A business that wants to borrow money can do so through business term loans, which have fixed interest rates and a predetermined repayment period. The company borrows a certain amount of money. These loans are essential to businesses because they give them the money they need to grow, buy equipment, or handle cash flow. Companies can maintain operating stability and participate in growth prospects without exhausting their cash reserves by having access to term loans. Maintaining a competitive edge and accomplishing long-term company goals depend on this financial flexibility.
BUSINESS FUNDING | TIER:6
INVOICE FINANCING
LENDIO
HIGHLIGHTS
MINIMUM CREDIT + NETWORK
Recommended Credit
570 - 850 (POOR - Excellent)
MINIMUM TIME IN BUSINESSā
6 MONTHS
ā
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
business INVOICE FINANCING
One of the most well-known marketplaces for small business loans is Lendio. Lendio serves as a "matchmaker," linking borrowers with a network of more than 75 lenders—some of whom are on this list—instead of creating loans on its own. In essence, they are the Amazon of loans for small businesses.
Loan amounts up to 90% of receivables are available through Lendio.
BUSINESS FUNDING | TIER:6
INVOICE FINANCING
NAV
HIGHLIGHTS
MINIMUM CREDIT + NETWORK
Recommended Credit
570 - 850 (POOR - Excellent)
MINIMUM TIME IN BUSINESSā
VARIESā
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
business INVOICE FINANCING
Nav is not a lender, just like Lendio. Based on their credit scores and business profiles, its lender marketplace assists entrepreneurs in locating the optimal funding solution.
Better yet, Nav's marketplace is lender neutral, so the pressure (or money) from the lenders themselves has no bearing on its lender recommendations.
What sets Nav apart is that it provides the following advantages at no cost. credit report and score, instruments for establishing credit, round-the-clock surveillance and notifications, Advice and observations
BUSINESS FUNDING | TIER:6
INVOICE FINANCING
FUNDbox
HIGHLIGHTS
MINIMUM CREDIT + FAST FUNDING
Recommended Credit
400 - 850 (POOR - Excellent)
MINIMUM TIME IN BUSINESSā
6 MONTHS
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
business INVOICE FINANCING
Compared to some other online lenders and traditional banks, Fundbox offers greater rates. There is a bright side, though. It lets you pay back the loan early to avoid penalties, which drastically cuts your annual percentage rate. Additionally, Fundbox collaborates with you directly as opposed to your clients.
The loan must be paid back in 12 or 24 weekly installments, as opposed to invoice factoring.
BUSINESS FUNDING | TIER:6
INVOICE FINANCING
BLUEVINE
HIGHLIGHTS
MINIMUM CREDIT + FAST FUNDING
Recommended Credit
650 - 850 (faiR - Excellent)
MINIMUM TIME IN BUSINESSā
6 MONTHS
REPORTS TO:
-
ALL BUREAUS
TERMS:
-
business INVOICE FINANCING
Bluevine provides up to 90% of the invoice money in front. You will receive the remaining monies after your client pays the invoice, less any fees.
Even though Bluevine has very lax qualifying standards, keep in mind that it's not the least expensive invoice factoring service out there. For a temporary fix, you should employ its invoice factoring, which offers annual percentage rates as high as 68%.
