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Venturize

Online Marketplace Loans

Non-bank loans have become an increasingly popular alternative for borrowers who have been denied a loan by the bank, or don’t have the time to go through a lengthy application process. A new generation of online-only “marketplace loans” is designed to appeal to business owners who have lower credit scores, or who have been in business for a short time. These loans tend to have much higher interest rates than bank or SBA loans, and to have more lax credit score criteria. Typically, these loans are for 1 – 5 years and come with a fixed monthly payment. Online marketplace loans can be used for virtually any business need.

Features
  • Quick turnaround time (compared to banks)
  • Less effort and documentation needed
  • Fixed, predictable monthly payments
  • Helps improve business credit score (with on-time payments)
  • Available for many uses
Things to consider
  • Higher interest rates than bank loans
  • Little to no mentorship
  • May have pre-payment penalty
  • May require collateral
  • Typically requires two years of business history
Credit Score Requirements 2
High (700+)
Good (650-700)
Low (600-649)
Annual Interest Rates
7% – 30%
Loan Wait Times
Low
Loan range
25000-500000