In the past, loan applications could take months and the process was usually time-consuming. The requirements were also difficult to meet. In recent years, lenders have made loan applications easy.
Some lenders can offer you loans worth $500,000 in less than 24 hours. These loans come with easy requirements as well. Check out the three most popular lenders who offer easy business loans.
Ondeck focuses on business lines of credit and short-term business loans. The application is online and you can apply at any time. The application takes only 10 minutes and you will be required to provide your personal basic information and business information. You will also be asked to provide your bank information and three months’ bank statement. However, when you sync your bank account with the lender’s system, the lender will pull the statement by themselves. After the application, you will be notified of the results of the application. This notification is usually instant. This means you will know if you can access the loan right after you complete the application. It takes one to three days for OnDeck to fund your loan. The loan amount you can access ranges from $5,000 to $500,000. The APR on these loans ranges from 30% to 50%. The credit score requirement is easy to meet. You will need a minimum credit score requirement of 500. Your business should also have an annual revenue of $100,000, and your firm should be in business for at least one year. The repayment term also ranges from 3 to 36 months.
Bluevine also allows you to complete their online application in less than 10 minutes. They only require basic information about your business and your personal information. You will also be required to link your bank account. The lender will collect the bank statements they need once you link your account. You will get the approval notice on the same day. Funding for the loan can take up to 3 days, however, most loans are funded in 24 hours. The APR ranges from 30% to 60%. The minimum loan amount granted by BlueVine is $5,000 and the maximum is $500,000. You will need to pay back in 3 months. You should only apply for this loan if you need a short term loan. this loan is only recommended for business owners who can pay back in 3months or less. The minimum credit score requirement for this loan is 530. BlueVine focuses on invoice financing and their minimum requirements are related to invoice amounts and the invoice dates. You should have a minimum invoice amount of $500 and the invoice due date should be three months or less.
Credibly makes it easy for you to acquire a fast loan. You will need to complete a short application online. You will receive the approval notice the same day you apply. The cash will be in your cash within three days. The APR on this loan is rather high. You should be ready to pay between 80% to 120% as APR. Credibly offers loan amounts between $5,000 and $250,000. The repayment period varies but it usually ranges from 4 to 18 months. The minimum credit score requirement for this lender is 500. Credibly also has requirements that can be easily met by the lender. You should be in business for at least 6 months. Your firm’s monthly revenue should also be at least $15,000.
When you apply for loans, it is important to take note of the loan option the lender is willing to offer. Some loan types are designed to suit one particular purpose while others are for general businesses purposes. For instance, invoice financing is meant for businesses who have outstanding invoices from customers.
Although the lenders discussed above are the most popular lenders, there are other lenders who also offer easy business loans. Lenders such as Headway Capital and National Business Capital also offer easy business loans. It will be advisable to shop around before choosing one loan option.
Joshua is a financial lawyer who plans on writing a book about his experience on debt collection laws and lending terms and conditions. He is currently one of the senior partners at his law firm but wants to take more time off for his writing.
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