Advertiser Disclosure

✉️ Grow your business with our expert content delivered to your inbox. Subscribe Now

Top 15 Best Unsecured Business Loans

    Shannon Vissers
  • 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

Expert Analyst & Reviewer at Merchant Maverick
The former editor-in-chief of SteelOrbis, Shannon has been researching and writing about small business software and financing since 2015. Her shopping and retail expertise has been cited in numerous publications, including Reader's Digest, MSN, Yahoo Finance, and GOBankingRates . She has also published articles for LIVESTRONG.COM, eHow, Life'd, and other websites. Shannon attended San Diego State University, graduating in 2005 with a BA in English.
Shannon Vissers
View Shannon Vissers's professional experience on LinkedIn.
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      This comment refers to an earlier version of this post and may be outdated.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.

          We Recommend OnDeck for Loans 🏆

          Fast turnaround: as little as 1 - 2 days.
          Low requirements: 600+ credit score, 12+ months in business and $100,000+ revenue.

          Get Started

          No hard credit pulls

          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.

          The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.

          Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

          Sign up for the Maverick Newsletter

          • Please select topics of interest

          • We occasionally send out emails with special offers.
          • This field is for validation purposes and should be left unchanged.