LendRev is revolutionizing the way small businesses access the capital they need to grow and thrive. We do this by offering a wide range of business loans and financing options and by making the funding process easier and faster than traditional lenders. The information below is a good place to start your research, but you are always welcome to call one of our personal funding coordinators for additional information and help determining which option is right for you and your business.
A merchant cash advance is not a loan, but rather a sale of a portion of further credit/debit card sales to a finance company, which in turn, provides a lump sum advance. Funds are available quickly, and when it comes to the approval process, your monthly sales are more important than your credit score. Repayment amounts are based on a factor rate, rather than an APR, and payments are automatically withdrawn on a daily basis, either through a partnership with the payment processing company or by deducting the amount from your business checking account via ACH.
A business line of credit is a flexible form of financing that allows the borrower to withdraw only the funds they require, up to a lender-approved maximum. The benefits of this type of financing is that you only pay interest on the amount you withdraw. Once that amount has been repaid, you’re free to withdraw it again, which is why this type of funding is also called “revolving” credit. Lines of credit may or may not require capital, and lower credit scores are considered.
Business Credit Cards are very similar to personal credit cards and can be a useful way to handle both regular and unexpected expenses. They also offer benefits such as free accounting features, reward points and partner discounts. Some companies may offer free cards for employees, and the points accumulated on employee cards are applied to the primary account.
If you have outstanding invoices but can’t afford to wait for payment to cover your costs, invoice financing may be a good fit. A finance company uses your invoices as collateral and advances you all or most of the outstanding amount, allowing you to meet your immediate financial obligations. Payments are made on a regular basis and include varying processing and factoring fees.
If you need a piece of equipment or machinery to further the success of your business, equipment financing is a viable option. The process requires limited paperwork, and funds for the purchase can be provided in a timely fashion. The item being purchased, whether you purchase it used or new, acts as collateral to secure funding and will also dictate the amount and duration of the financing. A drawback of equipment financing is that the item you purchased may become obsolete by the time you’ve repaid the funds.
If your business has a limited credit history, but your personal credit score is strong, consider applying for a personal loan for your business. They can be less expensive than a typical business loan and offer the benefit of regular, uncomplicated monthly payments. Be aware, however, of closing fees, the impact on your personal credit score, and the potential hazards of mixing business and personal finances.
Much like a traditional term business loan, a short term loan is both straightforward and predictable. They offer a set payment structure and may accept less-than-perfect credit scores. APRs will be higher than those of traditional term products, and it may be difficult for businesses with seasonal or variable revenue to meet daily or weekly payments. However, the application, approval and funding process are typically faster.
The SBA offers several financing programs to meet borrower’s various needs. While the SBA itself does not lend money, it guarantees up to 80 percent of a loan made by a private lender. This guarantee reduces the risk for banks and other lenders, which in turn allows them to provide more attractive rates and terms. However, the application process and credit score requirements can be daunting. For a list of required documentation, click here: SBA Loan Application Checklist
Putting up collateral for a business loan isn’t always an option. But without collateral, getting a traditional loan can seem impossible. When this is the case, an unsecured business loan may be the solution you’re looking for. Historically, unsecured loans could be difficult to qualify for, but alternative lenders are making the process easier than ever. Fill out a free application on Lendrev to get cash from an unsecured business loan in as little as 24 hours.
Getting a traditional business loan with bad credit can be extremely difficult. Traditional lenders base their decision to approve your application based almost entirely on your credit score, even though your creditworthiness is impacted by countless other variables and circumstances. Alternative lenders, on the other hand, tend to value your time in business and monthly revenues more than your FICO score. Lendrev provides access to a large network of alternative lenders who can secure your business’s financing, even with bad credit.
When it comes to business financing, there are many different options based on your business’s history and needs. Whether you need fast cash in the short term, a line of credit for the long term, or a loan to get your business of the ground, Lendrev can help. Our platform connects you with the business financing marketplace, making it easier and faster to get financing. Gone are the days of applying at several different lending companies, only to be denied. Simply fill out one free application with LendRev, and our network of financing companies will compete for your business.
When applying for any type of financing, be sure to ask what options are available for women-owned businesses. Many traditional and alternative financing companies offer financing products specifically for women to encourage and support women and minorities in the marketplace.
After serving their country, it can be difficult for veterans to obtain traditional loans because of gaps in their financial history. However, both the VA and the SBA offer special financing options created to help veterans start or expand their own businesses. Apply with Lendrev today to get started.
Minority owned businesses are underrepresented in the marketplace. Because of this, there are many programs to promote a more inclusive environment. Special financing programs are available to minorities, along with other business development assistance. If you believe your minority status is preventing you from obtaining the financing you need, a business loan for minorities may be a good option. Start exploring your options by filling out a LendRev application now.
Businesses need working capital for everyday expenses such as rent, leases and payroll. If you don’t have a line of credit and are in a crunch for time, getting cash from a traditional bank can be difficult. Luckily, Lendrev can help keep your business running smoothly when traditional lenders fall short. Apply for a working capital loan by filling out our free, single application and get the capital you need in as little as 24 hours.