You can often find a better deal on your small business loan by going through a marketplace instead of a bank.
Whereas each bank offers just a few loan options, lending marketplaces have several you can choose from.
For example, the Lendio marketplace features hundreds of loan options from 75+ of the best small business lenders. This makes it easy for you to browse, compare, and choose a lender without the hassle of going from bank to bank. Who doesn’t love a one-stop shop?
When it comes to most small business loans, speed is everything. If you’re weathering a slump, hit with surprise costs, or you’ve come across a deal that’s just too good to pass up, you often need capital in a hurry. And you don’t want to be slowed down by application, approval, and funding processes that take weeks or even months.
Many of the best small business lenders can approve and fund your loan within days - and often in as little as 24 hours.
If time is a crucial factor in your decision-making process, be sure to choose a lender that can approve and fund your loan quickly.
You can also leverage a lending marketplace to expedite your small business loan search. Lending marketplaces like Lendio use stuff like 15-minute online applications, loan matching algorithms, and the ability to upload your bank documents rather than make paper copies of everything - which means it just takes a few clicks to apply and compare options.
Big banks turn away 74% of small business owners. If you’re just starting out, have less-than-perfect credit, or need a modest amount of capital, chances are you’ll be turned away too.
This doesn’t mean you’re unqualified for a loan - it just means that big banks consider small business owners to be a little more risky and a lot less profitable. They have bigger fish to fund, so to speak.
Alternative lenders and lending marketplaces are cool because they can easily accommodate small business owners, even those that don’t qualify for traditional bank funding.
Depending on the type of loan you choose, our network of lenders will look at your:
This means you can easily leverage your personal credit, existing assets, or even your monthly credit card transactions to get the financing you need.
Remember, if the bank turned you down, don’t assume you’re not qualified. You just weren’t going to the right place to get your loan.
The best small business lenders disclose and explain all fees, rates, and terms related to your loan so you can make an informed decision and know exactly what you’re committing to before that contract is signed.
If you’re not clear about the requirements of your loan, ask.
A top-notch lender won’t mind walking you through every nook and cranny of your loan.
And here’s another benefit of shopping around for the right small business lender: favorable rates and terms. Checking out all your options enables you to find the best deal possible and get a loan that matches your needs and budget.
The best small business lenders are efficient, transparent, and committed to excellent customer service.
And most of them have reputations for being awesome. So don’t be shy about asking around or looking up reviews. You’ll notice that the same esteemed lenders make the top of the list over and over again.
We could tell you all about our favorite lenders, but we know you’d rather hear it from your fellow small business owners. Read their firsthand opinions above. No filtering, no sugarcoating - just the truth about the lenders who have helped them succeed.