Choose the Right Business Loan Provider
By Understanding What Others Are Saying

If you need financing for your business, one of your best options will be to take out a business loan. In addition to choosing the right interest rates, repayment terms and other options, it’s important to know what other patrons are saying. Here’s our breakdown of some of the most popular business loan providers, including how they’ve been reviewed.

Banks that Provide Business Loans

JPMorgan Chase Bank

“JPMorgan Chase offers loans to businesses of all sizes. Their products include loans backed by the Small Business Administration (SBA), lines of credit, term loans, commercial real estate financing, equipment financing and trade financing.”

Average Review Scores for JPMorgan Chase Bank
Better Business Bureau

Grade F
(2 positive, 3 neutral,
158 negative reviews)*

Consumer Affairs


1.6 out of 5 stars (based on 290 ratings)*

Samples of What JPMorgan Chase Business Customers Are Saying
  • “We applied for a business construction loan with Chase in 2016. It was a big mistake to take the loan from them. Their loan process and each fund release was terribly slow (averaging 3 months for each draw release) and very disorganized. It delayed our whole building process.”
  • “Recently I applied for a business loan with Chase Bank which was a very unpleasant experience. After applying for the loan, an agent out of the Houston office name Charles who was handling my loan never answered my calls, never told me the outcome of the loan and until this day.”
  • “I went to 2 locations to speak with a business banker about the wacky business loan statement. Both branches and 4 personnel there said they ‘had no clue’ what is going on.”

*Please note that because JPMorgan Chase doesn’t just provide business loans, some aspects of these scores are from private customers. The testimonials relate specifically to business loan experiences.

Wells Fargo Bank

“Wells Fargo is one of the biggest banks in the U.S., with more than 8,000 branches across the nation. They provide SBA-backed loans, business lines of credit, unsecured business loans and commercial purchase loans.”

Average Review Scores for Wells Fargo Bank
Better Business Bureau

Grade NR
(12 positive, 4 neutral,
335 negative reviews)*

Consumer Affairs


1.8 out of 5 stars (based on 328 ratings)*

Samples of What Wells Fargo Business Customers Are Saying
  • “We have since left the bank as they would not negotiate any lower payments on our business loan and have since raised the payment amount and will not negotiate.”
  • “Arranged for collection of business loan by taking all my personal money. We had a business line of credit. Took all money from all accounts and told me ‘too bad.’”
  • “The business I work for had a $14 million lending arrangement with Wells Fargo. They nearly put us out of business and in the end the fees they charged us were in the 100s of thousands. These guys lie to get you in the door, then screw you over.”

*Please note that because Wells Fargo doesn’t just provide business loans, some aspects of these scores are from private customers. The testimonials relate specifically to business loan experiences.

Huntington Bank

“Huntington Bank provides SBA-backed loans, term loans, lines of credit and real estate loans to small businesses.”

Average Review Scores for Huntington Bank
Better Business Bureau

Grade A+
(4 positive, 1 neutral,
96 negative reviews)*

Consumer Affairs


1.83 out of 5 stars (based on 51 ratings)*

Samples of What Huntington Bank Business Customers Are Saying
  • “On multiple occasions I have tried to reach their business customer service. The usual hold time is 30 minutes. They give you the option that they will call back, guess what, they don’t call back.”
  • “Huntington ‘LOST’ all of my corporate records and are now ‘not’ compliant with federal record keeping law and want me to spend my time running around gathering records to bail them out.”
  • “Huntington said they could not complete our loan because they had to factor in a future lease payment to the debt to income ratio. Instead of telling us this weeks or months ago so we could pursue other options, they waited until three days before our fifth closing date to tell us this. We then had to redo the entire closing paperwork and come up with cash to buy the houses.“

*Please note that because Huntington Bank doesn’t just provide business loans, some aspects of these scores are from private customers. The testimonials relate specifically to business loan experiences.

Bank of America

“Bank of America small business loans help organizations find the right financing for their business. They provide funds to purchase inventory and materials, refinance debt or finance account receivables.”

Average Review Scores for Bank of America
Better Business Bureau

Grade B+
(4 positive, 2 neutral,
170 negative reviews)*

Consumer Affairs


1.7 out of 5 stars (based on 408 ratings)*

Samples of What Bank of America Business Customers Are Saying
  • “I was promised an introductory rate of prime minus 1% on business loan. I was never sent a bill. The customer rep said they were in transition and that first payment was sent (late) not knowing where to send. Subsequently, they raised the interest rate (doubled). Now I am forced to scramble, to be accountable to all business associates”
  • “On the bank accounts, they started holding my deposits for up to 9 business days, and on the very same day the deposits would finally clear, they would put all my debts (of checks I wrote assuming my deposits would be cleared) FIRST causing my account to go over, then charge me $35 for EACH transaction that was over.”
BBVA Compass

“BBVA Compass provides lending options to meet business needs including lines of credit, terms loans and SBA loans. They provide loans for every need from improving liquidity to purchasing equipment or acquiring real estate.”

Average Review Scores for BBVA Compass
Better Business Bureau

Grade A+
(1 positive, 0 neutral, 59 negative reviews)*

Consumer Affairs


1.3 out of 5 stars (based on 39 ratings)*

Samples of What BBVA Compass Business Customers Are Saying
  • “I have never had a worse experience getting a loan in my life. My husband and I applied for a loan to build a new office building and purchase some land for his business. We have gotten many loans in the past. Once the loan process got started we were passed around from 5 different people, everyone seemed to be out of town.”
  • “Compass Bank repeatedly has hold times of over 20 min. The negatives outweigh the positives with this bank. Consumers should consider an alternate Bank for business transactions.”
Capital One

“Capital One business financing provides loans to open up new locations, keep up with supply and demand and provide business resources. They offer financing for furniture, equipment, debt consolidation, new premises and more.”

Average Review Scores for Capital One
Better Business Bureau

Grade A+
(11 positive, 4 neutral,
137 negative reviews)*

Consumer Affairs


1.3 out of 5 stars (based on 400 ratings)*

Samples of What Capital One Business Customers Are Saying
  • “Capital One increased our APR for being one time late to 12.9%. That was two weeks ago. Now they raised the rates to 29.6%. What gives? For what? I missed one payment in how many years I have had this account. It would seem to me that my history should have spoken for itself. My business needs a lower rate. How can a business make purchases with such a high rate of credit line?”
  • “This loan was to be sold with the business as a business loan. It has called much aggravation and headache, and now we were not able to get it included with the business because it is under my personal name! I’m out $50K!”
PNC Bank

“PNC Bank typically offers term loans providing a specific amount of credit to purchase assets or meet defined financing needs.Loans are repaid to a predetermined schedule or monthly principal and interest payments.”

Average Review Scores for PNC Bank
Better Business Bureau

Grade D
(2 positive, 1 neutral,
119 negative reviews)*

Consumer Affairs


1 out of 5 stars (based on 121 ratings)*

Samples of What PNC Bank Business Customers Are Saying
  • “PNC leased equipment to me with government small business stimulus money. When business failed equipment was returned to PNC. They in turn sold the equipment for $12k in which I was paying $2k per month on a $95k lease that was secured by the government. Now they are coming after me for the $60k.”
  • “As far as I know, the PNC item remains unsettled, my other creditors have lost and so have I. All because of a courthouse error and a greedy PNC Bank attacking me for something I had no idea could ever occur. So if you borrow from PNC, pay them back as fast as you can.”

Online Business Loan Reviews

OnDeck Capital Inc.

“OnDeck is a specialist business loan provider offering term loans up to $500,000 and credit lines up to $100,000. They have provided financing of more than $5 billion to small businesses.”

Average Review Scores for OnDeck Capital Inc. Funding
Better Business Bureau

Grade A+
(48 positive, 0 neutral,
26 negative reviews)

Consumer Affairs


3.2 out of 5 stars (based on 18 ratings)

Samples of What Capital One Business Customers Are Saying
  • “They also wanted to make sure the money was going to be used for something that would help the overall revenue generating potential of the business. We were approved quickly and had our funds almost immediately after approval.”
  • “The application process was thorough and efficient with no surprises along the way.”
  • “The rates are a little high. Could have been better. They could have been more competitive and offer lower rates.”
  • “Rates were just okay and it was one of the higher quotes I received. In a competitive market it was an easy decision to go in a different direction.”
Accion

“Accion provides small business loans from $300 to up to $1 million. They lend to various types of businesses, with a focus on women-owned businesses, green businesses, minority-owned businesses and startups.”

Average Review Scores for Accion
Better Business Bureau

Grade A+
(no reviews)

Consumer Affairs


2 out of 5 stars (based on 6 ratings)

Samples of What Accion Customers Are Saying
  • “This company’s loan process is horrible. Do not waste your time with them. They do not loan money. The underwriters even laugh at you even when you have good credit. They are terrible to deal with, worse than trying to buy a house. And still will not loan a cent. “
  • “Going to Accion was the worst experience I had ever had looking for a small business loan. They invade your personal life asking for a ton of information and when you provide it they want more.”
  • “My loan advisor went above and beyond for me. I was blown away at how quick and easy the process was. I would recommend Accion in a heartbeat.”
BlueVine Capital

“BlueVine offers fast funding for businesses with minimal paperwork. They provide flexible business lines of credit up to $5M and invoice factoring.”

Average Review Scores for BlueVine Capital
Better Business Bureau

Grade A+
(1 positive, 0 neutral,
5 negative reviews)

Consumer Affairs

  N/A  

Samples of What Capital One Business Customers Are Saying
  • “BlueVine is one of the easiest companies to work with. I like the program and look forward to building a long term relationship with them.”
  • “Simply put: BlueVine cannot be trusted. Just as many of the other reviews on here state, I had a very poor experience with BlueVine denying draws on credit lines that are established already for arbitrary reasons. I’ve never had this issue with any other lender. BlueVine seems to care only about driving new signups and not actually allowing existing customers to utilize their credit lines even if they are in great standing.”
Credibly

“Credibly offers business loans of up to $250,000 to help businesses grow. They emphasize good customer service and ongoing relationships.”

Average Review Scores for Credibly
Better Business Bureau

Grade A+
(0 positive, 0 neutral,
1 negative reviews)

Consumer Affairs


3.5 out of 5 stars (based on 12 ratings)

Samples of What Accion Customers Are Saying
  • “Interest rates are reasonable. I got pretty much what I needed and paying back is not breaking my bank. I am very satisfied with customer service and I definitely recommend them for your business.”
  • “Credibly is a terrible company. They are vague, their process is questionable and they don’t care about their clients at all. They don’t explain the process: how much you will be paying, how often, at what rate – until you are at the end of the process.”
  • “But after getting my loan it was all bad from that point on. My rates and term were just what I wanted, or so I thought. Then I didn’t get a bill and my rate more than doubled because I did not know what to pay them. There were two amounts listed on my loan for the first payment, both a lot lower than what they claim it is.”
Fundbox

“FundBox offers a common-sense approach to business funding with no origination fees, maintenance fees or inactivity fees. Businesses only pay when they use Fundbox credit.”

Average Review Scores for Fundbox
Better Business Bureau

Grade A+
0 positive, 1 neutral, 0 negative reviews)

Consumer Affairs

  N/A  

Samples of What Fundbox Business Customers Are Saying
  • “Helped my business out when we were in a slow season. Great little loan to help perk things back up!”
  • “The interest rates are very reasonable! I’ve had no issues with Fundbox. I would recommend them to other small business.”
  • “Got approved for a whopping $2,500 on a million dollars in revenue and several outstanding mid-5 figure invoices from clients with an excellent, timely payment history. Expectations were extremely misaligned and an unfortunate waste of time for my firm and unnecessary sharing of sensitive data.”
  • “I’ve only made 1 payment and can’t change the terms from 12 weeks to 24 weeks. I was unaware that I wouldn’t be able to change it and then I was told that if I changed it I wouldn’t be able to use Fundbox again.”
Kabbage

“Kabbage provides small business loans of up to $250,000 with simple, monthly payments, no origination fees and no prepayment penalties.”

Average Review Scores for Kabbage
Better Business Bureau

Grade A+
(17 positive, 0 neutral,
8 negative reviews)

Consumer Affairs


4.4 out of 5 stars (based on 7 ratings)*

Samples of What Kabbage Business Customers Are Saying
  • “Kabbage is on the cutting edge of something in this industry that is very refreshing. I would recommend them to anyone in need of a loan. The application process is very easy to get through and I am thrilled that I do not have to fuss with something complicated.”
  • “It was decent and pretty good overall. Simple and straightforward enough.”
  • “Kabbage has continually sold our information to other companies. These companies continually call us with solicitations.”
  • “Kabbage is by far, the worst company I have ever worked with in my 30+ years as a business owner. Every customer service rep I have spoken with was unnecessarily and tremendously rude, and extremely unhelpful. Fees are out of this world compared to any respectable lending establishment.”
LendingClub

“LendingClub provides business loans of up to $300,000 with no penalties for early repayment. They offer fixed interest rates and repayment terms of one to five years.”

Average Review Scores for LendingClub
Better Business Bureau

Grade NR
(29 positive, 5 neutral,
64 negative reviews)*

Consumer Affairs


1.4 out of 5 stars (based on 44 ratings)*

Samples of What LendingClub Business Customers Are Saying
  • “This was the second place I applied for a small business loan. The application process was very easy to follow. I have friends that had recommended Lending Club as they had used them and gave them a great recommendation. I do have a great credit score, I believe this helped. I provided the information requested and was approved quickly.”
  • “Avoid this lender! Horrible business lending. I dealt with an underwriter and she was very slow to respond and asked me several questions that she already had the answer to. Very misleading process and much better lenders available. I was shocked that after advertising loans were funded the next day, that I hadn’t even heard from them three days after applying”
PayPal Small Business Loans and PayPal Working Capital

“PayPal offers small business funding with financing from $5,000 to $500,000. They offer repayment terms of 13 to 52 weeks, based on the loan amount.”

Average Review Scores for PayPal Small Business Loans
Better Business Bureau

Grade A+
(10 positive, 6 neutral,
302 negative reviews)*

Consumer Affairs


1 out of 5 stars (based on 453 ratings)*

Samples of What PayPal Business Customers Are Saying
  • “The worst, and last, business decision I made. Paypal gave me instant approval for $29,500 and I accepted, thinking that ‘yes the terms of the loan are outrageously terrible, but I can still make money using it to buy inventory.’ My largest recommendation and a big lesson learned was that if you are going to have 25% of your sales taken on a daily basis, you better be able to increase output by 25% or more.”
  • “Great experience every time. Fees increase with amount borrowed/repayment percentage chosen. Borrow small amounts and pay it back quickly to pay the lowest fees.”

Small Business Administration Loans

Small Business Administration (SBA) loans are a special type of financing available to American businesses and entrepreneurs. The US Small Business Administration works with lenders to “guarantee” part of the amount lent to businesses, meaning that lenders are willing to take on slightly more risk to provide financing to new and established ventures.

This means that businesses that may not be accepted for traditional loans can still get access to the funding they need, although there are fairly stringent requirements.

Several different types of SBA loans are available:

  • 7(a) loans provide financing for several purposes including working capital, revolving funds, equipment purchases, refinancing existing debt and more
  • Export-assistance loans offer support for businesses exporting US-made goods
  • Loans for financing seasonal working capital (CAPLine) or major fixed-assets such as equipment of real estate (CDC/504 loans)
  • Disaster loans available to homeowners, renters, businesses of all sizes and private, nonprofit organizations
  • Microloans for smaller loan amounts of under $50,000

Requirements for SBA Loans

SBA loans have stringent requirements for businesses to qualify. These include:

  • Good personal and business credit scores
  • The lender’s minimum qualifications and requirements
  • Financial and legal documents including:
  • Income tax returns for yourself and your business
  • Accounting reports including your balance sheet and income statement
  • Bank statements for you and your business
  • A photo of your driver’s license
  • Articles of organization or incorporation
  • Personal details of your background including experience and expertise in running a business
  • Financial projections and forecasts
  • What you will use the loan for
  • How long you’ve been in business and the size of your organization
  • A good business plan
  • Some SBA loans also require collateral

The number and complexity of these requirements mean that approval times on SBA loans can be very slow, often needing a minimum of 60 to 90 days for review and approval.

Banks Making the Most SBA Loans

According to the SBA, the lenders that most frequently make SBA loans include Wells Fargo Bank, Huntington National Bank, JPMorgan Chase Bank and U.S. Bank. Even together, the top one hundred banks providing SBA loans only approve around 9,000 7(a) SBA loans a year.

If you want to get an SBA loan, be sure to review all the requirements laid down by both the SBA and your chosen lender. You will then need to gather together all the detailed information needed and wait up to three months for approval of your funds.

We hope you’ve found these business loan ratings and reviews useful. Be sure to look into your business financing provider and compare their APRs and repayment terms to decide on the right financing for your business.

If you need funding for your business, we can help. We specialize in providing funding for new and unproven businesses, especially if you’ve had difficulty getting funds elsewhere.

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