6 Best Business Loan Brokers

Best Business Loan Brokers

Business loan brokers play an important role in the business world. It helps small business owners to invest in supplies and equipment’s and helps them in managing cash flow while their customers pay them. It gives them a lump sum of cash which they use in continuing and growing their business. And in return they get a commission as a percentage of the loan amount paid by the lender. Nowadays, small business loans are available by online lenders. Business loan broker connects borrowers with the lenders. There are some small business loan brokers who have a network of good lenders with pretty good rates and terms.

In this article you’ll get the best 6 business loan brokers who will help you find the good lender for your business.

Lendio

Best Business Loan Brokers

It is a quick application process with over a network of 300 lenders and fast funding. It has funded approx. 300,000 businesses with over a $12 billion. There are no obligation and funding. There are physical branches also all over the US to discuss in person requirement to this small business broker is your business should be at least 12 months old and personal credit score of 650 or more. It offers a 15 minute application, with funding in as little as 24 hours. It lets you borrow in between $5000 and $2 million. You can repay over one to five years and your interest rate will be 6%

Types of funding Lendio offers are: –

  • Lines of credit
  • Equipment financing
  • Short term loans
  • SBA loans
  • Business credit cards
  • Commercial mortgage loans

Kabbage

Best Business Loan Brokers

Kabbage offers financial solutions and is technologically driven with flexible funding. It was recently acquired by the American Express and has a new servicing platform called K servicing to manage and make payments of your loan entirely online. It also has a comprehensive package of tools for its small business it does not take any fees for application, and its easily accessible in mobile apps.

It offers payment processing loans, short-term loans, and lines of credit, industry specific loans and PPP loans. It aims that small businesses get funded with less complications and in a timely manner.

You can apply application online and can expect the answer same day. Its requirement is you need to be in business for at least 1 year, you must have $50,000 revenue annually. It offers a several number of business loans and options for line of credit this includes both secure and unsecure options.

Loan amount depends on the type of loan you want. It offers business line of credits up to $150,000 and the loan amount from $500 to $150,000. It offers repayment terms of six and 12 months, according to your needs. There is no penalty fee or anything, you just have to pay a monthly fee, but they are very clear about it.

Kiva

Best Business Loan Brokers

It is the best option for those small business owners who want a small amount of loan they provide 0% interest rate, and you can borrow up to $15,000. They provide at least 36 months to repay. 2 million kiva lenders have funded more than 1.68 billion in loans to more than 4.2 million borrowers in 77 countries. Kiva loans are geared to disadvantaged entrepreneurs so the lenders get the chance through the platform to help people around to world. Here, the small business loan brokers have played an important role in helping the clients.

You can apply for it online in 20-30 minutes. It only requires that you are residing in U.S. and should be 18+ and you have to ensure that you are using it for business purpose only.

Biz2Credit

Best Business Loan Brokers

It provides the different options for the businesses looking for funding through small business loan brokers. They take application in 4 minutes and provide funds within 24 hours except for CRE loans it takes 30 days or less it provides loans ranging from $25,000 to $6 million. Term loans go up to $250,000, working capital loans up to $2 million and CRE up to $6 million. It has helped 200,000 businesses. It provides term loans, working capital loans, and commercial real estate loans. They have been one of the best small business loan brokers.

Revenue should be $250,000 for working capital loans as well as for term loans, but the business should be in work for at least six months and the credit score of 575 in case of working capital loans while term loans credit score must be 660 and the business should be in work for at least 18 months.

LendingTree

Best Business Loan Brokers

It is the best small business loan broker for the well qualified borrowers. Lender’s ensures that the borrower’s business gets the best available rates and terms. It does not ask for fees from the borrower, it charges from lenders, which pass on to borrower may so always check before closing. It provides several types of funding like SBA loans, short-term loans, long-term loans, working capital loans, business line of credits, equipment financing, and account receivable funding, merchant cash advances.

OnDeck

Best Business Loan Brokers

It is a good small business loan broker for the borrowers who are in need of instant funding as they provide the funds as the same business day. We choose OnDeck for its same day funding. The company has funded over $13 billion in loans. It’s easy to qualify for in amounts from $5000 to $250,000 small business loan and line of credit in amount from $6000 to $100,000 it is very transparent related to the requirements and loan details.

It requires at least a credit score of 600 and you need to be in business for at least 1 year, industry and location of your business and revenue of $100,000 annually and the repayment terms for small business is 18 months and no prepayment penalties and you can repay ondeck’s line of credit within 12 months. It provides you with the team to answer questions and assist you throughout the loan process.

Conclusion

In this article we have highlighted the best small business loan brokers. Each one of them has something different to offer: some are providing same day funding, some provides short-term loans and others have 0 interest. It is important to be the best small business loan broker stay on the top.

By Maria Amaniya

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