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 A Low Interest Business Loan?
Business owners may need to finance expenses that can’t be paid for out of pocket. That’s where a business loan comes in. If you’re the owner of an established business with high annual revenue, multiple years in operation, and a good personal credit score, you might be eligible for a loan with a low interest rate.
While Small Business Administration (SBA) loans are some of the lowest interest loans in the industry, many online and traditional lenders can also offer extremely low rates.
While many online lenders offer loans with annual percentage rates upwards of 30%, a low interest rate on a business loan is usually below 11%.
Borrowers who own businesses with at least one year of operation and annual revenues above $50,000 are the most likely individuals to qualify for low interest loans. Additionally, having a credit score above 650 also increases your chances of approval for a loan with a low rate.
Credit Score: Some lenders offer loans with low interest rates to borrowers with credit scores as low as 600. However, having a credit score above 650 will greatly increase your chances of being approved for a low interest loan.
Time in Business: It’s very difficult for businesses with less than one year in operation to be approved for loans with low interest rates because lenders typically see them as high-risk borrowers. A minimum of two years in business is ideal for securing a low rate. However, some lenders may offer low rates to businesses with just one year.
Term Length: Lenders are more inclined to offer lower interest rates to borrowers who are willing to repay the amount in full within a short period of time. A short repayment period for a medium-sized business loan is usually one year or less.
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| Loan Amount: | $30,000 – $350,000 |
| APR Range: | 9.7% – 11.04% |
| Time To Fund: | As soon as 7 days |
| Loan Term: | 10 Years |
| How To Qualify: | 675+ Personal Credit Score $100,000+ Annual Revenue |
| Great Option For: | Borrowers With Good Credit SBA Loans |
| Click “Check Rates” to apply to SmartBiz Apply Now | |
» MORE: SmartBiz SBA Loan Review
If you want to borrow an SBA loan but don’t have two to three months to wait for the funds, SmartBiz can help expedite that process by giving you a decision and access to funds within 30 days of application. Additionally, if you’re applying for a loan that’s less than $150,000, SmartBiz will consider your application with a credit score of just 600.
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| Loan Amount: | Up to $5 million |
| APR Range: | N/A |
| Time to Fund: | Access your capital in as little as 24 hours |
| Loan Term: | Up to 25 years |
| How To Qualify: | 560 minimum credit score $250,000+ Annual Revenue |
| Great Option For: | High loan amounts |
| Click “Check Rates” to apply to Lendio Apply Now | |
If you’re a new business and have low credit or low annual revenue, using a loan-matching service like Lendio could be the right option for you. Through Lendio, applicants can gain access to a wide variety of lenders offering several different products.
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| Loan Amount: | $10,000 – $350,000 |
| APR Range: | 8.00% – 25.00%% |
| Time to Fund: | Typically 7 days |
| Loan Term: | Up to 3 years |
| How To Qualify: | 680+ Personal Credit Score $250,000+ Annual Revenue |
| Great Option For: | Borrowers With Good Credit Short & Medium-Term Financing |
| Click “Check Rates” to apply to Credibility Capital Apply Now | |
» MORE: Credibility Capital Business Loan Review
Credibility Capital can help small businesses who are having trouble getting approved with traditional SBA lenders and have at least 18 months in operation, take out large loan amounts to expand their company. To qualify, you should have a personal credit score above 650 and a minimum annual revenue of $150,000.
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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
Although Funding Circle has no minimum annual revenue requirement, they do require at least two years in business to qualify.
Funding Circle loans are best for businesses that are looking to expand their properties, purchase new equipment, or pay large, one-time expenses.
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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
Lending Club requires businesses applying for its products to have annual revenue above $50,000 and at least one year in business. Applicants should also have personal credit scores above 600.
Lending Club’s loans are best for businesses that need to finance urgent, one-time expenses such as emergency repairs, or who are looking to make small equipment purchases.
Even if you own a new business or have a low credit score, it still might be possible to find a loan with a low interest rate. Loan-matching services like Lendio and SmartBiz could be a good place to start in order to compare multiple offers from multiple lenders. Make sure to consider a variety of loans and offers before making a final decision on the product that’s right for your business.
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