Online Small Business Loans Reviews 2021

A small business is an independently owned and operated company. The industry that it’s in, its size, and its revenue determine whether it passes as a small business or not.

Select the Best Online Business Loan 

All businesses need money to operate efficiently and, most times, these funds are tied up in things such as stock, debtors, raw materials, etc. This results in cash flow shortages which ultimately lead to an inability to grow the business. The latter, or even keeping the business afloat during these difficult times, is usually very challenging for small business owners. This is where applying for online small business loans can be helpful, and our reviews—made by experienced professionals—are designed to assist you in making the best choice.

While obtaining government small business loans might still be an option, we have compiled a list of small business funding online vendors.

Top Lenders
Features
  • Competitive interest rates
  • Great customer support
  • Quick loan procedures
  • No guarantees needed
  • Low minimum credit score requirements
  • No hidden fees
  • AAA+ Business Bureau
  • Work Qith Start-up Companies
  • Easy To Get Personal Advice
  • Fast access to cash
  • Great for borrowers with low credit
  • Paperwork and hassle-free application process
  • The World’s 50 Most Innovative Companies
  • Dedicated Client Advisor
  • Range Of different Forms Of Financial Support
  • Easy application process
  • Fast funding decisions
  • Personalized approach
  • Discounts for prepayment
  • Authorize loans and lines of credit
  • Short term loans
  • No Origination Fee Or Early Repayment Fees
  • Flexible Payments With No Credit Check
  • Boasts a Speedy Application Process
  • Competitive rates for the loans
  • Long repayment terms
  • Loans offer government-guaranteed
  • Automated payback
  • No late fees
  • Easy application process
  • Easy-to-use digital platform
  • Fantastic resource for veterans
  • APR low as 8%
  • Award-winning low APR rates
  • Few restrictions on loan purpose
  • Dedicated account manager
  • Credit Score: 600+ with No Open Bankruptcies
  • Credit Score: 500+ with No Open Bankruptcies
  • Total Monthly Bank Deposits: $15,000+
  • Fixed Fee - 9%-31% of the borrowing amount
  • Origination Fee - 0%-2.5%
  • Needed Credit Score - 550
  • Needed Annual Revenue - $5,000 (MCA)
  • Merchant Cash Advance
  • Business Line of Credit
  • Startup Business Loans
  • Small Business Loan
  • Competitive industry rates
  • Flexible terms to fit your business needs
  • 5-minute application
  • Approval in as little as 4 hours

The Demand for Small Business Loans

With Covid-19 showing its ugly face early on in 2020, world economies were turned upside down, bringing many small businesses to a halt. Governments had to intervene by introducing assistance measures such as the Paycheck Protection Program (PPP).

The PPP allowed for small businesses that qualify to apply for loans of up to 3.5 times their monthly payroll. The repayment was forgivable, business didn’t have to repay if they couldn’t afford to. A condition was that the borrower had to retain its staff and not cut their wages—the government would repay lenders for the forgiven portions of their loans.

Naturally, these loans took a while to take off as lenders were very reluctant to disburse money where they couldn’t make any profits from the deals. A new stimulus bill that provides the PPP with a further $284 billion in funding was signed into law at the end of 2020.

Eligibility for second loans has made them harder to get than the original PPP, so we expect to see the demand for other small business loans rise—those loans where the business must repay the capital plus interest.  

How to Choose the Best Loan for Your Business

Each lender offers different types of business loans, making it difficult to choose the best option for your business. The following are pointers on things to look at:

  • Maximum loan amount—taking up an amount less than that required initially could be disastrous and isn’t recommended.
  • Type of loan—does it meet your business requirement?
  • Access to loan—how long before the lender pays you out?
  • Cost of loan—what is the interest rate being charged? Is it fixed, or does it fluctuate based on the prevailing prime interest rate?
  • Monthly installments—how much are they, and will your business manage to pay them on time?
  • Loan period—is the loan facility reviewable (when your business needs are reassessed)? 
  • Early settlement—will there be a penalty if you settle early?
  • Small print—look out for hidden or undisclosed charges.

Once you have considered these points, you should be in the position to make an informed decision.

Why You Can Trust Our Reviews and Ratings 

We have done much research on and rated these providers based on the criteria presented above. While we have affiliate co-operation with some of the vendors, our judgment remains entirely impartial, and we do our reviews objectively.

Bottom Line

The secret to successfully getting a small business loan for your needs is to find good business loan companies that offer you the best interest rates and terms. It would be best if you had a silent finance partner, not somebody who’ll always look over your shoulder.

The American economy has survived due to the promotion of and financial assistance given to small businesses in all states. Whatever your short-, medium-, or long-term financial needs are, there's always a financial services provider to take care of your business.

Small Business Loan FAQs 

Nowadays, the following are questions being asked by many:

1. Can I Get a Small Business Loan With Bad Credit?

Getting a loan when you have a bad credit history depends on your circumstances and whether you can offer various security forms, but it’s possible.

You may have to sit and talk about your small business loan application with somebody employed by the lender but bear in mind that he or she is also human, so be honest and forthcoming about your credit history. 

2. How Long Does SBA Disaster Loan Approval Take?

An SBA disaster loan assessment and approval is a three-step process: First, is applying for the loan; second, comes property verification and loan processing decision; and finally, loan closing and disbursement of funds.

According to the SBA, the first two steps take an average of four weeks. Step three takes about five days before a borrower receives funds.

3. Are Small Business Loans Secured or Unsecured?

Small business funding can be either secured or unsecured depending on the business's financial standing and the credit standing of the owner(s). The latter is vital because the owner(s) are typically expected to sign as surety for the business.

The lender is holding the “captain of the ship” responsible for its obligations.

4. How Do I Qualify for an SBA Loan?

Generally, to qualify for an SBA loan, you’ll need to have a good credit record, an established business, and demonstrate your business's ability to repay the loan. You may have to provide collateral and a personal guarantee.

Keep your business financial statements as up-to-date as possible, and try to keep a set of management accounts handy. By doing this, you’ll already have made a favorable impression on the lender.