LLC Business Loans: The Complete 2020 Review

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Everything You Need to Know About LLC Business Loans

Looking for financing for a business, but need the money more quickly than a term loan from a bank could give you?

Getting a small business loan is a crucial step for any small business’s growth.

One option you might come across is business financing company, LLC Business Loans.

LLC Business Loans is essentially a partnership program that matches business owners who need cash quickly to manage, grow or start their business with online lenders.

In other words, they don’t lend the money themselves, but can connect you with loans you qualify for through their application process.

But what do you need to know about them before you get started applying?

We’ve broken down everything LLC Business Loans have to offer to help you make the best decision for your business. See our break down below.

See Your Loan Options

Why More People are Turning to Online Lenders Through LLC Business Loans

Unfortunately, around 82% of small business loan applications are currently being denied by the big banks.

This is for a variety of reasons, namely that loaning to small businesses is inherently riskier for lenders.

Small business loans also cost the lender about the same amount as it would to lend to a large business loan—a loan over $250,000.

However, most small businesses looking to get a small business loan don’t actually need that much financing to begin with.

Which is where online lenders and LLC Business Loans come in to service small businesses who need financing—often offering products that are as good or better fits for small businesses.

What Kind of Business Loans Does LLC Business Loans Offer?

First, not all LLC Business Loans are created equally.

LLC Business Loans partners with lenders and loan programs that work for all types of businesses and can be used for a variety of business needs.

LLC Business Loans have brokered partnerships with direct lenders across the country, which means we offer competitive rates, and will fund your deals the same day! Loans range from $10,000 – $500,000 for immediate funding (larger amounts may take longer for approval).

Essentially, you tell LLC Business Loans what you need, and they find you a loan that works just for those needs.

Different loan products are better suited for different needs. While mostly all of LLC Business Loan’s options are term loans, they specifically designate loans for specific business needs so that they can cater to the appropriate lender.

See below for just what those loan types are.

    LLC Startup Loans

    This is a good option for those trying to get a business off the ground. This product offers a low minimum credit score and flexible repayment options.

    They also offer the ability to refinance for more capital as your business grows.

    • Loan range: $1,000 – $100,000
    • Minimum credit score: 575

    LLC Bad Credit Loans

    If you have poor credit, LLC Business Loans has an option for you.

    To determine eligibility, LLC will look at your overall business plan as part of the application process.

    Once approved, they offer flexible payment options, including monthly repayment terms.

    • Loan range: $5,000 – $250,000
    • Minimum credit score: 500

    LLC Cash Advance

    The LLC Business Loan cash advance program is designed to keep you cash flow-positive when you’re low on inventory.

    • Loan range: $5,000 – $250,000
    • Minimum credit score: 550

    LLC Women Owned Business Loan

    LLC Business Loans has a designated term loan product for women-owned businesses.

    Women-owned businesses can be eligible for same day approval with up to $200,000 in immediate financing.

    This product offers long and short term financing options up to 36 months.

    • Loan range: $10,000 – $1,000,000
    • Minimum credit score: 550

    LLC Short Term Loans

    Do you have an opportunity that could turn a profit in a short amount of time? The LLC Short Term Loan may be the product for you.

    You could receive financing in less than 24 hours with quick payback terms, so you don’t have to worry about paying off a loan in the long run.

    The interest rates will be higher—a short-term loan product is designed to be paid off quickly. But once it’s paid for you, you won’t have to worry about it.

    • Loan range: $10,000 – $500,000
    • Minimum credit score: 520

    LLC Online Loans

    The title of the loan is kind of confusing—aren’t all these loans “online?”

    But LLC Business Loans has designed this product specifically for business owners looking to market their business online.

    Could you use some capital for a fresh marketing budget to grow your business? This may be a good place to start.

    • Loan range: $10,000 – $500,000
    • Minimum credit score: 565

    LLC Small Business Loans

    One of their more robust loan products with the highest possible capital and (slightly) higher credit score requirements.

    This loan is designed to cover a wide range of business purposes.

    • Loan range: $10,000 – $1,000,000
    • Minimum credit score: 590

    LLC Working Capital

    Another more robust loan offering, this product gives you the cash you need to run your business.

    The difference between this product and the Small Business Loan is that the Working Capital Loan operates more like a line of credit, which allows you to use the funds as you need them, as opposed to receiving a lump sum cash infusion.

    • Loan range: $10,000 – $1,000,000
    • Minimum credit score: 600

    LCC Business Loan Equipment Financing

    Need new tools or equipment to run your business more efficiently? Equipment financing can help.

    Equipment financing is a secured loan that uses the equipment purchases with the loan as collateral.

    In the event that you can’t pay off the loan, the equipment will be seized by the lender.

    The loan amount you receive will be equal to the cost of the equipment that you need.

    • Loan range: $10,000 – $1,000,000
    • Minimum credit score

How Do You Know Which LLC Business Loan is Right for You?

It’s important to choose the right financing option for your business—but how do you do it?

There are three important questions that can guide you in this process.

What Does Your Small Business Need Financing For?

Knowing why you might need a business loan or what you might use it for is a crucial first step in figuring out what type of financing option is best for you.

A few common reasons you may need a business loan are:

  • You’re just starting out and need startup capital to get off the ground.
  • You’ve run into an unforeseen business slump and need the cash to keep your business afloat.
  • You need to offset cash flow shortages.
  • You need to make a large purchase to better your business.
  • It’s the right time to seize an opportunity.
  • You need to cover an emergency purchase.

How Much Capital Does Your Business Need?

What will it cost to get done what you need to get done?

How much is the equipment that you want to buy? How much capital will it take to pay your employees through the slow season? These are just some examples of certain financing needs.

The amount you come up with is a good target to keep in mind, but it’s not enough on its own to make a sound financing decision or determination.

How Much Debt Can Your Business Afford to Take On?

This is arguably an even more important question. It’s not always easy to determine.

LLC Business Loans offers a quote system that can help you determine affordability of their products for your business.

But beyond that there are a few things that can help.

    Calculate your Debt Service Coverage Ratio

    A DSCR shows whether or not you have enough available cash on your hands now that you’ll likely be able to pay them back in the future. To calculate your DSCR, take your average monthly cash flow and divide it by your monthly loan payment (or take your daily cash flow and divide it by your daily loan payment). If you get a number above 1, then the lenders will see that you have enough cash on hand on an average month or day to pay them back.

    Conduct a Loan Performance Analysis

    A loan performance analysis will let you see, after taking on a specific loan, how much you will need to increase your revenue each year to break even and then become profitable. Download a free loan performance analysis kit here to determine if you can afford the type of business loan you want.

How Does Your Business Look on Paper?

Beyond your current revenue stream, how else does your business appear to fare? Sometimes, the best financing option available is the one you can qualify for.

LLC Business Loans looks at a few things to determine which business loan option is right for you, including:

Your personal credit score, whether or not you’ve gone bankrupt in the last 10 years, and your current debt burden to start out.

Depending on how you answer these questions will determine what kind of financing option is best for you.

How Do You Apply for LLC Business Loans?

It’s simple. LLC Business Loans offers online applications, applications by phone, or through their mobile app.

Their application process matches you with appropriate financing options based on the type of loan you want and the information and documentation that you provide.

LLC Business Loans will ask you a few general questions to get an idea of what type of loan you want. How much capital do you need? How long do you want to pay it back? Have you gone bankrupt in the last 10 years? Among other things.

There’s no application fee for a loan through LLC Business Loans. They also do not require a hard credit check for pre-approval.

They also offer quotes, so you can get an idea of your eligibility for a loan before you go through the hassle of applying.

What Documents Do You Need to Apply?

Once you answer some general questions about the type of loan you’re looking for, LLC Business Loans will send through a checklist of documents needed to process your loan application so that they can match you with the right financing.

Here’s what they look for.

    Proof of business activity

    This comes in the form of 4-6 months worth of bank statements from the bank you do business with. You can usually grab these online from your bank. They also ask for your most recent federal Tax Return and a Tax ID for your registered business.

    Ownership verification

    LLC Business Loans just needs a copy of your photo ID, a copy of a voided check, and a copy of your Tax ID or social security number.

    Credit verification

    LLC Business Loans asks for a copy of your latest full credit report. This is a plus, since they won’t do a hard credit check on you for the loan application process.

Who is Eligible to Apply for LLC Business Loans?

The only eligibility requirements for an LLC Business Loan is that you need to have been in a registered business for at least 4 months and hold an active business bank account.

LLC Business Loans will require documentation from your business bank to verify your status. You will also need to provide a tax ID number for your registered business.

LLC Business Loan products are available to small business owners in the US and Canada. Anyone in those two countries is eligible to apply—it’s your credentials that will determine what kind of financing you receive.

LLC Business Loan Product Features

LLC Business Loans offers some key features that make financing just a little bit easier. Here’s what the are.

    Automatic payment reminders

    This allows you to keep track of payments so that you can stay on top of them and avoid any delinquencies.

    Auto-debit payments

    Automatically pay your bills on time from your business checking account. This will also ensure you avoid delinquencies.

    Credit Repair

    LLC Business Loans has partnered with Credit Repair to help customers with poor credit improve their scores. The better your score, the better financing option you can receive.

    Loan refinancing

    Need more capital from your LLC Business Loan or want to rework the payment terms? No problem. A key feature to any LLC Business Loan is that you can work with them to fit your needs at any time in the loan process.

    Request a quote

    Requesting a quote through LLC Business Loans will get you an in-depth analysis of your “lendability profile.” LLC Business Loans will review your chances of getting approved and provide tips on how to strengthen your profile to attract better offers. This could save you a lot of headache and uncertainty in the future. Bonus? This feature is absolutely free.

    Personal consultations

    Receive a private 1-on-1 consultation with one of LLC Business Loans Small Business Specialists. Discuss your business goals and get better insight as to which type of loan best matches your needs. A paper report is awesome, but there’s nothing like a personal interaction to seal the deal.

    Loan calculator

    Another tool to help you make the right financing choice, LLC Business Loans will take your information and business plans and give you an estimate on what your desired loan will cost—and whether or not you can afford it.

    Free credit check

    LLC Business Loans has partnered with Credit Sesame and myFICO to get you a free credit check—one of the required documents needed to apply for an LLC Business Loan.

    Refer a friend

    LLC Business Loans offers $100 cash if you refer someone you know to their services. You’ll receive the bonus when that person signs up and qualifies for an LLC business loan.

    Pay back your loans early

    There are absolutely no penalties for paying your loan back early.

    These features are certainly added bonuses to the LLC Business Loan product offerings.

LLC Business Loans: Should You Work With Them?

Now that you have all the information you need about LLC Business Loans. Do you know if it’s the right service for you?

Here are a few things to consider:

Though the application process is pretty painless, the interest rates for loans through LLC Business Loans will likely be higher.

However, you’ll be able to choose from many different loan products from LLC Business Loan’s various partners, so you’ll be able to see competitive rates relative to your financing needs and qualifications for their business loans.

If you don’t qualify for a term loan through bank, LLC Business Loans is a good tool to use to see what you can qualify for. And if your business needs financing, this could make all the difference.

Vice President and Founding Editor at Fundera

Meredith Wood

Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera. She launched the Fundera Ledger in 2014 and has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending. She is a monthly columnist for AllBusiness, and her advice has appeared in the SBA, SCORE, Yahoo, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, MyCorporation, Small Biz Daily, StartupNation, and more. Email: meredith@fundera.com.
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