Many business owners eventually find themselves wanting a business loan. Whether it’s the need to increase working capital or upgrade equipment, there are several situations where a business loan can make sense. But with so many lenders and constantly changing rates, it can be difficult to know where to begin.
With over 30 years of experience, BusinessLoans.com has come up with a free solution that can save you both time and money. Using proprietary technology and a team of fellow business owners, BusinessLoans.com states, “We are upfront and here to deliver simple, straightforward access to the largest network of online lenders anywhere.”
In only three minutes, BusinessLoans.com matches users to the best rates and terms. Simply enter some basic information, and the site’s calculator will show you your best matches. Let’s find out exactly how it works.
Pros and Cons of BusinessLoans.com
- 100% free with no obligation
- Created by fellow business owners
- Fast loan comparison results in three minutes
- Doesn’t affect your credit score
- Connection to vetted, in-network business loan lenders
- Information must be entered to receive results
- Not a direct business loan lender
What Does BusinessLoans.com Offer?
The goal of any business loan is to use borrowed funds to increase profitability, and BusinessLoans.com specializes in connecting business owners with a trusted network of lenders. Whether you’re looking to increase your working capital or to expand or repair your business property, there are several options available to all types of businesses. BusinessLoans.com specializes in four different kinds of business loan financing:
For business owners that need a loan quickly, short-term loans are often a great option. With a repayment period of 12-24 months, short-term loans are designed to finance expenses like working capital, equipment upgrades, and marketing purposes. Short-term business loans are often the fastest to process and have more flexible underwriting than other types of loans.
With loan terms that can stretch from five to 20 years, long-term loans are an option for businesses that are expanding or making big investments. Unlike short-term loans, long-term business loans often require collateral. Long-term loans can have fixed or adjustable rates.
Lines of Credit
While both short-term and long-term loans offer a fixed term of repayment, a business line of credit gives business owners a little more flexibility. When businesses are given a line of credit, it can be used for nearly any purpose. Businesses using lines of credit only use the amount needed up to the approved credit limit. With a business line of credit, interest is only paid on any outstanding balance.
Merchant Cash Advance
A merchant cash advance isn’t technically a loan, but it’s still an option for business owners who don’t want to issue a personal guarantee of collateral. Instead of carrying an interest rate or a set of repayment terms, cash advances are granted to businesses with an agreement that a percentage of their sales will be directly paid to the lender. Once the advance has been paid back in full, the contract is complete.
What To Expect on the Site
In addition to having a helpful guide that explains the loan process, BusinessLoans.com makes it easy to find compatible lenders. In under five minutes, you’ll have results. But before you get started, you’ll want to have some information readily available, including:
- The type of business
- Amount and purpose of the loan
- Your annual revenue
- Length of time in business
- Recent financial intake
- Personal information (address, email, etc.)
Once you’ve entered the requested information, you’ll be taken to a processing screen. After BusinessLoans.com has completed calculating, the screen will then show your results. In order to apply with any of your suggested lenders, you will be taken directly to that lender’s site. At this point, you’ll need more specific information about your business such as your business license and your business credit profile report.
Using BusinessLoans.com to compare rates is always free of charge, and your credit score won’t be impacted. BusinessLoan.com analyzes your estimated business credit situation against the market’s current rates to find the most competitive business loan lenders for your situation.
If you decide to proceed with any of the suggestions, then rates may vary somewhat because you’ll be asked for more specific information. Regardless, you can rest assured that BusinessLoans.com connects you with trusted lenders.
The Bottom Line
No matter the size of your business, there’s likely to come a time when you want a business loan. Business owners are busy people, and they often lack the time it takes to thoroughly search the marketplace’s ever-changing rates. Fortunately, BusinessLoans.com has proprietary technology that can identify both compatible loans and match you with lenders in only three minutes. As you consider the best business loan lenders, give BusinessLoans.com a look.