Best Business Loans
Click on any of these items to see their review
Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.
LendingTree vs CAN 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.
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:
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.
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.
Unfortunately, CAN Capital is not one of the lenders in our review who make business loans to startups: they require borrowers to have been in business for at least four months and have monthly revenue that is relatively stable.
The application process is relatively simple and is comparable to other lenders' in our review: enter basic information about the business, such as the gross monthly sales, number of months or years in business, and the business' location. Once the application is approved, funds can be sent is as little as two business days.
While CAN Capital doesn't publish their APR during any part of quote or application process, there is a calculator that allows prospective borrowers to enter the amount of their monthly sales, the desired loan amount and term, and see the weekday payment, principal amount and the total repayment amount. Of course, this is just an estimate; the final loan offered would naturally depend on the business' history, creditworthiness, and actual loan terms. Customers should make sure to read the fine print: both when we ran our own theoretical scenarios and when we considered CAN Capital's reviews, we saw interest rates around 30%, all the way up to 85%! Given that CAN Capital focuses on small businesses, particularly those who haven't been able to qualify for a traditional loan, we wonder if such high interest rates will actually help a business to succeed instead of being overburdened with (additional) debt.
Another possible downside of having a business loan with CAN Capital is the effect on one's personal credit; one customer complained that CAN Capital pulled a hard inquiry on their personal credit every six months for the duration of their loan, even though the customer had no late payments or any other issues with the loan.
On the other hand, CAN Capital has been accredited with the Better Business Bureau since 1998 and carries an A+ rating. In our opinion, this carries a great deal of weight and would indicate that, overall, CAN Capital is doing a good job of providing loans to almost 140,000 small businesses in ways that are honest and trustworthy.
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:
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
GOVERNMENTS and commercial banks at all levels must join forces to explore various measures to make small business loans and financing commercially sustainable, to which effective risk management is ...
Published: Sun, 26 May 2019 09:00:00 GMT
When I graduated in May 2011, I was filled with anxiety about my student loans. I had just graduated with my Master's in Performance Studies from New York University. For my BA, I had borrowed $23,000 ...
Published: Fri, 24 May 2019 21:02:00 GMT
and the impact of reserves associated with non-performing loans. The first quarter results include an increase in operating expenses associated with the organic build-up of the Bank's SBA lending ...
Published: Fri, 24 May 2019 06:30:00 GMT
The Loan Shark Protection Act would limit the interest charged on credit cards to 15 percent. A 15 percent cap would be too low-naively too low. Too bad the bill's sponsors, Sen. Bernie Sanders and ...
Published: Fri, 24 May 2019 14:28:00 GMT
CHARLOTTESVILLE, Va. (WVIR) - Business owners in Charlottesville are seeing a return on their investment into clean energy, thanks to a citywide program. The Clean Energy Loan Program pays off the ...
Published: Sun, 26 May 2019 16:18:00 GMT
There are now more than 2.5 million veteran-owned businesses in the United States - the vast majority of which are small businesses and sole proprietorships. Even so, veteran-led businesses employ ...
Published: Fri, 03 May 2019 17:00:00 GMT
The majority of big banks require minimum loan amounts and are more than four times as likely as small banks to evaluate business credit scores in underwriting. They also are more than three times as ...
Published: Fri, 26 Apr 2019 05:50:00 GMT
A commercial real estate loan, also known as a business mortgage, is a loan for property used for commercial purposes. The collateral for the mortgage can partially be the building itself, whether ...
Published: Tue, 30 Apr 2019 10:51:00 GMT
Are you someone who believes clocking in 24 hours a day to grow your own business is a lot better than working the nine-to-five grind for someone else? Why then let a lack of funds stand in the way of ...
Published: Tue, 07 May 2019 23:49:00 GMT
- View Desktop Site -
Reproduction in whole or in part in any form without the express written consent of TopConsumerReviews.com, LLC is strictly prohibited.