Smart Options
Unsecured short-term loans (MCA) loans can provide quick business funding to meet the need for short-term capital. Being much easier to qualify for, they offer convenient alternatives to traditional term loans, which typically have strict qualifying requirements and a lengthy approval process.
The repayment period on these loans typically ranges from six to eighteen months. Because unsecured loans are approved base on a business’s revenue, credit scores are not the leading factoring for underwriting approval which makes unsecured loans a more flexible and smarter choice for businesses with no business credit or challenged personal credit.
SBA Loans
Many small businesses would qualify for an SBA loan, which is a government-guaranteed small business loan. Although most people believe these loans are issued by the government, SBA-approved lenders are usually banks. The agency promises to pay a percentage to the bank in the event of a defaulted loan. These loans are more favorable for both the lender and the borrow because the government-guarantee lowers the risk to the lender and in return, the borrow receives premium rates. Your business may qualify for a Small Business Administration-backed loan for various purposes. Working capital, inventory and/or equipment purchasing, buying real estate, or refinancing existing debt.
SBA loans offer business funding in amounts between $5 thousand and $5 million for a term between 5-25 years. Interest rates for SBA loans begin at 7.75% and most businesses receive the funds within 3 weeks after approval, if you’ve operated for 2+ years with good business cash flow and good credit and are considering finance choices to grow your business. Speak with an expert today at LendNesse and get your business qualified and funded in as little as three weeks
Term Loans
Conventional term loans are business funding with terms shorter than an SBA loan but also with monthly payments. Some businesses may not qualify for an SBA loan or may need capital sooner than the SBA process. Terms loans can be a good fit with rates from 6.99%-29.99% and terms are generally 2-3 years. These loans can also be approved with just a 640 credit score and 2+ years in business. Term loans can fund as soon as 2-3 business days allowing a business to sustain or expand operations and for this, they are an attractive option for both new and growing businesses. Speak with an expert today, we’ve simplified the process down to a one-page application and proof of business revenue. There’s a really smart choice for your next business financing decision.
Why LendNesse
LendNesse maintains professional relationships with numerous financial business funding sources including private lenders, credit unions, and some banks. We help small businesses obtain financing even with the most challenging cases. Our process isn’t nearly as difficult as it would be dealing with the banks. We handle all the hassle for you with a streamlined process that gets fast results. Apply now, our expert will find the right loan for you.
