Clover Business Loans projects itself as “Big help for small business loans” which can “shop multiple lenders with nationwide coverage.” An online marketplace for small business loans, Clover Business Loans maintains a network of nationwide lenders who offer small business loans at competitive interest rates.
Clover Business Loans offers an alternative to bank loans, restructuring the process of loan applications. Borrowers have to answer a few questions and their loan applications are then sent to its network of lenders. It is a free, no-obligation loan matching service that introduces small business borrowers to an extensive range of lenders across the United States.
Small business loans from the company are available from $1,000 up to $500,000, though, at present, the site does say it can help borrowers get up to $2,000,000. Applicants are asked for their business owner personal information, business information and loan information.
Information required will also include your business bank account and credit profile information. The site has a three- step loan application process, which when completed, receives multiple offers from different lenders. The borrow can then choose the best one, with the best interest rate, from a variety of small business loans.
Loan amount: $1000 – $500.000
Loan terms: varies by lender
Interest rates: varies by lender
Closing costs, guarantee, other fees. pre-payment penalty: varies by lender
Approval time: same day
Application time: within minutes
Eligibility: US citizen, good credit, no bankruptcy history, years in business – 6 months
Qualifying for a loan varies by lender. Loan offers are based on how lenders evaluate the borrower’s credit worthiness. Some borrowers have even qualified with bad credit! Clover Business Loans claims to make applying for a small business loan quick and simple. With a minimum credit score of 550, $10,000 gross income and at least 6 months in operation, it makes it easy and simple for small businesses to qualify for loans of up to $500,000. And the outstanding feature about Clover Business Loans is that by sending loan application to multiple lenders, borrowers are given the option of selecting from competing loan offers – with the best interest rates.