My Harmless Loan Shark- Four places to go for the Best Small Business Loan

Best Small Business Loans

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Do you ever look back in the past and wonder, “How did I get here?”

Jeff Bezos’ net-worth just scaled to a whopping $150 billion mark in the first quarter of 2018. Never in his wildest dreams would The Amazon Man have thought that he would be so rich one day, he could put an end to world hunger if he wanted to. What did he do back then to pull it off? The answer is simple- He took the big leap. There was a business idea in his mind, he worked on it. He opted for a business loan to fund it all, put all his eggs in one basket. What followed was the eternal path to greatness.

You’re here scrolling through, which means you already have a business. To state the obvious, you’re going to look for ways to fund it. No business is small enough and every idea has the potential to become the next global sensation. But to implement it the right way, you got to find a way to fund it right. Going all in is the only way you can make the most of it, and finding the best small business loan suitable is the perfect place to start.

Out of all the things in the world to care about while running a small business, loan takes the top priority. That money right there is what your business empire stands on. Choosing it wisely by keeping the interest rate and payback period in mind is of utmost importance. Even if you’ve done your homework as an entrepreneur applying for a small business loan, it’s never enough. There’s always more than what meets the eye.

What an entrepreneur need is someone on the other side of the counter who’s aware of what is actually going on. So we’ll make your visit here worthwhile, as always. It is next to impossible to get a small business loan from traditional banks, especially with all the white collar tantrums. What we have here are four best small business loan lenders. There’s a good bet that you’ll get the best they have to offer and money won’t be a hurdle for your dazzling business anymore.

Lending Club

The Nation’s largest Peer-to-Peer lender bridges the gap between borrowers and lenders beyond the shackles of actual distance. With transparent operations and a wide network, Lending Club is one of the best platforms for a small business loan.  If your business has an established base and is ready for the next chapter, Lending Club is the way to go.


  • Business should be at least 12 months old
  • Annual sales of more than $50,000
  • No recent bankruptcies or tax liens
  • Entrepreneurs’ ownership at least 20%
  • Fair Entrepreneur credit score of 600 (Check your credit score here)

Fee Structure

  • Origination fee of 1.99% to 8.99% of the loan amount
  • Prepay anytime with no prepayment fee
  • Late payments cost $15 or 5% of the unpaid amount, whichever is greater

Credit terms

  • Borrowers can request amounts of money ranging from $5,000 to $300,000
  • Payback period ranges from 1 to 5 years
  • Typical fixed interest rate goes from 5.99% to 29.99% for loans
  • Best interest rates available to borrowers with excellent credit and financial strength
  • Approval to funding is as little as a few days


If your enterprise is an established small business with a neat credit score and you’re seeking a loan with flexible repayment terms from one of the largest, most established peer-to-peer lenders; LendingClub is the way to go. However, a new venture probably won’t have a chance of getting in LendingClub that easy; and it’s not the best way to go if you need money real quick- it takes up to 2 weeks for your loan to be funded.


Credibly offers best small business loans for working capital and expansion. It’s fast and streamlined process is beneficial if you’re in dire need of quick inflow of cash. If the business setup is in an introductory phase, chances are that your business credit score is lower than the usual. In case of a low credit score, Credibly is the way to go.


  • Business needs to be at least 6 months old
  • A monthly revenue and bank balance of $15,000
  • Even a modest credit score would do

Fee Structure

  • One time origination fee of 2.5% of the loan amount
  • Working capital interest rate inclusive of application review cost

Credit Terms

  • For a start, one can borrow loans up to $250,000
  • Payback period for business expansion loans range from 18 to 24 months
  • For working capital loans, payback period usually goes from 6 to 17 months
  • The fixed interest rate varies from 10% to 36%
  • After loan approval, there’s just a two-day wait before funds come in


What a small business needs is an uncomplicated loan solution, as quickly as possible. Credibly delivers that with a lenient credit score check for businesses as new as six months.  If you need some dough and you need it quick, Credibly is the undisputed winner. However, if the business doesn’t meet any of the qualifications discussed above, this isn’t the best small business loans option. The automatic payments for working capital loan and a high origination fee might go hard on the business and its cash flow.


If you need money quick, like real quick, OnDeck is the right choice for your business. OnDeck offers almost instant credit approval via its website or even an app. A household name amongst the biggest players in the American small business market, OnDeck is the best small business loan mainstay with big money involved.


  • A 12 month old, well-established Business
  • Hefty annual revenue of $100,000+
  • A decent credit score of more than 500
  • No recent bankruptcies or tax liens

Fee Structure

  • Origination fee is 2.5% of the total loan amount
  • On deck decreases the fee to 1.25% for the second loan and 0% for any loan thereafter

Credit Terms

  • Get loan amounts from $5,000 to $500,000 for term loans, and $100,000 for lines of credit
  • Payback period varies from 3 to 36 months for term loans, and 6 months for lines of credit
  • The APR varies from 9% to 99% for term loans, and 14% to 40% for lines of credit
  • Loan is approved in record breaking time with a few clicks and the fund come through in about 24 hours


Small businesses that need funds quickly and can pay it back quickly are the best fit for OnDeck. Less-established businesses or the ones that just make the cut should think twice before going for it. The interest rate is high and the payback period is way too low. In short, get OnDeck if you need a quick inflow of funds and you have a way to pay it back ASAP.


Looking for fast inflow of cash in the business but don’t have a great credit history? Kabbage is the best small business loan option for you. Offering working capital credit with a short payback period, Kabbage might get you out of sticky situations when you need it.


  • A 12 month old, well-established business
  • At least $100,000 gross annual revenue

Fee Structure

  • Every month for the first 6 months, 1% to 10% of the amount borrowed has to be paid back
  • After the initial 6 months, you pay 1% back every month thereafter

Credit Terms

  • With a 1% payback per month, APR comes out to be as high as 90%
  • Short repayment term of 6 months
  • A modest credit score of 500 points is more than enough


If you want to evade the super-strict conditions of traditional lenders, Kabbage can get you out of it. With promised fast cash inflow and quick repayment period, it gives you an opportunity to fund your small business for operating costs.  However, if the money in your small business comes slow, remember that high APRs can be a real drag.

The business is a brainchild of an entrepreneur, and it needs utmost care and warmth. When you need a fresh inflow of cash, you look for the easiest way in and the quietest way out. Study your own small business dynamics for the best small business loan, figure out what’s best for the business, and make a decision on which card you’re going to draw- Go P2P with LendingClub? Get your new business some Credibly? Or take the high road with OnDeck and Kabbage? Your Call!

Related Article: 14 Businesses You Can Start for Less Than $100

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