Lending Club Small Business Loans
Apply Now for a small business loan through Lending Club the top peer to peer lender for personal loans now also approves loans for businesses up to $300K.
You can get low rates on a business loan along with a streamlined process that gets you approved for a loan quickly and with great customer support. The process is done online and is funded by investors not a bank.
What is The Requirements to Get a Lending Club Small Business Loan?
1) First they will want to see you have been in business at least a minimum of 24 months. This is typical for a business loan as they want to see you are established before loaning out a significant amount.
2) Lending Club Small Business loans will at least want to see you at around $75,000 in annual sales. Once you hit this amount everything should be smooth sailing regarding getting approved for a small business loan.
3) I think this next requirement is a no brainer but you must have no recent bankruptcies or tax liens.
4) You will need to be the one that owns at least 20% of the business and you need to have at least fair or better personal credit to get a business loan.
You will not need Collateral for small business loans or lines of credit under $100K. There is also no need for a costly appraisal or title insurance and there is no need for a plant visit or you to send a a business plan.
How Does Lending Club Small Business Loans Compare to Other Lenders?
Lending Club small business loans are much easier than many other vehicles such as banks or credit unions to get funded.
One factor that can be different than most business loans is that Lending Club will do a small business loan kind of like there personal loans which are between 1 – 5 years.
Many times on a small business loan you will have a fluctuating rate. With Lending Club that rate if fixed over the life of the loans so you can easily project your payments and the outcome of the interest charged.
There is also no early payoff fee for this type of business loan. Many times on other loans for a business you will see fees associated with trying to pay it off ahead of time.
Your monthly payment will typically be much cheaper than the typical type of loan.
All of these factors add up making the Lending Club Small Business Loan one of the best in the industry and allows this company to stand out above other peer to peer lenders.