There comes a point when businesses can:
- choose whether they want to grow at the pace they are currently growing at
- or they can find a business loan that can accelerate this growth
For many business owners, commercial loans are the lifeline of any company that wants to continue to grow.
That being said, it is imperative to make sure that you not only secure funding for your business but that the terms of the loan can fit your needs.
If you are a business owner who is looking for a loan to grow your business—but don’t have the time to research different lenders—then consider exploring business loan marketplaces.
Business loan marketplaces allow time-crunched entrepreneurs to find you the best deals on loans. Business loan marketplaces help any business owner get the best competitive loans so that they can focus on growing their business and its daily operations.
With a simple online application to fill out, you will be on your way to finding a lender on a business loan marketplace that can help you get the right loan.
What is a business loan marketplace?
A business loan marketplace is a service where lenders and businesses meet. Any company that is looking for a loan can sign up on a marketplace and see different offers from different lenders. All in the same place.
As a business owner, you’ll be able to find many loans that fit your needs. You’ll be able to see their terms right away and compare them.
A business loan marketplace is meant to help you save precious time. As an entrepreneur, you already have a lot on your plate, so don’t hesitate to try out these convenient services. They are a great resource to have because they are fast and convenient. You also won’t have to worry about missing out on the best loan offer, since you’ll be able to see various offers at once.
How to use a business loan marketplace?
A business loan marketplace involves a few steps, but it is rather straightforward.
- First, visit a business marketplace website such as ‘Fundera’ and register or log in.
- Then, fill out an application. Application questions can range from basic information such as the name of your business and its location to more detailed information about your personal finances and your businesses’ income and credit score.
- Once you submit this information, you will be able to see different loans in just a few seconds.
- Once you’ve applied and you receive a few offers, it’s time to compare the loan offers and choose which one is best for you.
Using a business loan marketplace vs. applying yourself
Is finding a lender on a business loan marketplace the best course of action for you?
Use a business loan marketplace
Like many small businesses, time and resources might not always be on your side. So, to save time, applying to these business marketplaces can be the best idea.
By applying to business loan marketplaces, you will allow your business to save by getting offers right away. No more browsing through the internet trying to research different lenders, having to make notes on a notebook, and comparing rates.
Business loan marketplaces are suitable for people who want to see what’s out there with the click of a button, and who don’t want to feel they are missing out on a potentially better option.
Although some business marketplaces do charge a fee. And to show you different options, they collect information on you and your business, which you may not want to give away to so many lenders at once.
On the other hand, you can apply for loans yourself.
The benefit of this is you can take your time sifting through options that are best for you. You don’t have to provide you information for loan companies that aren’t a match with your business. You can also save money on fees from business marketplaces, and know you’re using your time and resources well.
Of course, this will take way more time, and you may not get approved for the amount you want right away. This means you may have to apply to other lenders, anyway.
Top business loan marketplaces
Here are a few of the best loan marketplaces in the U.S.
Please consider all the facts before making a decision that can impact the financial health of your business beforehand.
Fundera was founded during the year 2013. The founders wanted to help small businesses obtain funding, so their mission is to help business owners understand all the options they have.
◾ Fast pre-approval
◾ Compare with a loan specialist
◾ Receive funding fast
They collect a fee of 2% to 5%
Doug Lebda decided to found this company, in1996, after going through the long and tedious process of comparing mortgages. The company was initially called CreditSource USA, but the name changed in 1998 to Lending Tree.
◾ Requires a good minimum individual credit
◾ Rates and options vary – there are many available, but there’s no way to be sure what you’ll be offered.
The fee they collect depends on the lender.
Lendio was created to help business owners that needed loans and were rejected by banks. Founded in 2011, they’ve been assisting users in finding the funds they need.
◾ Need to be operating in the USA or Canada
◾ Have a business bank account
◾ Personal credit score 560 or more
The fee they collect depends on the lender
Not all business loan marketplaces are the same. Some offer more options than others, and some have higher fees as well as fine print that shouldn’t be ignored.
Like with anything, some marketplaces have better reputations than others, and this is something you’ll have to analyze before vetting the loan options they provide you with after that. Not only are you looking for the best loan, but you are looking for the best business loan marketplace to ensure you see all the possible options available.
Camino Financial can be found on all 3 marketplaces, so you’ll get to see us compared to other lenders while also having the opportunity to apply directly for our small business loans.
Shop in these marketplaces
If you are considering getting a loan for your business, understand that not all lenders can truly fit your needs. It takes a lot of time that you don’t have to find the perfect loan that allows your business to grow without any financial mishaps. But that’s why business loan marketplaces exist.
If a business loan marketplace still isn’t helping you find what you need, then consider Camino Financial.
We can help you finance your business needs. We offer small business loans and microloans with great interest rates. That’s how we make sure to live to our motto, “No Business Left Behind.”