Small business loans are some of the best ways to find the loan solutions you need for your business to thrive in these days of disquiet and confusion. Here are three small business loan solutions for your business. Check to see what loans may offer low-interest rates, perfect repayment terms, and fast approval.
Each option offers different types of repayment plans, but most of the plans are monthly installments. Check with each lender to see if they offer daily withdrawal, quarterly payments, payments on receivable, or just what type of payment is offered.
Ask each company to be upfront with interest. Torro gives you the maximum rate you will pay, but the others offer different options. Determine our situation and talk to each lender. Check out many lenders. Know your options to find the best payback plans and rates for your small business.
Torro will approve your small business loan in under 48 hours, and the terms are from $10,000 to $500,00. You will need no collateral; there are flexible payment options, no financials or tax returns are required, and you have to provide no credit references.
According to company advertisements, APR’s will never exceed 36%. APRs vary based on state laws and qualities that monitor allowable interest rates, fees, and lengths of loan terms. Credit history at the time of the application, debt obligations, income, collateral, and a prior loan experience are considered in determining contract terms.
You will not have to make a down payment, and you will never have a prepayment penalty. When you close your loan, you will need to agree on all terms and conditions.
Sutton Funding is a resource for small businesses. They have a team that will assess your financial position and finds you the best loan. Sutton Funding’s mission is to give business owners the tools needed to succeed in this puzzling economy. They pledge to help create more jobs, keep small businesses alive and grow the small business community.
Sutton Fund was founded to serve the customer by offering intelligent financing solutions and top-notch customer services. They realize that funding can be a challenge and requires more time than business owners have.
Sutton Funding offers short and long-term loans and lines of credit. Included in small business funding at Sutton Funding are accounts receivable financing. This type of financing helps small businesses obtain capital that is uncollectable in unpaid debts.
Sutton also offers business lines of credit. Lines of cred are small business loans providing funding to draw from when you need capital. You have access to handle cash flow, buy inventory, and take care of emergencies.
Small businesses can also access SBA Loans through Sutton Funding. There are multiple SBA funded programs, and Sutton Funding will help small business find those programs.
Fundera advertises that they help small business owners make good financial decisions. They have helped over 85,000 small businesses, and 2.5 billion has been secured through Fundera. Fundera offers a PPP Hub, Loans, Credit Cards, Banking, Accounting, POS Systems, HR & Payroll, and Legal services.
Business loan requirement overview with Fundera claims to tailor requirements for your business. They state that the type of funding varies on the lender you deal with and the type of financing you want. You will need in most funding situations the following requirements with Fundera:
- Time in business
- Personal credit score
- Business credit score
- Annual business revenue and profits
- Bank statements
- Personal and business tax returns
- Loan purpose stated
- Business plan
- Ownership and affiliations
- Legal contracts and agreements
- Proof of collateral
- Balance sheet
- Disclosure of other debt
When requirement lists are written out, finding a small business loan doesn’t sound so simple, so what do you do? Do you go with a lender with higher interest rates but lower requirements, or do you go with a company that will help you find a loan but will also require a great deal of paperwork and information?
The Bottom Line
Compare your options and find the right business funding solution for your small business. Remember that banks and SBA loans require quite a bit of documentation and high qualifications but will offer the best rates and terms.
Alternative lenders have simpler application processes and are lenient in their qualifications. They will, however, have shorter terms, lower offered amounts, and higher interest rates.