Able Lending Small Business Loans Review

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Able Lending is a financial company that offers a combination of peer to peer and traditional business loans. It gives businesses access to bigger loans at competitive rates. Borrowers can get loans starting at $25,000 up to $1,000,000. Able Lending gives borrowers the opportunity to maximize their funding options with the help of their family, fans and friends.

Services and Features

Able Lending uses a lending process that uses peer to peer and traditional business loans. Borrowers can avail of loans up to $1,000,000 with loan terms of 1 to 5 years. Able lenders also allows borrowers to raise a portion of their loan to get more capital at lower rates. Money raised from the borrower’s network is amplified by Able Lending to maximize funds.

Borrowers are able to lower their interest rates with the help of Backers. This gives small businesses or startups the opportunity to qualify for bigger loans. Backers makes it possible for small businesses who find themselves in debt, less than ideal credit score, yet to turn a profit and require a large loan to get access to much needed funds. Backers also play a role in helping businesses qualify for bigger loans with lower interest rates. The company is equipped with fundraising tools that helps borrowers to on-board Backers.

Able lending makes applying for a small business loan fast and simple. The company studies the borrower’s business and pre-approve loan requests based on the information provided. This also involves analysing the business to determine the final loan offer while it allows borrowers to get in touch with potential backers to begin collecting pledges. Documents are then e-signed and funds will be deposited in the client’s account.

  • Origination Fee

The company charges a one-time origination fee for loan management of 5%

  • Minimum Requirements for Growth Loan

Applicants must be operating for at least one year and have revenue of $50,000. The applicant must also have a personal credit score of 600 or higher.

  • Minimum and Maximum Contribution Per Backer

Minimum contribution is $1,000 while the maximum is up to 50% of the total backer amount.

  • Interest Rate Backers Charge for Growth Loan

Customers can work with each backer and agree on the rate to be charged. Backers are allowed to come as high as Able Lending’s rate or as low as 2%.

Plan Details

Loan Amount

$25,000 to $1 Million

Loan Terms

1 to 5 years

Interest Rates

Starts at 8%

Fixed Interest Rates

Variable Interest Rates

Not Stated

Down Payment

Loan Fees

Closing Cost

Not Stated

Guarantee

Not Stated

Other Fees

Not Stated

Prepayment Penalty

Loan Application

Online Application

Personal Credit Profile

Business Credit Profile

Approval Time

Not Stated

Local Branches

Available Nationwide

Application Time

WITHIN MINUTES

Mobile App

Qualification

U.S. Citizen

Good Credit

Bankruptcy

Years in Business

Start-up

Qualified even with bad credit

Help and Support Services

Email Support

24 Hour Telephone Support

Live Chat

FAQs

Summary

Able Lending gives borrowers the option of selecting from a traditional loan application or peer to peer loan setup. But what makes it interesting is its peer to peer lending which makes small businesses who have less than ideal credit to get qualified for bigger loans and competitive rates. A good option for small businesses searching for quick access to larger loans at competitive rates.

 

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