The 5 Best Small Business Lending Mobile Apps Right Now in the US
What are the Best Business Lending Mobile Apps in the US?
If you’re a small business, you have many options for obtaining financing. 42% of small businesses already have a business lending mobile app, and 30% plan to build it. You can get loans from your phone or tablet without stepping into a bank. You can find apps to lend money for coffee, home automation, social networking, budgeting, health tracking, and small business lending.
With these mobile apps, you can quickly and efficiently apply for funding and get approved in no time.
1. Lendtek: #1 App for Small Business Loans
Lendtek makes it easy for you to find a loan online. They won't give you the loan but will help you connect with third-party lenders. Once you submit your loan application, the third-party lender will assess your application and decide if you are eligible for a loan. If approved, the loan will be subject to the terms and conditions of the third-party lender.
Lendtek App also offers other services that can help you with lots of financial stuff. For example, they can give you a free boost to your FICO® Score by getting information from Experian. They can also help you set up credit card payments, payroll, and insurance, so you don't have to worry about it.
Why Choose Lendtek?
Having multiple loan options is like having numerous choices for dinner. Instead of being stuck with only one option, you can look at all the different meals available and decide which one is best for you. The same thing goes for loan options. Instead of just having one loan to choose from, you can look at all the different options and compare them to find the one with the best terms and rates for your business. This way, you can ensure you get the most out of your loan and have the best chance of success.
What are the requirements to apply for a loan?
To apply for a loan, you must have been in business for at least six months, have a monthly revenue of over $10,000, and have a business bank account.
Visit Lendtek FAQ to know more!
2. OnDeck: Best Business Lending Mobile App for Quick Term Loans
OnDeck is an excellent option for new business owners who have bad credit. They can get short or long-term loans from $5,000 to $500,000 and even have access to an established business line of credit. The downside is that the interest rates for these loans can be high. But OnDeck has been around for a long time and has helped thousands of small businesses. Plus, they have an app that makes it easy to manage your loans.
To apply and secure a loan through OnDeck, you must provide the following information:
Business tax ID
Three months of bank statements
Social Security number
Driver’s license number
3. Kabbage: Best Business Lending Mobile App for a Quick Line of Credit
Kabbage is like a loan service for small business owners. They have a lot of money to lend out, but it comes with higher interest rates than other lenders. You can borrow up to $250,000 and use it for whatever you need, but you have to pay it back quickly, so it’s not a great option if you’re looking to borrow over a more extended period. If you need money fast, though, Kabbage can be a good option.
To qualify, you need to show that your business has been operating for at least one year and provide some basic information:
A business checking or online payment platform (Square, Stripe, etc.)
A credit score of at least 560
Proof of $50,000 or higher annual revenue
4. Fundbox: Best App for Invoice Financing
Fundbox makes it easier for small business owners to manage their finances by providing a quick and easy way to access funds. Instead of worrying about the details of their credit history and trying to get approved for a loan, small business owners can get approved for a line of credit and access the funds they need within 24 hours. They can get up to $100,000 in credit to help them manage their cash flow, allowing them to focus on running their business instead of worrying about their finances.
You must have the following details to apply for and obtain a loan through Fundbox:
A business based in the 50 United States or selected U.S. territories
A business checking account
At least two months of activity in supported accounting software, or three months of transactions
Approximately $50,000 or more in annual revenue
5. Biz2Credit: Best Overall App for Small Business Lending
Biz2Credit is an excellent option for small business owners who need money fast. Unlike other loan apps, Biz2Credit works with various lenders to provide a wide selection of loan options. With Biz2Credit, you can get access to anywhere from $5,000 to $1,000,000. Even if you have bad credit, you'll likely still be able to get a loan, and you can get a great deal with interest rates for as low as 3%.
Here’s the information that you must provide:
How long you’ve been in business?
What amount of funding do you need?
What is your annual revenue?
Your credit score
When choosing among the best small business lending mobile apps, it is vital to consider the type of financing needed, the amount, the repayment terms, and the costs associated with the funding. Each app offers different features and benefits, so it is essential to research and compare options to determine the best fit for your business.
Lendtek is a unique and easy-to-use mobile app that allows small businesses to quickly and easily access loans for their business. The Lendtek app allows companies to apply for loans, track their loan status, and manage their repayments in real time.
Get started with LendTek today!