Lending Club offers the best business loan for veterans if:
- You have at least $75, 000 in annual revenue
- You have no recent bankruptcies or liens
- You own at least 20% of your business
Lending Club is a good option for expansion capital. The company’s loans offer numerous benefits, including competitive rates with APRs from 8% to 32%, less stringent qualifications than banks, and no prepayment penalty. Only loans and lines of credit above $100, 000 require collateral.
In addition, borrowers can prequalify and get a quote in just five to 10 minutes, with no effect on your credit score (it only counts as a “hard” inquiry if you’ve been approved and take on the loan).
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SmartBiz offers the best business loan for veterans if:
- Your personal credit and company revenue are strong
- You’ve been in business for at least two years
- You can provide collateral
- You don’t mind waiting a little longer for funds
SmartBiz provides SBA loans from $30, 000 to $350, 000, with some of the best rates in the industry at just 7% to 8% APR. With low costs and a repayment timeframe of 10 years, it’s a solid option for growth financing, such as purchasing real estate or equipment, refinancing high-interest debt or acquiring another business.
Strong personal credit and annual revenue are needed to qualify, and borrowers cannot have prior defaults on government-backed loans, outstanding tax liens, a criminal record other than minor vehicle violations, or any bankruptcies or foreclosures in the last three years.
Keep in mind that although SmartBiz says most loans take only a week or two to fund after you complete the application, loans more than $150, 000 typically take four to six weeks to fund.
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