Are you wondering about the small business loan agencies which will help you to start or expand your business? Then we are going to discuss with you some of the best financing options which will be the best fit for your small business loan according to your needs. In this article, we have mentioned the top 7 small business loan agencies that will be beneficial as loan-providing agencies in the United States.
Top 7 Small Business Loan-Providing Agencies In The United States
Below we have discussed the top 7 small business loan-providing agencies in the United States
1) Ondeck
If you are searching for a loan amount of $5,000 to $250,000, then Ondeck will be a great fit. On the other hand, it is important to have a credit score of at least 625. Besides that, with just three working business days, you will be getting the funding amount.
Here are some pros and cons of this small business loan agency such as:
Pros
- The repayments terms are longer which is within 6 to 24 months
- You will be getting a lump sum amount loan which is $5,000 to $25,000.
Cons
- One of the biggest drawbacks is you have to show $100,000 of capital you own
- The lowest APRs are reserved for the strongest applicants
2) Bluevine
Another small business loan agency is Bluevine. The interest rate starts at just 6%, and within just 26 weeks, you can repay the revenue. Besides that, with just a 625 credit score, you will just need to have minimal. On the other hand, with just 2 to 3 working days, you will be able to access the loan amount.
Here are some pros and cons of this small business loan agency such as:
Pros
- The credit lines are available up to $250,000
- You will get access revolving to funds
Cons
- At least $120,000 in annual revenue will have required
- On the other hand, the weekly short repayment can make the bluevine an expensive option
3) Credibly
You will be able to take a loan of up to $400,000, which is useful funding for your small business. On the other hand, with just 15 months, you can reimburse the capital that was taken from the agency.
Here are some pros and cons of this small loan agency such as:
Pros
- You will be able to take the loan amount, which is at least $400,000
- You will just have the credit requirement of 500
Cons
- If you don’t have an experience of six months in business, then you are not eligible to take the loan
- While you will reimburse the loan capital, you need to fund $15,000 in a month.
4) Uplyft Capital
Uplyft Capital is a great fit for your small business because it will provide you with a capital of up to $1,000,000. On the other hand, within just one year, you can deposit the loan capital. Besides that, you will have to show your business credit score of 450.
Here are some pros and cons of this loan agency such as:
Pros
- If you have just only six months of experience in the industry, than you will be able to get access to the business
- Here is a way of quick funding
Cons
- It is important to provide three months of bank statements
- At least you have to deposit monthly 12,000 USD
5) Fundbox
Are you looking for a loan amount of $150,000 for your small business? Then you can contact the Fundbox loan agency in the USA.
Here are some pros and cons of this loan agency such as:
Pros
- There is no option for getting a penalty for repayment
- If you have six months of business experience, then you are eligible for getting the access loan
Cons
- You will have the business checking account
- At least you will have an annual revenue of $100,000
Read Also: Simply Law Zone, World News Inn, World Health Life, Voice of Action, Exclusive Rights, Lower My Legal Fees
6) Fora
If you are looking for a small business loan agency, then you can go for Fora. The terms of the business are up to 15 months. The minimum credit score is 500. You will get the loan approval within just 72 hours.
Here are some pros and cons of this loan agency such as:
Pros
- Only just six months of experience you need to have in business
- There is no collateral which is required for
Cons
- You just need to have at least $12,000 in gross sales
In Conclusion
If you want to get a small business loan, then we can go through the article and gain knowledge. On the other hand, small business loans help entrepreneurs to maintain, build, or even expand their companies. A small business loan is crucial because you will get several benefits, such as purchasing inventory, being able to cover unexpected expenses, and also being able to buy new equipment.
“Thank you for reading till the end.”
Author Bio:
Jais Frank is a freelance content writer and enthusiastic blogger. He is the co-founder of Follow The Fashion. He contributes to many authority blogs such as Online News Buzz, Real Wealth Business, Search Engine Magazine, Social Media Magazine, Mashum Mollah, Blogstellar, Contentrally. He also likes to write in many international magazines and journals.