7 Small Business Lenders Report To Credit Bureaus in 2019

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7 SMALL BUSINESS LENDERS REPORT TO CREDIT BUREAUS
IN 2019
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A business credit history is a tabula rasa for
every startup, and in order to demonstrate your
businesss creditworthiness to get business loans
or business credit lines in the futureyou need
to build your business credit history. For most
small businesses, securing a small business loan
is a great way to build business credit history
by practicing stellar borrowing habits, and that
includes paying off loan in full and on time.
A small business credit history started at the
very first day of your its operations. For every
business owner, among many goals, an important
one is to constantly monitor and develop both
personal and businesss credit ratings.
Even if youre following a stellar borrowing
practice, unluckily, only few business lenders
report it to the credit bureaus. Here is a list
of seven small business lenders that report your
borrowing practices to the business credit
bureaus.
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BlueVine
BlueVine, an online lending service that provide
quick fix for businesses that are struggling with
cash flow issues with their invoice financing and
traditional lines of credit options. They have
relaxed borrowing qualification with quick
funding turnaround time of 2-7 days. With the
invoice financing option, a business needs to
have a 3 months time in business, a credit score
of 530 and more than 100,000 in revenue. The
credit facility size is up to 5 million at
advance rate of 85 90 with 15 wire transfer
fee. They have two types of credit lines Flex6
and Flex12. With Flex6 line of credit option, a
business needs to have 120,000 in revenue with 6
months time in business and 530 credit score.
For Flex12 credit line, a revenue of 120,000
with 2 years of time in business for with 600
credit score. The credit facility size is up to
250,000 at interest rate of 0.3 1.5 for
Flex6 and 1.5 6.5 per month for Flex12 with
ARP between 15 78. The eligibility for both
invoice financing and Flex Credit lines depends
on borrowers outstanding receivables and credit
score.
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OnDeck Capital
OnDeck is another big name in the small business
lending industry that offers short-term loans and
revolving lines of credit as short-term working
capital solutions for small businesses. In order
to qualify for short-term loans, you need to have
12 months time in business, a credit score of
600 and 100,000 in revenue. With their
short-term loans, you can secure cash up to
500,000 with terms of 3 36 months at
origination fee of 0 4 and APR of 11.9
99.4.
With their revolving lines of credit, you can
secure cash up to 100,000 at draw term of 6
months with personal guarantee and with APR of
11 57.9.
OnDeck reports to the business credit
bureausspecifically Equifax, Experian and PayNet
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Fundation
Fundation is also an alternative lender offering
installment loans and lines of credit to
qualified businesses that have greater financing
needs. The minimum qualification requirement
includes 12 months of time in business, a
personal credit score of 660 with more than
100,000 in annual revenue. Additionally, they
also requires you to have at least three
full-time employees (including you).
Fundation reports to the business credit bureaus
specifically Dun Bradstreet, Equifax SBFE,
PayNet, and Experian.
With installment loans, you can secure cash up to
500,000 at term length of 1-4 years, origination
fee up to 5 and APR of 7.99 29.99making it
a great option for long-term working capital
needs.
With lines of credit, you can secure cash up to
150,000 at term length of 18 months, and 500
closing fee with 2 draw fee.
They have competitive terms and fees with quick
funding turnaround time of 2-7 days and no
prepayment penalty. However, they have stringent
borrower qualifications and is not suitable for
startups.
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Lending Club
With relaxed borrower qualifications, competitive
terms, and funding turnaround time of 1-4 weeks
Lending Club is another great lender that assist
small businesses to grow and succeed. Though,
they only work with businesses that 2 years of
time in business. They offer term loans with cash
up to 300,000 at interest rates of 5.9 with
terms from one to five years with APR as low as
9.77. They also require collateral in form of a
personal guarantee blanket lien on loans above
100,000.
Landing Club reports to the business credit
bureausspecifically TransUnion, Equifax and
Experian.
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Seek Capital
Seek Capital specializes in funding procurement
from third-party lenders and offers quick
business funding for businesses who dont qualify
for long-term business loans. They offer a
multitude of financing options from term loans,
lines of credit, invoice financing, SBA loans,
personal business loans to equipment financing
and merchant cash advances. Here is an overview
of the borrowing qualifications for each loan
product
Short Term Loans
1 year of time in business, 630 personal credit
score and at least 180,000 in annual revenue.
Merchant Cash Advances
incoming cash flow is considered to make a
decision
Business Lines Of Credit
1 year of time in business, 630 personal credit
score and at least 180,000 in annual revenue.
Invoices for reliable customers are most likely
to qualify
SBA Loans
4 years of time in business, 680 personal
credit score and at least 180,000 in annual
revenue
Invoice Financing
A personal credit score of 680 or less
Personal Business Loans
2 years of time in business, 600 personal credit
score and at least 130,000 in annual revenue.
Equipment Financing
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The Business Backer
The Business Backer provides merchant cash
advances, short-term loans and business lines of
credit either directly or through its sister
company. The qualification requirements are easy
including 12 months of time in business, a credit
score of 550 and 250,000 of annual revenue.
With their merchant cash advances, you can secure
cash up to 200,000 at borrowing fee of 1.6 of
the amount borrowed per month and origination fee
of 1-3. With short-term loans, you can obtain
cash up to 200,000 for terms of 4-18 months at
draw fee of 0-3. With lines of credit, you can
get cash from 5000 to 100,000 at term length of
12-24 months and 2 origination fee.
The Business Backer reports to the business
credit bureausspecifically Dun Bradstreet and
Equifax.
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QuarterSpot
QuarterSpot also reports to business credit
bureausspecifically Equifax and Experian.
QuarterSpot is an online lender that offers a
short-term loans with cash up to 150,000. The
borrowing qualification is easy with 12 months of
time in business, a credit score of 550 and
200K in annual revenue.
The term length of their term loans can be from 6
to 18 months, with origination fee of 1 4.
Another benefit of QuarterSpot is saving money on
interest payments if you pay off your loan early.
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Information Credit Bureaus Dont Collect
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BOTTOM LINE.
As a small business owner, now you know which
lender reports your borrowing habits to credit
bureaus and working with any of them is a great
way to build your credit history. Once youre
able to build a good credit score you can secure
lower interest rates and terms on borrowing and
credit arrangements with lenders. Nevertheless,
selecting a lender that reports to the business
credit bureaus is just one facet of building your
credit profile. On order to have a solid credit
profile, work proactively by constantly updating
and reviewing your own business credit
regularlyand ensure full and timely payments.
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