Small Business Loans Loans for New Businesses Reviews & Prices

Many small business lenders require you to have been in business for at least one year and bringing in a profit, but what if you don't meet those requirements? Fortunately, not all small business lenders have the same requirements, and it's also possible for owners to take out a personal loan and use it for business purposes. During our reviews of these loan services, we looked at the difference in loan amounts, APRs and term lengths offered, as well as what requirements a business owner and business must meet in order to qualify. While we did not take out any loans, we did contact customer service and request quotes to get a feel for how using the service will be for the borrower. Learn more about small business loans by reading our FAQs.

Updated 10-04-2017

Loans for New Businesses Comparison Chart

Service Name & RatingMinimum/Maximum Loan AmountAPRTerms AvailableOrigination FeeOwner's Credit RatingBottom Line
Lending Club New Business Loan $1,000 - $40,0005.99% - 35.89%36 - 60 months1% - 6%~660+ 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
Prosper $2,000 - $35,0005.99% - 36%36 or 60 months1% - 5%640+ Peer-to-peer loan service with a personalized application process; good choice for new business owners with good/average credit or better
Upstart $1,000 - $50,000* (*$6,000 for OH; $7,000 for MA)7.39% - 29.99%36 months0% - 8%620+ Evaluation of academic, credit and work histories makes this a great choice for recent grads or students starting a business; strong customer service
LoanMe $3,500 - $250,00024% - 149%24 - 120 months5% - 10%500+ 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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