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Short-Term Loan by LendSpark

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LendSpark’s creative, ethical financing solutions fuel growth for businesses of all sizes and stages. They provide fast, secure and flexible options to grow your business while protecting your personal credit. Great when needing funds for payroll, a bridge loan, expansion, new projects, hiring staff, or for working capital.

Nav's Verdict

Cost

LowHigh

Effort to Apply

EasyDifficult

Funding Speed

MonthsMinutes

Repayment Terms

MonthsYears

7/10

Bottom Line

LendSpark can provide the expert advice and funding you need, especially when you've been denied by banks. If you meet their qualifications, this is a great option for large funding needs.

Pros

Much higher loan amounts than other short-term loans. Approval is based on cashflow, not collateral. Certain liens are accepted.

Cons

Up to a 5% origination fee.

Qualification requirements

Time in Business

At least 6 months in business

Cashflow

Be break-even or be close to reaching break-even

Other Requirements

No open bankruptcy. No tax liens greater than $175,000 and not in a payment plan.

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Cost

10% - 35% APR

Repayment Terms

Daily, weekly, bi-weekly payments for up to 24 months

Funding Amount

$5,000 - $5 million

Origination Fee

1% - 5%

Funding Speed

2 days - 2 weeks

Application Fee

None

Reviews

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Personal FICO credit scores and other credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit or financing type you are eligible for. Nav uses the Vantage 3.0 credit score to determine which credit offers are recommended which may differ from the credit score used by lenders and service providers. However, credit score alone does not guarantee or imply approval for any credit card, financing, or service offer.

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Any personal views and opinions expressed are author’s alone, and do not necessarily reflect the viewpoint of Nav. Editorial content is not those of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities.

Reviews are not provided or commissioned by the credit card, financing and service companies that appear in this site. Reviews have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.