Startup successful small business owner man walking in his coffee shop or restaurant. Portrait of young caucasian man successful barista cafe owner. concept: best loan companies
By: rkapur
Read in 8 minutes

Best Loan Companies For Small Business

Small business owners often need cash to keep their enterprises running. The funds could be required for a new project or even to meet day-to-day expenses. If you find yourself in this situation, it’s important to know about the best loan companies to approach.

The logical thing is to go to a bank. Or apply for an SBA loan. These categories of loans offer large funding limits and the lowest rates. But there’s a problem. 

SBA loans are notoriously difficult to qualify for. According to a recent news report, you need a credit score of 720 or more to have a good chance of qualifying for an SBA loan.

What about bank loans? 

Unfortunately, they’re hard to get, as well. Big banks approve a little over a quarter of the loan applications they get from small business owners. So, for every 100 entrepreneurs who apply to a big bank, only 25 are approved. 

Where does that leave the majority of entrepreneurs? 

Which are the best loan companies they can apply to?

Closeup image of a woman holding and showing American dollar banknotes for money and financial. concept: best loan companies

Comparative table of the best loan companies

💰 Loan amount range Annual interest rate Loan term ITIN or SSN? Min. credit score
Camino Financial $5,000 to $400,000 12% to 40% 24 to 60 months ITIN and SSN NA
Credibility Capital $50,000 to $250,000 6.99% to 24.99% 12 to 48 months SSN 650
Rapid Finance $5,000 to $1 million Factor rate: 1.12 to 1.31 3 to 60 months SSN 550
Funding Circle $5,000 to $500,000 12.18 to 36.00% 3 months to 10 years SSN 660
OnDeck $5,000 to $500,000 35% to 99% 3 to 36 months SSN 600

Best loan companies for small business

Here are some of the best loan companies for small companies with specific details about each of them.

1. Camino Financial

Best for: OVERALL WINNER — your first choice considering all factors

Website: Camino Financial

What you should know: Camino Financial is a leader in small business loans. There are no credit score requirements, and even borrowers without a credit history are eligible to apply. You can get funding as fast as 2 days after accepting our loan terms. Get 1-on-1 advice via instant chat, SMS, email, or phone.

Loan amount range: Starting at $5,000 and up to $400,000

Annual interest rate: 12% to 40%

Loan term: 24 to 60 months

Type of payment: Monthly

Minimum credit score: NA

Basic requirements: 

  • The business should have been operating for at least 9 months.
  • Gross annual sales of $30,000 or more.
  • The applicant must have a social security number or tax identification number.

2. Credibility Capital

best loan companies: credibility capital logo

Best for: Established businesses

Website: Credibility Capital

What you should know: Credibility Capital has flexible approval rules, but you need a strong credit score.

Loan amount range: $50,000 to $250,000

Annual interest rate: 6.99% to 24.99%

Loan term: 1 to 4 years

Type of payment: monthly 

Minimum credit score: 650

Basic requirements: 

  • You should have been in business for at least two years.
  • Requires an annual revenue of t least $200,000
  • You need to be a US citizen: SSN required

3. Rapid Finance

best loan companies: rapid finance logo

Best for: Simple loan process, quick approval.

Website: Rapid Finance

What you should know: They offer a wide range of loan options. Everything from small business loans to bridge loans and health care cash advances are available from Rapid Finance.

Loan amount range: $5,000 to $1 million.

Interest rate: They don’t charge an annual percentage rate, but a monthly fee (factor rate of 1.12 to 1.31)

Loan term: 3 to 60 months.

Type of payment: Daily or weekly 

Minimum credit score: 550

Basic requirements: 

  • A government-issued photo ID (Driver’s License).
  • Last three statements from your business bank account.
  • Requires social security number

4. Funding Circle

best loan companies: Funding Circle logo

Best for: Quick online lending

Website: Funding Circle

What you should know: Funding Circle has a quick approval process, but you need a strong credit score.

Loan amount range: $5,000 to $500,000

Interest rate: Annual interest rates of 12.18 to 36.00%

Loan term: 3 months to 10 years

Type of payment: monthly

Minimum credit score: 660

Basic requirements: 

  • You should have been in business for at least two years.
  • Requires a lien on your business assets
  • Might require collateral
  • Asks for an SSN

5. OnDeck

Best for: Term loans with low paperwork requirements.

Website: OnDeck

What you should know: OnDeck can provide funding in as little as 24 hours.

Loan amount range: $5,000 to $250,000.

Annual interest rate: 35% to 99%

Loan term: 3 to 36 months

Type of payment: daily or weekly

Minimum credit score: 600

Basic requirements: 

  • You should have been in business for at least one year.
  • A FICO score of 600 or more.
  • Annual business revenue of $100,000 or more.
  • You should have a business bank account.
  • Requires SSN

Portrait of mature latin entrepreneur man with retail business background. concept: best loan companies

How do entrepreneurs use small business loans? 

What can you do with the money you raise from a small business loan? Here’s a list of some of the different ways in which you can apply the funds:

  • You could open at a new location.
  • Buy new machinery or carry out major repairs to old equipment. 
  • The money you raise could be used to purchase inventory.
  • Loan funds can be used to pay wages.
  • The cash could be spent on launching a new marketing campaign or building a new website.
  • You could buy new computers or office equipment.
  • The funds could be applied for education or training for yourself or your employees.
  • A loan could be used to pay off high-cost debt.

best loan companies: camino financial logo

Camino Financial: the top choice for any small business

If you’re in the market for a small business loan, it can be difficult to decide on the best loan companies. 

Should you opt for a financial institution that offers the lowest interest rate? 

Or is it better to approach a lender where your loan application is more likely to be approved?

The problem is that a lender that offers low rates can take weeks or even months to approve a small business loan. If money is available quickly, the cost can be high. 

So, what’s the best way to apply for a small business loan

Is there any lender that offers low rates, quick approvals, and simple documentation? 

We invite you to take a close look at the benefits that Camino Financial offers:

If you’re looking for funds for your business, take the first step and contact us, we are one of the best loan companies. Our loan specialists will guide you through the borrowing process and ensure that you get the money you need at the lowest possible cost.

Learn more about our small business loans!

 

 

Check if you
qualify for a loan

LEARN MORE