NerdWallet’s Small-Business Lender Reviews

Table of Contents

 

• Small-Business Loans to Manage Day-to-Day Operations
• Small-Business Loans to Grow My Business
• Small-Business Loans to Buy New Equipment
• Small-Business Loans to Buy or Upgrade Real Estate
• Small-Business Loans for Tech Companies
• Small-Business Loans to Start My Business
• Compare Small-Business Loans

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Small-Business Loans to
Manage Day-to-Day Operations

When you need cash to buy inventory or meet payroll to maintain your business, these lenders can provide financing quickly. Speed can come with higher costs, so compare interest rates and fees to ensure the debt is sustainable.

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Loan amount: $5,000 to $500,000 APR: 16% to 98% Loan term:  repaid daily or weekly for 3 to 24 months Approval time: decisions within minutes; funding in as little as 24 hours

Learn More Apply on OnDeck’s secure site

OnDeck Review

If you’re looking for cash to invest in your company’s growth, consider OnDeck, an online lender that has originated $3 billion in small-business loans since 2007.

Loan amount: $2,000 to $100,000 APR: 20% to 113% Loan term: Repaid daily or weekly for 3 to 24 months Approval time: Up to several days Notes: Kabbage offers lines of credits.

Learn More Apply on Kabbage’s secure site

Kabbage Review

If you need quick cash to stock up on inventory, fix broken equipment or cover other short-term expenses, a small-business loan from Kabbage might be a good fit.

Loan amount: $50,000 to $250,000 APR: 11% to 28% Loan term: 6 months to 4 years Approval time: Prequalification in minutes, offer letter in 2-3 days, average of 10 days to funding

Learn More Apply on Dealstruck’s secure site

Dealstruck Review

Dealstruck, an online small-business lender founded in 2012, offers three different types of small-business loans and helps borrowers identify those that work best for their businesses.

Loan amount: $5,000 to $150,000 APR:21% to 61% Loan term:  40 to 90 days Approval time: 1 hour to 1 day

Get Started Apply on BlueVine’s secure site

BlueVine Review

As a small-business owner, you may have to wait weeks, sometimes months, for a customer to pay for a service or product. BlueVine offers a way to bridge those cash flow gaps by advancing you a big chunk of the funds you’re expecting from invoices.

 

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Small-Business Loans to Grow My Business

If you’re planning to hire more employees or open a new location, look for the lowest-cost financing. Interest and fees should be lower than the total profit you expect to make in expanding your business.

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Loan amount: $15,000 to $300,000 APR: 8% to 32% Loan term:  1 to 5 years Approval time: less than a week for funding

Learn More Apply on Lending Club’s secure site

Lending Club Review

Businesses that are well-established but need money quickly could find Lending Club to be a good fit. The peer-to-peer lender can also be a good choice for businesses that are looking to grow.

 

Loan amount: $25,000 to $500,000 APR: 7% to 26% Loan term:  1 to 5 years Approval time: less than 10 days

Learn More Apply on Funding Circle’s secure site

Funding Circle Review

Funding Circle, based in San Francisco and London, started in the UK in 2010 before expanding to the U.S. in 2013. It’s a growing player in the market for online small-business loans.

 

Loan amount: $30,000 to $350,000 APR: 7% to 8% Loan term:  10 years Approval time: within 7 days after submitting application

Learn More Apply on SmartBiz’s secure site

SmartBiz Review

SBA loans are generally the least expensive financing option for small-business owners, but many entrepreneurs are intimidated by the long and rigorous application process. It’s a dilemma that SmartBiz is trying to address with its online lending platform geared toward offering U.S. Small Business Administration small-business loans.

 

Loan amount: $20,000 to $500,000 APR: 8% to 30% Loan term: 1 to 4 years Approval time: less than 10 days

Get Started Apply on Fundation’s secure site

Fundation Review

Founded in 2011, Fundation is an online direct lender offering small-business loans to established businesses looking to expand, refinance debt or boost their working capital. It’s a mid-prime lender – more expensive than a bank but less expensive than short-term cash-flow lenders.

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Small-Business Loans to Buy New Equipment

When looking to finance equipment, seek out the lowest annual percentage rate possible. Also keep in mind: You need to make sure you match your loan term to the expected lifespan of your new equipment, whether it’s a new oven for your bakery or an X-ray machine for your dental office. These lenders provide lower rates and longer-term loans.

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Loan amount: $15,000 to $300,000 APR: 8% to 32% Loan term:  1 to 5 years Approval time: less than a week for funding

Learn More Apply on Lending Club’s secure site

Lending Club Review

Businesses that are well-established but need money quickly could find Lending Club to be a good fit. The peer-to-peer lender can also be a good choice for businesses that are looking to grow.

 

Loan amount: $25,000 to $500,000 APR: 7% to 26% Loan term:  1 to 5 years Approval time: less than 10 days

Learn More Apply on Funding Circle’s secure site

Funding Circle Review

Funding Circle, based in San Francisco and London, started in the UK in 2010 before expanding to the U.S. in 2013. It’s a growing player in the market for online small-business loans.

 

Loan amount: $30,000 to $350,000 APR: 7% to 8% Loan term:  10 years Approval time: within 7 days after submitting application

Learn More Apply on SmartBiz’s secure site

SmartBiz Review

SBA loans are generally the least expensive financing option for small-business owners, but many entrepreneurs are intimidated by the long and rigorous application process. It’s a dilemma that SmartBiz is trying to address with its online lending platform geared toward offering U.S. Small Business Administration small-business loans.

Loan amount: $50,000 to $250,000 APR: 11% to 28% Loan term: 6 months to 4 years Approval time: Prequalification in minutes, offer letter in 2-3 days, average of 10 days to funding

Learn More Apply on Dealstruck’s secure site

Dealstruck Review

Dealstruck, an online small-business lender founded in 2012, offers three different types of small-business loans and helps borrowers identify those that work best for their businesses.

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Small-Business Loans to
Buy or Upgrade Real Estate

Expanding into a new location or buying a new space can be costly. Take into account loan costs to ensure fees and interest rates are lower than the total profit you expect to make from your real estate investment. These lenders provide lower rates and longer-term loans.

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Loan amount: $15,000 to $300,000 APR: 8% to 32% Loan term:  1 to 5 years Approval time: less than a week for funding

Learn More Apply on Lending Club’s secure site

Lending Club Review

Businesses that are well-established but need money quickly could find Lending Club to be a good fit. The peer-to-peer lender can also be a good choice for businesses that are looking to grow.

 

Loan amount: $25,000 to $500,000 APR: 7% to 26% Loan term:  1 to 5 years Approval time: less than 10 days

Learn More Apply on Funding Circle’s secure site

Funding Circle Review

Funding Circle, based in San Francisco and London, started in the UK in 2010 before expanding to the U.S. in 2013. It’s a growing player in the market for online small-business loans.

 

Loan amount: $30,000 to $350,000 APR: 7% to 8% Loan term:  10 years Approval time: within 7 days after submitting application

Learn More Apply on SmartBiz’s secure site

SmartBiz Review

SBA loans are generally the least expensive financing option for small-business owners, but many entrepreneurs are intimidated by the long and rigorous application process. It’s a dilemma that SmartBiz is trying to address with its online lending platform geared toward offering U.S. Small Business Administration small-business loans.

 

Loan amount: $50,000 to $250,000 APR: 11% to 28% Loan term: 6 months to 4 years Approval time: Prequalification in minutes, offer letter in 2-3 days, average of 10 days to funding

Learn More Apply on Dealstruck’s secure site

Dealstruck Review

Dealstruck, an online small-business lender founded in 2012, offers three different types of small-business loans and helps borrowers identify those that work best for their businesses.

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Small-Business Loans for Tech Companies

If your small business focuses on technology, this lender is one option to consider for financing.

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Loan amount: $50,000 to $1 million APR: 10% to 25% Loan term: 5 years Approval time: 2 to 8 weeks for approval and funding

Lighter Capital Review

Lighter Capital is an alternative lender that provides revenue-based financing to small businesses that are focused on software and technology services. This type of loan works a bit differently than traditional financing.

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Small-Business Loans to Start My Business

It’s hard to get startup loans for small businesses. An alternative to credit cards, getting a personal loan is one option.

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Loan amount: $2,000 to $35,000 APR: 6% to 36% Loan term: 3 to 5 years Approval time: Full approval and funding in 2 to 14 days

Prosper Review

Prosper, founded in 2005, is an online peer-to-peer lending company offering unsecured personal loans that you can use to start your business.

 

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For a side-by-side comparison that takes into account lender trustworthiness and other factors, go to:

Compare business loans