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BEST ONLINE LENDERS FOR BUSINESS LOANS (2019)

The estimated reading time for this post is 120 seconds

  • Best online lenders for business loans
  • The U.S. economy is in its 10th-year boom, but traditional financial institutions have not reversed the strict underwriting guidelines they put in place during the great recession.
  • Funding Circle, headquartered in London, UK, allows investors to lend funds directly to small and medium-sized businesses.
  • Kabbage provides a line of credit up to $250,000. You can repay the loan in 6 to 12 months, and there is no prepayment penalty.
  • OnDeck has an A+ rating from the Better Business Bureau.
  • Street Shares a comprehensive online lender

The U.S. economy is in its 10th-year boom, but traditional financial institutions have not reversed the strict underwriting guidelines they put in place during the great recession.  Therefore, many small and medium-sized businesses are turning to online lenders for working capital (accounts receivables, accounts payable, and inventory).  Below is the list of the best peer-to-peer lenders:

Funding Circle

Funding Circle, headquartered in London, UK, allows investors to lend funds directly to small and medium-sized businesses. It operates in the UK, the US, Germany, and the Netherlands. The starting rate is from 4.99%, it can borrow between $25,000 to $500,000, you can repay the loan in 6 months to 5 years, and there is no prepayment penalty.

Kabbage

Kabbage provides a line of credit up to $250,000. You can repay the loan in 6 to 12 months, and there is no prepayment penalty. Since it is a line of credit, you decide when to use your funds and how much to take.  As long as you have available funds, you can withdraw every time you need capital, up to once per day.

OnDeck

OnDeck has an A+ rating from the Better Business Bureau. It offers two flexible financing options: a term loan up to $500,000 with a rate as low as 9.99% and a line of credit up to $100,000 with a rate as low as 13.99 percent.

Lending Club

Lending Club’s process is easy and straightforward- you apply online in minutes, select a loan offer, and get your money automatically deposited into your bank account.  You can borrow up to $300,000.

Street Shares

Street Shares a comprehensive online lender. It offers term loan up to $250,000, Patriot Express Line of Credit up to $250,000, and contract financing up to 90 percent of the invoice amount.  Street Shares also prides itself on being a veteran-friendly platform.  So, if you are a veteran business owner in need of liquidity, you might need to consider this platform first. 

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