Top 10 small business loan lenders.
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Here are some of the top small business loan lenders for 2024, each excelling in different aspects of lending:
Lendio:
Type: Loan marketplace
Loan Amounts: $25,000 to $500,000
Pros: Allows you to compare loan offers from over 75 lenders, funding as fast as 24 hours, and a 15-minute application process.
Cons: Does not lend directly; eligibility requirements vary by lender (Investopedia) (Merchant Maverick).
Fundbox:
Type: Lines of credit
Loan Amounts: Up to $150,000
Pros: Quick decision in minutes, prequalification without a hard credit inquiry, and funding as soon as the next business day.
Cons: Limited to lines of credit, maximum amount is $150,000 (Investopedia) (Merchant Maverick).
Kiva:
Type: Microloans
Loan Amounts: Up to $15,000
Pros: 0% interest rate, repayment up to 36 months, suitable for disadvantaged entrepreneurs.
Cons: Limited to $15,000, may take up to 30 days for funding (Investopedia) (Merchant Maverick).
OnDeck:
Type: Short-term loans
Loan Amounts: $5,000 to $250,000
Pros: Fast funding (sometimes same-day), low credit score accepted, can help build business credit.
Cons: High interest rates (starting at 27.30% APR), daily or weekly repayments, not available in all states (NerdWallet: Finance smarter) (LendingTree).
Funding Circle:
Type: Long-term loans
Loan Amounts: $25,000 to $500,000
Pros: Fast funding, no hard credit check for most applicants, repayment terms up to 84 months.
Cons: Higher credit score requirement (minimum 660), must be in operation for at least two years (NerdWallet: Finance smarter) (LendingTree).
SmartBiz:
Type: SBA loans
Loan Amounts: Up to $5,000,000
Pros: Capped interest rates, long repayment terms, offers term loans, lines of credit, and microloans.
Cons: May require personal guarantees and collateral, longer turnaround time compared to online lenders (NerdWallet: Finance smarter) (LendingTree).
These lenders cater to various needs, whether you require a small microloan, a revolving line of credit, or a substantial SBA loan. Evaluating each option based on your specific business requirements and financial situation is crucial.
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