Review of Lending Club Business Loans
The first few years of a business are known to be the toughest. Lack of funds to expand your business can be a messy situation. The right kind of business loan will get you where you want to be.
There is just so much more you can do with a business loan. Perhaps you need to buy or upgrade machinery. New equipment means faster and more efficient production.
Your employees are your most valuable assets. A business loan can also be used to hire new employees. This invaluable investment is a stepping stone in growing your business.
You can also move to a more spacious location. Access or denial to a loan can be the difference between success and collapse of a business.
Consolidate Business Debts with Business Loans from Lending Club
Loans with high or fluctuating interest rates can interrupt your financial plans. The rates at Lending Club make it possible to merge all these into an affordable plan. You stand to benefit in various ways;
- Transparent and fixed monthly payments
- Free up cash flow for smooth running of business
- Get a low interest debt
- 1 to 5 year terms
Why Lending Club is Important for Small Business Loans
Most of the traditional lending institutions are reluctant to fund small businesses. They expect you to be operating for several years.
However, Lending Club Business Loans requires a minimum of 2 years in business. The online application form is convenient and allows fast access to loans. Other requirements for obtaining a business loan include;
- Bankrupt free applicants
- Own at last 20% of your business
- At least $75,000 annual sales
- Fair or better personal credit standing
You will just need to answer a few questions about your business. You can borrow between $5,000 and $300,000. The interest rate will depend on the loan amount.
Lending Club offers business loans for various purposes. Use the comparison tool above to get an instant quote from the company. Just enter loan amount and purpose of the loan. This won’t affect your credit score.
Business Loan Rates at Lending Club
You do not have to deal with hidden charges at Lending Club Business Loans. Rates start from 5.9% to 25.9%. Once the loan is issued, your rates will never change. You stand a better chance of getting better rates if you have excellent credit. It is also important for your business to demonstrate financial strength.
There is no penalty if you pay your business loan early.
There is no collateral required for loans under $100K. You may contact a client advisor if you aren’t sure of what type of business loan to take. Each loan applicant has their own client advisor.