Top 5 business loan app in the USA in the year “2020”

Taking a business loan app is one of the most challenging tasks for many business owners. Although all banks, crowd-funded sites, borrowing from friends or relatives, etc. offers various loan opportunities to the businessman but faces a lot of complications. To provide a better solution with minimum interference, lenders through loan app offers a wide range of funding options, including working capital loans, merchant cash advances, equipment financing, invoice factoring, and term loans.

However, once you search for “apps providing loans to business owners” you will get thousands of results and from here the problem of reliability starts. So, after good research and analysis, we have sorted out the top 5 business loan giving apps that offers you every type of loan you are looking as per your convenience. Also, get each app feature at the end of the article.

Top 5 Business loan app
Top 5 Business loan app

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1. OnDeck: Business loan app

With the services of more than 10 years, OnDeck is a good app for providing short term and long term loans to the business owners. Another advantage of having a loan from OnDeck is less time taking. One can easily get a term loan of $5K – $500K and a credit of $6K – $100k.

To be eligible for getting a loan from OnDeck, you should be in the business of at least one year and an annual income of $100,000 or more.  The biggest advantage of getting a loan from OnDeck is it allows you to build credit. If you have bad credit, you can still get a small business loan through OnDeck. 

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2. Kabbage is a small business loan app

To provide funding to small businesses, the Kabbage app offers loans up to $250,000, to be used for any business needs.

One can qualify to have a loan within 10 minutes by fulfilling just minimum eligibility criteria, which includes at least one year of business engagement, revenues of $50,000 annually. Kabbage has relatively high-interest rates.  

Moreover, Kabbage offers three tenure loan plans having 6, 12 or 18 months. The app helps you to provide a loan even if you have a bad or poor credit score.

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3. Fund Box:

One of the best ways to get a loan through invoice financing. Invoice financing means small businesses with unpaid invoices can also use invoice financing to borrow against their receivables. 

You can avail business loan of $1,000, or up to $100,000 in credit. To become eligible for getting a loan from FundBox, you must have at least 6 months invoicing activity in software and at least $50,000 in annual revenue.

4. Biz2Credit:

Biz2Credit gives a comprehensive type of loan offers to small business owners, starting from small business loans to business acquisition loans. Depending upon the type and amount of loan you are looking for, Biz2Credit asks for a few details like yearly revenue, time to commence a business, personal credit score, etc. 

With the Biz2Credit app, you can get access to the credit of $2,500 to $1,000,000. The lowest interest rate that biz2Credit offers is 3% – 4%. 

5. Blue Vine:

A great option for small business owners to get Term Loan, Line of credit and Invoice Factoring at a single platform of BlueVine. Get your loan as quick as in just 5 minutes. You can get loans up to $ 2,50,000 and Invoice factoring up to $ 5 million. 

You can get a lumpsum amount of loan at the lowest rate of 4.8%. To be an eligible borrower, you must be in the business of more than 6 months and $10,000 in monthly revenue. BlueVine even considers borrowers with bad credit.

Summarized View of top apps giving a loan to the small businessman

App Name

Amount of loan

Lowest Listed Rate

Eligibility Criteria

Loan App Features (Reviews)

OnDeck

Term loan of $5K – $500K and credit of $6K – $100k.

9.99%

Engaged in business for atleast 1 year

 

An annual income of $100,000 or more

 

Should have a business Bank account

OnDeck allows you to withdraw funds, check your account balances and transaction history, make payments, and interact with customer service representatives.

Kabbage

Credit of $500 to $250,000

1.5 factor rate

Engaged in business for atleast 1 year

 

Revenues of $50,000 annually or $4,200 per month over the last three months

The application process and response time are quick with Kabbage. If your loan gets approved, you can get funds in your account as soon as one to three days.

FundBox

Credit of $1,000, or up to $100,000

4.66%

Minimum 6 months invoicing history in your accounting software

 

$50,000 or more annual revenue

The Fundbox app allows you to check your account information, including your balances and even details of unpaid invoices. You can also view your repayments and draw funds.

Biz2Credit

Credit of $2,500 to $1,000,000

3%

Direct fund access regardless of years in business

 

Rest criteria depend upon the type and amount of loan

If you have a high credit score, steady or increasing revenue, and need quick business funding, Biz2Credit is a great option.

Blue Vine

Term Loan, Line of credit $20,000 to

$2,50,000 and Invoice Factoring up to $ 5 million

4.8%

6 month business operations

 

Recent bank statements of 3 months

 

Monthly revenue of $10,000

With the quick funding process, Blue Vine five access to funding same day.

Summing up:

With the highly recommended best 5 loan giving apps, now the problem of funding to expanding your business is not an obstacle. Get the loans to finance your small business with these reliable and trustworthy loan apps within a few minutes.

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