Are you one of the business owners who are unable to get loans from traditional banks? If you are, look for an alternative loan. These loans are offered by organizations that are not associated with traditional banks. Unlike traditional loans, alternative loans can be offered to you when you have a limited credit history. Also, you do not have to meet the requirements that traditional banks need to get this loan. Below are some of the alternative loans that you can take advantage of.
If you are a small business owner who wants a high loan amount or a low-interest loan, Lendio will help you. When you apply for a loan with Lendio, it will match you with the most appropriate lenders. You will be allowed to choose the offer that will be best for you. However, your credit score needs to be above 550 for Lendio to help you.
Whether you need a business loan to upgrade your business or cash for daily business operations, you can get a term loan from Bluevine. Although these loans’ revenue requirements are higher than those of other alternative loans, their interests are low. You will get a loan from Bluevine if you have a 530+ credit score and have been in business for more than three months.
If you need to apply for a loan and get approved within a short time, Kabbage is the best choice. You can use the Kabbage application to apply for this loan. You will fill in your details and allow the application to connect with your business bank account. Kabbage is likely to give you a loan if your credit score is more than 530 and you have been in business for more than a year.
Funding Circle Loans
When you qualify for a funding circle loan, you will get money from individual investors. Although the rates for these loans are competitive, their repayment period is usually long. However, you have to meet the funding circle loan requirements to get a loan from it. For instance, you need to have been in business for more than two years and have a credit score above 620.
If your business financial needs are small and you need alternative lending, you can choose Kiva. When you choose this option, expect not to receive more than $15, 000. The good thing about these loans is that their rates are not high, making them a cheap funding option. However, you need to do some crowdfunding to get the lowest interest rates.
You are likely to get an Accion loan if you have a unique business. For instance, if you own a minority business or a business made to help women, you will likely get this financing. The best thing about Accion is that it will not look at your credit score or revenue. Instead, it will focus on the story behind your business. If it is interesting, you will get financed.
As a business owner, you might need a loan now to buy certain devices. After some time, you might need another to pay your employees. In such a case, loans from Ondeck will help you. The lender can give loans repeatedly at low-interest rates. However, you need to create a solid relationship with the company for you to get the loans.
Individual investors offer StreetShares loans since this lender is a peer-to-peer lender. This lender balances the interest rates charged on the loans and the loan requirements. For instance, if you borrow a StreetShares loan with low loan requirements, expect the interest rates to be high and vice versa.
Eagle Valley Ventures Loans
If you need a loan to meet your short-term business needs, a loan from Eagle Valley Ventures will help you. You can borrow up to $1500 from this lender using Infinity Software. However, you will only get $800 from Eagle Valley Ventures if you are a new customer.
A low credit score can make you not get business loans from many lenders. However, Fundbox can help you when you have such a credit score. You can get up to $150, 000 from this lender. The fact that you have not qualified for a business loan from traditional banks should not make you get stranded. Look for an alternative loan. Several companies and investors offer these loans to people like you. However, ensure that your credit score is good.