What is an Online Credit Marketplace?
Finding small business finance can be a challenge. For many years, small businesses worked within the traditional bank lending arena. If a small business owner could not secure a traditional bank loan, business owners often turned to credit cards or alternative lenders. Both of these options typically come with higher fees and limits.
What is an online credit marketplace?
WomensBusinessLoans.org is an online credit marketplace. Our online credit marketplace (which is powered by Lending Club) replaces the complexity of traditional lending with a faster, simpler way to borrow utilizing technology and innovation to reduce costs and offer borrowers better rates.
What are the benefits of an online credit marketplace?
There are a number of advantages for small businesses seeking access to capital, including:
- Easy application process
- Fast decision
- Better rates than most online alternative lenders
- No collateral required
How does it work?
- The process is simple. Go to the Women's Business Loans home page and start the form "Check Your Rate in Minutes." You'll provide basic information about yourself and your business and learn if you are eligible for a simple term loan.
- After you receive your custom quote and select the best loan option for your firm (based on term length, monthly repayment cost and interest rate), you'll upload a few business/financial documents and verify your bank account (for the loan funds transfer). If you have any questions or need assistance, you may speak live to your loan advisor at any time.
- Then, Lending Club reviews all of your submissions and completes the loan process. By following the steps and completing required information accurately, approved loans are funded within just a few days.
- Lending Club does not require your firm to submit a business plan or go through a business plan review. Loans through the Lending Club process are based on: (a) eligibility of the firm -- age of firm ownership, revenues and cash-flows (ability to repay), (b) the owner's FICO (credit) score.
- Once you have received your loan funds, we will send you the $250 "Cash in Your Pocket" reward.*
We're confident that thousands of firms will be eligible for this quick, easy, affordable loan -- and we are proud to be a partner in the process to provide education and the $250 "Cash in Your Pocket" reward* after you receive your loan.
Why is this process so easy?
Lending Club (which powers our online credit marketplace) has revolutionized the small business lending marketplace. Over the last decade many technological and information advances have taken place. Lending Club has leveraged these advances to quickly and easily assess your lending qualifications and deliver loan funds directly to your bank.
Here is what Larry Summers, 71st Secretary of the Treasury of the United States of America had to say about this new way of lending: "Lending Club's platform has the potential to profoundly transform traditional banking over the next decade."