{"id":11895,"date":"2016-09-07T09:10:22","date_gmt":"2016-09-07T14:10:22","guid":{"rendered":"https:\/\/www.hostgator.com\/blog\/?p=11895"},"modified":"2016-09-07T09:10:22","modified_gmt":"2016-09-07T14:10:22","slug":"need-a-business-loan-compare-top-online-lenders","status":"publish","type":"post","link":"https:\/\/www.hostgator.com\/blog\/need-a-business-loan-compare-top-online-lenders\/","title":{"rendered":"Need a Business Loan? Compare the Top Online Lenders"},"content":{"rendered":"

\"Need<\/p>\n

If you\u2019re a small business owner and you need an infusion of capital to grow your company, an online lender option\u00a0could be the best fit.<\/span><\/p>\n

Unlike traditional banks, online lenders don\u2019t use extensive applications requiring years of tax returns. By answering a few basic questions and linking your business accounts, you can get access to thousands of dollars in cash in just a few days, or in some cases, just a few minutes.<\/span><\/p>\n

There are lots of online lenders out there, and each has its own way of doing business. Some online lenders may be better suited to your needs than others.<\/span><\/p>\n

 <\/p>\n

Kabbage<\/span><\/h2>\n

Kabbage<\/a><\/span> offers qualified businesses access to lines\u00a0of credit up to $100,000.Through their quick application process, Kabbage reviews your business accounts (business checking, PayPal, Square, QuickBooks) to get a full picture of your business.<\/span><\/p>\n

Rather than repeatedly applying for a loan every time you need extra capital, you\u00a0withdraw\u00a0from\u00a0a line of credit\u00a0as needed. For instance, you might be approved for up to $50,000, but only draw $5,000 to cover the payroll of two new part-time employees for a month. A few months later, you could borrow another $2,000 to do an emergency inventory restock.<\/span><\/p>\n

The funds are\u00a0always available, and they’re accessible online or right from your phone using\u00a0Kabbage\u2019s mobile app.\u00a0<\/span><\/p>\n

Each time you borrow against that line of credit, you get between six months and one year to pay it back. Rather than charging interest, Kabbage assesses a monthly fee, between 1 and 12% of your total principal, when you qualify.<\/span><\/p>\n

While there are no prepayment penalties, a borrower doesn\u2019t save much by paying the loan off early, since the highest fees are paid in the first two months.<\/span><\/p>\n

Pros<\/b>:<\/em> Ease of use; generous borrowing standards even for businesses without an extensive credit history, plus you can find out if you qualify in just a few minutes. For a limited time, HostGator is giving away a\u00a0$100 Amazon* gift card<\/span><\/a> to those who qualify.<\/strong><\/span><\/p>\n

Cons<\/b>:<\/em> High fees in the first couple of months; shorter loan terms.<\/span><\/p>\n

 <\/p>\n

PayPal Working Capital<\/span><\/h2>\n

PayPal Working Capital is ideal for businesses that already process their sales through PayPal. Once you confirm your data with PayPal, it uses your sales history to determine your creditworthiness and the total loan amount you qualify for. Like Kabbage, it takes only a few minutes, and applicants get a decision quickly.<\/span><\/p>\n

PayPal Working Capital differs from Kabbage in several ways:<\/span><\/p>\n