Business loans are convenient sources of funds for business owners who need extra funds for their businesses. People used to rely on traditional lenders because they were the most common option. Unfortunately, most business owners could not access loans from traditional lenders because they could not meet the requirements. Sometimes business owners’ credit scores do not meet the credit score requirement of the lender. At other times, the amount they are requesting for is lower than the minimum amount the lender offers. In such cases, the lender leaves disappointed. In recent times, the tides have turned and there are several alternative lenders. These lenders offer loans without too much stress. You can access these loans in less than 2 business days. Here is a list of the lenders that offer easy loans.
It is easy to access funds from OnDeck. You can complete their application form in less than 10 minutes. You will only need to provide basic information as well as your business information. You will also need to connect your bank account to their system. If you qualify, you will receive an instant approval. The APR ranges from 30% to 50%. You can receive between $5,000 to $500,000 when you apply to OnDeck. You will need to choose a loan term that ranges from 3 months to 3 years. The minimum credit score for their loan is 500. You should also be in business for at least one year. The lender also expects you to have a minimum annual revenue of $100,000 to apply. They will fund your loan in 1 to 3 days. What makes loan applications with OnDeck more convenient is the fact that you can apply from the comfort of your home.
BlueVine can also factor your invoices in less than 3 days. This funding option is ideal for business owners who are struggling with their finances because their customers have not paid their invoices on time. Their application process can be completed in less than 10 minutes. When you apply to BlueVine, you will need to provide information about your business. You will also be required to provide details about you. You should also be able to prove that the business is yours. Lenders also need financial details about your company such as your credit score. The minimum credit score this lender requires is 530. You can access from $5,000 to $500,000 in loans from BlueVine. You will need to repay in 12 weeks, thus the invoices should be due in 12 weeks or less.The APR ranges from 30% to 60%. When you submit your application, BlueVine will tell you about the status of your application on the same day. BlueVine will ask you to link your bank account to their system. When you do that there will be no need to submit account statements. The lender will collect the three months’ bank statements by pulling it from your account. BlueVine has certain limitations. They can only factor your invoices if the minimum amount of invoice you are willing to offer is $500. The lender will also look at the credit score of the customers whose invoice you want to factor.
Credibly offers one of the best merchant cash advance options for business owners who need quick cash. With this lender, you will need to provide details of your business as well as your personal details. You will also be required to provide three month’s bank statement. The entire application process takes not more than 10 minutes. The lender may approve your request on the same day. Although Credibly offers you an advance fast, their APR is high. The APR ranges from 80% to 120%. You can access an amount that ranges from $5,000 to $250,000. The loan term ranges from 4 to 18 months. You will need a minimum credit score of 500 to qualify for this funding. You should have a minimum monthly revenue of $15,000. You are also expected to be in business for at least 6 months.
- National Business Capital
This lender can also offer you loans without much stress. If you were unable to access loans from other lenders because you were unable to meet the requirement, you can apply to National Business Capital. National Business Capital approves over 90% of the loans they receive. Over 70% of business owners who were unable to access loans from other lenders were able to access loans from this lender. You can complete an application form in minutes. They will approve your loan in less than 24 hours.You will need to provide details of your business. You will be asked to provide information about your sales, the industry you operate in, the duration of your business, and the amount you need. You will also be asked to provide the purpose of your loan. This lender will provide funds for your business in less than 24 hours. The good thing about this lender is that you can apply online and everything will be done virtually. There is no need to visit the lender’s office.
- Headway Capital
Headway Capital makes it easy for you to access funds for your business. The application process is online. The form to complete is simple and This lender can offer you up to $100,000 and you can choose between weekly and monthly payments. The repayment terms are 12, 18, 24 months. You will know if you are qualified for the loan in minutes. When you apply and it is approved, the funds will be transferred to your account by the next business day. They have a loan calculator on their website. You can use this calculator to estimate the cost of the loan you intend to apply for. This lender also builds a long term relationship with borrowers. Once you apply for a loan from them and you get approved, you will be eligible for loans anytime you need one. You should be in business for at least one year. You are also expected to have a minimum annual revenue of $50,000.