1. Lending Club
Since 2007, Lending Club has offered personal loans. Starting in March of 2014, they began to offer small business loans as well. Lending Club operates in the peer-to-peer marketplace and allows entrepreneurs that have been in business for two years or more to secure 1 – 5 year loans from other individuals and companies. All loans in Lending Club are at a fixed interest rate that is determined by risk.
· Offers Fixed-term, peer-to-peer loans
· Loans of up to $500,000 are available at rates from 9.9% up to 20.9% with a 2.99% origination fee.
· Pay attention to all the fine print even if the loan seems straight ahead.
2. CAN Capital
CAN Capital is a merchant cash advance program that allows business owners to borrow against their future revenue. These loans can then be paid back via daily remittances. CAN Capital has been offering this loan for the past four years.
· Offers Loans & Merchant Cash Advance Services
· Merchant Advance Loans: $5,000 - $150,000
· Loans: $2,500 - $250,000
· There are many financial analysts who warn against using Merchant Advance Loans, so be cautious when using them.
Any business at least a year old with a minimum revenue of at least $100,000 annually and a credit rating of 500 or above is eligible for a loan from OnDeck. Typically, OnDeck helps businesses grow by funding expansion, remodeling, acquiring assets, and opening new locations.
· Offers Term Loans
· Loans: Up to $250,000 available with terms of up to two years available
· Be sure to include the annualized interest rate when determining the total cost of the loan
4. Square Capital
Any merchant who uses Square can apply for a Merchant Advance Loan from Square Capital. Square Capital was launched in October of 2014 as a way for Square to help their merchants with quick financing.
· Offers Merchant Cash Advance Services
· Like all Merchant Loan Services, this should only be used if you are certain you are in a lull in profits that will return or you are just creating problems on down the line.
Lendio functions as a mediator that brings lenders and borrowers together. To that end, they help facilitate quite a few types of loans for small businesses. Lendio launched in 2006. Lendio is unique in that its service is free to business owners seeking loans. Lendio is instead paid by lenders. Every lender on Lendio is vetted before being added to their platform as well.
· Offers several types of loans including SBA, peer-to-peer, cash advance, and more…
· 100% free service for business owners
This is a customized cash-flow solution for independent contractors like plumbers, carpenters, freelancers, etc. to actually cash in on outstanding invoices. Once your system is hooked up with Fundbox, you can essentially sell these invoices to them and pay them back with interest on a weekly basis.
· Offers small business contractors the ability to “sell” their outstanding invoices.
· The typical invoice loan totals of around $1000 weekly.
· A 2% fee for on loan amounts can stack up to an annual rate of 24%.
Kabbage is specialized in offering the quickest (and only fully automated) capital loan services to small business owners. Upon approval, business owners can take the entire lump sum or several smaller sums. With the interest rate, however, taking out larger lump sums makes more sense.
· Offers Capital Loans
· Loans can go up to $100,000 and be approved in only 10 minutes
· Fully automated approval process
Still have questions?
Call us at 305-548-5020 for free a consultation.