Whether you are aiming to start a small cake making venture or you plan to go for a small scaled clothing line, having a strong financial basis is absolutely crucial. It is even more crucial when the world is going through a somewhat mini economic crisis! Plus, very less of us are that privileged enough to have the kind of financial security to start a business.
Enter business loans.
Business loans can be immensely helpful in starting a new business venture. However, as any business starter will tell you, it is immensely important for one to take not of where they take their loans from. As there is no shortage of choice from where you could take your loans from, we’ve done that work for you!
Below are some of the most credible places from where you could take your small business loans from!
Lendio
If you are looking for a lender without the hustle of manually searching for the right one, Lendio is the platform for you! The website is designed in a way to connect you with the appropriate loan and lender. The procedure is simple: fill out the application form in less than 20 minutes and give the site about 72 hours and you are good to go!
Fundera
This is another website matching what Lendio does: connecting you with the right loans and lenders in the most minimal effort possible. Plus, Lendio also has personal lenders, distinguishing itself from Lendio.
In the case of Fundera, the readiness of lenders to offer loans depends upon certain characteristics of the business. These characteristics include the business type and how much official run time the business has. Income requirements also are important in the case of Fundera.
Funding Circle
This website works in a slightly different lane when compared to the other ones on this list. Funding Circle works to connect you with investors rather than lending to you directly. However, as a borrower, it works on the same framework overall, with the borrower submitting an application, receiving funds and paying on a monthly basis.
StreetShares
StreetShares does not offer the lowest rates or requirements. However, it exceeds when combining both of these aspects. This means that if you are looking for lower rates while having a relatively new and modestly successful business, you could get it on StreetShares. In this way, this is a valuable option for people whose businesses are in the initial stages.
Kabbage
Kabbage wins not only in the best quirky titles department, but also in the convenience department as well! Fill in an automated application requiring a connection with your bank account and get your response in just minutes!
The site only provides lines of credits and as soon as your application is approved you can gain access to them. You only need either your PayPal, bank account or card for that. While the rates are higher than offered on certain other lending companies on this list, it makes up for it by getting you the loan in record time!