Low Interest Business Loans

1. TD Bank: Best Overall for Startup and Established Businesses

TD Bank offers low-interest rates and fewer additional fees than most competitors. Whether you are a startup or a well-established business you can qualify for a TD Bank business loan. TD Bank only operates in certain states so you?ll want to make sure your business is in one of those states. TD Bank offers a variety of products for small businesses and small business loan amounts up to $1M. TD Bank also offers business lines of credit and SBA loans. While there are many reasons to work with TD Bank, you should prepare for a longer approval process. TD Bank is technically a traditional bank. To begin the process you can submit a contact form online and a representative will contact you.

2. Capital One: Best for Multiple Options

This may come as a surprise to many business owners but Capital One offers business term loans, SBA loans, equipment financing, business credit cards, and business lines of credit. In addition, Capital One is a well-established lender that strives to provide excellent customer service. However, some Capital One business financing may be hard to qualify for. Capital One likes to see borrowers come prepared to their appointments, especially the initial appointment. If you meet with Capital One you should bring an executive summary, business plan, financial statements, and quality references. Whether you think you qualify for Capital One business financing or not, you should consult a representative. You may be able to begin a relationship with Capital One with a smaller business loan or credit card.

3. US Bank: Best for Quick Approval

U.S. Bank offers businesses a quick and easy online approval process that can save you tons of time. U.S. Bank offers business loans up to $250,000 with competitive rates and flexible terms. Businesses that need funds quickly should consider U.S. Bank. U.S. Bank highlights expedited loan decisions and one-time fund payouts. In addition to business loans, U.S. Bank also offers a business line of credit. If you need ongoing access to money you may want to consider a line of credit.

4. BlueVine: Best for bad credit

BlueVine offers business lines of credit and invoice factoring. Invoice factoring is a unique funding solution for businesses. Businesses that use invoice factoring sell control of accounts receivable. This means customers pay the factoring company directly and the factoring company pays you. Most factoring companies automatically deduct their fee before paying you. BlueVine highlights an easy application process, high loan amounts, and the ability to help bad credit borrowers. Businesses can borrow up to $250,000 using BlueVine lines of credit and up to $5M using BlueVine invoice factoring. To qualify for a BlueVine line of credit you should have a 650 or higher credit score. However, to qualify for BlueVine invoice factoring borrowers should have a 530 or higher credit score.

5. Funding Circle: Best for fixed monthly payments

Funding Circle offers peer-to-peer lending and fixed monthly payments. Peer-to-peer lending means that Finding Circle connects you to lenders rather than lending you the money themself. Funding Circle reviews highlight outstanding customer service, straightforward fees and terms, and low entry-level rates. Businesses can get SBA 7(a) loans and term business loans through Funding Circle. Funding Circle offers term business loans with rates starting at 5.73% and loan amounts up to $500,000. SBA 7(a) loans can provide higher loan amounts and longer terms.

6. OnDeck: Best for short loan terms

If you plan on using more than one business loan over time, you should consider OnDeck. OnDeck offers incentives such as reduced fees and lower rates for repeat borrowers. Most OnDeck customers have positive reviews about the company encouraging them to continue to do business with OnDeck. However, new businesses may have trouble qualifying for business loans with OnDeck. OnDeck offers term loans up to $500,000 and lines of credit up to $100,000. Companies should have at least one year in business and $100,000+ in business annual revenue. In addition, business owners should have a credit score of 600 or higher to qualify.

7. American Express: Best for smaller loans

American Express offers business loans up to $75,000 with interest rates starting at 6.98%. Most banks have a minimum borrowing requirement of $10,000. However, American Express allows businesses to borrow as little as $3,500. American Express business loans can be used for working capital, credit card debt consolidation, and merchant cash advances. In addition, to offering lower loan amounts American Express also offers shorter terms up to 36 months. American Express allows businesses to apply online for business loans without affecting your credit score.

Conclusion

In conclusion, if you are a business owner seeking a low interest rate business loan you should submit an application through Acorn Finance. Whether you take advantage of an offer from an Acorn Finance lending partner or not, it can provide valuable insight as to what type of offers are available. Business owners can submit an application through Acorn Finance without affecting their credit score. Acorn Finance partners with reliable lenders that offer competitive business financing. Discover low interest rate business loans. . . apply online today!