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We know that many businesses can use quick cash for many reasons and we are here to help you get the funds you need to cover unexpected expenses or expand your existing business. We work with reputable online business loan companies and alternative funding websites that can help you get the money you need, from $1,000 up to $1,000,000 or more, for your business fast. Start now by completing our short no obligation form to view our list of business loan solutions to find the best business loan that meets your financial needs and apply instantly online.
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Learn About Common Types of Small Business Loans and More
Growing or starting a small business on your own can be very challenging without the proper funding. Below we have listed some of the most common ways small businesses can gain access to the money they may need for a wide range of uses. We are here to help you find funding options that are quick and easy online. Submit the short form above to view our list of business loan partners, and more, to find the solution that is best for your business needs.
Unsecured Business Loan
Sometimes also called signature loans, an unsecured business loan is a loan that is obtained without collateral and generally based on the borrowers personal and/or business credit worthiness. Unsecured business loans often carry a higher interest rate than a secured business loan because with a secured loan a lender is at much less risk since they have the security of the collateral that was put down for the loan. This is not the case with unsecured business loan with no collateral required so lenders tend to increase the interest rates due to the additional risk factors associated with unsecured loans. The benefit to an unsecured loan for the borrower though is the fact that no collateral is required and that in many cases unsecured loans can be funded fairly quickly and without to much paperwork as long as the person or business can qualify. Some business owners also utilize unsecured personal loans for extra cash for their business and are also often utilized by small business startups since it can be harder to qualify for a business loan if your business is just staring out and has no history of profits or available collateral. You can compare multiple unsecured small business loan and unsecured personal loan providers easily online by completing the short form at the top of this page to see our list of partner lenders available to accept your application online right now.
Secured Business Loan / Collateral Loans
A secured loan, or collateralized loan, is a type of loan that requires the borrower to provide some sort of asset in order to be approved for the loan. The asset becomes a secured debt that will be owed to the creditor if the loan is not satisfied. These types of collateralized loans are also commonly known as asset based loans or collateral loans.Secured loans tend to be easier to get approved for compared to an unsecured loan, assuming you have the collateral to put up, since lenders have the collateral to take if you are not able to pay the loan back. Since secured business loans are typically less risky to a lender they generally also have lower interest rates when compared against an unsecured loan. You can compare our lending partners that offer secured loans and unsecured loans by completing the simple no obligation form on this page.
Business Debt Consolidation Loans / Debt Financing
This is a loan that is used to consolidate debt or multiple loans or credit lines into one single new loan that has a more favorable rate or payment terms. A debt consolidation loan usually allows the borrower to reduce interest rates or lower their monthly payments in order to save money over time while repaying the single loan.
Merchant Cash Advance Loans
A merchant cash advance loan is a business loan that is based on the future credit card sales receivables of the business. A merchant cash advance is technically not a loan in the traditional sense and rather a fixed purchase by the lender of a specific dollar amount of the future credit card receivables of a business. The merchant cash advance company will buy a specified amount of your future credit card and debit card sales at a discount. Unlike a traditional business loan, instead of paying back the funds at a fixed monthly payment, you will usually pay a fixed percentage of your daily credit card sales automatically to the lender until the amount of your purchased receivables is paid back in full to the merchant cash advance provider. Some of the benefits to a merchant cash advance compared to a traditional business loan is that you do not need excellent credit to qualify and getting approved is usually easier than getting approved for a traditional loan. Compare our merchant cash advance partners instantly online by completing the quick 1 step form at the top of this page.
Professional Practice Loan
These types of loans are just as they sound, loans for specialized professionals. These are usually loans given to specialized professions such as a Doctor, Dentist, Veterinarian, Medical Professional, Attorney, CPA, Engineer, Architect, or many other types of professionals to help start or grow their practice. Commonly you can find lenders that offer financing options for professionals in the fields of Healthcare, Accounting, Legal Services, and Veterinary Practices. Other professional fields may also find professional loan solutions but they are less common than the fields listed above and so many other types of professionals are better suited for a traditional business loan. Common professional practice loan uses are for a new practice start-up, buy outs or buy ins, equipment purchases, real estate, working capital, malpractice premium financing, debt refinance, but can often be used for many different purposes depending on the practices individual need and lending options.
Bad Credit Business Loan / High Risk Loans
These types of loans are for businesses or people with bad credit and are usually considered high risk loans for the lender. High risk bad credit business loans can be both unsecured loans or secured loans and are usually harder to obtain and come with a higher interest rate than a comparable loan for someone with better credit scores. In some cases it may be easier for a business owner to apply for a personal loan with a cosigner rather than a business loan or to borrow money from a friend or family member if they have really bad credit.
Business Acquisition Financing
Normally used for increasing the size of a company or for acquiring new companies, business assets, or commercial property for business use. When it comes to business acquisition financing a business line of credit or a traditional business loan are the most used options.
Line of Credit for Business / Revolving Lines of Credit
A line of credit is similar to a loan but interest is usually not charged on the part of the credit line that is not used allowing the business owner to maintain a open line of credit of a fixed amount that can be used as needed. A traditional credit card is a good example of a line of credit where you only pay interest on the actual balance you owe. A revolving line of credit is a line of credit to where the borrower pays a commitment fee and can then use the funds as needed. The maximum line of credit can fluctuate each month and is usually used for business operations and is dependent on the business owners monthly cash flow requirements.
Equipment Loan / Equipment Financing
Equipment loans are usually collateralized loans provided to purchase business equipment and are normally secured by the equipment itself as collateral. You can use an equipment loan to buy just about any type of business equipment you may need, however how much you will be able to borrow is usually dependent on the type of equipment you are purchasing and whether it is new equipment or used equipment, as well as other factors such as your credit scores and possible risk to the lender. The benefit of a secured equipment loan to the borrower can be that the equipment serves as collateral to secure the loan and so additional collateral is not usually required. Equipment financing can also be a great option if you or your business has poor credit since the equipment collateralizes the loan. Most equipment loans also come with fixed rates and terms so the monthly payments are always the same making it easier to pay back for many borrowers. Some business owners may opt to lease equipment however the negative to that is that they will not actually own the equipment once the lease term is over and so in many cases a loan to purchase the equipment in full, allowing the business to retain ownership once the loan is paid off, is favored. Search and compare our list of business loan company partners that provide equipment loans and equipment financing by filling in the easy form above.
New Start Up Business Loan
Loans for startups, otherwise known as startup capital or seed money, are a type of business loan that is used to start or grow a new business rather than an existing business. New business startup loans can be harder to obtain from traditional lenders and so many new small business owners may take a personal loan instead based on their personal credit rather than applying as a business. There are also social funding sites, angel investors, as well as borrowing from friends or family that many startup business owners utilize as alternative funding options outside a traditional bank loan. Search our list of lenders to find the best option for your business needs.
Common Business Loan Requirements
Business loan requirements vary greatly depending on many factors as well as by each lender. Be sure to check with the individual lender about their specific terms or requirements or with any questions you may have. Some factors that lenders may consider when reviewing your business loan application are how long you have been in business, your current businesses monthly sales and profits, your credit rating, and your business inventory and assets but again business loan requirements can vary from lender to lender. Before you apply for a loan it is important to read all of the terms and conditions of the loan as well as requirements to make sure you are fully aware of the loan terms and interest rates, and that your business is in a position to qualify. If your business does not meet the basic requirements from one lender do not give up as each lender may have different requirements and another company may still be able to approve you for a loan for your business. If you can not qualify for a business loan, which can be the case for many start up companies or those with bad credit, then borrowing from a family member or applying for a personal loan or on an alternative funding website instead may be the best option for you. We have provided links to alternative funding solutions for business use which you can find by completing the short form on this page along with traditional business loan lenders.
How to Get a Business Loan
Getting a business loan can be simple or challenging depending on your financial needs and your business standing, as well as other factors, however there are things you can do to help make the process as simple and painless as possible. One of the most important things is to compare your business loan options before you apply. Finding the best business loan company for your specific needs and financial state will allow you the best chance for a quick and painless approval. We have partnered with some of the top online business loan companies to help assist you in your search. Simply complete the short 1-step form below to compare our list of trusted small business loan, business financing, merchant cash advance, personal loan, and alternative funding partners that are waiting to accept your loan application online right now.
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