Bank of America is a leading bank worldwide and they have a total of 4,700 bank branches and 16,000 ATMS all over the globe. Other than being a popular financial institution the Bank of America business loans are also prevalent in the loan market.
Why Choose the Bank of America Business Loans?
The Bank of America lends money to 3 million businesses through their various different loan programs. Once you qualify for the Bank of America business loans you can get the best interest rates and repayment terms available for small businesses. This is why you should consider choosing this bank to finance your business.
There are many different Bank of America business loans available based on the different needs of a business. If you require a small business loan then there is more than one option that the Bank of America offers.
Unsecured Bank of America Business Loans
The unsecured loans are perfect for small businesses because there is no collateral such as property or vehicles required for receiving the loan. However, this means a higher APR because it means the lender is taking most of the risk.
Secured Bank of America Business Loan
The secured business loans require collateral and start from $25,000. The proceeds can be used to buy materials, inventory or refinance any previous debts the company might have. You can choose what you want to put as collateral. The repayment starts from as little as 4.00% fixed amount with an origination fee of 0.5% of the principal amount.
The requirements for the secured business loan include at least a two-year history and up to $100,000 in annual gross sales for the previous financial year.
Whether you need a truck or a commercial fleet for your business, you can apply for the Bank of America business loan equipment financing. It can help a business buy the machinery, software and other tools they need to operate. These loans begin at $25,000 and you can borrow 80% of the price of the equipment and pay it over a period of five years.
The Lending Club Business Loan is a good option for businesses that need a one-time capital investment amount from $5,000 up to $300,000. The payments are made on a monthly basis and could span over a period of one to five years.
Qualification Requirements for the Lending Club Business Loan
To qualify for the Lending Club Business Loan the business has to be operational for at least a year with minimum annual revenue of $50,000. The person who applies for the loan has to own 20% of the business and must have a personal credit score of at least 600 with no tax evasions or recently declared bankruptcies.
If the loan is for an amount under $100,000 then the Lending Club does not require anything to be kept in collateral. However, a personal guarantee for the loan is required which means if you fail to pay the monthly installment then your personal assets will be at risk. For a loan of over $100,000 the Lending Club Business Loan requires a UCC-1 lien of the business’ liquid assets. These assets can include inventory, account receivables and cash.
Also read: MyInstantOffer: The Lending Club Pre-Approved Loans
The Lending Club Business Loan is available to all states except Iowa and Idaho.
How Long Does the Lending Club Business Loan Application Take?
The online application usually only takes 5-10 minutes to complete. You have to submit a copy of the business documents once the application has been approved. You can receive the funds in as little as two days but it normally takes up to a one or two weeks.
The annual percentage rate for the Lending Club Business Loan can be anywhere from 9.8% to 35.7%. This APR is the total annual cost including all the interest payments, fees and one-time origination fee which can be as low as 1.99% up to 6.99%. The rate depends on factors such as the size of the loan and repayment period. You can even repay earlier than agreed upon to reduce the interest costs.
The CAN Capital Small Business Loan is an opportunity for start-ups and other new-born businesses to fund their expansions, finance upcoming projects and focus on inventory or marketing. It is designed to help the most rudimentary form of setups benefit from the financial security needed to continue operating in a competitive market.
What does the CAN Capital Small Business Loan Offer?
With the CAN Capital Small Business Loan a single location business is eligible to receive an amount anywhere between $2,500 and $150,000 while those present at multiple locations can get a loan up to $250,000. The terms can be a minimum of 6 months or a maximum of 18 months.
The approval of the loan depends on the business industry, daily cash flow, total revenue and age of the business.
Which Businesses Can Receive a CAN Capital Small Business Loan?
A business should generate stable monthly revenue of at least $4,500 or have been in operation for a minimum of 3 months to be eligible for a CAN Capital Small Business Loan. The minimum credit score requirement is about 550 and it is best if the business does not have any pending payments or filed for bankruptcy in the last six months.
The CAN Capital Small Business Loan funds businesses from the salon, spa, restaurant, automotive, medical, e-commerce, trade and services industries. The loans are available to business in all 50 states of the U.S.
What Can a Business Do With the CAN Capital Small Business Loan
The CAN Capital Small Business Loan has the lowest revenue and credit score requirement. Businesses with a steady cash flow are encouraged to apply for the loan. It isn’t necessarily limited to newer businesses and can be extended to a business with a good credit report that needs a small loan on easier terms.
The funds can be used as the business pleases whether it is to improve the current goods and services being provided or to work on novel ideas.
Get the best with Funding Circle Business Loans
When a time comes that you need some financial backing up for a business that you have started, you do not have to look around to people for their help now. With Funding Circle Business Loans by your side, you will be able to get your hands on small or large business loans. You can get any kind of funding for your business so you make sure that your business initiative keeps flourishing. They ensure that the people who form a bond with their company are always satisfied in terms of capital needs. The advantages of getting Funding Circle Business Loans are many and some of them are listed below.
- You can hire more staff to help you around.
- You will be able to grow your business.
- You can buy any new equipment that you have been wanting.
- You can give a kick start to your cash by getting a loan.
All you need to know about Funding Circle
Funding Circle is an industry that deals with peer to peer lending and the products it provides are mainly business, commercial and industrial loans. It was founded in the year 2010 and has it’s headquarters in Queen Victoria Street, London. The founders of this company are Andrew Mullinger, James Meekings and Samir Desai (also the current CEO of the company). They serve in many areas including the United States, Germany, Netherlands, Spain and the United Kingdom.
Get started with Funding Circle Business Loans
Go to the website of Funding Circle and click on “Get a Business Loan”. You can then scroll down on the page and take a further look on all the benefits you can get when you take a Funding Circle Business Loan. If you have decided that you want to take the loan, click on “Apply Now”. There are four simple steps that you need to follow that include providing with your eligibility, creating a profile, your business details and reviewing your quote. To provide them with the information of your eligibility to get a loan, all you need is the following:
- Company Type
- What your loan is for
- Email address and password
To speak to an account manager, you can call on 0800-048-2467.
When it comes to beginning your own business, you certainly need better finance options and larger sums as well. In such cases, its best to consider business loans. And when it comes to business loans, you should opt for OnDeck small business loans for a better experience!
OnDeck Small Business Loans
OnDeck is a lending company that is known for providing customers with convenience, speed and lesser qualifications that many banks out there when it comes to loans. This online business loan service can cost you a little high APR (annual percentage rate) but the services are worth the price. If you are looking to apply for a business loan from OnDeck, you should know that certain quality makes OnDeck small business loans the best:
- If you need cash at a faster pace, you can apply for a loan online or call onDeck. In about ten minutes or less, your loan is approved and your funds are transferred in under 24 hours!
- For OnDeck you only need a personal credit score of 500 to 600 and you can still get a loan approved
- If your business has unexpected expenses that are costly, OnDeck small business loans let you receive cash in a pinch of time.
OnDeck small business loans: The good reasons
OnDeck small business loans are fast and easy. Your applications can be cleared in a fraction of an hour without any trouble. The company only requires very basic information for application such as business tax ID, bank statements of last three months, social security number, driver’s license and so on.
These loans also do not require collateral. Which just means that your home and any other asset will not be under threat if you fail to pay back your loan on time. You just need to make sure that you are in the business field for at least two years. Then, you can qualify for the loans.
With that if you are a loyal customer of OnDeck loans, you can even qualify for cheaper loans. The APR amount on your loan is set between 2.5% to 4%, however this can drop to 1.25% to 3% if you apply for a second loan. On your third and other loans it can drop to 0% to 3% as well.
There is nothing better than a fresh start and this is especially the case with businesses. When you are launching a new venture you need more than just enthusiasm to turn the dream into a reality. If you have struggled financially and ruined your credit score then there are limited choices available to you.
This is where you will require start up loans for small business with bad credit. You can become eligible for an affordable loan even with credit scores lower than 600. Listed below are a few start up loans for small business with bad credit you can apply for.
Accion Startup Loans
Accion offers medium-term loans to existing businesses as well as startups. The micro-lender accepts a minimum credit score of 575 or even 500 in some cases. The business has to have been in operation for at least six months and if it does not meet that requirement than it must be either a home based or incubator based start up with less than $500 in debt. No collateral is required for this start up loans for small business with bad credit other than a personal guarantee.
- Borrow up to: $10,000
- Repayment Period: 6 to 60 months
- APR: 9.5% to 33%
Kiva is a crowdfunding platform where you use peer-to-peer lending to get the required capital for the business. This is a type of start up loans for small business with bad credit where you need from 5 to 35 lenders from your own contacts or personal relations. After you have the social backing required to raise that amount the loan can go public.
- Borrow up to $10,000
- Repayment Period: 6 to 36 months
These type of start up loans for small business with bad credit operate on invoice factoring. This is a loan where a factoring company buys the account receivables of a company at a discounted rate. There is no minimum credit score or time in business requirement. The discount is usually 0.8% to 2% per months and the advance amount is 85% to 90% over a 1-year contract period. Invoice factoring is only applicable for financing certain types of businesses.