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.
“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.”
Grade F
(2 positive, 3 neutral,
158 negative reviews)*
1.6 out of 5 stars (based on 290 ratings)*
*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 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.”
Grade NR
(12 positive, 4 neutral,
335 negative reviews)*
1.8 out of 5 stars (based on 328 ratings)*
*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 provides SBA-backed loans, term loans, lines of credit and real estate loans to small businesses.”
Grade A+
(4 positive, 1 neutral,
96 negative reviews)*
1.83 out of 5 stars (based on 51 ratings)*
*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 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.”
Grade B+
(4 positive, 2 neutral,
170 negative reviews)*
1.7 out of 5 stars (based on 408 ratings)*
“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.”
Grade A+
(1 positive, 0 neutral,
59 negative reviews)*
1.3 out of 5 stars (based on 39 ratings)*
“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.”
Grade A+
(11 positive, 4 neutral,
137 negative reviews)*
1.3 out of 5 stars (based on 400 ratings)*
“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.”
Grade D
(2 positive, 1 neutral,
119 negative reviews)*
1 out of 5 stars (based on 121 ratings)*
“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.”
Grade A+
(48 positive, 0 neutral,
26 negative reviews)
3.2 out of 5 stars (based on 18 ratings)
“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.”
Grade A+
(no reviews)
2 out of 5 stars (based on 6 ratings)
“BlueVine offers fast funding for businesses with minimal paperwork. They provide flexible business lines of credit up to $5M and invoice factoring.”
Grade A+
(1 positive, 0 neutral,
5 negative reviews)
N/A
“Credibly offers business loans of up to $250,000 to help businesses grow. They emphasize good customer service and ongoing relationships.”
Grade A+
(0 positive, 0 neutral,
1 negative reviews)
3.5 out of 5 stars (based on 12 ratings)
“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.”
Grade A+
0 positive, 1 neutral,
0 negative reviews)
N/A
“Kabbage provides small business loans of up to $250,000 with simple, monthly payments, no origination fees and no prepayment penalties.”
Grade A+
(17 positive, 0 neutral,
8 negative reviews)
4.4 out of 5 stars (based on 7 ratings)*
“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.”
Grade NR
(29 positive, 5 neutral,
64 negative reviews)*
1.4 out of 5 stars (based on 44 ratings)*
“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.”
Grade A+
(10 positive, 6 neutral,
302 negative reviews)*
1 out of 5 stars (based on 453 ratings)*
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:
SBA loans have stringent requirements for businesses to qualify. These include:
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.
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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