Frequently Asked Questions

Loanable is a lending marketplace that connects small businesses with a network of 50+ lending partners. We're not a direct lender or bank—instead, we help you compare multiple funding options from different lenders to find the best fit for your business needs and qualifications.

Through our lending partners, businesses can access funding from $5,000 to $25 million. The amount you qualify for depends on factors like your revenue, time in business, credit score, and the type of financing you need. Our pre-qualification process helps determine your options without impacting your credit score.

Yes, Loanable is a legitimate lending marketplace. We use industry-standard encryption to protect your information and only work with verified, reputable lending partners. We never sell your personal data, and our pre-qualification uses a soft credit pull that doesn't affect your credit score.

Our initial pre-qualification uses a soft credit pull that does NOT impact your credit score. A hard credit inquiry only occurs if you accept an offer and proceed with a specific lender's full application. You can safely explore your options without worrying about your credit.

The initial application takes about 5 minutes to complete. You'll provide basic information about yourself and your business. If you proceed with a lender, they may request additional documentation like bank statements or tax returns, but many of our partners can approve and fund applications within 24-48 hours.

For pre-qualification, you typically just need basic business information (no documents required). If you move forward with a lender, they may request: 3-6 months of business bank statements, government-issued ID, proof of business ownership, and possibly recent tax returns. Requirements vary by lender and loan type.

Many of our lending partners offer same-day or next-day funding once approved. Merchant cash advances and short-term loans typically fund fastest (often within 24 hours). SBA loans and traditional bank loans take longer—usually 2-4 weeks due to more extensive underwriting requirements.

Requirements vary by lender, but general minimums include: at least 6 months in business, minimum $10,000 in monthly revenue, and a personal credit score of 500+. Some lenders have more flexible requirements, while others (like SBA lenders) require stronger qualifications.

Yes! We work with lenders who specialize in businesses with less-than-perfect credit. Many options are available for credit scores as low as 500. While rates may be higher, your business revenue and bank account history often matter more than your credit score for certain financing types like merchant cash advances.

Many of our financing options are unsecured and don't require specific collateral. However, most lenders do require a personal guarantee from business owners. For larger loans or SBA loans, collateral may be required. Equipment financing uses the equipment itself as collateral.

Startups with less than 6 months in business have limited options through our marketplace, as most lenders require an operating history. However, if you have strong personal credit (680+), you may qualify for a business credit card or personal loan for business use. SBA microloans are also available for newer businesses.

No, applying through Loanable is completely free. There are no upfront fees, and you're under no obligation to accept any offer you receive. You only pay if you accept funding from one of our lending partners, and those costs are clearly disclosed before you accept.

Rates vary based on your qualifications and the type of financing. General ranges: SBA loans (6-10% APR), bank term loans (7-12% APR), online term loans (10-30% APR), lines of credit (8-24% APR). Merchant cash advances use factor rates rather than APR. Your specific rate depends on your credit, revenue, and time in business.

This varies by lender and loan type. Many term loans and lines of credit have no prepayment penalties. However, some products (particularly merchant cash advances) have fixed costs regardless of when you pay them off. Always review the terms carefully before accepting any offer.