Cashbloom offers businesses up to $1 million through short-term business loans, merchant cash advances, and revenue-based financing. Cashbloom business loans require borrowers to make daily payments with APRs ranging from 18% to 230%. Top Cashbloom alternatives offer less-frequent payments and lower rates.
Cashbloom Business Loans vs Top Cashbloom Alternatives
Best For | |
|---|---|
Easy to qualify for business loan or merchant cash advance | |
(Best Overall) Quick and easy funding based on invoices | |
Low credit term loans with a simple application process | |
Custom repayment terms on a short-term business loan | |
Monthly payments on a line of credit | |
Factoring outstanding business and government invoices | |
Borrowers that have difficulty qualifying for other options |
What Cashbloom Offers
Cashbloom offers borrowers merchant cash advances, business loans, and revenue-based funding up to $1 million. Each loan product offers borrowers the same amount of potential funding, requires daily payments, and has a quick application process with high approval rates. The source of repayment is either a business bank account or, in the case of merchant cash advances, credit card receivables.
Who Cashbloom Business Loans Are Right For
Cashbloom business loans are great options for established businesses needing large amounts of funding and newer businesses that are growing quickly. Another benefit for business owners that are considering applying is its low minimum credit score requirements, which can help many businesses qualify for quick funding to address working capital needs.
Borrowers that can benefit from Cashbloom business loans include:
- Large businesses needing a loan with low minimum requirements: Cashbloom offers funding up to $1 million, a large amount of capital compared to other working capital loans.
- Business owners struggling to get financing due to personal credit score: Cashbloom doesn’t have a minimum credit score requirement, making it accessible to borrowers.
- Companies needing quick funding with worry-free repayment: Cashbloom offers funding in two days with automatic daily payments, saving business owners valuable time.
- New and growing businesses needing capital for expansion: Cashbloom only requires three months in business, making it a great option for fast-growing new companies.
There are many other use cases for Cashbloom, including the opportunity to keep getting ongoing funding as the business grows and qualifying for multiple forms of financing to boost the amount that a business can borrow. However, it can be expensive and daily payments may not fit the needs of every business.
Cashbloom Business Loan Rates and Fees
Cashbloom business loan rates and fees include:
- Factor rate: 1.2x to 1.5x the loan amount
- Estimated APR: 18% to 230%
- Origination fees: Vary depending on individual qualifications
Cashbloom charges a factor rate based on the amount borrowed for the loan when calculating payments. This means that for every $10,000 a business borrows, it will need to repay between $12,000 and $15,000 for the loan. This can make its APR high for business owners that receive a high factor rate and short repayment terms.
Cashbloom Business Loan Terms
Cashbloom business loan terms include:
- Loan amounts: $5,000 to $1 million
- Repayment terms: Three to 24 months
- Payment schedule: Daily automatic payments from credit card sales, revenue, or a business bank account
- Collateral: Blanket UCC filing on business assets
- Personal guarantee: Required
- Funding speed: As quick as two days
Business owners can receive repayment terms up to two years on Cashbloom business loans. However, businesses make payments automatically and have little control over repayment terms with a merchant cash advance. Although 24 months is a long repayment term, sometimes it can be a drawback because it can increase the total cost of the loan.
Cashbloom Business Loan Requirements
Cashbloom business loan qualifications include:
- Personal credit score: No stated minimum requirement
- Time in business: At least three months
- Annual revenue: At least $120,000
Cashbloom stands out among online lenders for having no stated minimum credit score requirement, making it as accessible as the top Cashbloom alternative for businesses, Fundbox. Businesses can also qualify after three months in business, which is one of the lowest requirements available for fast business loans.
What Cashbloom Is Missing
Cashbloom offers great financing options to businesses needing quick capital with low minimum requirements. However, businesses need high annual revenue to receive funding and must make daily payments on the loan. This can be difficult for some businesses that have inconsistent earnings or are growing slowly.
Cashbloom Reviews
Many users left positive reviews of Cashbloom based on their experience with the lender. Most of the positive reviews were about the speed of funding and the easy qualifications. We found some negative reviews that noted how important it is to review the terms and understand how Cashbloom calculates fees and payments before accepting a funding offer.
How to Apply With Cashbloom
Business owners can apply for a Cashbloom business loan in as quick as 15 minutes online. After a quick approval process, Cashbloom can provide funding up to $1 million with repayment terms up to 24 months. Although rates can be high, minimum qualifications are low and businesses can qualify with low credit scores.
The best alternatives to Cashbloom are:
Fundbox: Best Overall Cashbloom Alternative for Small Businesses
Fundbox is the best overall Cashbloom alternative because it offers a revolving line of credit to business owners with low minimum qualifications. There is no minimum credit score requirement, an ideal $50,000 minimum for annual revenue, and businesses only need to be operational for six months to qualify for funding. Applying online takes a few minutes with funding as soon as the same day.
Fundbox Rates and Fees
Fundbox line of credit rates and fees include:
- Total fee: 4.66% of the draw amount for 12 weeks and 8.99% of the draw amount for 24 weeks
- Effective weekly fee: 0.5% to 0.7%
- Estimated APR: 10% to 79%
- Origination fee: None
Fundbox charges borrowers interest on a weekly basis, payable only while the debt is outstanding. This can be a major advantage for businesses needing a Cashbloom alternative because repaying the debt early can reduce the cost of debt. Based on the APR range, borrowers can expect a daily interest cost between $2.75 and $21.65 for every $10,000 drawn.
Fundbox Terms
Fundbox line of credit terms include:
- Loan amount: $1,000 to $100,000
- Repayment term: 12 or 24 weeks
- Repayment schedule: Weekly
- Collateral: Unsecured with a potential blanket UCC filing
- Speed to funding: 10 minutes to apply with a decision in as few as three minutes; ongoing funding within 24 hours
Borrowers that work with Fundbox can receive a smaller maximum amount of funding. The draws on the line of credit also have shorter repayment terms. However, the line of credit is revolving, enabling businesses to draw from it once again after repaying the balance. When a business needs short-term funding, having short repayment terms can reduce the overall cost of financing.
Fundbox Qualifications
Fundbox line of credit qualifications include:
- Credit score: No minimum
- Minimum annual revenue: No minimum, but ideally at least $50,000
- Time in business: At least six months
Fundbox ranked as a top Cashbloom alternative because of its lack of minimum credit score and annual revenue requirements. Although Fundbox is ideal for those with a good credit history and at least $50,000 in annual revenue, it can be a great option for businesses that have difficulty qualifying for other financing options. The time in business requirement is also longer than it is for Cashbloom, but still lower than most of the other lenders on our list.
What Fundbox Is Missing
Business owners needing a Cashbloom alternative that can offer quick funding and low minimum requirements need to look no further than Fundbox. However, the amount of funding offered is low and may be insufficient for some businesses. Keep in mind, however, that the line of credit is revolving, so businesses borrowing and repaying multiple draws, can borrow more than their stated credit limit over the course of a year.
Fundbox Reviews
Business owners leave positive reviews of Fundbox on the web. Many positive reviews mention the customer service team and the simple application process. What stood out to us is the median funding speed of three minutes, which is the fastest available online. Some negative reviews came from users that didn’t get funding or received less than expected.
How to Apply with Fundbox
Fundbox offers a short-term line of credit that’s a great alternative to Cashbloom for business owners needing low minimum qualification requirements. There is no minimum credit score requirement and the business only needs six months of transaction history to qualify. Funding is available up to $100,000 with weekly interest payments and funding as soon as the same business day.
National Funding: Best For Low Minimum Requirements
National Funding business loans are among the best alternatives to Cashbloom because of its low minimum qualifications, quick funding speeds, and affordable starting rates. Business owners with a 500 or higher credit score can qualify to borrow up to $500,000 with repayment terms up to one year. Borrowers can complete a 10-minute application and receive funding the next day.
National Funding Rates and Fees
National Funding business loan rates and fees include:
- Interest rate: 8% starting rate
- Estimated APR: 10% to 136%
- Origination fees: 2%
National Funding term loans offer borrowers low starting rates and a large APR range that enables it to qualify businesses with less-than-perfect credit. This APR range results in a daily interest cost of $2.75 to $37.25 for every $10,000 that a business borrows. However, National Funding strives to make loans sustainable to the business cash flow and budget.
National Funding Terms
National Funding business loan terms include:
- Loan amounts: $5,000 to $500,000
- Repayment terms: Three months to a year
- Payment schedule: Weekly payments
- Collateral: Blanket UCC filing on business assets
- Personal guarantee: Required
- Funding speed: As soon as the next business day
Borrowers can qualify for half as much capital with National Funding as they can with Cashbloom. Besides the large loan amount, a major advantage with National Funding is its weekly payment requirement, similar to Fundbox. Businesses needing a term loan instead of a line of credit for working capital will find National Funding to be a better Cashbloom alternative.
National Funding Qualifications
National Funding business loan qualifications include:
- Personal credit score: At least 500 (check your score for free)
- Time in business: At least one year
- Annual revenue: At least $100,000
National Funding’s low minimum qualifications are part of the reason it made it so high on the list of Cashbloom alternatives. It has a low minimum credit score and time in business requirement, so it qualifies as a bad credit business loan. However, it has a substantial annual revenue requirement and while it’s lower than the minimum revenue Cashbloom requires, it can be too high for low revenue businesses.
What National Funding Is Missing
National Funding is a great lender to work with because it offers to fund with low minimum qualifications and has over 20 years of experience in lending. However, it has a large APR range and requires weekly payments from borrowers. This can make borrowing expensive and strain business cash flow, so business owners should ensure that they have a plan in place to repay the loan.
National Funding Reviews
There are many reviews of National Funding on the web, with more positive reviews being posted about the lender every day. Many positive reviews came from applicants that enjoyed the process and businesses that have worked with National Funding for the better part of a decade. Some negative reviews noted high fees and interest rates, but National Funding discloses this information when it makes a loan offer.
How to Apply with National Funding
National Funding business loans are a great option for businesses needing a lump sum of capital to finance a major purchase or project. The starting rates are low, and businesses can take up to a year to repay a loan as large as $500,000. The application process takes a few minutes and business owners can invest the proceeds of their loan as soon as the next business day.
LoanBuilder: Best For Low Annual Revenue Businesses
LoanBuilder offers the same amount of funding as National Funding but allows business owners to select a repayment term that matches their needs. Selecting a repayment term between 13 and 52 weeks can reduce the overall cost of capital and keep businesses on track and growing. Funding is available the day after approval and the online application takes only a few minutes to complete.
LoanBuilder Rates and Fees
LoanBuilder business loan rates and fees include:
- Starting interest rate: 2.9% to 18.72%
- Estimated APR: 12% to 136%
- Origination or maintenance fee: None
- Prepayment penalty or termination fee: No prepayment penalty, but you owe the interest regardless of when the loan is repaid
- Additional fees: None
LoanBuilder has similar rates to National Funding, with a large range and low starting rates. However, it ranked on our list of the best Cashbloom alternatives because it offers borrowers multiple options on rates and repayment terms, unlike other lenders. This gives borrowers the option to select the rate and interest cost that best fits their needs from a range of $3.30 to $37.25 in interest per day for every $10,000.
LoanBuilder Terms
LoanBuilder business loan terms include:
- Loan amount: $5,000 to $500,000
- Repayment term: 13 to 52 weeks
- Repayment schedule: Weekly
- Collateral: Blanket UCC filing on business assets
- Personal guarantee: Required
- Speed to funding: 10 minutes to complete its online application with approval in days; ongoing funding within 24 hours of a request
Business owners should note that the loan amount and repayment term range from both LoanBuilder and National Funding are the same. Both lenders also offer weekly payments, which are more manageable than the daily payments required by Cashbloom. However, LoanBuilder lets borrowers customize the loan by selecting a repayment term that fits best, making it a great short-term business loan.
LoanBuilder Qualifications
LoanBuilder business loan qualifications include:
- Credit score: At least 550 (check your score for free)
- Minimum annual revenue: At least $42,000
- Time in business: At least nine months
Part of the reason that we ranked LoanBuilder below some other Cashbloom alternatives like National Funding is its higher minimum credit score requirement. However, business owners that have a good personal credit score, but did not have sufficient annual revenue to qualify for National Funding or Cashbloom will find LoanBuilder to be a great option for funding.
What LoanBuilder Is Missing
Businesses needing a term loan with low annual revenue requirements and customizable repayment terms will find LoanBuilder to be the best Cashbloom alternative. However, LoanBuilder has a higher minimum credit score requirement than the other options discussed so far which may make it more difficult to qualify.
LoanBuilder Reviews
Business owners have borrowed several billion dollars in capital from LoanBuilder and have left positive LoanBuilder reviews online. Most LoanBuilder reviews discuss what matters most to small businesses, quick funding speeds, and flexible repayment terms, both of which LoanBuilder offers. The few negative reviews came from users that misunderstood the loan terms or selected a repayment term that strained their cash flow and was difficult to manage.
How to Apply with LoanBuilder
LoanBuilder offers borrowers a quick short-term business loan that applicants can customize to fit their desired repayment term and overall cost. It’s low minimum credit score, time in business and annual revenue requirements also make it accessible to most small businesses. Applicants can get approved to borrow up to $500,000 after completing a 10-minute online application and receive funding as soon as the next business day.
Kabbage: Best Business LOC With Monthly Payments
Kabbage is the only Cashbloom alternative on our list with a monthly payment option. It offers businesses a revolving business line of credit with monthly payments, repayment terms up to 18 months, and low minimum qualifications. Business owners can apply online and receive access to credit the next business day.
Kabbage Rates and Fees
Kabbage line of credit rates and fees include:
- Interest rates: 1.5% to 10% per month (average fee is 4% for a six-month term and 3% for a 12-month term)
- Estimated APR: 24% to 99%
- Origination or maintenance fees: None
- Prepayment penalties or termination fees: None
- Additional fees: None
Kabbage has a similar APR range to other lenders on our list so far, except it’s starting APR is higher than the rates offered by other lenders. The expected daily interest cost for every $10,000 a business owner draws from a Kabbage line of credit ranges from $6.55 to $27.10, making it affordable for most short-term funding needs.
Kabbage Terms
Kabbage line of credit terms include:
- Line of credit amount: $2,000 to $250,000
- Draw amount: $500 to $250,000, or any size with the Kabbage Card
- Repayment term: Six,12, or 18 months (no prepayment penalties)
- Repayment schedule: Monthly
- Collateral: Blanket UCC filing on business assets
- Personal guarantee: Required
- Speed to funding: As soon as one business day
Kabbage offers less funding than most of the other alternatives on this list besides Fundbox. However, like Fundbox the line of credit is revolving enabling business owners to borrow more, over several draws. One of the most outstanding features of Kabbage compared to competitors is that it offers business owners long repayment terms and monthly payments.
Kabbage Qualifications
Kabbage line of credit qualifications include:
- Credit score: At least 550 (check your score for free)
- Minimum annual revenue: At least $50,000 (or at least $4,200 per month for the past three months)
- Time in business: At least one year
Kabbage has similar minimum qualifications to LoanBuilder but has a lower minimum annual revenue than most of the lenders on our list. This makes it accessible for most small businesses and a great option if monthly payments are a must-have to ensure adequate cash flow.
What Kabbage Is Missing
Monthly payments, long repayment terms, revolving credit, and low minimum qualifications make Kabbage a standout option for small businesses needing a Cashbloom alternative. However, the funding amounts are a little lower, it’s not the best solution for large individual projects, and prime borrowers can often qualify for lower rates with a different lender.
Kabbage Reviews
Business owners that applied and received funding left positive Kabbage reviews. Most positive reviews that we saw noted the quick application process and the less frequent payments as major benefits. Some negative reviews came from users that didn’t get funding and from borrowers that did not review the terms of their loan offer.
How to Apply with Kabbage
Kabbage is a great Cashbloom alternative for business owners needs monthly payments on a line of credit with low minimum requirements. Applicants can qualify to borrow up to $250,000 at a time with a revolving credit line after completing a quick online application. Kabbage charges a monthly rate and funding is available for business owners as soon as the next business day.
BlueVine: Best Invoice Financing Option for Small Businesses
BlueVine invoice financing is a great way for businesses to access the capital locked up in government and business invoices. Rates start at 0.25% for every week the invoice is outstanding and qualifying is simple because BlueVine has low minimum qualifications. Its online application takes a few minutes and businesses can get funding as soon as the next day.
BlueVine Rates and Fees
BlueVine invoice financing rates and fees include:
- Discount rate: 0.25% to 1.35% per week
- Estimated APR: 13% to 70%
- Origination or maintenance fees: None
- Prepayment penalties or termination fees: None
- Additional fees: $15 wire fee; automated clearing house (ACH) is free
BlueVine offers a unique solution for short-term funding on our list of the best Cashbloom business loan alternatives. Business owners with outstanding business and government invoices can receive financing at low weekly rates. This is the lower overall cost financing solution for most small businesses and costs between $3.55 and $19.15 in daily interest for $10,000 in invoices a business finances.
BlueVine Terms
BlueVine invoice financing terms include:
- Loan amount: $5,000 to $5 million per month
- Advance rate: 85% to 90% on invoices with face values of $500 or higher for B2B customers
- Repayment term & schedule: Advances are repaid as customers pay their invoices
- Personal guarantee: Required
- Time to funding: One to three business days
One reason BlueVine made the list is the staggering amount of funding that it can offer businesses. Small business owners can finance up to $5 million in invoices per month, receiving up to 90% of their value to reinvest in the business. However, it is short-term funding, and it doesn’t require any payments, since the invoice is paid directly to BlueVine.
BlueVine Qualifications
BlueVine invoice financing qualifications include:
- Credit score: At least 530 (check your score for free)
- Time in business: At least three months
- Annual revenue: At least $100,000
The minimum requirements required by BlueVine for invoice financing are also low, because of the invoices acting as collateral against the loan. Business owners need three months of transaction history and a minimum credit score of just 530. Part of the reason for the low credit score is that the credit history of the customers that owe the invoice also plays a role in the approval process.
What BlueVine Is Missing
Businesses with outstanding invoices running into a short-term funding gap should consider BlueVine for its invoice financing. Although businesses need business and government invoices to qualify for funding, it’s an inexpensive solution with low minimum qualifications. Business owners who can’t take advantage of invoice financing will also find that BlueVine offers a term loan and a line of credit.
BlueVine Reviews
Business owners leave positive BlueVine reviews on the web every single day. It’s considered one of the easiest lenders to work with by small business owners and offers the quickest funding speeds and largest loan amounts in invoice financing. However, some business owners were unhappy that BlueVine did not approve them for funding.
How to Apply with BlueVine
Invoice financing from BlueVine takes 10 minutes to apply for and business owners can complete the entire process without leaving that computer. Funding is available up to $5 million with short repayment terms, low starting rates, and easy to meet minimum qualifications. Business owners can receive term loans, lines of credit, and invoice financing that next business day.
CAN Capital: Best MCA for Bad-Credit Businesses
CAN Capital offers borrowers an easy to qualify for merchant cash advance and can act as a lender of last resort for businesses unable to get funding. The APR for the merchant cash advance is the highest we evaluated ranging from 35% to 230% with daily requirement payments and short repayment terms up to one year.
CAN Capital Rates and Fees
CAN Capital merchant cash advance rates and fees include:
- Estimated APR: 35% to 230%
- Origination fee: None
CAN Capital is the only lender on our list that doesn’t disclose its rates, however, based on competing merchant cash advance products, most borrowers can expect rates that are the highest on this list. Based on the APR, a $10,000 merchant cash advance from CAN Capital can cost between $9.60 and $63.00 in daily interest.
CAN Capital Terms
CAN Capital merchant cash advance terms include:
- Loan amount: $5,000 to $250,000
- Repayment term: Up to 13 months
- Repayment schedule: Daily payments debited from your daily credit card sales
- Collateral: Blanket UCC filing on business assets
- Personal guarantee: Required
- Time to funding: As little as two business days
The funding amounts offered by CAN capital are more in line with a lender like Kabbage than they are with Cashbloom or a term loan provider like LoanBuilder. It also requires daily payments, which can make it difficult to manage because businesses make payments automatically and business owners have no control over the size of the payments.
CAN Capital Qualifications
CAN Capital merchant cash advance qualifications include:
- Personal credit score: No stated minimum, fair to excellent credit expected
- Time in business: At least six months
- Annual revenue: At least $150,000
Business owners that did not receive financing because of low personal credit scores may find CAN Capital to be a good Cashbloom alternative. It has a higher minimum annual revenue requirement but there is no stated minimum for credit. However, applicants should also know that a CAN Capital representative informed us that their preferred client has fair to excellent credit.
What CAN Capital Is Missing
CAN Capital offers a last resort funding option for businesses that process credit card transactions, but it comes at a cost. Short repayment terms, daily automatic payments, and high potential rates make CAN Capital a true lender of last resort for borrowers. We recommend that businesses seeking working capital apply with other lenders for potentially lower rates and less frequent payments.
CAN Capital Reviews
Users that left CAN Capital reviews online had positive things to say about their experience with the company. Most positive reviews came from businesses wanting to thank individual account representatives for the help they offered. The few negative reviews we found came from business owners that misunderstood terms and were surprised by unexpected fees.
How to Apply with CAN Capital
Business owners can apply for a merchant cash advance with CAN Capital online in minutes. Once approved the business can receive up to $250,000 in funding within two to three business days. Although the rates are high, the minimum qualifications make this an accessible option for businesses that are struggling to qualify elsewhere.
Pros and Cons of Cashbloom
Business owners can qualify for large individual loans with a low personal credit score and get access to capital quickly with Cashbloom. However, individuals will be responsible for daily payments, potentially high interest rates, and must show a high annual revenue to qualify. Businesses should weigh these pros and cons to understand if a Cashbloom business loan is right for them.
Pros of Cashbloom
Pros of Cashbloom business loans include:
- Large potential loan amounts: Cashbloom is one online lender that offers funding up to $1 million. This makes it a great lender for high revenue businesses needing a significant amount of capital for major expansions and projects like renovations.
- Low required personal credit score: Cashbloom doesn’t have a stated minimum credit score requirement and its only restriction is that the business owner cannot be undergoing active bankruptcy. This makes it a potential option for business owners who have a damaged or incomplete credit history.
- Quick funding speeds: Although funding speeds of a day or two have become more common with online lenders, it’s still much quicker than funding from a traditional source. Business owners can get quick funding when it’s needed to address a problem instead of waiting for several weeks to get approved.
Cons of Cashbloom
Cons of Cashbloom business loans include:
- High potential overall costs: Although it may be easier to get approved for a Cashbloom business loan for many business owners, the low minimum requirements come at the price of high overall costs. It’s important that qualifying business owners review the terms and have a plan for repayment in place.
- Daily payments: Cashbloom business loans require daily payments that it automatically deducts from credit card receivables or a business’s bank account. This can be difficult for some businesses that have inconsistent cash flows or experience high levels of seasonality.
- High minimum annual revenue requirement: Although business owners can qualify for funding with low minimum credit scores, they will need substantial annual revenue to receive funding. While most online lenders require between $50,000 and $100,000 in annual revenue, Cashbloom has a minimum requirement of $120,000.
Bottom Line
Cashbloom offers a term loan and a merchant cash advance that both offer to fund up to $1 million for businesses. There is no stated minimum credit score requirement and funding is available in as little as two days. Business owners may want to consider an alternative for lower minimum requirements, more flexible repayment terms, lower overall costs, or a different form of financing.
Fundbox is the best Cashbloom alternative because it offers quick funding with low minimum requirements. Business owners can qualify to borrow up to $100,000 on a revolving line of credit with weekly payments due over as long as 24 weeks. There are low starting rates and savings for early repayment available and the best part is, Fundbox gets applicants an approval decision in three minutes.
Submit Your Comment
Disclaimer: Reviews on FitSmallBusiness.com are the product of independent research by our writers, researchers, and editorial team. User reviews and comments are contributions from independent users not affiliated with FitSmallBusiness.com's editorial team. Banks, issuers, credit card companies, and other product & service providers are not responsible for any content posted on FitSmallBusiness.com. As such, they do not endorse or guarantee any posted comments or reviews.
You must be logged in to comment. Click a "Log in" button below to connect instantly and comment.