Term loans are available from LendingClub.
Loan amounts range from $5,000 to $300,000, with loan terms of one year to five years. There is an origination fee of 1.99 to 8.99 percent, but there are no prepayment penalties.
LendingClub requires a minimum FICO credit score of 600. Businesses must be established for at least one year, with a minimum of $50,000 in annual revenue. A UCC-1 lien is required for loans greater than $100,000. Prequalification is available, so you can verify whether you’re likely to be approved before you submit a formal application.
LendingClub can approve loans in as fast as a few business days and has an estimated one- to two-business day disbursement time.
LendingClub has a B rating with the Better Business Bureau and a poor rating with Trustpilot.
- Businesses established at least one year, with a minimum of $50,000 in annual revenue.
- Businesses that want to prequalify for a loan.
- Businesses that want up to five years to pay off loans.