Getting a bank loan for your small business is a slow, difficult task. Traditional bank loans typically require borrowers to have a high credit score, strong cash flow and be in business for at least two years, and even if you get approved for such a loan, you’ll have to wait several months before you see the money.
That’s where alternative lenders such as Funding Circle and Dealstruck promise to help, offering small business owners reasonable lending terms and rates, a simple online application process and fast access to funding. But which lender is right for your small business?
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- If you're looking for a small business loan from Dealstruck your business needs to be well-established to qualify for funding from them, their company requires at least $20,000 average monthly revenue or $240,000 annually.
- Funding Circle is the more established between the two, they've been around 3 years longer than Dealstruck and have loaned out more than $700 million in small business loans around the world. Dealstruck has only been in business a bit more than a year.
- Dealstruck also offers an asset-based line of credit, which allows business owners to borrow against unpaid customer invoices.