Take a Closer Look at Business Loans With LendJunction.com
Lend Junction is a site where you're paired with business loans that range from a few months to a couple years in length. The loans work by getting you the capital you need to fund your business while you repay the loan from a portion of your sales or a specified amount. Interest rates vary and fees typically range from 14 to 40 cents per dollar borrowed. You must be at least 18 years of age to apply for a business loan through Lend Junction.
Quick Processing Times
Lend Junction loans are incredibly fast. While a bank loan can take weeks to process, Lend Junction simplifies things with an online application, quick processing times, and no requirements for collateral. The lenders may pull your credit report prior to sending you an offer.
Instead of applying with one financial institution, Lend Junction takes your application and contacts multiple lenders. They return offers that are then sent to you. You have the power of comparing loan offers, rates and fees, and terms and deciding which offer best fits your budget and expectations. It's one-stop shopping for the best business loan.
Simple Loan Application
The initial loan application with Lend Junction is just four simple questions. You enter the amount you wish to borrow, your credit rating, your company's yearly revenues, and the length of time you've been in business. Next, fill out your company's name, your date of birth, and your contact information. That's all it takes to get started.
Three Key Loan Types
There are three main loan types offered at Lend Junction. A revenue-based loan requires you to give up a portion of your earnings in return for a lump-sum payment. Typically, these loans last 4 to 18 months and are best for loan amounts of $5,000 to $250,000.
A traditional business loan requires payments for as long as two years and provides up to $250,000 in finding. You must make daily or weekly payments with this type of loan, and the payments are based on your company's revenues.
A line of credit ranges from $2,000 to $100,000. You withdraw the funds as you need them, and you have six months on which you can draw the funds. Interest rates on a business line of credit may be as high as 13.5 percent.
You Must Meet Income Requirements
Before LendJunction.com approves your loan, you must provide proof that you meet specific income criteria. If your business is less than four months, it's unlikely you'll qualify. If you've been in business for less than a year, you must be earning $10,000 in revenue per month. For businesses that are a year old or more, monthly revenue must be a minimum of $2,500.
Do you need a business loan to help grow your company? Head to LendJunction.com today and fill out the application in minutes. You'll have a response in very little time.