Speaking of the best small business line of credit, there is no one-accepted standard and fits-all option. The best and the most reliable lender that offered the best conditions for one business might not even accept the request of the other equal company.
Credit scores will differ from company to company as they depend on the credit score, annual revenue, and individual financial goals of the borrower. Personal Money Service provides reviews of the best and the most reliable financial companies. Before applying to one of them, check out the reviews and you will find useful information there.
The most popular and the best banks for a small business line of credit are:
- LendingClub with borrowing limits of $300,000 and extremely low-interest rates of 8% to 35%.
- StreetShares with borrowing limits of $100,000, APRs of 9% to 40% and required weekly payments.
- OnDeck with borrowing limits of $100,000, higher APRs of 14% to 40% and $20 monthly account maintenance fee.
- Kabbage with borrowing limits of $150,000, no required credit limitations or requirements, higher interest rates of 32% to 108%.
There is other best unsecured business line of credit but Personal Money Service can’t cover each of them. Ask around and check out the reviews of the lending company first! That’s the key for a normal repayment period.