Companies can access capital within 24 hours after applying for a fast business loan. These loans can be useful in some situations but include risks, including high-interest rates and short payback periods. This is why, before applying, company owners should familiarise themselves with choosing the finest quick business loan providers and solutions.
Fundbox
Applying for a loan with Fundbox is free, as are the origination costs, inactivity fees, and prepayment penalties. Borrowers, however, require a minimum credit score of 600, and the company must be operational for at least six months, with annual sales of at least $100,000.
The consensus among users is that the loan platform is useful. Fundbox has a 4.7/5 star rating with 3,600 ratings on Trustpilot, a 4.8/5 star rating, and 400+ reviews on the BBB's website. Fundbox's streamlined application procedure has earned high marks from satisfied customers.
Note that Fundbox exclusively offers term loans and lines of credit to businesses. Although loans of this sort will meet the financing needs of most companies, others may find that equipment loans or factoring invoices better suit their short-term cash flow requirements.
SBG Funding
When giving quick business loans to small firms with negative credit, SBG Funding is the best option. Term loans of up to $5 million are available to businesses with credit scores as low as 500.
Loan applications with SBG Financing often take less than 15 minutes to complete, and once approved, money is sent within 24 hours. Borrowers can make payments biweekly or monthly, and the repayment period lasts up to five years.
Customers love the helpful and knowledgeable personnel at SBG Financing. Borrowers describe the loan application procedure as pleasant, simple, and straightforward. High loan origination costs and APRs beginning at 23.1% are service-related drawbacks.
Quickbridge
The application procedure is quick and easy, requiring your driver's license and bank statements from the past three months. Funds may be deposited as soon as the following business day following approval.
Almost 330 users have given Quickbridge a 4.8/5 star rating on Trustpilot. Staff members are noted for their expertise and helpfulness. A variety of repayment plans are available to borrowers, and those who pay off their loans early may be eligible for reductions.
There is a one to three percent spread for origination costs on loans. A credit score of 580 is required for a business loan acceptance. QuickBridge uses factor rates rather than APRs to determine interest on unsecured small business loans.
Kabbage
A yearly income of $50,000 is needed for a firm to qualify for a loan from Kabbage, and a credit score of at least 640 is required. So, small firms with good credit should seriously consider using Kabbage.
Interest rates begin at 9% and may rise to 36% based on debt-to-income ratio, security, and cash flow criteria. Kabbage evaluates loan applicants' company and personal credit and needs personal guarantees from business owners. Trustpilot users rated Kabbage poorly, giving the service an average rating of 2.9 stars out of 5.
Users have reported issues with price, support, and bugs with the software. The monthly charge rate structure differs from how conventional interest is calculated, confusing many clients.
OnDeck
OnDeck offers its company clients a range of financing solutions, including lines of credit and term loans. OnDeck is one of the few services on our list that works to improve a company's credit score by sharing that company's payment history with the main commercial credit monitoring agencies.
There is a 24-month grace period for payments. Lines of credit may be opened for $6,000 to $100,000, while term loans can go as high as $250,000.
More than 3,660 users have given OnDeck a 4.8/5 star rating on Trustpilot. Customers rave about the helpful, competent staff and quick response time. OnDeck has several drawbacks, including high APRs and frequent payment schedules.
Up to 4% of the loan amount is charged as an origination cost for a term loan, while personal lines of credit include a $20 maintenance fee per month.
Lendio
Lendio is a network of 75 lenders competing for business loan applications. Borrowers benefit from lower interest rates as a result of this competition. Lendio has over 20,250 ratings on Trustpilot, with an average rating of 4.8 out of 5 stars.
Customer service is praised for being both quick and easy, and loans are praised for being accessible to those who need them. Due to Lendio's nature as a market, strict yearly income or minimum credit restrictions cannot be set.
No universal set of standards can get you approved for a loan from several institutions. Also, the time it takes to pick a lender and complete the process before you can access the cash will increase.
