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LendingClub, which stopped originating small-business loans in April 2019, connects prospective borrowers to a major lending partner.
Customers who fill out a business loan pre-qualification form on LendingClub's website are referred to Opportunity Fund, a larger nonprofit business lender. Opportunity Fund typically makes loans to underserved small businesses that don't qualify for traditional bank loans.
To qualify for loans up to $500,000, borrowers must have at least 12 months in business, $50,000 in annual revenue and own 20% or more of the business. Also, you can't have any bankruptcies or tax liens.
LendingClub personal loans may be used for business purposes, but carry smaller loan amounts than typical business loans.
If you're looking for a business loan, consider these other options:
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