BEST OF March 2024

Secure Your Business’s Growth with a Hassle-Free Business Loan

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Options for Business Loans for
March 2024

Take your business to new heights with our business loan offers, designed to fuel growth and expansion while providing you with flexible financing options for a prosperous future.

Uplyft Capital

Uplyft Capital Business Loans Review

Pros

  • Range of funding options
  • Simple online application
  • Specializes in merchant cash advance
  • Tiered system
  • Renewal available
  • High approval ratio

Cons

  • High factor rate
  • Daily or weekly repayment
  • Businesses with low revenue do not qualify

HIGHLIGHTS

Headquarters:Miami, Florida, United States
APR:Starting from 1.24 (factor rate)
Loan Amount:Starting from $5,000 – $500,000
Loan Terms:2 – 12 months
Interest Rate Type:Factor rate
Loan Security:Unsecured
Collateral Requirements:None for merchant cash advances
Min. Credit Score:Not disclosed (Applications from businesses with bad credit considered) -500
Min. Annual Revenue:$100.000 ($8,333 per month)
Min. Time in Business:6+ months
Turnaround Time:1 – 2 days
State Restrictions:None

Why We Choose Uplyft Capital:

Uplyft Capital specializes in merchant cash advances with four different program tiers on offer. In addition, Uplyft Capital has partnered with other lenders to provide a range of funding solutions that include lines of credit, SBA loans, and invoice financing.

Best for:

  • Business loans for bad credit
  • Small to mid-sized businesses
  • Fast funding
  • Transparent factor rates

An in-depth review of Uplyft Capital Business Loans

Uplyft Capital is on a mission to provide businesses with a suite of funding solutions, a hassle-free process, and personalized offers that meet your unique business needs. There are four programs to choose from when taking out a merchant cash advance. These include:

Uplyft Capital ProgramStarterStandardPremierPremier Plus
Term2 – 5 months2 – 7 months3 – 8 months3 – 12 months
Factor rate1.41.341.31.24
RenewalYesYesYesYes
Amount$8000 – $30,000$5,000 – $125,000$10,000 – $250,000$30,000 – $500,000

In addition, the marketplace offers funding solutions in partnership with third-party lenders. You can view more information about the marketplace here.

Uplyft Capital: Trusted by Businesses Nationwide

Uplyft Capital has a 4.5 rating on Trustpilot based on over 70 reviews. Many reviews praised the customer service experience they received, as well as the fast funding timelines and simple application process that required minimal documentation. Founded in 2012, it has an A+ rating with the Better Business Bureau and a mission to support small businesses. While it can be a suitable choice for those with bad credit, the daily or weekly repayment schedule and high factor rates may not suit the goals or needs of all businesses. Uplyft Capital can provide a marketplace for alternative financing solutions from one of its vetted partners.

NAV

Best for Small Business Owners: NAV

Pros

  • Know what you can qualify for before you apply
  • See your best options based on your business data, funding goals, desired financing type, and credit range.
  • Nav’s trusted partners’ typical funding speeds range from 1 – 3 business days
  • Different types of financing options available to choose from

Cons

  • Some funding options are not ideal for start-ups
  • Minimum credit score and revenue requirements for some lenders
  • Use your funds according to lender guidelines
  • SBA Loans can take 60 – 90 days for approval

HIGHLIGHTS

Types of loans:Line of Credit, Short Term Loan, Long Term Loan
Rates:Vary per term and loan type
Terms:Vary depending on lender and loan type
Min. Credit Score:Depends on lender and loan type
Min. Revenue:Depends on the lender
Max Amount:Depends on Credit Profile, Revenue, and Loan Type

Why We Choose Nav:

With Nav, business owners will have access to a network of over 70 reputable lenders that work exclusively to provide new opportunities and financial growth for small businesses. Whether you are searching for a line of credit to gain access to immediate capital or a long-term loan, Nav will help you review your options so you can make strategic choices that align with your financial objectives and pave the way for advancement.

Learn More About Nav

Small business owners can use Nav’s financial health platform to weigh their financing options before making an informed decision.

By leveraging your business data profile, Nav makes it possible for you to see the loan options you’re most likely to get before applying without a hard credit inquiry. Make informed decisions in order to facilitate the advancement of your company.

To qualify for a small business loan or open a line of credit for your business, you must meet the lender’s application criteria and submit a short inquiry form online.5

The Ultimate Guide for
Business Loans

Unlock new opportunities for your business and get connected to a range of business loan offers. Discover what a business loan is and how to secure one, explore the benefits of business loans, and find out how to obtain financing for a business. Whether you have good or bad credit and need financial help to expand your business, we’re here to help guide you at every step of the way. Learn about the differences between business credit scores and personal credit scores, and take the first step towards a prosperous future with Max Cash®.2 5

  • What is a Business Loan?
  • How to Get a Business Loan
  • Benefits of a Business Loan
  • Small Business Loans
  • How to Get a Business Loan for a New Business
  • How to Apply for a Small Business Loan
  • Business Loan for Bad Credit
  • Business Credit vs. Personal Credit
  • Key Takeaways About Business Loans
  • What is a Business Loan? x

What is a Business Loan?

A business loan can be used to provide funds to businesses and entrepreneurs for various purposes, such as expanding their operations, purchasing equipment, covering day-to-day expenses, or funding specific projects. These loans are typically offered by banks, credit unions, online lenders, or government agencies.

Business loans come in different types, including term loans, lines of credit, merchant cash advances, and equipment financing. Borrowers are required to repay the loan amount, often with interest or fees, based on the loan terms and the lender’s policies. Requirements for business loans can vary depending on the lender’s criteria, and the financial situation and creditworthiness of the borrower are thoroughly considered by the lenders.

Business loans are often essential for helping businesses grow, meeting financial needs, and providing crucial funding to support their operations in order to ultimately achieve their objectives.

  • How to Get a Business Loan x

How to Get a Business Loan

To obtain a business loan, start by creating a detailed business plan, which outlines your goals and financial projections. Whether your business is more established or you just have a few years under your belt, you may be expected to provide an in-depth financial analysis of your business, which typically includes a depiction of your current cash flow and previous tax returns. This information will provide lenders with a better understanding of your business’s financial standing and the potential for growth.

Evaluate both your personal and business credit scores to determine your eligibility for different types of business financing options. Then, your next step should be to select the most suitable loan type for your goals, financial projections, and credit history.

Research potential lenders and compare them based on their terms and conditions, reputation, and ability to help you reach your financial goals as a business. Once you have a lender in mind, gather the necessary financial documents and accurately complete the lender’s application. Be prepared to provide additional information if requested, and patiently await the lender’s decision.

Upon final approval, carefully review the loan terms and discuss your contract with your loan agent. Keep a strong repayment strategy in place to ensure that your loan stays in good standing.

  • Benefits of a Business Loan x

Benefits of a Business Loan

Business loans are a valuable resource for small business owners. They provide access to money that can be used for various business needs, such as expanding the business, covering everyday expenses, or buying equipment.

Business loans come with different options for how they can be paid back, making this option flexible for business owners. It’s important to use the loan responsibly and pay it back on time, which can potentially help improve your credit score and make it easier to get more loans in the future.

Plus, you can get some tax benefits by deducting the interest you pay on the loan. The best part is that if you choose to get funding from a business loan instead of going through investors, you can still keep full control of your business while getting the funds you need to reach your goals.

  • Small Business Loans x

Small Business Loans

Small business loans can provide you with money to use for things like growing your small business, paying bills, or buying stuff you need to support your operations.

You should use the money wisely and pay it back on time, taking into account the terms of your loan. Effectively managing your finances and paying off your loan on time can potentially increase your creditworthiness, which makes it easier to get funding later on.

As a small business owner, you likely value the opportunity to run your business the way you want. Through a small business loan, you can skip the hassle of investors and access the capital you need to run your business, expand operations, or even purchase new equipment.

  • How to Get a Business Loan for a New Business x

How to Get a Business Loan for a New Business

Getting a small business loan is a matter of choosing the most suitable loan option that fits your financial situation and submitting a loan inquiry.5

This means finding a lender who can cater to your type of business and experience, especially if you are just starting out. Typically, the application criteria will differ from lender to lender, but in all cases, you’ll be expected to provide basic information about yourself and your business.

Additionally, in order for a lender to review your financial history and creditworthiness, you will have to submit specific documents, such as bank statements and tax returns.5

Common considerations that lenders will have during your business loan inquiry typically include the following:4

  • Credit History: Whether you are applying for a business loan, personal loan, or credit card, lenders will often look at how you have handled past debt obligations to determine how you’ll repay a new one in the future.

    When inquiring about a business loan, lenders will often consider both your creditworthiness and the creditworthiness of your business to determine your credit risk. Some lenders can cater to borrowers with lower credit scores.5

  • Revenue: The lender wants to know whether your business can manage to make payments on the new loan based on your income and current cash flow.
  • Time in Business: Some lenders prefer that you provide a track record of at least two years in business before you pursue a business loan.

When you understand these considerations, the paperwork, and the type of lender you are interested in working with, obtaining a business loan can be a much simpler process.5

  • How to Apply for a Small Business Loan x

How to Apply for a Small Business Loan

Make sure you choose the most suitable business loan based on your qualifications and current or future business needs, compare lenders, and then submit a loan request.

Max Cash® can help you compare options from our partners!2 When you’re ready to get started, gather the necessary documents and place an online inquiry.5

In most cases, you’ll be expected to provide the appropriate financial documents, as well as documents to verify your identity and information. Tax returns, profit and loss statements, and bank statements (from the business and the applicant) are typically required during a small business loan application.

  • Business Loan for Bad Credit x

Business Loan for Bad Credit

A business loan for bad credit is a type of loan that can be available to borrowers with imperfect credit scores. If your credit score is lower, it can be tough to secure funding through a business loan.

But if you decide to pursue a business loan for bad credit, know that lenders are more willing to work with you.

Just keep in mind that these loans might have higher interest rates due to the higher credit risk, so it’s important to compare your options and make sure you can manage the repayment schedule.4 5

  • Business Credit vs. Personal Credit x

Business Credit vs. Personal Credit

A lender will assess your business credit score as well as your personal credit score when considering your application for a business loan. Both of these scores indicate the applicant’s creditworthiness and the ability to repay a loan, and although there are a few key differences between them, they provide the lender with valuable insight.

As a business owner, it is important to understand the distinctions between a personal and a business credit score:

Business CreditPersonal Credit
Assesses your company’s creditworthinessAssesses your creditworthiness on an individual basis
Based on a 100-point scaleScale ranges from 300 to 850
Employer Identification Number (EIN) of the creditor is used to identify the creditorCreditors are identified by their Social Security Numbers
Reported to Experian, Dun & Bradstreet, and EquifaxReported to Equifax, Experian and Transunion
Credit errors and issues affecting businesses are more challenging to resolve, and credit agencies have no legal obligation to address themA consumer’s right to address inconsistencies and errors on their credit report is protected by consumer credit laws
  • Key Takeaways About Business Loans x

Key Takeaways About Business Loans

  • Finding the most suitable type of loan and lender for your business matters, especially if you have a poor credit history and need to work with a lender who can cater to your business’s financial situation.
  • By getting funding through a business loan, rather than obtaining capital through investors, you can keep full control of your business and only rely on the necessary parties to make decisions.
  • The purpose of a business loan is to provide capital to businesses and entrepreneurs to use for a variety of purposes, such as growing operations, purchasing tools, products, or equipment, covering day-to-day expenses, or funding specific projects.