Small Business LoansLoans for Established Businesses

Does your business need money fast? Maybe you want to purchase inventory or much-needed equipment, or perhaps you'd like to hire additional staff or buy out a business partner. Traditional loans through a bank require tons of paperwork and can take a long time to process. Small business loans through online lenders work like personal loans for your business, enabling borrowers to find out whether they qualify and complete the application within minutes — sometimes receiving money in as little as 24 hours. We've reviewed the top small business lenders to help you decide which will meet your business' needs.

Established Business Loans

Updated 12-14-2016
Services: Our Ratings: Bottom Line:
Identity Guard® Total Protection® Rating: stars
Peer-to-peer lending service offers a simple application process and competitive rates for business owners with fair or better personal credit
Identity Guard® Total Protection® Rating: stars
Peer-to-peer lending platform with a special emphasis on military veteran loans; highly personal loan applications; good for established businesses with lower revenue
Identity Guard® Total Protection® Rating: stars
Loans up to $500,000 for short-term or long-term growth; fixed rates with low APRs; seamless online application process; ideal for established businesses
Identity Guard® Total Protection® Rating: stars
Best for established businesses with a steady cash flow; loans are secured with long repayment periods; quick and simple application process
Identity Guard® Total Protection® Rating: stars
Variety of rate and term options; fixed-rate payments are daily or weekly rather than monthly; good option for newer as well as more established small businesses
Identity Guard® Total Protection® Rating: stars
Flexible loan rates and terms with a high-tech application process; ideal for profitable businesses whose owners have good credit or better; customer service is lacking

Will applying for a loan hurt my credit?

The short answer: no. Most small business loan services allow you to apply and see what interest rate you qualify for before submitting a full application for a loan. During the qualification process, the loan service will make a soft inquiry to get a snapshot of your credit. This type of credit check will not be noted on your personal or business credit reports, so it won't have a negative affect on your credit should you be turned down. However, if you qualify for a loan and go forward with a full application, the small business loan service will perform a hard inquiry to get your full credit history — which will show up on your credit reports.

Small Business LoansLoans for New Businesses

If your business is just getting off the ground or doesn't meet the annual revenue requirements of some lenders, you can still take out a loan for your small business. While most direct lenders for small businesses have an average requirement of one year or more in business, some will consider newer businesses. What you might not have contemplated is the idea of taking out a personal loan for your small business. Although doing so means you, the owner, will be responsible if the loan should default, this can be a great solution for money you need to get your business off the ground.

New Business Loans

Updated 12-14-2016
Services: Our Ratings: Bottom Line:
Identity Guard® Total Protection® Rating: stars
Great choice for those investing in a new small business who have average credit or better; peer-to-peer loans with a simple application process
Identity Guard® Total Protection® Rating: stars
Peer-to-peer loan service with a personalized application process; good choice for new business owners with good/average credit or better
Identity Guard® Total Protection® Rating: stars
Evaluation of academic, credit and work histories makes this a great choice for recent grads or students starting a business; strong customer service
Identity Guard® Total Protection® Rating: stars
Peer-to-peer personal loan service; ideal for small business owners just getting started who have good or excellent credit; website is not very informative and customer service is lacking
Identity Guard® Total Protection® Rating: stars
APRs and fees are on the steep side; payments reported to the credit bureaus; ideal for both newer and established businesses looking to build credit

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