Self-employed professionals often hit roadblocks when they need a business loan. A capital loan platform can offer a line of credit with clear interest rates and loan amounts. This guide shows eight top platforms that help with your loan application, credit score, and invoice factoring.
Read on.
Key Takeaways
- LendingClub lends $5,000–$500,000 at 9.77% APR. You upload bank statements and tax returns. You see approval in two days. You get funds in three days. Terms run one to five years.
- OnDeck needs one year in business, $100,000 in annual sales, and a 625+ credit score. It offers $5,000–$250,000 loans at 9.99% APR. You apply online and link bank data. You get cash in 24 hours. You repay over three to 36 months.
- Funding Circle requires two years in business and a 660+ score (650 for SBA). It funds $25,000–$500,000 term loans at 4.99% APR. Repayment spans six months to five years. Peer investors supply the capital. You see a decision in days.
- Kabbage and BlueVine sync with QuickBooks or Xero. Kabbage gives $1,000–$250,000 lines at 1.5% per month on draws. BlueVine offers $5,000–$250,000 lines at 4.8% APR. Both approve you in under 24 hours.
- Credibility Capital lends $10,000–$400,000 at rates from 8% APR with one- to four-year terms and zero prepayment fees. Sunwise Capital offers credit lines up to $5 million, SBA 7(a) loans, and merchant cash advances. Both fund in 24 hours.
LendingClub
LendingClub races your business financing request to funding with clear APRs and low interest rates. It checks your financial records and credit history in hours to fast-track your approval.
Key features tailored for self-employed professionals
Peer-to-peer lending cuts bank lines and endless forms, so solo entrepreneurs breeze through applications. The site offers business loans and personal loans with fixed interest rates, which keeps monthly bills steady.
It covers loan amounts from small sums to large lump sums, so you can finance gear, rent or expansion.
You upload bank statements or tax returns in a clear online process, and see loan approval in as few as two days. Funds arrive in your checking account within three days, fueling working capital, equipment financing or debt consolidation.
Loan terms and eligibility requirements
Borrowers pick loans from $5,000 to $500,000 or tap lines of credit for flexible funds. The interest rate starts at 9.77 percent. Payments stretch over one to five years. Lenders may charge origination fees on approved loans.
Funding lands within days after approval.
Credit unions and digital lenders ask for bank statements and tax returns. They check your credit score before approval. Alternatives like Small Business Administration 7(a) loans still need the same paperwork.
Cash advances and accounts receivable financing may waive strict credit history rules.
OnDeck
OnDeck sends funds in a day for 6-month term loans, so you dodge long waits. It links with QuickBooks Online and Xero to speed your online lending steps.
Fast funding for small businesses
You can get cash the same day if you meet a few rules. Your business must run at least one year, earn $100,000 each year, and have a credit score of 625 or more. You fill out an online form, link bank statements, and add your tax returns.
A credit line or working capital loan from $5,000 to $250,000 can hit your checking account faster than a bank loan.
An online lender uses software to check your file in hours. You can see rates, fees, and APR in minutes. A loan approval may take just a few clicks instead of weeks. This speed keeps your business rolling when cash flow dips.
Flexible repayment options
OnDeck offers repayment terms from 3 to 36 months, with up to 24 months for working capital loans. It lets you pay daily or weekly. That schedule may tax your cash flow if sales dip.
Interest rates start at 9.99%. OnDeck lays out every fee and rate up front. They keep the term structure clear.
Repeat borrowers earn loyalty perks. Their customer service holds a 3.1 out of 5 rating from 6,300 reviews. They request bank statements and a credit score check, like other small business loan apps.
Online tools speed up the application. Funds often clear in just a few days.
Funding Circle
Funding Circle speeds term loans to self-employed pros, with clear credit score checks and fair interest rates. Its online platform guides you through the loan application process in minutes.
Designed for established self-employed borrowers
Established self-employed professionals must log at least two years of business before they apply. They also need a credit score of at least 660, though SBA loans drop that to 650.
Businesses in Nevada cannot tap into this peer-to-peer business loan service.
This service delivers working capital loans and term loans with flexible loan amounts and interest rates that rival other small business loans. It digs deep into tax returns and bank statements, so your business history must shine.
Peer investors fund deals, and you get fast loan approval without a bank middleman.
Competitive interest rates and loan amounts
Funding Circle, an online lender, offers interest rates from 4.99% APR. The lender funds term loans with repayment terms of 6 months to 5 years. Borrowers can tap working capital loans or equipment financing to boost cash flow.
It has backed 135,000 independent pros across 700 industries with $20.2 billion.
Clients can apply for $25,000 to $500,000 in loan amounts. This capital process uses bank statements and tax returns to speed loan approval. Fast funding helps manage debts, cover expenses, or expand business.
Service fits small business loans, property loans, or invoice factoring needs.
Kabbage
Kabbage pulls data from your bank statements and arms self-starters with a credit line in under an hour. It syncs with accounting platforms, so you can grab working capital without breaking a sweat.
Accessible lines of credit for freelancers
Freelancers can tap lines of credit from 1,000 dollars up to 250,000 dollars. The lender bills 1.5% per month, only on amounts they draw. No origination or prepayment fees lower upfront costs.
Platform links to QuickBooks and PayPal for smooth expense tracking. Approval fires through in minutes to handle invoices or working capital loans. Users watch their APR and credit score under clear terms.
Integration with business tools
Small firms plug the app into Xero and a bookkeeping app. Zapier ties Square and a payment processor. You pull bank statements and checking account info in seconds. You view credit lines in real time.
You plan cash flow and cover loan payments on time.
You export expenses to a spreadsheet app or a payroll tool. The system tracks invoice factoring records in the background. You grab bank statements and tax returns in one glance. You spend less time on paperwork, so you focus on growth.
BlueVine
BlueVine offers flexible funding lanes that adapt to freelance cash flow swings, so you can grab working capital loans fast. It links with bank statements and tracks your credit rating, letting you finish the loan application process in hours.
BlueVine issues lines of credit that range from $5,000 to $250,000. Rates start at 4.8 percent, so you pay less interest than with many credit cards or term loans. You draw funds as needed to cover cash flow dips in working capital loans or to pay vendors.
Flex 6 splits repayments into weekly installments over 26 weeks. Flex 12 spreads them into monthly payments over 12 months.
Approval happens fast, often within 24 hours, once you link business checking accounts or upload bank statements and tax returns. You manage the line like a merchant cash advance or invoice factoring tool, though that 0.25 percent weekly option is now discontinued.
This setup helps you meet payroll, buy equipment, or handle rent without a bank loan application delay.
Quick approval process
This platform pushes loan approval through a smooth web portal, so you see a decision fast, often in under one day. Lenders check your FICO score, tax returns and bank statements, then fund your line of credit in as little as 24 hours, after you hit the 625 credit score mark.
It does not work in Nevada, North Dakota, South Dakota, Puerto Rico or certain U.S. territories, yet that small list rarely slows growth-minded pros.
The system taps an automated credit algorithm and a document upload tool, it cuts wait times and removes piles of paper. You tap into working capital loans or invoice factoring, and the site links with QuickBooks or Xero to speed bank statement checks.
A low 2.4 out of 5 customer satisfaction score, from 6,300 reviews, keeps the team on its toes, and lets them tweak interest rates, repayment terms and funding speed for better service.
National Funding
National Funding hands you term loans in just a few clicks, so you can focus on growing your gig. It syncs with QuickBooks, runs a lightning-fast credit check, and drops funds into your account before you can say “ka-ching.”.
Loans for small-to-mid-sized self-employed businesses
Lenders offer loans from $5,000 to $500,000 for self-employed ventures. Fixed interest rates start at 4.99 percent with buy rates from 1.11 percent. Borrowers need at least a 600 credit score; equipment financing loans accept 575.
Applicants must show at least $250,000 in annual sales and six months of operation.
Small firms often use working capital loans or unsecured term loans to cover costs. Some seek lines of credit or SBA 7(a) loans for more flexible cash flow. Bank loans and invoice factoring can fit seasonal spikes and purchase equipment.
Online lenders speed up loan approval and trim origination fees for faster funding.
Focus on personalized customer service
National Funding assigns an expert to every client. That adviser checks tax returns, bank statements, and credit scores. Clients get funds within 24 hours of approval. Borrowers who pay off a small business loan in 100 days grab a 7% early payoff discount.
Equipment financing gets a 6% cut any time. This support team also sorts business expenses and matches needs to working capital loans or lines of credit. They explain interest rates, loan amounts, and origination fees in plain speech.
An account manager walks you through the application process step by step. You send documents just once. Collateral needs pop up early so you can plan ahead. Clear updates on funding speed, prepayment penalties, and repayment terms arrive by email.
Accounting software like QuickBooks links right into your loan dashboard. That smooth setup turns extra paperwork into a quick, friendly chat.
Credibility Capital
Credibility Capital welcomes strong FICO scores with term loans that fit your business plan and cash flow forecast. You get clear APR, low origination fees, and a quick loan application, so you can hit the ground running.
Best for borrowers with strong credit profiles
This lender offers loan amounts from $10,000 to $400,000. Borrowers with high credit scores enjoy interest rates starting at 8 percent. They choose term loans or unsecured loans with 1 to 4 year repayment plans.
They tap funding for working capital loans or lines of credit.
Strict credit requirements apply, so firms need solid financial health. They must submit bank statements and tax returns to secure quick approval. The online loan application process moves in days.
Repayment terms stay clear and upfront.
Transparent terms and low fees
Credibility Capital posts every fee up front. It lists origination fees in bold. It shows the annual percentage rate as you shop. It cuts out hidden charges, so you know what you owe.
Borrowers pay zero prepayment penalties, so you can finish payments early and save.
The platform offers interest rates that match or beat many U.S. Small Business Administration loans. It gives clear loan repayment terms, from term loans to lines of credit. It handles large loan amounts with simple docs.
You just fill bank statements, tax returns, and you see your total cost.
Sunwise Capital
Sunwise Capital offers high loan limits that help businesses scale. It taps an online portal to scan bank statements fast and locks in clear APR for term loans.
Reliable funding for growth-focused professionals
Growth-focused professionals turn to Sunwise Capital for merchant cash advances, flexible lines of credit, equipment financing and SBA 7(a) loans. Approvals arrive in as little as 24 hours, fast enough to keep projects on track.
The lender covers working capital loans, invoice factoring or commercial real estate loans, you pick the option that fits your plan. Fair APRs and low origination fees help you manage costs.
Its quick online loan application process cuts red tape, so you focus on expansion.
Loan amounts adjust to your revenue, some businesses secure six-figure limits. Borrowers upload bank statements, tax returns and financial documentation in minutes. Repayment terms adapt to short-term or long-term goals, you get a schedule that fits.
This range of solutions aids equipment financing, debt consolidation or term loans without stress.
High loan limits for scaling businesses
Sunwise Capital grants credit lines up to $5 million to help you scale. Loan amounts depend on your revenue and credit score. Interest rates shift by product type and borrower profile.
Some states limit certain offerings.
You might use the funds for working capital loans or gear loans. This boost acts like a rocket for your venture. Many self-employed pros blend invoice factoring with term loans. Rep approval can arrive in 24 hours, so you grab big deals fast.
Factors to Consider When Choosing a Loan Platform
Check APR, origination fees, and any prepayment penalties on each platform. Use a loan calculator, gather tax returns, and track your credit score before you explore your options.
Interest rates and repayment terms
Lenders set interest rates from as low as 4.8 percent APR up to 99 percent on working capital loans. BlueVine offers that 4.8 percent rate on flexible lines of credit for shifting cash flow.
Funding Circle and OnDeck keep their APR in a midrange, based on loan amounts and borrower credit score. Prequalification lets a small business owner view rates and repayment terms with no harm to a credit score.
Repayment terms stretch from three-month short-term loans to long-term loans that run up to five years. Flexible plans match seasonal revenue or invoice factoring cycles. Some platforms tie into bank statements to auto-draft scheduled payments.
Borrowers pick weekly or monthly drafts to guard cash and fuel business expansion.
Loan eligibility and documentation requirements
Self-employed borrowers need a credit score of 530 for some working capital loans. Business lines of credit from American Express require 660. Funding Circle term loans ask for two years in business.
Fundbox offers startup business loans after just three months of operations. Platforms set annual revenue rules from $3,000 per month to $250,000 per year. You can choose sba 7(a) loans, equipment financing, invoice factoring, or lines of credit.
Loan amounts range from $5,000 to $250,000. APRs may climb near 30 percent.
Banks and credit unions ask for 12 months of bank statements and two years of tax returns. You must upload a business plan. Store documents in Google Drive or Dropbox. Link invoices and expense reports via QuickBooks or Xero.
Show business revenue and expenses in Excel sheets. Clear, complete files speed the loan application process and boost loan approval odds. Fast funding hinges on solid financial documentation and smooth application steps.
Reputation and customer support
Many lenders post star ratings and user counts for their small business loans. OnDeck has a 3.1 out of 5 from 6,300 reviews. BlueVine holds a 2.4 on a five point scale via 6,300 reviews.
The American Express Business line of credit sits at 2.6 from user feedback. Scan comments on working capital loans, equipment financing, and term loans before you apply.
Lendio has funded over 12 billion dollars in client financing since launch. Users praise speed on SBA 7(a) loans and invoice factoring. Fast replies on loan application process keep stress low.
Use lenders with live chat, phone support, or help desk software. That helps you nail credit score and APR questions, and manage funding speed.
Tips for Self-Employed Professionals Applying for Loans
Store tax docs and bank notes in one spot, so lenders can vet your finances faster, and you can dodge delays. Next, you’ll discover how to slash origination fees and lock in the best APR on your working capital loan.
Organize financial records in advance
Dig out a full year of bank statements and two years of IRS filings before you hit the apply button. Use accounting software like QuickBooks or Wave to itemize profit-and-loss statements and track business expenses.
These files prove steady business revenue, and they speed up loan approval for working capital loans or equipment financing.
Pair that folder with a simple business plan showing revenue-based financing needs, loan amounts, and projected cash flow. Lenders check those as they set interest rates and APR on term loans or lines of credit.
Clean, clear docs can push your SBA 7(a) loan or invoice factoring deal across the finish line faster and might boost your credit score.
Understand your credit score impact
Lenders set thresholds. Some working capital loans allow a score as low as 530, but many lenders push for 600 or more to secure better terms. A 660 score may win an American Express Business LOC.
Prequalifying via Equifax or Experian does not drop your score. It lets you compare APRs at your own pace.
Self-employed pros often sign a personal guarantee. It links the loan to your personal credit. A default can dent that score. You can track your FICO score with a credit monitoring app.
This lets you spot drops fast. Solid scores cut APRs on term loans, short-term loans, and lines of credit.
Takeaways
Your business can grow with the right digital lender. These platforms offer working capital loans, rapid funding and clear fees. You can match options to your tax returns, credit score and equipment financing needs.
You slide through the application process faster than before, and nail your loan approval with less fuss. Pick a partner that speaks your language, and gets your cash when you need it.
You might grin when you see funds hit your account. Now, go build something amazing.
FAQs on Capital Loan Platforms Built for Self-Employed Professionals
1. What loan options do self-employed pros have on these platforms?
These platforms offer SBA 7(a) loans for big plans, working capital loans to smooth cash flow, term loans, lines of credit, equipment financing, invoice factoring, startup business loans, revenue-based financing, short-term loans for quick needs, long-term loans for big goals, student loans, personal loans, mortgages, commercial real estate loans, plus HELOC and debt consolidation options.
2. How do I apply for an SBA loan or working capital loan?
I know, tax returns and bank statements can feel like a beast, but the process is clear. First, gather your tax returns and bank statements. Next, start the loan application process online, list your business revenue and expenses. The lender will check your credit score, and scan your financial documentation. Keep your score above 650 to speed approval.
3. How fast can I get funding on these capital loan platforms?
It can feel like waiting for rain when you need cash. Some online lenders send money in 24 to 48 hours. One hot lender wires in two days. A big bank or credit union might take 5 to 10 business days. It all comes down to your paperwork, and your chosen repayment terms.
4. What interest rates and APR should I expect?
Rates vary a lot. SBA loans may start as low as 7 percent APR. Working capital loans can hit 30 percent APR. Equipment financing often runs 5 to 15 percent APR. Always check the origination fees and annual percentage rate before you sign.
5. Can I refinance or consolidate my debt?
Yes, you can refinance term loans, mortgages, and even student loans. You can use a HELOC, or get a debt consolidation loan. This can lower your APR, and make repayment simple, like a single monthly bill.
6. How do I pick the best loan platform for my business?
Think about loan amounts, repayment terms, interest rates, and funding speed. If you need a quick short-term loan, hunt for fast funding and flexible terms. If you aim for big expansion, look for a long-term loan with a low APR. Check your credit score, review your business revenue, and weigh your financial health. Then pick the lender that best fits your needs.
