Lending Club Small Business loans are a new offering by Lending Club in 2014. You might be thinking that Lending Club already offered small business loans. Although one of the descriptions for loans was small business, it wasn’t tailored specifically for small businesses. With the new small business loans, they have certain stipulations to become a borrower and unlike the previous small business loans - these are only available for institutional investors for the time being.
This change to tailor specifically to small businesses comes with being able to borrow more - to the tune of $100,000. With this offering, they require the business to be in business for 2 years. Among the requirements are that the the business must bring in 75,000.
Your FICO score still must be a minimum of 620 and the target audience is small businesses with less than 10 employees. Rates vary from 5.9%-29.9% depending on your situation and are offered in terms of 1,2,3 and 5 years.
Like Lending Club’s other loans offer, the process is simple and completely online. You’ll have your pre-approval in minutes with no effect on your credit score. Funding will complete in just a few days as the institutional investors review and fund your loan.
Think a Small Business Lending Club loan might be for you? Check your rate here (won’t affect your credit score).
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