Crest’s practice of only working with strong companies helps them keep costs low and deliver better terms than other lenders can. With all that said, Crest isn’t a suitable option for new businesses or those with bad credit. To make things even easier, you don’t have to provide any financial documents for loans less than $250,000. Essentially, the only types of equipment and vehicles Crest won’t cover are passenger vehicles and vehicles for businesses in the transportation industry. Interestingly enough, Crest Capital is also an excellent choice if you sell equipment, vehicles, or software.
If it takes several days for an answer or you don’t get answers at all, you may want to look elsewhere. You can ask for help with choosing a loan, ask questions about a specific loan jfq lending reviews bbb type, or just ask for general advice to see how they respond. In most cases, the only way to gauge the quality of customer support is to reach out and ask questions before applying.
Interestingly, Kiva is not a bank but is instead a peer-to-peer lending platform. Kiva loans are geared to disadvantaged entrepreneurs, so investors who lend money through the platform get the chance to help people around the world. Also known as ‘startup capital’ or ‘seed money’, startup loans are for newly launched businesses or businesses looking to open operations in the near future. Startup loans are used to fund new businesses, and can be used for office space, inventory, manufacturing, or other business needs. Business Loan – A general small business loan can come from many different sources, such as a personal loan from a family or friend to a government-backed loan from the SBA. In lieu of this documentation, some lenders will have you connect your bank or other financial accounts directly to their system so that they can evaluate your business more quickly.
When applying for an SBA loan, you must provide an unlimited personal guarantee if you own 20% or more of the business. This means that if you fail to repay the loan because the business fails, you are still on the hook for repaying the entire loan amount. Also note that, in the case of a borrower defaulting, the lender can recover 50% to 85% of the outstanding loan balance from the SBA. Lendio was founded in 2011, yet it has grown dramatically since then. So far, they claim to have funded over 300,000 small business loans worth more than $12 billion, and they don’t plan to stop anytime soon. Founded in 2005, Kiva aims to help underserved communities and their members qualify for the small business funding they need to get their dreams off the ground.
The best I can do is suggest you follow the tips in this article to do your own due diligence. I personally would not provide my personal information to someone who called me out of the blue guaranteeing a loan at a low promised interest rate. If most everything checks out, but you want to be entirely sure, contact your state’s attorney general office or the state attorney general’s office in the state where the business is located. Lenders and loan brokers are often required by law to register with state agencies before they can do business there. Lenders want your business, but they shouldn’t be desperate for it. In some cases, you’ll also be able to read customer reviews, which can give you a better idea of what to expect.