Do you want to borrow money for your small business? It’s becoming increasingly harder to get approved by a bank. Thankfully, there are many options available in the market with fewer interest rates.
1) Rapid Advance
Rapid Advance is a Maryland-based company and has been in business since 2005. They’re a good choice because they offer low factor rates and low origination fees. A business must meet specific criteria to qualify for a loan, such as being on the industry for at least 12 months (STL) or 3 months (MCA), and have a credit score of 500 or more.
This online lender offers short-term financing in the form of business loans and merchant cash advances to small businesses. Their application process is easy, and they have clear terms and fees. Credibly requires applicants to be in business for at least six months, have a credit score of 500+, and revenue of at least $15K/month
Ondeck is a New York-based company founded in 2007. They provide short-term loans and lines of credit to applicants that meet their primary requirements, such as being in business for 12 months, a minimum credit score of 500, and yearly revenue of $100,000.
Founded in 2009, Kabbage offers quick loaning options to small businesses. Applicants must meet the requirements such as being in business for at least 12 months. Their main advantages are that they don’t have a minimum credit score, repayments are made monthly, their application process is fast, and there are no additional fees.
This company offers loans since 2011 and is currently one of the top lenders in the market. These are the specific requirements to apply for a loan:
– Being on business for at least one year
– Have at least three full-time employees
– Make a minimum of $100,000 per year
– Credit score of 660+