If you are looking for a reliable company for business loans than you don’t need to look further. Lending club is one of the most demanded company for business loans since 2007. It has one of the best rates and conditions for business loans. It also offers quite a high limit for loans.
Lending club small business loan deals offer competitive rates. Their rates are lower and better than many banks in the market. The process is simple and fast. The money is transferred into your account within 24 to 72 hours.
Requirements for Lending Club Small Business Loans
- The requirements are simple. You need have a legit business that is registered. You credit history is checked and your annual sales rate.
- Your business must be established for at least 2 years. Your annual sales must be at least $75,000. You should own a minimum of 20% of your business. There should be no bankruptcies or tax lines in recent days.
- Credit history affects the amount you can borrow while your monthly sales determine your eligibility criteria.
Types of Small Business Loans by Lending Club
There are different categories of small business loans offered by the lending club. You can select the one that fits your requirements.
- Purchase equipment
- Hire new employees
- Consolidate debt
- Expand your location
How to Apply for Lending Club Small Business Loans
- To apply for Lending Club business loans you need to visit the link.
- There you need to the amount you want to borrow and the purpose of the loan. Then click on the “get a quote” button located right next to it.
- You will be provided with the online business loan application. You need to enter the required information about your business, personal and financial details.
- Once you fill in the form you submit and your loan will be reviewed. You receive a response as soon as possible.
- Once you final signings are completed. Your money is transferred directly to your account.
LendingClub Small Business Loans Benefits
The lending club offers one of the largest limits for small business loans. You can apply for a minimum of $5000 and the maximum of $300k. You total limit may increase or decrease depending on your credit history. The payment terms of lending club small business loans are fixed. You can have 1 to 5 years terms with fixed monthly payments.
The interest rates on business loans are fixed so you don’t have to worry about changing interests. Your interest rate can be as low as 5.9%. Your interest depends upon your credit history and monthly sales. The better the digits the more affordable rates you get.
There are a variety of loans offered in small business loans. You can choose a loan that fits perfectly with your needs. You don’t need to borrow extra money that you won’t use and pay for opts interests. There are no additional or hidden charges that you have to pay. There are no prepayment fine or penalties.