Top Online Florida Small Business Loan Options
If none of Florida's local small business loan options suits your company’s specific needs (or you don’t meet the eligibility criteria), an online loan can present a viable alternative. There are many funding solutions available nationwide, and below you will find the four top online lenders and service providers to consider for your small business financing.
Fundbox is an online platform for loans and financial services that offers convenient credit and payment solutions to small businesses. As part of the loan application process with the company, you’re required to connect your firm’s checking account (and, optionally, your accounting software) to their system. This allows the underwriters to quickly extract the information they need to provide you with a fast decision and speedy financing.
If your application is approved, Fundbox will make you an offer, which will remain valid for 30 days. Once the offer is accepted, the funds will be transferred to your account as quickly as the next business day.
- Loan amount. With Fundbox, you can borrow up to $100,000.
- Repayment period. Repayments can be based on either a 24- or 52-week plan.
- APR. APR at Fundbox ranges from 10.1% to 79.8%, which is higher than traditional banks and some of the other online loan providers.
- Origination and early repayment fees. There’s no origination fee and no early repayment fees, - you won’t be punished if your business is successful enough to pay off the loan early.
Fora Financial is a reputable fintech company offering short-term small business loans and merchant cash advances to enterprise owners. What sets the company apart from other online lenders is the fact that it doesn’t require collateral, nor does it look at credit scores for application approval. So, if you don’t have sufficient collateral available or your business hasn’t built up the required credit history yet, you are still welcome to apply.
Simply fill out a one-page application form, upload bank statements for the past three months, and wait for approval. Generally, you will receive the answer within 24 hours, and, should you get approved, you can expect to receive the funding within the next 72 hours.
Fora Financial Characteristics
- Loan amount. The company provides loans between $5,000 and $500,000.
- Repayment period. The repayment period can range between 4 and 15 months.
- APR. Fora Financial’s APR can vary depending on the specific financial product.
- Origination fee. The origination fee is typically up to 2.5%.
Ondeck offers a wide variety of both secured and unsecured loans, including options for specific industries, as well as SBA loans.
The online process involves providing basic information about your business, including how long it’s been running for and its annual revenue. Once you provide answers to these questions, you will be referred to one of Ondeck’s partner lenders. In case you have any questions at this stage, you can make use of Ondeck helpline number to receive quick assistance. Following your loan application's approval, funds can be transferred to your account on the same business day.
Even though creditors and lenders are not legally obliged to report anything to credit agencies, Ondeck does. So, using the company is a great way to start building (or improving) your credit rating – especially for a new business with little or no credit history.
- Loan amount. The maximum loan available through Ondeck is $250,000.
- Repayment period. The maximum repayment period is 18 months, and there are daily or weekly payment options, offering a little more flexibility.
- APR. Ondeck’s APR starts at 31%, which is a significantly higher entry point than some of its competitors.
- Origination fee. There’s also an origination fee of between 0% and 5%.
LendingClub believes that the success of small businesses is fundamental to the well-being and development of the local community, so it has a quite different approach from most other online lenders. The company focuses on small business owners that are disproportionately refused loans from mainstream lenders. Specifically, they reach out to small businesses owned by women and minorities.
They do this by establishing relationships with community partners such as black or Hispanic Chambers of Commerce and other minority organizations. They also cater to firms in industries that are generally considered high-risk.
With the same ‘hands-on’ ethos, LendingClub assigns a dedicated advisor to each loan applicant.
- Loans are available up to $500,000 with repayment periods up to 5 years.
- Lending Club’s APR ranges from 5.99% to 35.89%. There’s also an origination fee of between 1% and 6% to account for.