Best Online Business Loans | Knowyourbank.com

Top 7 Best Online Business Loans

When you need a business loan it is usually something of immediate importance. Online business lenders have made quick lending decisions and providing capital fast part of their mission. Banks usually take more time to make lending decisions but are still worth talking to if you have time to spare.

As a result of the need for speed, many small businesses are turning to online lenders as sources of business loans. They can be a great source of credit for a small business that is looking to secure a loan of between $50,000 and $500,000, and do it in the shortest timeframe possible, and with the least hardship in terms of documentation.

For this reason, we have compiled our list of the top 7 best online business loans on the web.

LENDER	RATES APR %	TERMS	LOAN TYPE	MAX LOAN AMOUNT	MIN CREDIT SCORE
Lending Club	8.00% – 32.00% 6.25% – 21.60%	1 to 5 years	Term loans Line of Credit	$300,000	660
Fundation	7.99% – 29.99%	1 to 4 years	Term loans	$500,000	600
Bond Street	6.00% – 22.00%	1 to 3 years	Term loans	$500,000	640
Funding Circle	5.49% – 27.79%	1 to 5 years	Term loans	$500,000	640
CAN Capital	Factor rate to 35% annual	4 months to 24 months	Term loans Merchant Cash Adv.	$150,000	N/A
On Deck	13.99% – 36% 5.99 to no maximum	3 – 36 mos. on term loans	Variable rate Term loans	$100,000 to $500,000	600/500
Kabbage	1.50% to 12.00% PER MONTH	6 or 12 months	Revolving line of credit	$100,000	N/A

Our List of the Top 7 Best Online Business Loans

1. Lending Club

Fixed rates from 8.00% APR to 32.00% (APR) on business loans
Variable rates from 6.25% APR to 21.60% (APR) on business lines of credit
Business loan terms from one to five years
Origination fee between 0.99% and 6.99%
No application fee or prepayment penalty
Borrow up to $300,000
Borrow up to $100,000 with no collateral
Minimum credit score: 660
Must be in business a minimum of 24 months
Must have minimum of $75,000 in annual sales for past two years
Borrow for any business purpose

Lending Club Business Loan

Borrow Up to $300,000

8%-32% APR
1-5 Year Term
0.99%-6.99% Origination Fee On Loan Amount

Lending Club Business Loan

2. Fundation

Fixed rates from 7.99% APR to 29.99% APR on business loans
Business loan terms from one to four years (twice monthly payments)
Origination fee 2.00% to 3.00% included in APR
No application fee or prepayment penalty
Borrow up to $500,000 ($20,000 minimum)
Collateral: personal guarantee plus general business lien
Minimum credit score: 600 (“good personal credit”)
Must be in business a minimum of 24 months
Must have at least three employees
Must have minimum of $100,000 in annual sales
Borrow for any business purpose

Fundation Business Loan

Borrow Up To $500,000 (Minimum $20,000)

7.99%-29.99% APR
1-4 Year Term
2.0%-3.0% Origination Fee On Loan Amount (included in APR)

Fundation Business Loan

3. Bond St

Fixed rates from 6.00% APR to 22.00% APR on business loans
Business loan terms from one to three years
Origination fee 3.00%
No application fee or prepayment penalty
Borrow up to $500,000 (minimum $50,000)
Collateral: personal guarantee and general business lien
Minimum credit score: 640
Must be in business a minimum of 24 months
Must have minimum of $200,000 in annual sales for past two years
Borrow for any business purpose

Bond Street Business Loan

Borrow Up to $500,000 (Minimum $50,000)

6.0%-22.00% APR
1-3 Year Term
3.0% Origination Fee On Loan Amount

Bond Street Business Loan

4. Funding Circle

Fixed rates from 5.49% APR to 27.79% APR on business loans
Business loan terms from one to five years
Origination fee between 1.49% and 4.99%
No application fee or prepayment penalty
Borrow up to $500,000
Collateral requirement: personal guarantees plus general business lien
Minimum credit score: 640
Must be in business a minimum of 24 months
Must have minimum of $150,000 in annual sales for past two years
Borrow for any business purpose

Funding Circle Business Loan

Borrow Up to $500,000

5.49%-27.79% APR
1-5 Year Term
1.49%-4.99% Origination Fee On Loan Amount

Funding Circle Business Loan

5. CAN Capital

Factor rates approximately 35% per year (rates not disclosed until application)
Short-term business loans and Merchant Cash Advances (MCA)
Business loan terms from four to 24 months; MCAs revolving
Borrow up to $150,000 on business term loans and MCAs
Collateral: MCA secured by future credit and debit card receivables; term loans require personal guarantee
Repayment: Daily on term loans (fixed daily payment) and Daily percentage of credit/debit card receivables on MCAs
Minimum credit score: Not applicable (based mainly on cash flow) but rumored to be 550
Must be in business a minimum of 4 months
Must have minimum of $4,500 in monthly sales
Borrow for any business purpose

CAN Capital Business Loan

Borrow Up to $150,000

5.49%-27.79% APR
4 months-2 Year Term
1.49%-4.99% Origination Fee On Loan Amount

CAN Capital Business Loan

6. On Deck

Variable rates from 13.99% APR to 36.00% APR
Short-term fixed rate loans from 9.00% APR to no maximum (“average rates of 19% Total Interest Percentage”); Long-term fixed rate loans from 5.99% APR to no maximum (“average rates of 30% Annual Interest Rate”)
Terms: Short-term loans 3 – 12 months; Long-term loans 15 – 36 months; lines of credit six months
Origination fee 2.5% on first loan
No application fee or prepayment penalty
Borrow up to $100,000 on lines of credit, $250,000 on short-term loans, $500,000 on long-term loans
Collateral – personal guarantee plus general lien on business
Minimum credit score: 600 on lines of credit, 500 on term loans
Must be in business a minimum of 12 months
Must have minimum annual sales of $100,000
Borrow for any business purpose