What Is the Interest Rate On a Business Loan From National Business Capital?
The rates can change depending on the different lending products. At banks, interest rates are generally the prime rate + 2%, but strict qualifications restrict many businesses from reaching an approval that aligns with their business goals.
We offer SBA loans, equipment financing, business term loans, lines of credit, inventory financing, A/R financing, and asset-based lending. All these products come with different rates, and they all change constantly.
- For equipment and SBA funding, interest rates are in the single digits (6-8% range).
- A/R and asset-based lending come with high single-digit interest rates if you have high-quality receivables or collateral.
- If you don’t have B2B receivables or collateral, rates are around 1% per month and will increase from there. This equates to 12 to 18% annually.
We have all the lenders in one place. We look to get you the best deal and get you the most competitive interest rate for whatever you’re looking to accomplish.
Does National Business Capital Run My Credit?
National does soft credit pulls. From there, we can understand which lenders will approve you.
We do this through our lender matching technology and, of course, our team of expert Business Finance Advisors.
A majority of the lenders on our platform also do soft credit pulls. If you are going to get a hard inquiry to receive an offer, we’ll let you know upfront immediately.
How Fast Can I Get a Business Loan?
With our digital application and 6 months of bank statements, you can secure up to $250,000 within a few hours!
If you’re looking for an amount above $250,000, it may take a bit longer. For example, $1 million to $5 million transactions can take anywhere from 3 to 7 business days.
The type of financing solution you’re seeking will also affect the funding time. For equipment financing, the process takes an average of 3 to 10 business days. We can do SBA loans in 45 days, which is lightning fast!
Keep in mind that bank financing takes an average of 90 days to complete, regardless of the amount or solution you’re seeking. With National, our team finds you the best options promptly, so we can move through the process on your schedule.
Do All Business Loans Come With a Personal Guarantee?
We have some funding products without personal guarantees. If it’s something you want, make sure to ask your Business Finance Advisor about these options.
We can explain which products those are, the terms, and what you would qualify for based on your business’s information.
Are There Monthly Payment Options Available?
Some lending products are collected daily, weekly, bi-weekly, or monthly. We have monthly payment options available on our SBA loans, equipment financing, and business term loan products.
If you’re looking for a specific repayment option, just ask us! We can go over all the options available to you.
Are There Prepayment Penalties?
A prepayment penalty is a fee imposed on a borrower if they pay off their loan prematurely.
Some products, like SBA loans, have prepayment penalties. Equipment financing transactions have prepayment penalties in some situations, but just like a lease in the car, you’re responsible for paying back the full amount.
Some products have prepayment discounts. You can borrow money at a certain cost, and if you pay off early, you pay back less. Please make sure that you ask us this. Depending on the product you’re looking for, our team might be able to work prepayment discounts into your offers.
What Are the Qualifications for a Business Loan?
Qualifications differ depending on the lender, so there’s not a simple answer.
When you apply with us, our team navigates a diverse lender marketplace to match you with the right lender for your business.
Whether you have challenged or perfect credit, our team will find you the right lender. We pull in the right lending partners for each client to provide them with the best options they qualify for.
Where Can National Business Capital Fund?
We have financing options for businesses in all 50 states!