Top 10 small business loan lenders.

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Here are some of the top small business loan lenders for 2024, each excelling in different aspects of lending:

1. Lendio:

• Type: Loan marketplace

• Loan Amounts: $25,000 to $500,000

• Pros: Allows you to compare loan offers from over 75 lenders, funding as fast as 24 hours, and a 15-minute application process.

• Cons: Does not lend directly; eligibility requirements vary by lender​ (Investopedia)​​ (Merchant Maverick)​.

1. Fundbox:

• Type: Lines of credit

• Loan Amounts: Up to $150,000

• Pros: Quick decision in minutes, prequalification without a hard credit inquiry, and funding as soon as the next business day.

• Cons: Limited to lines of credit, maximum amount is $150,000​ (Investopedia)​​ (Merchant Maverick)​.

1. Kiva:

• Type: Microloans

• Loan Amounts: Up to $15,000

• Pros: 0% interest rate, repayment up to 36 months, suitable for disadvantaged entrepreneurs.

• Cons: Limited to $15,000, may take up to 30 days for funding​ (Investopedia)​​ (Merchant Maverick)​.

1. OnDeck:

• Type: Short-term loans

• Loan Amounts: $5,000 to $250,000

• Pros: Fast funding (sometimes same-day), low credit score accepted, can help build business credit.

• Cons: High interest rates (starting at 27.30% APR), daily or weekly repayments, not available in all states​ (NerdWallet: Finance smarter)​​ (LendingTree)​.

1. Funding Circle:

• Type: Long-term loans

• Loan Amounts: $25,000 to $500,000

• Pros: Fast funding, no hard credit check for most applicants, repayment terms up to 84 months.

• Cons: Higher credit score requirement (minimum 660), must be in operation for at least two years​ (NerdWallet: Finance smarter)​​ (LendingTree)​.

1. SmartBiz:

• Type: SBA loans

• Loan Amounts: Up to $5,000,000

• Pros: Capped interest rates, long repayment terms, offers term loans, lines of credit, and microloans.

• Cons: May require personal guarantees and collateral, longer turnaround time compared to online lenders​ (NerdWallet: Finance smarter)​​ (LendingTree)​.

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These lenders cater to various needs, whether you require a small microloan, a revolving line of credit, or a substantial SBA loan. Evaluating each option based on your specific business requirements and financial situation is crucial.