Top Online Indiana Small Business Loan Options
In addition to traditional lenders, such as commercial banks, online lending platforms often offer viable alternative options for small business financing.
Credibly is a reliable online lender that has been offering financial products to Indiana-based small businesses for over 10 years. The company is dedicated to creating funding opportunities available to a broad range of customers. As such, its loans come with relatively lenient eligibility criteria, with a minimum credit score of only 500.
With Credibly, you can choose among seven different types of small business loans. One of the most popular types is a working capital loan, which works slightly differently from a typical term loan. Here, instead of paying a regular interest rate, you would need to pay a lump sum equal to a certain percentage of the total loan amount.
Other loan options offered by Credibly include lines of credit, business expansion loans, SBA loans, merchant cash advances, and more.
Biz2Credit is a trusted online lender providing small business loans to entrepreneurs in Indiana and around the country since 2007. The company is known for its simple application process and quick turnaround times: you can expect to receive the funds within 72 hours of application.
Biz2Credit offers three main types of financing: term loans, commercial real estate loans, and working capital loans. While term loans are limited to $250,000, two other types of financing can help to fund much larger projects, with loan amounts ranging up to $6 million. The interest rates are also reasonable, starting at around 8.99% for all types of loans.
Keep in mind, however, that Biz2Credit’s eligibility requirements and minimum credit score can be tough to meet for startups and new businesses.
Fundbox is a fintech company and an online lender providing lines of credit and small business loans to entrepreneurs not only within the state of Indiana, but nationwide as well. With Fundbox, you will enjoy an easy and quick application process, as well as fast turnaround times. In addition, the company doesn’t require guarantees, has low minimum credit score requirements, and doesn’t charge any additional credit fees.
Applying for a business line of credit through Fundbox can provide you with flexible funds of up to $100,000. However, in order to qualify, you need to make sure that your business has been in operation for at least three months and has an annual revenue of at least $25,000. In addition, a minimum credit score of 500 is necessary.
If you are looking for a personalized online term loan application experience, Fundera is the way to go. This online lender provides you with a personal advisor who will support you every step of the way.
In addition, Fundera is known for its relatively high maximum borrowing limits, ranging up to $600,000. However, loan collateral is usually required. The maximum repayment period is five years, with a fixed repayment structure. This means that you will be able to easily plan your company’s cash flow to accommodate loan repayments.
Another great thing about applying for a loan with Fundera is the fact that it demands less supporting documentation than traditional lenders, which speeds up the loan application and approval process considerably.