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Top 15 Best Unsecured Business Loans

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Shannon Vissers

Shannon Vissers

Shannon is a writer and editor based in San Diego, CA. Shannon attended San Diego State University, graduating in 2005 with a BA in English. She is the former editor-in-chief of SteelOrbis, an online trade publication. Shannon has also published articles for LIVESTRONG.COM, eHow, Life'd, and other websites. She has been with Merchant Maverick since 2015, writing about POS software, small business loans, and financing for women entrepreneurs.
Shannon Vissers
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    Very informative. Amazing research. I’m still trying to go through all this information. So my wife and I took a small personal loan to buy an automotive shop that has been around for almost 40 years. We have a owner contract carry but want to pay him off. I was thinking of a loan of $175k. This pay off the shop loan $90k our small loan of $50k and pay off a couple of minor items ( not sure they can be included but student loan $11k and truck loan $14k) as well as purchase a couple of items for the shop for equipment we need; such as a five gas analyzer $3500 and another vehicle lift$3500 and upgrade the computer $1,000. I feel by doing this it will put our shop out of the shadows of the previous owner. Less stress and only worrying about one payment. Is this this possible with any of these lenders. We have been running the shop for 6 months now. Since December of 2018 and our average monthly sales is $60k. I think we can hit $100k a month by working a second shift.
    Thank you for your time.

      This comment refers to an earlier version of this post and may be outdated.

      Shannon Vissers

      Hi Kevin! It sounds like you are looking for a business debt consolidation loan. If you don’t qualify for a bank loan or an SBA loan (those types of loans offer the best rates but have more stringent requirements) I’d look into some online lenders like Lendio, Streetshares, and LoanBuilder. It sounds like you would definitely meet the income requirements for those lenders, but LoanBuilder requires 9 months in business. With Lendio or Streetshares, you might be able to get a loan right now with only 6 months in business. If you can wait a little longer, you might qualify for a loan from Fundation, which requires 1 year in business. I would recommend applying to whichever of those loans that you qualify for (also be sure to check out their credit score requirements before applying), and then see which offers you the best rate and terms. I also recommend reading this resource we put together which has more info on business debt consolidation, including lenders:

        Brian Ferguson

        Hello, Shannon
        I am very interested in buying a 14 to 36 suite hotel in south Florida. I searching for the best route to get a loan to buy property. It is expensive in south Florida but money is moving well there. I live in Ohio but plan to move to south Florida. I need help finding the right financing. Please contact me

          This comment refers to an earlier version of this post and may be outdated.

          Jessica Dinsmore

          Hi Brian,

          To be honest, this isn’t something we’ve ever encountered before, so it may be a bit outside of our expertise. I’d rather not give you an answer that I’m not too certain about. If you happen to figure this out on your own, please let us know what solution you find so we can learn how to answer something like this in the future. Best of luck!

            This comment refers to an earlier version of this post and may be outdated.

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