Advertiser Disclosure

🏦 Get funded today with one of our top 5 lenders for 2020

Top 15 Best Unsecured Business Loans

  • 4 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
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
Leave a comment

4 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Kevin

    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.
    Thoughts?
    Thank you for your time.
    Kevin

      This comment refers to an earlier version of this post and may be outdated.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: https://www.merchantmaverick.com/guide-debt-refinancing/

        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 brianferguson02@yahoo.com

          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.

          Leave a Reply

          Your email address will not be published. Required fields are marked *

          Your Review

          Comment moderation is enabled. Your comment may take some time to appear.
          Please read the "User Review and Comment Policy" before posting.

          Share

          Featured Offer: We Recommend QuickBooks 🎉

          Get 50% QuickBooks Online for a limited time!

          Take it for a spin with a free trial.

          Try QuickBooks Today

          We Recommend Fattmerchant 🏆

          Fattmerchant is one of our top picks for credit card processing!

           

           

          We love Fattmerchant's predictable pricing and excellent service.

          Get Started

          Get started with no commitment today.

          We Recommend Brex Corporate Card for Startups 🏆

          Brex Corporate Card for Startups is one of our top picks for business credit cards!

           

           

          For a limited time get 50,000 rewards points when you spend $1000 with Brex.

          Get Started

          Get started with no commitment today.

          We Recommend Fattmerchant 🏆

          Fattmerchant is one of our top picks for credit card processing!

           

           

          We love Fattmerchant's predictable pricing and excellent service.

          Get Started

          Get started with no commitment today.

          We Recommend Fattmerchant 🏆

          Fattmerchant is one of our top picks for credit card processing!

           

           

          We love Fattmerchant's predictable pricing and excellent service.

          Get Started

          Get started with no commitment today.

          ⭐️ Featured Promo! ⭐️

          Sign up now and qualify for a limited time deal!

          Standard Plan: One month free ($29.95 value)
          Plus Plan: Two months free ($159.90 value)
          Pro Plan: Three months free ($899.85 value)

          Learn More

          At BigCommerce

          We Recommend Helcim 🏆

          Helcim is one of our top picks for payment processing!

           

           

          Helcim has exceptional service and an advanced platform that we highly recommend for businesses in Canada and the US. Get three months free when you sign up with Helcim through our links!

          Get Started

          Get started with no commitment today.

          We Recommend PaymentCloud 🏆

          PaymentCloud is one of our top picks for credit card processing!

           

           

          We love PaymentCloud's predictable pricing and excellent service.

          Get Started

          Get started with no commitment today.

          We Recommend OnDeck 🏆

          OnDeck is one of our top picks for Business Loans!

           

           

          OnDeck is our featured vendor for business loans and lines of credit. If you have at least one year in business, a personal credit score of 600 or higher, and $100K in annual revenue, OnDeck is ready to help your business get funded.

          Get Started

          Get started with no commitment today.

          Get 50% Off FreshBooks ✨

          FreshBooks accounting is offering 50% off of their accounting and invoicing software for three months and a 30-day free trial!

          Start For Free

          No credit card required

          We Recommend Lightspeed POS 🏆

          Lightspeed POS is one of our top picks for Point of Sale!

           

           

          We highly recommend Lightspeed POS for small businesses looking for a feature-rich, tablet-based point of sale system. For a limited time, get up to $1,000 off retail hardware when you sign up through our link! Ends Sep 30th.

          Get Started

          Get started with no commitment today.

          We Recommend Stamps.com 🏆

          Stamps.com is one of our top picks for shipping software!

           

           

          Start a 4-week free trial with Stamps.com and get $5 in free postage to test it out. No promo code required.

          Get Started

          Get started with no commitment today.

          Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

          Sign up for the Maverick Newsletter

          • We occasionally send out emails with special offers.