York counties, including Livingston and Wyoming, as a result of excessive precipitation that ...

Published:  Thu, 25 Apr 2019 02:55:00 GMT



How I Got to Know Federal Home Loan Banks and Why You Should, Too

But FHLBs have been evolving. For instance, despite the "home" in the banks' name, members can now borrow from their regional FHLB to support loans for small business or community development and ...

Published:  Thu, 25 Apr 2019 03:10:00 GMT



Gen Z is ambitious about homeownership, and it's becoming clear that even high costs and student loans won't stop them

As Business Insider's Hillary Hoffower reported ... sooner than millennials did while trudging through a sluggish economy. Gen Z still has student loan debt, but it doesn't seem to be a major ...

Published:  Wed, 24 Apr 2019 08:59:00 GMT



GE's Subprime Loan Business Files Chapter 11

WMC Mortgage sought bankruptcy protection to resolve remaining legal liabilities over defective loans it originated before the 2008 financial crisis. General Electric has put its defunct subprime ...

Published:  Wed, 24 Apr 2019 05:33:00 GMT



Fintech overtakes HSBC and Santander as banks pull back from business lending

London-based Iwoca was founded in 2011 and offers online loans of up to £200,000 to small ... to set up a £775m fund to boost competition in business banking in the same year.

Published:  Thu, 25 Apr 2019 00:21:00 GMT




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