Best LC Loans: Be it a recently registered LLC or an established one; there are many drains on your company’s finances. From LLC startup funds to meet everyday expenses, many LLC owners require funding sources.
Fortunately, LLC business loans can offer the capital you need, and we have reviewed the six best LLC loans for funding LLCs in 2023. So, to compare lenders, always make informed decisions.
Here is the summary of the 6 Best LLC Business Loans of 2023
| Company Name | Types of Loan | Company Highlights | MoneyAisle Rating | Minimum Business Credit Score | Loan Amount | Official Links |
|---|---|---|---|---|---|---|
★ Best for Microloans ★  |
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Accion is a non-profit company proving customizable loans, especially for startups. |
575 |
$500 to $150,000 |
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★ Best for eCommerce ★  |
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Purpose-built financing platform for Commerce entrepreneurs. |
None |
Depends on your inventory and sales history |
||
★ Best for Loyalty Benefits ★  |
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Speedy and convenient capital with looser qualifications. |
600 |
$5,000 to $250,000 |
||
★ Best for Line of Credits ★  |
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Get a decision in as little as 5 minutes. |
600 |
$6,000 to $250,000 |
||
★Best for Minimal Fee ★  |
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Minimal fees and fast funding are available to non-customers. |
680 |
$10,000 to $5,000,000 |
||
★ Best for Established LLCs ★  |
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Connects small businesses with a range of investors. A good option for small businesses at least two years old. |
660 |
$25,000 to $500,000 |
As a Limited Liability Company (LLC) owner, you never stop looking for new ways to grow and expand your business. From filing your LLC with the state to covering everyday expenses like office supplies, payroll, property leases, equipment purchases, etc., it can be tough to keep up with the costs.
Luckily, there are several LLC business loan options available that can help you meet your financial needs. However, deciding on the best loan deals for LLCs is not an easy task.
Best LLC Loans: Tested & Reviewed 2023
You have to consider interest rates, repayment terms, credit score, and collateral requirements, among many other factors, while picking good loans for your LLC. To help you find the best loan for your LLC, we have rounded up the 6 best LLC small business loans for funding your LLC in 2023.
Let’s have a look at our top picks for LLC business loans with well-researched information that you must know while seeking business financing to fund your LLC.
Our 6 Best LLC Business Loan Providers for Startups
- Accion: Best for microloans
- Onramp Funds: Best for eCommerce
- OnDeck: Best for loyalty benefits
- BlueVine: Best for the line of credit
- TD Bank: Best for fast funding
- Funding Circle: Best for low-interest rate
We thoroughly researched more than 30 highly reputable business loan providers against critical factors that you must consider while deciding on the appropriate loan for your company.
These factors include the loan amount, eligibility and accessibility, credit score, customer experience, the flexibility of loan conditions, the application process, etc. After careful review, we have picked the top 6 LLC loan providers listed below:
#1: Accion
Why we picked Accion: Accion is a nonprofit organization like credit unions. It is the best choice for LLC owners seeking microloans. Having a long history spanning more than half a century, Accion lent more than 60,000 small business owners and provided more than $500 million in the capital.
Accion business loans are the best choice for LLCs that have been operational for more than three years and have failed to secure loans from other financial institutions. Accion is our top pick due to its financial inclusion model, as more than 80% of Accion Opportunity Fund (AOF) borrowers are women, immigrants, or people of color.
Accion Loan Highlights
| Type of Loan | Microfinancing |
| Loan Amount | $5,000 to $100,000 |
| Loan Term | 1 – 5 Years(No penalty for repaying early.) |
| Minimum Credit Score | 575 (other factors are also considered and you may qualify with a lower credit score) |
| Interest Rate | 4% to 14.99% APR (4% subsidized rate for certain southern states) |
| Repayment Schedule | Monthly |
| Application Processing Time | 5-7 business days |
| Origination Fee | 3-6% |
Salient Features of Accion
- Provide Business Loans even with Bad Credits: Accion does not consider only credit scores while lending money. Cash flow, history of bankruptcy, and cash flow are among several other factors that help you get a loan even if you have a bad credit score.
- Flexible and Customizable Loan Terms: Accion microloans are flexible and customizable to every LLC owner’s unique situation. You have to pay interest much less compared to other lenders. Hence Accion gives you the freedom of paying back your loan on terms that match what is best for you and ensure you won’t get stuck deeper in a financial crisis than before.
- Invaluable Financial Mentoring for Struggling Small Businesses: The right financial advice can make a real difference between success and failure. Accion knows this very well, and by providing financial mentoring, they act more as a business partner than as a lending institution.
Accion Business Loan Requirement
| Time in business | At least 3 months or more ( need to provide 3 consecutive and most recent business bank statements) |
| Information on previous debts | No more than $3,000 in past due debts (need to provide 3 consecutive and most recent personal bank statements |
| No bankruptcy for 24 months | Last two years of business and personal taxes, federal only |
| Revenue requirement | Vary on the loan terms but the LLC owner must demonstrate the ability to repay the loan |
MoneyAisle Rating
- Loan terms and flexibility: 4.8/5
- Loan fee and interest: 4.7/5
- Customer experience and reviews: 4.85/5
- Application process and funding time: 4.9/5
- Eligibility and loan requirements: 4.85/5
#2: Onramp
Why we picked Onramp: Onramp funds are the top choice for eCommerce LLC owners. By securing onramp funds, you can have sufficient capital for purchasing inventory, supply chain cost reduction, ramping up marketing campaigns, etc.
To date, Onramp has multiple lending partners and provided $11.3M in capital to thousands of business owners selling via eCommerce stores. Onramp is built by eCommerce experts who understand the importance of regular cash flow in an eCommerce business.
They offer an adaptive repayment structure that automatically adapts to your online sales. Their fee is meager, and you only have to pay 1% of your sales.
Through a read-only API, Onramp plugs directly into your Shopify, Amazon, Big Commerce, or Woo Commerce store. Hence, the online loan approval process is streamlined and ensures you get quickly as much capital as possible.
Onramp Business Loan Highlights
| Type of Loan | Working capital |
| Loan Amount | Varies depending on your sales history (calculate the cash flow you can get using their official calculator) |
| Loan Term | None (collect repayment when you receive your sales receipts) |
| Minimum Credit Score | None |
| Interest Rate | None |
| Repayment Schedule | When you receive a sale receipt |
| Application Processing Time | 10-15 Minutes |
| Origination Fee | 1% |
Salient Features of Onramp
- Provide Instant Cash Flow Without Any Credit Score: Onramp funds do not need credit scores to consider your eligibility for the LLC business loan. Hence, you can get an LLC small business loan even if you have a bad credit score and you don’t have to pay interest (just the origination fee).
- Flexible Loan Repayment: Onramp eCommerce funds have flexible repayment schedules. You only have to refund only when you receive sales receipts. Until your inventory does not sell, you don’t have to worry about repaying the loan. Hence, give borrowers privileges to repay only when business picks up.
- No Interest and Very Low Fee: The most exciting feature of the Onramp loan is that they do not charge you any late fees and interest. Their loan fee is lower (1% of your sales) than most banks and online lending institutions.
Onramp Business Loan Requirement
| Time in business | Onramp does not provide funds to startups. Your eCommerce LLC must have a sale history |
| Create an online account | You need to signup on their official website |
| Connect your eCommerce store | Through a read-only API, Onramp plugs directly into your Shopify, Amazon, Big Commerce, or Woo Commerce store. |
| Connect with bank | After pre-qualification approval, you need to provide bank details where you receive the loan amount |
MoneyAisle Rating
- Loan terms and flexibility: 4.9/5
- Loan fee and interest: 4.9/5
- Customer experience and reviews: 4.7/5
- Application process and funding time: 4.8/5
- Eligibility and loan requirements: 4.4/5
#3: OnDeck
Why we picked OnDeck: If you’re looking for a small business loan that offers prepayment and loyalty benefits, OnDeck is the best LLC loan, provider. With almost 2 decades in business, OnDeck has provided $14 billion in funding to LLCs and other small business owners.
As the borrower of OnDeck, if you have paid back 50% of your loan amount and want to renew or take new loans, OnDeck waives interest on your existing balance. For this reason, we put Ondeck in our top 3 LLC business loan list.
OnDeck is an online capital company that provides startup loans with looser qualifications and fast cash flow. You can apply for two types of loans (term loans and lines of credit) depending on your personalized needs.
OnDeck Business Loan Highlights
| Type of Loan | Term loans and lines of credit |
| Loan Amount | $5,000 to $250,000 for term loan and $5,000 to $100,000 for lines of credit |
| Loan Term | 12 months for lines of credit and up to 36 months for term loans |
| Minimum Credit Score | 600 |
| Interest Rate | 29.9% to 97.3% APR for term loans and 29.9% to 65.9% APR for lines of credit |
| Repayment Schedule | Daily or weekly for term loans and weekly for lines of credit |
| Application Processing Time | One business day |
| Origination Fee | 0.00%–4.00% origination fee for term loans and $20 monthly fee for lines of credit |
Salient Features of OnDeck
- Same DAY Funding: With OnDeck, you can get your loan or credit lines on the same day it’s requested. There are no waiting periods before accessing funds, as OnDeck does not require stringent paperwork. It takes a few minutes to complete the online business loan application process.
- Prepayment Benefits: OnDeck offers excellent benefits to help you manage your debt. For example, if you pay off an early term loan or lines of credit, there will be no prepayment penalty. If you qualify for prepayment benefit, OnDeck waives any remaining interest on your debt.
- Low Business Credit Score and Fast Capital for Emergency Expenses: If your company needs access to emergency funds quickly, OnDeck might be a good fit. The online lending platform offers fast funding and an easy application process that is beneficial for LLCs needing short-term financial assistance without low credit scores of 600.
OnDeck Business Loan Requirement
| Time in business | At least 1 year |
| Collateral | General business lien and personal guarantee |
| Bank statement | No bankruptcy for the past 24 months |
| Revenue requirement | $100,000+ in annual revenue |
MoneyAisle Rating
- Loan terms and flexibility: 4.5/5
- Loan fee and interest: 4.2/5
- Customer experience and reviews: 4.8/5
- Application process and funding time: 4.9/5
- Eligibility and loan requirements: 4.5/5
#4: BlueVine
Why we picked Accion: BlueVine is the best limited liability company loan provider for lines of credit, with quick funding times and higher limits than other lenders. LLC business loans from BlueVine are quick and easy to get, with a loan approvals process that takes as little as 24 hours.
They have delivered over $2 Billion in funds for LLCs and other small businesses across 20k customers. You can now access a line of credit with two payment structures, Flex 6 and 12, respectively. Customers who choose the former are required to make weekly payments over 26 weeks, while those opting for Flex 12 make monthly payments over 12 months.
Interestingly, you may be eligible for a credit line increase after 45 days of payment on Flex 6 or 90 days on Flex 12. Hence LLC owners and other small businesses can access emergency lines of credit between $6k – $250K.
BlueVine Business Loan Highlights
| Type of Loan | Lines of credit |
| Loan Amount | $5,000 to $250,000 |
| Loan Term | 6 – 12 months |
| Minimum Credit Score | 625 |
| Interest Rate | 15% to 78%. |
| Repayment Schedule | Weekly or monthly |
| Application Processing Time | 1 business day |
| Origination Fee | 1.7% per week or 7% per month for lines of credit draws, $15 for bank wires (same-day funding) |
Salient Features of BlueVine
- Provide Fast Operating Capital: LLCs that need cash quickly can access funds through BlueVine’s quick funding timeline. Applicants approved for bank wire transfers will receive the money within 24 hours.
- Provide Business Loans With Bad Credit: BlueVine offers a more forgiving qualification process for businesses with bad credit than other Online lenders. With a minimum credit score of 600 and above, you can get a business loan from BlueVine.
- No Prepayment Penalties and Closure Fees: BlueVine is committed to providing you with a cost-effective buying experience. They don’t charge monthly maintenance fees or account closure costs.
BlueVine Loan Requirement
| Time in business | At least 6 months or more ( need to provide 3 consecutive and most recent business bank statements) |
| Businesses that are not eligible | Gambling, Legal and illegal substances (inc. medicinal marijuana) and paraphernalia, Financial institutions and lenders, Donation-based non-profits, Pornography and paraphernalia, political campaigns, Firearms and paraphernalia, Auto sales Industry |
| No bankruptcy history | No bankruptcy for at least the past 12 months |
| Revenue requirement | Annual revenue must be $100,000 or more |
MoneyAisle Rating
- Loan terms and flexibility: 4.1/5
- Loan fee and interest: 4.2/5
- Customer experience and reviews: 4.5/5
- Application process and funding time: 4.8/5
- Eligibility and loan requirements: 4.2/5
#5: TD Bank
Why we picked TD Bank: TD Bank offers the most affordable personal loans with fast funding. Borrowers have access to a wide range of loans amounting from $5k-$100K that comes at no origination or prepayment fees which makes them more affordable than other banks who charge as much as 6%.
TD Bank got its place in our 6 best LLC loan list due to multiple loan options and extended repayment terms. TD Bank loans are similar to traditional bank loans, which last several years, while other lenders have a relatively very short-term length of a few months to a few years.
TD Bank Business Loan Highlights
| Type of Loan | Term loans, Lines of credit, SBA loans |
| Loan Amount | $5,000 – $1 million for term loans, $25,000 – $500,000 for lines of credit, $250,000 – $5 million for SBA loans |
| Loan Term | 3 – 5 years for term loans, 1-7 years for lines of credit, and Up to 25 years for SBA loans |
| Minimum Credit Score | 680+ |
| Interest Rate | Unknown for term loans, Prime + 0.74% and up for lines of credit, and variable for SBA loans depending on the loan type |
| Repayment Schedule | Monthly |
| Application Processing Time | 1-3 business days |
| Origination Fee | None for loans under $100,000, for SBA loans 0-3.5% SBA fee while bank fee is unknown |
Salient Features of Accion
- Quick Approval and Fast Funding: TD Bank is one of the most popular banks in North America, and its quick approval process can be an excellent option for those who need money fast. The lender has an approval process that can be completed in 60 seconds or less. If approved, funds will be sent to your account the next business day.
- Waived Origination Fees and Lower Interest Rates: Any loan less than $1000,000 have no origination or prepayment fee, which makes it the best bank for a minimal loan fee. The interest rate is also lower compared to other banks.
- Multiple Loan Options With Longer Repayment Terms: One of the best features of TD Bank loans is that you have multiple loan options and have the liberty to pick one fitting your personalized needs. Moreover, you have longer repayment terms compared to other online lenders.
TD Bank Loan Requirement
| Time in business | At least 2 years or more |
| Collateral | Blanket lien, financed asset, CD, or savings account for term loans, CD or savings account for lines of credit, Varies for SBA loans |
| Application method | You can apply online if you are applying for under $100,000. For more than a $100,000 loan amount, you must apply in person at a TD Bank. |
| Revenue requirement | Unknow and depends on the loan amount, type, repayment term, and other factors |
MoneyAisle Rating
- Loan terms and flexibility: 4.1/5
- Loan fee and interest: 4.6/5
- Customer experience and reviews: 4.3/5
- Application process and funding time: 4.3/5
- Eligibility and loan requirements: 4.0/5
#6: Funding Circle
Why we picked Funding Circle: Funding Circle is a peer-to-peer marketplace lender that connects business owners with secured loans and other business financing options. It’s helped 100,000 businesses in 700 industries globally since its inception and lent $15.2 billion globally.
Funding Circle offers funding quickly in as little as same-day funding for lines of credit and 48 hours for term loans. They’ve built a loyal customer base over the past 12 years and got impressive customer reviews on third-party review platforms.
Funding Circle Business Loan Highlights
| Type of Loan | Term loans, Lines of credit, SBA loans, outstanding invoices factoring, LLC merchant cash advance |
| Loan Amount | $25,000-$500,000 |
| Loan Term | 6 months – 7 years |
| Minimum Credit Score | 660+ |
| Interest Rate | 4.99%-27.79% APR |
| Repayment Schedule | If the term is six months, payments will be weekly, otherwise monthly |
| Application Processing Time | Up to 3 business days |
| Origination Fee | 3.49%-6.99% |
Salient Features of Accion
- Diverse Funding Options: Funding Circle is an online lending platform that connects business owners with a range of financing products. The funding options include SBA loans, term loans, LLC merchant cash advances, working capital, factoring for outstanding invoices, and lines of credit. Hence LLCs have many options to choose from depending on their specific needs.
- Excellent Option For Established LLCs: Funding Circle is a great option for business owners with strong credit who need large loans. The company offers up to $500,000 to LLCs operational for more than 2 years.
- Outstanding Customer Reviews: Funding Circle has gained a huge customer profile with excellent ratings on third-party platforms such as Trustpilot (4.6/5 stars from 12,571 reviews).
Accion Loan Requirement
| Time in business | At least 2 years or more |
| Collateral | Personal guarantee, a lien on business assets for term loans, and others |
| Businesses that are not eligible | Gambling businesses, Nonprofit organizations, Speculative real estate, Weapons manufacturers, Pornography, Marijuana dispensaries |
| Bankruptcy history | no bankruptcies over the last seven years or any tax liens over the last 10 years |
| Revenue requirement | minimum annual revenue of $400,000 for SBA loan, not specified for others |
MoneyAisle Rating
- Loan terms and flexibility: 3.9/5
- Loan fee and interest: 4.2/5
- Customer experience and reviews: 4.8/5
- Application process and funding time: 4.3/5
- Eligibility and loan requirements: 3.5/5
Our Methodology | How We Review Best LLC Loan Providers
MoneyAisle provides LLC owners with honest and comprehensive reviews of LLC loan providers. To rate the best loan providers for an LLC, we analyzed more than 30 famous financial institutions and lenders across 20 data points.
These data points are crucial that LLC owners must consider while looking for a suitable limited liability company loan. To help you in making a wise decision while fulfilling your borrowing needs, we carefully analyzed each LLC small business loans provider against the following data points:
- Interest rates,
- Fees (origination, application, withdrawal fee),
- Loan amounts,
- Repayment terms,
- Loan qualification requirements,
- Late payment penalties,
- Customer experience and reviews,
- Availability in different states,
- Availability of prequalification,
- Minimum credit score,
- Loyalty benefits,
- Application processing time,
- Time to receive the loan,
- Loan details and transparency,
- Flexibility in due date,
- Refinancing option,
- Customizable loan terms and conditions,
- Availability of online applications,
- Ease of use (while applying for an LLC loan)
- Loan protection
We categorized these data points into 5 sections which are given below:
- Loan amount, repayment terms, and repayment flexibility
- Loan fee and interest
- Customer experience and reviews
- Application process and funding time
- Eligibility and loan requirements
We scored the business LLC loan lenders between 1-5 (1 being the lowest and 5 being the highest score) against these 20 points individually. Then took an average for all points to rate them under one of these five categories. Finally, we took the average of these five categories and gave each LLC loan provider our final rating.
Loan Amount, Repayment Terms, and Repayment Flexibility
In this category, we reviewed each LLC lender’s available loan amount, repayment term, and repayment flexibility. It is essential to carefully consider whether the loan amount is sufficient to fulfill your business needs or not. Sometimes, the other conditions are excellent, but you cannot lend the amount you need.
Moreover, the repayment terms are also crucial because they’ll affect how quickly you’ll be able to pay off the loan and how much money you’ll need to make each month.
Finally, repayment flexibility is important because it will allow you to adjust your payments if your income fluctuates or if you need to take on additional debt. You also have to see the repayment schedule and whether there is a late payment or prepayment penalty.
Loan Fee and Interest Rate
We analyzed LLC loan providers against interest rates and fees in this category. The loan fees are the charges associated with the loan, such as the origination fee, the processing fee, and the closing costs.
The interest rate is the percentage of the loan you will be charged for borrowing the money. The higher the interest rate, the more you will have to pay back in interest over the life of the loan. Moreover, some interest rates are fixed, while some loan providers offer variable interest rates depending on the customized loan terms.
Customer Experience and Reviews
Customer experience and feedback can help you evaluate the quality of customer service and claims of an LLC loan provider. So it is essential to know what other LLCs like yours have to say about the LLC loan provider. Are you partnering with a company that will be easy to work with and provide a good experience or not?
After all, you’re not just looking for a financial transaction – you’re looking for a partner who will help you grow your business. A bad customer experience can cost you time, money, and valuable relationships.
So, customer reviews can be an invaluable source of information about a lender’s customer service, turnaround time, fees, and more. Reviews can also give you insights into a lender’s culture and values. So when you’re considering an LLC business loan, be sure to consider the reviews.
Application Process and Funding Time
In this category, we considered application processing and funding time, availability of prequalification, ease of use, availability of the online application, loan details and transparency, and availability of LLC loans by that financial institution in different states.
After all, no one wants to be stuck in a long and drawn-out application process, only to find out whether they qualify for the loan or not. It is also important to know beforehand the funding time. As you may need emergency cash flow, but the application processing time is very long, or funding takes weeks or even months.
It is also possible that an LLC lender may be offering very reasonable terms but not available in a particular state. This could be problematic for LLCs that are operating in multiple states as domestic or foreign LLCs.
Eligibility and Loan Requirements
This category includes Loan qualification requirements such as time in business, collateral ( personal guarantees, property, equipment), financial stability of your business, annual revenue, minimum credit score, bankruptcy history, loyalty benefits, refinancing option, customizable loan terms and conditions, and loan protection (accident, natural disaster, etc.).
Some LLC loan providers are flexible in these requirements, while others impose stricter conditions on LLC owners in order to provide the desired capital for the business. So, we evaluate all online lenders and rate them accordingly.
Choosing the Best LLC Loan for You
When it comes to LLC loans, there’s no one-size-fits-all solution. The LLC loan that’s right for you will depend on a variety of factors, including how much you need to borrow, when you need the funds, and how much you can afford to repay.
To help you find the best personal loan for your needs, we’ve evaluated and rated more than thirty different LLC business loan providers. In each of our provider reviews, we address some of the most important questions you need to ask to make an informed borrowing decision.
Ultimately, choosing the best LLC loan is an individual decision. As you’re evaluating the options, make sure to consider all of the factors we mentioned above. Once you’ve done your research and compared your options, you should have a good idea of which option is best for you.
FAQs on Best LLC Loans of 2023
Aisha Noreen is an owner of a small business with more than 9 years of experience in the marketing industry. With the wisdom of an old soul, she always seeks innovation and mind-blowing ROI techniques. Her unique approach helped many small businesses thrive and she can surprise you in many ways as well. Believe it or not, her energy, passion, and creativity are contagious enough to transform your business and take it to another level.
