Best LLC Loans of 2024

Pros

• Large borrowing maximums.
• Interest rates are capped.
• Long repayment terms available.

Cons

• Personal guarantee is required.
• Collateral is typically required.
• Longer processing times than online lenders.

Pros

• Bank loan with competitive interest rates.
• No collateral required.
• Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.

Cons

• Can be slow to fund.
• Prepayment fees may apply to early repayments.
• Must be an existing Bank of America customer to apply online.

Pros

• Cash can be available within the same business day.
• Accepts borrowers with a minimum credit score of 625.
• Streamlined application process with minimal documentation required.
• Can be used to build business credit.

Cons

• Not available in Nevada, North Dakota or South Dakota.
• Requires frequent (daily or weekly) repayments.
• Interest rates can be high compared with traditional lenders.
• Requires business lien and personal guarantee.

Pros

• Cash can be available within 12 to 24 hours.
• Multiple term lengths for different financing needs.
• Low minimum credit score requirement.

Cons

• May require weekly repayments.
• Requires personal guarantee.
• Not available in North Dakota, South Dakota or Nevada.
• Rates can be high compared to traditional lenders.

Pros

• Bank line of credit (backed by the SBA) with competitive interest rates.
• No annual fee or prepayment penalties.
• Available to borrowers with less than two years in business.

Cons

• May take longer to fund than online lenders.
• Credit lines only available up to $50,000.
• Need a Wells Fargo checking account to access online bill pay.

Pros

• Cash can be available within two business days.
• Competitive rates among online lenders.
• No minimum revenue requirement.
• Terms up to seven years.

Cons

• Requires business lien and personal guarantee.
• Must be in business for a minimum of two years.
• Minimum credit score is higher than some other lenders.

Pros

• Cash can be available quickly.
• Get a discount for prepaying.
• No collateral required.
• Low minimum credit score requirement.

Cons

• Charges a factor rate that makes it more difficult to compare costs with other lenders.
• Can’t build business credit.
• Longest loan term is 18 months.

Pros

• Can fund within one to two business days.
• No prepayment penalty.
• Flexible repayment options: monthly, quarterly, annually or semiannually.

Cons

• Typically requires a personal guarantee and UCC lien.
• Requires high minimum annual revenue.

Pros

• Low down payment required.
• Repayment terms of up to 25 years.
• Competitive interest rates.

Cons

• Personal guarantee is required.
• Must meet job creation or public policy goals to qualify.
• Longer processing times than online lenders.

Pros

• Financing available within one business day after approval.
• Simple application with minimal documentation required.
• Startup-friendly — accepts borrowers with a minimum of six months in business.
• Low minimum credit score requirement.
• No prepayment penalties, account maintenance fees or inactivity fees.

Cons

• Rates are high compared with traditional banks.
• May require personal guarantee.
• Weekly repayments required over a short term (maximum of 24 weeks).

Pros

• Loan amounts from $5,000 to $250,000.
• Customized loan terms.
• No prepayment penalty.

Cons

• Slower processing speed compared to online lenders.
• Not available in all U.S. states.

Pros

• Can finance new or used vehicles for your business.
• Long repayment terms.
• Personalized customer service to help you through the lending process.

Cons

• Strict qualification requirements.
• Limited information on interest rates and fees.
• Online application not available.