Alternative business loans have more flexible credit requirements, easier applications, and potentially quicker access to funds than traditional bank loans. This alternative business funding encompasses everything from short-term working capital loans to long-term commercial real estate loans. Alternative business loans are ideal for businesses unable to qualify for traditional loans or that need funds quickly.
For small business owners looking for an immediate small business loan, OnDeck is a good option. With OnDeck you need a credit score of 500 or higher, can get approved for up $500,000, and receive funding in as little as one business day.
Top 8 Alternative Business Loan Options 2019
| Short Term Alternative Business Loan | Businesses that need working capital and repayment terms under 36 months |
| Medium Term Alternative Business Loan | Businesses that need working capital and want longer repayment terms |
| Invoice Financing | Companies who invoice customers and want to borrow against their unpaid invoices |
| Online Inventory Financing | Businesses that need funds to finance their online sales inventory |
| Merchant Cash Advance | Retailers that are primarily paid by credit card |
| Revenue Based Financing | Businesses looking for funding with revenue based repayment terms |
| Equipment Financing | Businesses that need to purchase, or lease, machinery, essential equipment, or vehicles |
| Hard Money Loans | Borrowers that have real estate to use for collateral |
How We Evaluated the Best Alternative Business Loans
The alternative business loan types detailed in this article were determined to be the best small business loans for borrowers that may have a difficult time qualifying for traditional bank loans for various reasons. These alternative types of working capital loans have less stringent qualifications, often offer faster funding, and are often used as startup business loans.
Some of the key factors that we evaluated these alternative business loans on were:
- Time in business: The minimum requirement for how long your business needs to be operational before a lender will lend to you
- Credit score: The minimum credit score that you need to have to be eligible for the loan
- How quickly you receive funding: The length of time that it takes from applying until you receive the loan funds
- Cost of capital: The overall amount of money that the loan will cost you during the term of the loan
While the types of business loans that we evaluated all vary significantly in their qualifications and potential uses. The key factors that we considered when evaluating these alternative business loans were their qualification requirements, how fast the business loans fund, and the overall cost of capital for each loan option.
Here are the eight best alternative business loans.
1. Short-term Alternative Business Loans
Short-term alternative business loans provide quick funding of up to $500,000. They are easier to qualify for, can get funded more quickly, and have shorter repayment terms than medium-term alternative business loans. Repayment terms for short-term alternative business loans typically range from three to 36 months, and annual percentage rates (APRs) ranging from 30% to 50%.
Short-term loans typically have a high APR. That said, if you’re going to pay the loan back in less than 12 months, you generally want to focus on the total cost of capital instead of APR. For example, it can be cheaper to pay a loan back in five months at a 40% APR than it would be to pay the same loan back in five years at a 4% APR.
Short-term Alternative Business Loan Providers
Two popular options for short-term financing are OnDeck and Kabbage. OnDeck’s short-term loans are a great option for businesses with $100,000 or more in annual revenues. Businesses earning less than $100,000 per year will likely find Kabbage’s line of credit, where each advance from the revolving credit line is set up as a short-term installment loan, to be a better choice.
OnDeck vs. Kabbage
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For a more in-depth look at how these two lenders compare, you can read our Kabbage vs. OnDeck article.
Who a Short-term Alternative Business Loan Is Right For
Short-term business loans are a good option for businesses with less than perfect credit, that need money fast, and can afford to pay the loan back quickly. You can often receive these loan funds in as little as one business day, to cover things like inventory needs or to make a seasonal payroll payment.
Short-term Alternative Business Loan Rates & Terms
Repayment terms of a short-term alternative business funding can range from three to 36 months, although less than 12 months is typical. Loan amounts are generally between up to $500,000, with annual percentage rates of 30% to 80%. Your lender will also likely charge a loan origination fee of 2.5% to 6% of the loan amount.
The typical rates, terms, and fees associated with short-term alternative business loans are:
- Loan amounts: $2,000 to $500,000.
- Time to funding: As quickly as one business day.
- Expected APR: 30% to 80%
- Origination fees: 2.5% to 6%
- Repayment term: Three to 36 months
Short-term Alternative Business Loan Qualifications
The qualification parameters for short-term small business loans are slightly less restrictive than medium-term small business loans. Generally, a lender will require that your business has been operational for a minimum of one year, that you have at least $25,000 in annual revenues, and that your personal credit score is above 550.
The basic qualifications for short-term alternative business loans are:
- Time in business: 1 year
- Annual business revenues: $25,000+
- Credit score: 550+.
How to Apply for a Short-term Alternative Business Loan
The entire application process for a short-term alternative business loan can occur online. Many lenders will connect directly with your business bank account, or accounting software to speed up the approval process. You can often receive loan approval in a matter of minutes and receive loan funds in as quickly as one business day.
Along with your application, you can expect to submit basic business and personal documents to your lender. Additionally, your lender may require permission to connect to your business bank account or accounting software to further expedite the approval process.
The documents you will likely need to submit along with your application are:
- Personal tax returns
- Business tax returns
- Bank statements
- Profit & loss (P&L) statement
- Current balance sheet
Getting prequalified online with OnDeck takes just a few minutes. Well qualified borrowers can qualify for $5,000 to $500,000 in small business financing with interest rates starting as low as 9.9%.
2. Medium-term Alternative Business Loans
Medium-term business loans generally have repayment terms between one to five years, and interest from 9% to 40% APR. These loans require a better credit score, higher revenues, and longer time in business than short-term loans. However, they also have lower APRs, longer repayment terms, lower monthly payments, and can be funded in about one week.
Medium-term Alternative Business Loan Providers
Two of the more popular lenders that provide medium-term alternative business loans are StreetShares and LendingClub. Each has a very easy online application process and can get you funded in around one week.
StreetShares is particularly great for newer businesses. Not only that, but they are designed to be veteran friendly, providing better alternative lending options to businesses owned by veterans or family members of veterans. LendingClub is another great option for more established businesses that are looking to borrow larger amounts.
StreetShares vs. LendingClub
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| Apply Now |
Who a Medium-term Alternative Business Loan Is Right For
If your business has grown past the startup phase, a medium-term loan could be a great option. A medium-term loan often has a lower APR and longer repayment term ― typically one to five years ― than a short-term business loan. These loans are a good way to finance equipment or growth capital for your business.
Medium-term Alternative Business Loan Rates & Terms
Rates and terms for medium-term alternative business loans vary. The general terms for these types of business loans include loan amounts up to $500,000, interest between 9% to 40% APR, and repayment terms of one to five years. The lender will likely charge an origination fee between 1% to 9%, and you can expect funding within one week.
The typical rates and terms that you will encounter with a medium-term loan are:
- Loan amounts: Range from $5,000 to $500,000
- Time to funding: Generally takes about one week to fund
- Expected APR: 9% to 40%
- Origination fees: 1% to 9%
- Repayment term: One to five years
Medium-term Alternative Business Loan Qualifications
The standard qualifications required for a lender to consider you eligible for a medium-term alternative business loan are that your business has been operational for at least one year, your annual revenues are $25,000 and higher, and you have a personal credit score of 600 or higher. These qualifications may vary depending on the lender you choose.
The basic qualifications for medium-term alternative business funding are:
- Time in business: One year
- Annual business revenues: $25,000+
- Credit score: 600+.
How to Apply for a Medium-term Alternative Business Loan
The application process for medium-term business loans is completed online through your lender’s website. You can typically prequalify for these loans in a matter of minutes and have the full application for the loan submitted in less than an hour. Approval typically occurs within two to three business days, and funding is generally received in a week.
Documentation requirements for all alternative lending options in this list vary and most have minimal requirements. When applying for a medium-term alternative business loan, the lender will likely require documentation beyond your basic personal and business information. To complete your application, you can expect to turn in personal and business tax returns, bank statements, P&L statement, and your current balance sheet.
The documents you will likely need to submit along with your application are:
- Personal tax returns
- Business tax returns
- Bank statements
- P&L statement
- Current balance sheet
If you’ve been in business for more than a year, have a credit score of 600 or higher, and generate at least $25,000 in annual revenue, we recommend applying with StreetShares for your next small business loan.
3. Invoice Financing
Invoice factoring and invoice financing provide quick funding for businesses with business-to-business or business-to-government (B2G) customer invoices. This financing option converts invoices due in 30, 60, or 90 days into immediate cash for your business, with roughly 80% of the invoice paid up front. The remaining 20% ― minus fees ― is funded once the invoice is paid.
Invoice Financing Providers
Two invoice financing lenders we recommend are Fundbox and BlueVine. BlueVine is great for businesses seeking at least $5,000 in funding. BlueVine can offer lower invoice factoring rates and can work with new businesses. Fundbox can be a match for businesses seeking anywhere from $500 to $100,000 in funding.
Fundbox vs. BlueVine
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For a more in-depth comparison of these two providers, you can read our BlueVine vs. Fundbox article.
Who Invoice Financing Is Right For
Invoice financing can be a great option for businesses who have outstanding invoices with business-to-business (B2B) or B2G customers and need immediate financing. It can also be a good solution for those business owners with less-than-perfect personal credit as invoice financing relies more heavily on the creditworthiness of your customers than on your personal credit.
Invoice Financing Rates & Terms
Financing amounts vary based on the amount of the outstanding invoices that you include. A fee, called the discount rate, is charged on each invoice you finance and typically ranges from 0.25% to 0.7%. Repayment is fast on this financing option, and you can expect repayment terms of as little as 12 weeks.
The general rates and terms for invoice financing are:
- Loan amounts: Up to $10 million, depending on the value of the sold invoices
- Discount rate: 0.25% to 0.7% per week
- Time to funding: Get funds in one to three business days
- Repayment term: 12 to 24 weeks
Invoice Financing Qualifications
Business qualifications for invoice financing are minimal making it a great alternative business funding option. You can qualify for invoice financing if you have creditworthy B2B or B2G clients with outstanding invoices that are due in less than 90 days. Your business must be operational for a minimum of three months, and you typically need to have a minimum personal credit score of 530.
The minimum qualifications for most invoice financing are:
- Time in business: Three months
- Invoices: B2B or B2G invoices due in less than 90 days
- Credit score: 530+
How to Apply for Invoice Financing
Many invoice financing companies will connect directly to your accounting system to quickly analyze your outstanding invoices and determine which will qualify for potential financing. You then choose which invoices you’d like to include in the advance from the invoice financing company. With invoice financing, you can get funded in as little as one business day.
The information that you will typically need to supply, in addition to the application, is:
- Application: Providing basic personal and business information
- Bank statements: Three months of business account bank statements
- Accounts receivable: A current A/R aging report, or allow the lender direct access to your accounting system
You can apply for invoice factoring in amounts ranging from $5,000 to $5 million in 10 minutes or less, with BlueVine via its online application. When approved, you can get funded as soon as the next day. The total time from the start of your application to funding is typically one to three days.
4. Online Inventory Financing
Online inventory financing is a line of credit that is used to purchase inventory. The loan can be secured with existing inventory, inventory being purchased, or in some cases with other business assets. Inventory financing is generally cheaper than other short-term loan options, making them one of the best small business loans for retail businesses.
Online Inventory Financing Providers
Paragon Financial Group and Behalf are two popular lender options for online inventory financing. Paragon Financial Group offers invoice factoring in conjunction with purchase order financing that can help alleviate some of your inventory-based financing pressures. Behalf offers a credit line up to $50,000, which you can qualify for in minutes, that can be used to purchase inventory.
Paragon Financial Group vs. Behalf
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If inventory financing sounds like the right alternative financing option for your small business, read our full reviews of Paragon Financial Group and Behalf.
Who Online Inventory Financing Is Right For
Online inventory financing can be used for startup business loans to acquire inventory, or for retail businesses needing funding quickly to increase their inventory. These loans can be used by retail or wholesale businesses looking to increase inventory amounts quickly and may be used to purchase seasonal inventory to prepare for an upcoming busy period.
Online Inventory Financing Rates & Terms
With online inventory financing, you may be able to borrow up to $500,000 and receive funds in as quickly as one week. Online inventory financing lenders will generally charge you 3% of the outstanding loan amount for every 30 days that you are in repayment status. The average repayment term is one to six months.
The typical rates and terms for online inventory financing are:
- Loan amounts: Up to $500,000
- Time to funding: One week
- Cost of capital: 1.25% to 3% of advance for every 30 days of repayment
- Repayment term: One to six months
Online Inventory Financing Qualifications
The qualification requirements for online inventory lenders are not always clear. In general, you can plan on the lender checking your personal credit and connecting to your bank account to determine your eligibility. If approved, some will want to verify information about your inventory to see how long of a shelf life it typically has.
How to Apply for Online Inventory Financing
The application for online inventory financing can be completed online via the lender’s website ― some lenders may require additional account setup ― within a few minutes and can be approved in as quickly as one business day. Generally, there are no formal requirements beyond the normal personal and business information provided to the lender in the application.
With Paragon Financial Group you can receive funds of up to $10 million through their invoice factoring product to help fund your inventory needs. Additionally, for invoice factoring customers, Paragon Financial offers purchase order financing that can be utilized to pay your purchase orders prior to invoicing. If you have monthly revenues exceeding $30,000 you may be eligible to participate in invoice factoring with Paragon Financial Group.
5. Merchant Cash Advances
Merchant cash advances are not small business loans but rather advances on your business’ future credit card receipts. The merchant cash advance provider issues you an advance and collects a percentage of your daily credit card receipts as repayment. This can be a very expensive form of financing; however, it can get you funded quickly.
Merchant Cash Advance Providers
Two popular options for obtaining a merchant cash advance are Credibly and National Funding. Credibly can be a great option providing larger funding amounts with less difficult qualifications. National Funding provides merchant cash advances as well as other loan products.
National Funding vs. Credibly
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| Apply Now |
Who Merchant Cash Advances Are Right For
While merchant cash advances are an expensive option for business financing, they can be useful for some businesses. MCAs are often used by small businesses that have not been able to find other short-term financing, need faster funding than they could get through a working capital loan or don’t meet the qualifications for SBA Express Loans.
Merchant Cash Advance Rates & Terms
Merchant cash advances are an expensive short-term financing option. The costs associated with a merchant cash advance are largely dependent on the following factors; the amount of the advance that you need, the factor rate charged by the provider on the amount advanced to you, and the daily holdback percentage of your daily credit card receipts.
The general rates and terms for merchant cash advances are:
- Loan amounts: Most providers will lend 85% to 250% of your monthly credit card sales volume
- Time to funding: One to three business days
- Factor rate: 1.2 times to 1.5 times
- Holdback percentage: 8% to 30%
A merchant cash advance is a quick financing option for businesses in need of working capital. Approval is typically issued within 24 hours of submission of your application, and funds can be expected within two to five days. However, the repayment term for a merchant cash advance is variable and is typically between three to 14 months.
Merchant Cash Advance Qualifications
The qualifications for merchant cash advances are relatively minimal compared to conventional business loans and alternative loans. While requirements vary by provider, typical qualifications for merchant cash advances are $50,000 or more annual credit sales, a history of accepting credit card payments with a credit card processor account, and a credit score of at least 500.
The typical qualifications for a merchant cash advance are:
- $36,000 or more in annual credit sales
- Six months accepting credit card payments
- Credit score of 500 or higher (check your credit score for free)
- Credit card processor account
How to Apply for a Merchant Cash Advance
The merchant cash advance (MCA) application is as short as one to two pages, is fairly straightforward, and can be completed online. After submitting your application, you will be asked to provide additional information regarding your credit card sales and business finances. Approval is fast, and you can typically receive funding within two to five days.
The documentation that business owners should expect to provide the merchant cash advance provider includes:
- Two or more months of credit card processing data
- Two or more months of business bank statements
- Evidence of two or more years accepting credit cards
Merchant cash advances are an expensive source of capital and can create a cash flow strain for your business. They are only recommended if you are unable to find suitable financing through other sources. With National Funding, you can apply online and receive same-day or next-day approval for up to $250,000.
6. Revenue-based Financing
Revenue-based financing is an alternative business loan where payments are calculated as a percentage of your revenue instead of as a fixed amount. Revenue-based loans are often the best small business loans for businesses with high growth margins, as providing growth capital now in exchange for a percentage of your future revenue.
Revenue-based loans are highly customized to your business’s situation. Each revenue-based financing provider will set different standards based on your revenue and your growth opportunity.
Revenue-based Financing Providers
Two popular options for high growth SaaS companies to obtain revenue-based loans are Lighter Capital and GSD Capital. Lighter Capital generally funds slightly faster and has lower monthly revenue requirements, but GSD Capital may fund larger loan amounts if your revenues are higher.
Lighter Capital vs. GSD Capital
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Who Revenue-based Financing Is Right For
Revenue-based financing is generally for high growth businesses with 50% or more margins, like Software-as-a-Service companies. In many cases, your business will need to have a subscription-based revenue model, or a steady and predictable recurring income stream. This type of small business lending is often used as an alternative to seeking venture capital or equity investors.
Revenue-based Financing Rates & Terms
With revenue-based financing, you can borrow between $50,000 to $3 million (but not more than three times to six times your monthly revenue). The total cost of capital will be between 1.3 times to three times the amount borrowed, and the repayment term is undefined as payment will be based on a fixed percentage of your monthly revenue.
The general rates and terms for revenue-based financing are:
- Loan amounts: $50,000 to $3 million, but not more than three times to six times your monthly revenue
- Total cost of capital: 1.3 times to three times
- Repayment: Monthly payments based on a fixed percentage of your monthly revenue (3% to 8%)
- Time to funding: Generally takes three to four weeks
Revenue-based Financing Qualifications
The basic qualifications for revenue-based financing are a bit different than for other alternative small business loans. To be eligible, you must be generating revenue of at least $15,000 to $30,000 per month. You can typically qualify if your gross margins are 50%+, and you have predictable recurring revenue like customer subscriptions.
The standard basic qualifications for revenue-based financing are:
- Monthly revenue: At least $15,000
- Gross profit margin: 50%+
- Predictable Revenue: Subscription based or other recurring monthly revenue
How to Apply for Revenue-based Financing
The online application can be completed within minutes. You will speak with a representative by phone to review your funding needs. The provider will connect to your bank accounts directly to analyze bank statements and verify your revenue. Once verified, your loan application goes to underwriting to determine total loan amounts and initial repayment terms.
The documentation required for revenue-based financing is:
- Application: You will provide basic business and personal information
- Bank statements: Three to six months of business account bank statements
Revenue-based financing can be an excellent fit if your business is a high margin, high growth tech company with stable monthly recurring revenue. Businesses looking for up to $3 million to scale their business, without diluting their equity, and that have at least $15,000 in monthly revenue should consider a revenue-based loan with Lighter Capital.
7. Equipment Financing
Equipment financing can be used to purchase equipment, vehicles, or machinery. The minimum credit score requirement for equipment financing can be much lower than for medium-term business loans with a similar term. Equipment financing can be structured as an equipment lease instead of a loan, which can give you added flexibility in your monthly payments.
Equipment Financing Providers
Smarter Finance USA and National Funding are two popular options for those seeking equipment financing. National Funding is good for those with high credit scores and larger financing needs, while Smarter Finance USA has more flexible credit requirements and can lend to newer businesses.
Smarter Finance USA vs. National Funding
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| Time in Business | ||
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| Apply Now |
If equipment financing sounds like the right alternative financing option for your small business, read our full reviews of Smarter Finance USA and National Funding.
Who Equipment Financing Is Right For
Equipment financing is generally a good option for businesses that need to purchase equipment, vehicles, or machinery. Equipment financing options can be utilized as startup business loans for equipment purchase because the equipment serves as collateral. Equipment financing can also be useful for businesses that want to claim equipment depreciation on their business tax returns.
Equipment Financing Rates & Terms
With equipment financing, you can get a loan of up to $1 million to purchase vehicles, equipment, or machinery for your business. These loans are made at interest rates ranging from 6% to 9%, with repayment terms between two and five years. You can typically receive funding in one week, but be prepared to make a down payment on your equipment.
The typical rates and terms for equipment financing are:
- Loan amount: Up to $1 million
- Interest rate: 6% to 9%
- Repayment term: Two to five years
- Down payment: 0% to 20%
- Time to funding: Typically less than one week
Equipment Financing Qualifications
The qualification requirements for equipment financing are less stringent than some of the other alternative small business loans because they are secured with the equipment as collateral. To qualify, you must have a credit score of 620+, be able to show proof of your business’ existence, and use the loan proceeds for equipment, vehicles, or machinery.
The basic qualifications for equipment financing include:
- Proof of business existence: Lender will require documentation that you are operating a legal business
- Loan purpose: Loan proceeds must be used to purchase equipment, vehicles, or machinery
- Credit score: 620+
How to Apply for Equipment Financing
Applying for equipment financing can often be done online. After applying, you should know whether you have been pre-approved, or if the lender needs more information, within one business day. Once pre-approved the lender will determine how much can be loaned to you based on your credit, company history, and how well the equipment holds value.
Typical documents that you will need to supply to the lender along with your application are:
- Business tax returns, up to three years
- Year-to-date P&L statement
- Current business balance sheet
- Proof of business licenses
If you think equipment financing might be the right alternative funding option for your small business, use our equipment financing calculator to estimate your monthly payments.
Smarter Finance USA offers equipment financing of up to $100,000 and can structure it as either a loan or a lease. To qualify, you’ll need a credit score of at least 650, no bankruptcies, foreclosures, or repossessions, and down payment of at least 10%.
8. Hard Money Loans for Small Businesses
A hard money loan can help real estate investors buy residential or commercial real estate. They can also be used to obtain working capital for a business by using your personal or commercial real estate as collateral to back the loan. Hard money loans typically have short repayment periods and can be a relatively expensive loan.
Hard Money Loan Options
LendingHome and Visio Lending are leading hard money lenders. Both LendingHome and Visio Lending provide hard money loans nationwide, which is not always the case with other hard money lenders. After a review of a number of national lenders, both LendingHome and Visio Lending were in our top three recommended lenders, with LendingHome earning our top recommendation.
LendingHome vs. Visio Lending
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Who Hard Money Loans Are Right For
Hard money loans work well for borrowers who have real estate assets that they can leverage as collateral but may not qualify for a traditional loan. Hard money loans allow you to draw equity off your real estate which can be used to fund other business needs as you wait for your property to sell.
Hard Money Loan Rates & Terms
With a hard money loan, you can typically borrow up to 75% of the value of the property. Interest rates vary from 7% to 13%, and lenders typically charge a loan origination fee of 1.5% to 10%. Because these loans are used to purchase real estate you should also be prepared to pay closing costs of 2% to 5%.
The general rates and terms for hard money loans are:
- Loan amounts: Generally up to 75% loan-to-value
- Time to funding: 15 to 30 days
- Interest rates: 7% to 13%
- Loan term: One to three years
- Origination fees: 1.5% to 10%
- Closing costs: 2% to 5%
Hard Money Loan Qualifications
To qualify for a hard money loan, you must have a credit score of 550+, have no recent foreclosures or bankruptcies, and your debt-to-income ratio must be less than 35%. Additionally, your lender may require that you have prior real estate experience to illustrate that you have experience with the process of real estate sales.
How to Apply for a Hard Money Loan
In most cases, you can begin the application process online via your lender’s website. After you fill out an application and provide the necessary documentation, the lender will order a property appraisal to determine the amount of the loan you are eligible for based on the property’s value. The approval process typically takes two to three weeks.
The standard documents that you can expect to supply with your application are:
- Bank statements: Three to six months of bank statements,
- Tax returns: Personal and business tax returns
- Repair estimate: Detailing the repairs to be made to the property
- Purchase & sale contract: For the subject property
- Business financials: Current balance sheet and P&L statements
- Real estate appraisal: While required, this is generally ordered by the lender
For those professional real estate investors and developers in search of a reliable hard money lender, it can pay to find a local partner. Local lenders may have a better understanding of the local market and economy and therefore be more willing to lend or offer better terms than out-of-state lenders. To browse lenders in your state, check out our complete directory of hard money lenders.
Alternative Business Funding Frequently Asked Questions (FAQs)
A lot of information has been covered in this article, but the questions that are most frequently asked are in regard to alternative business loan options and how they work. If you have any questions about any of the alternative small business loans described here, you can post them in the FitSmallBusiness forum.
Some of the most frequently asked questions about alternative business loans are:
What Are Alternative Lenders?
Alternative lenders are lenders outside of a traditional bank. Conventional loans can often be difficult for startups and small businesses to qualify for. Alternative lenders allow small businesses access to financing solutions that meet their emerging needs. Most alternative lenders provide niche financial services for small businesses like merchant cash advances and online invoice financing.
Can You Get a Small Business Loan Without Collateral?
There are some types of business loans that do not require collateral, such as SBA loans. A number of lenders offer unsecured business loans, and unsecured business lines of credit to help you fund your working capital needs. While these loans do not require collateral, you will often be required to provide a personal guarantee.
What Is the Easiest Way to Get a Small Business Loan?
To get a small business loan, start by identifying what the proposed loan funds are to be used for, and what financing options are available for that purpose. Review your eligibility for each alternative business loan option that you have discovered, and apply for the financing option that best matches your business’ needs and qualifications.
The Bottom Line
Alternative business loans can be a great option when traditional lenders can’t lend to you or can’t get you the funds quick enough. It can also be a good option if you’re looking for a simpler application process and willing to pay a little extra for the convenience.
For many small businesses a short-term business loan is just the type of alternative business funding that they need. Getting prequalified online with OnDeck takes just a few minutes. Well-qualified borrowers can qualify for a small business loan of up to $500,000 with interest rates starting as low as 9.9%.
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