Finimpact
Lendzi logo
4.5

Lendzi - Best for Businesses With High Revenue

4.5
Factor Rate
Starting at 1.10
Loan Amounts
Up to $4 million
Min. Annual Revenue
$180,000
Key Features
  • Borrow up to $4 million in working capital
  • Min. credit score: at least 500
  • Min. time in business: 6 months
  • Equipment financing up to $2 million
  • Business line of credit up to $250,000
  • See your options without hurting your credit
  • Flexible terms: 3 to 15 months
  • Excellent customer reviews on independent review sites
  • Get funding in as little as 24 hours
Pros & Cons
  • No minimum credit requirement
  • Multiple loans and lenders to choose from
  • Excellent customer service
  • Competitive rates
  • High annual revenue requirements
  • Phone calls may be required during application process
Overview

Lendzi offer seven different types of small business products and cater specifically to small businesses that have either been turned down for financing elsewhere or businesses with high revenue. Lendzi is a direct lender but the company also partners with more than 75 other lenders to increase your chances of getting a loan. If they can’t fund your loan themselves, odds are high they can find a lender who can. The application takes just a few minutes to fill out and approved borrowers can get the funding they need in as little as 24 hours.

 

Main Features

Whether you’re looking for a short-term loan, a merchant cash advance, or a small business loan backed by the SBA, Lendzi can meet your needs. Most products range from $5,000 to $500,000, with the exception of SBA loans that may be as large as $5 million. Rates and fees will vary depending on the product you choose, the lender you choose, and your overall credit and income profile. Minimum qualifications include six months of business history and $180,000 in annual revenue. Credit score doesn’t matter as much, but it should be noted that those with higher scores will receive better interest rates. Below is what you can expect to see with a working capital loan.

Lendzi wants to help your small business succeed by giving you the opportunity for a loan even if you’ve been denied elsewhere. They offer a multitude of loan products, have thousands for 5-star reviews, and will help you with the entire process once you get started. Filling out the application takes just a few minutes and will not impact your credit score, allowing you to explore your options prior to making a decision.
Backd business loans
4.5

Backd - Best for Cheapest Interest Rates

4.5
Factor Rate
Starting at 1.10
Loan Amounts
Up to $2 million
Min. Annual Revenue
$200,000
Key Features
  • Borrow up to $2 million
  • Min. Credit Score: 640
  • Min. Time in Business: 2 years
  • Industry best factor rate for MCA - as low as 1.10
  • APR for the Line of credit product starts at 35%
  • Flexible repayment terms up to 16 months
  • Get funding in as little as 24 hours
  • Check your rate with a soft credit pull
Pros & Cons
  • Fast and easy online application
  • Flexible payment terms
  • Large loan amounts up to $2 million
  • Funding within 24-48 hours of loan approval
  • Rates and fees not disclosed
  • Not all industries will qualify
  • Must be in business at least one year
Overview

Backd offers personalized small business loans tailored to your specific financial needs. Founded in 2018, Backd was created to give more businesses access to funding, without having to wait months for a decision. In fact, it takes just a few minutes to apply for funding from Backd and a lending decision is made almost instantly.

 

Main Features

Backd offers two loan products - working capital loans and small business lines of credit. Working capital loans range from $10,000 to $2 million with no collateral required. Terms are up to 16 months and payments are made daily, weekly, or semi-monthly. Backd lines of credit range from $10,000 to $750,000 with unlimited terms and competitive rates. You can draw from the line at any time, use the funds, pay them back, and draw from the line again.

To qualify for funding from Backd, you need to be in business at least two years, have an annual revenue of $200,000 or more, and 640+ FICO score. Your business must be based in the U.S. and you must have a business bank account.

If you’ve been in business for one year and have an annual revenue of $100,000 or more, Backd is worth looking into. They offer fast lending decisions and funding times, large loan amounts, and tailor their funding specifically to meet the needs of your business.
bluevine
4

Bluevine - Best for Business Line of Credit

4
Interest rates
Starting at 6.2%
Loan Amounts
Up to $250,000
Min. Annual Revenue
$480,000
Key Features
  • Funding up to $250,000
  • Min. credit score: 625
  • Min. time in business: 6 months
  • Interest rates starting at 6.2%
  • Loan Repayment 6-12 months terms
  • Quick and simple application
Pros & Cons
  • Cash when you need it
  • Funding within hours
  • Low interest rates
  • Personal guarantee required
  • Interest may be high for those with poor credit
  • Not available in some states
Overview

Sometimes you want to borrow a lump sum all at once, and other times, you need a little money now and a little later. In that case, a line of credit from Bluevine is worth exploring. Borrow what you need, pay it back, then if you need more, you can borrow from the line again and again.

 

Main Features

Bluevine offers lines of credit up to $250,000, with repayment in either six or 12 months. You can choose either weekly or monthly payments. Interest rates start at 6.2% and go up from there, depending on your the actual rate you receive and the time it takes you to pay it off.

To qualify for a line of credit with Bluevine, you must have a credit score of at least 625 and monthly revenues of $40,000 or more. Your business must be in an eligible U.S. state: businesses in Nevada, North Dakota, and South Dakota are not eligible. It must also be in operation for at least six months and no bankruptcies in the past three years. 

If you aren’t sure how much money you need to borrow over time, a line of credit from Bluevine can be the flexible solution you seek. Borrow money now and then borrow again down the road when you need it.

The Bottom Line

Military spouse small business grants are available. Although competitive, this could be the path to owning a business without taking out a loan. Don’t wait! Start applying for military spouse business grants today.

About the Author

Sarah Sharkey

Sarah Sharkey

Personal Finance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions.

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