Getting a business loan can be challenging, and several factors — cost, speed, repayment schedule — can play a role in deciding which product is right for you. Let us help you through the process.
1. Fill out one simple application
Answer a few questions about your business to get personalized lending options. It’s free and won’t impact your credit score.
2. See your business loan options
It takes about three minutes to get options from our network of vetted small-business lenders. Compare interest rates and repayment terms to choose the best product for your needs.
3. Get your loan
If the lender approves you, you’ll sign closing documents in order to receive funds. Some lenders can approve and fund loans within one business day.
A small-business loan allows you to borrow money from a lender to finance your operations. You can use a business loan for a wide variety of purposes, including but not limited to:
With most small-business loans, you borrow capital from a lender and repay it, plus interest, over a predetermined period. Maximum loan amounts, interest rates and repayment terms will vary based on the type of business loan, the lender you’re working with and your business’s qualifications.
When applying for a small-business loan, the lender will evaluate your business based on underwriting criteria to determine if you qualify. Every lender has different requirements, but they’ll typically consider criteria such as your personal credit score, annual revenue and time in business.
In general, having strong business credentials can help you qualify for a small-business loan with the most competitive interest rates and repayment terms.
The right loan for your business will depend on a combination of factors. You’ll want to consider why you need funding, how much capital you need and the total cost of any potential debt. You’ll also want to think about how fast you need financing and what type of loan you can qualify for.
When applying for a small-business loan with Fundera by NerdWallet, you can see all of the loan options you qualify for and compare them through a single platform for free. As a marketplace, we connect you with a network of vetted business lenders and offer tailored knowledge and expertise to ensure you have everything you need through each step of the funding process.