PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
What Is Peer-to-Peer Business Lending? Peer-to-peer (P2P) lending is a type of business financing in which a lender acts as a middleman between an individual or institutional investor, and the borrower. Borrowers who fall short of the qualifications necessary to be eligible for a traditional business loan may be more likely to secure funding through this style of lending.
During the peer-to-peer lending process, a P2P lender works to match a borrower with an investor who is interested in working directly as a lender. Investors may be individual or institutional, meaning that they’re part of a hedge fund, traditional bank, or life insurance company. After submitting your application to the P2P lender, they’ll evaluate whether they want to share your application with their partnered investors.
If you’re approved during this initial step of the process, the P2P lender will post your application on a platform where investors can view and make a decision on your offer. The entire process usually takes around one to two weeks.
You can apply for a peer-to-peer business loan through an online application on your lending platform of choice.
Before starting the application, you should take a look at your credit report and make sure that there are no inaccurate remarks on it. Because your credit history is one of the biggest factors in a decision on any loan application, it’s vital to maintain as high of a score as possible. You’ll also want to have your business’s financial information and documents together before starting the application process.
It’s also important to review the standard requirements of the P2P loans that you’re applying for. Most lenders will require a personal credit score above 600, at least two years in business, and strong annual revenue. However, even if you have a credit score below 600 or just a year in business, there are still lenders that may work with you. Make sure before you put in the time to fill out an application, that your financial qualifications line up with the eligibility requirements of the lender with whom you want to apply.
In addition to credit and annual revenue, it’s also vital to have a strong business pitch due to the nature of P2P lending, where investors review your application before making a decision on whether to grant you funding or not.
Credit Score: To ensure your chances of qualifying for a P2P loan, it’s best to have a credit score above 600. However, some lenders may fund you if your score is as low as 550.
Time in Business: The majority of P2P business lenders require that you have at least two years in business. Some require just six months to a year to be eligible for a loan, but will fund young businesses at a higher interest rate.
Term Length: The length of your repayment term also impacts your interest rates. Generally, a shorter repayment term correlates to a lower APR.
The safety of your P2P loan depends on the reliability of the platform you’re applying with. This type of funding is normally safe for borrowers, as long as they are applying through a reputable website.
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| Loan Amount: | $5,000 – $300,000 |
| APR Range: | 9.77% – 35.71% |
| Time To Fund: | As quick as 2 days |
| Loan Term: | One to five years |
| How To Qualify: | 620+ Personal Credit Score $50,000 Annual Revenue |
| Great Option For: | Good Personal Credit Works With All Entities Including Sole Proprietors |
| Click “Check Rates” to apply to LendingClub Apply Now | |
» MORE: LendingClub Business Loan Review
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P2P Lending With LendingClub: LendingClub’s business loans can range up to $300,000, and are good for borrowers with average credit scores. This lender also offers rates as low as 9% for highly qualified borrowers. LendingClub’s products can be used for mid-sized business expenses, including equipment and supply purchases and refinancing old debts.
 Term Loan |
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| Loan Amounts | $2,000 to $250,000 |
| APR Range | 24.00% to 99.00%% |
| Repayment Terms | Up to 3 years |
| Time to Funding | Typically 1 – 5 days |
| Click “Check Rates” to apply to StreetShares Check Rates | |
» MORE: StreetShares Business Loan Review
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P2P Lending With StreetShares: StreetShares is a P2P service that is specifically geared towards helping veterans who own businesses find suitable investors. While borrowers with bad credit may be offered annual percentage rates of 40%, highly qualified borrowers can secure rates as low as 9%.
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| Loan Amount: | $25,000 – $500,000 |
| APR Range: | 4.99% – 26.99%% |
| Time To Fund: | 10 days on average |
| Loan Terms: | One to five years |
| How To Qualify: | 660+ Personal Credit Score No Minimum Annual Revenue |
| Great Option For: | Established Businesses, Not Sole Proprietors |
| Click “Check Rates” to apply to Funding Circle Apply Now | |
» MORE: Funding Circle Business Loan Review
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P2P Lending With Funding Circle: Funding Circle has slightly more stringent requirements than many of its online competitors, with a requirement of at least two years in business and a minimum of $150,000 in annual revenue. Their loans are also best for borrowers who can wait a few days to secure their funding, as some loans can take up to 10 business days to fund.
If you don’t have the qualifications to be approved for a traditional bank or Small Business Association (SBA) loan, it might be worth pursuing a P2P loan. Although this type of funding often has more stringent requirements than other forms of online lending, a P2P loan can also offer lower interest rates and more flexible repayment terms than other types of funding that can come with interest rates that soar into the triple digits. Remember to make sure to carefully evaluate the elements of any loan offer before accepting it in order to ensure that you find the funding that’s best for your business.
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