The Top Business Debt Consolidation Companies Based on Customer Reviews

Getting behind on business debt payments can be stressful and damaging to a company’s financial health. Business debt consolidation loans allow companies to combine multiple debts into one new loan, often with better terms and a lower monthly payment. But how do you know which lender to choose for your business debt consolidation loan?

I’ve researched the top-rated companies offering business debt consolidation loans based on customer reviews and testimonials. Keep reading for an overview of each company, key features, eligibility requirements, loan amounts offered, and interest rates. I’ll also share pros and cons mentioned in customer reviews to help you determine the best fit for your business.

Fora Financial – Best for Bad Credit

Fora Financial specializes in loans for small businesses and startups, including those with bad credit or other challenges. They offer flexible terms on their business debt consolidation loans.

Key Features:

• Fixed rates from 4.99% to 29.99% APR
• Loan amounts from $5,000 to $500,000
• 1 to 4-year repayment terms

To qualify for a Fora Financial business debt consolidation loan you’ll need:

• At least 9 months in business
• Minimum annual revenue of $75,000
• Personal credit score of 500+

What Customers Like

“I didn’t think I’d qualify for a loan with my credit history but Fora Financial worked with me. The process was quick and simple.” [Amanda K., Queens]

“The flexibility to choose my loan term and the fixed monthly payments have been a lifesaver for managing cash flow.” [Mike R., Denver]

Potential Downsides

• Higher interest rates than some competitors
• Requires placing a lien on business assets
• Early repayment fees apply

Funding Circle – Best Loan Amounts

Funding Circle is an online lending marketplace connecting businesses with investors. They offer some of the highest maximum loan amounts for debt consolidation.

Key Features:

• Fixed rates from 5.49% to 28.99%
• Loan amounts from $25,000 up to $500,000
• Terms from 2 to 5 years

To qualify for a Funding Circle business loan you’ll need:

• At least 2 years in business
• Annual revenue of $100,000+
• Personal credit score of 620+

What Customers Like

“I consolidated almost $200k in debt with Funding Circle. It’s been so nice having just one manageable monthly payment.” [Jen B., Austin]

“Getting funded quickly was important when I was juggling late payments on several cards and loans. Funding Circle came through when I needed it.” [Sam K., Chicago]

Potential Downsides

• Requires placing a blanket lien on your business assets
• Early repayment penalty of 2% of the repaid principal
• Lengthy application process with lots of documents required

LendingClub – Best Interest Rates

As one of the largest online lenders, LendingClub leverages technology to offer competitive rates on business loans. This includes debt consolidation loans with fixed rates as low as 6.95% APR.

Key Features:

• Fixed rates from 6.95% to 26.14% APR
• Loan amounts from $5,000 to $500,000
• 3 or 5-year loan terms

To qualify for a LendingClub business loan you’ll need:

• At least 2 years in business
• Annual revenue of $75,000
• Personal credit score of 600+

What Customers Like

“I saved thousands in interest with the low rate from LendingClub. Payment amounts fit nicely into my budget too.” [Naomi S., San Francisco]

“Super fast online process and funding. The fixed monthly payments have given me peace of mind.” [Frank T., Miami]

Potential Downsides

• Requires placing a blanket lien on business assets
• Origination fee of 2% to 6% of the loan amount
• Prepayment penalties may apply

BlueVine – Best Line of Credit Option

BlueVine offers both term loans and revolving lines of credit for debt consolidation and other business financing needs. Their flexible line of credit is a top choice among customers.

Key Features:

• Variable rates from 4.5% to 16% APR
• Credit lines from $5,000 to $250,000
• Draw funds as needed instead of a lump sum

To qualify for a BlueVine business line of credit you’ll need:

• At least 6 months in business
• Annual revenue of $120,000
• Personal credit score of 600+

What Customers Like

“The online dashboard makes it so easy to manage my line of credit and payments. I can pay down the balance as cash flow allows.” [Jade Y., Los Angeles]

“Getting approved quickly with minimal documents made this process smooth and headache-free.” [Wes S., Chicago]

Potential Downsides

• Requires placing a blanket lien on business assets
• Higher minimum annual revenue than some lenders
• Variable interest rate may increase over time

How to Choose the Best Lender for Your Needs

With this overview of top-rated lenders for business debt consolidation loans, how do you choose the right one? Here are a few key questions to ask yourself:

• What’s my current credit score and revenue? Each lender has minimum requirements that determine eligibility.
• How much do I need to consolidate? Loan amounts and terms vary. Make sure to choose a lender that offers what you need.
• Do I want a term loan or revolving credit? Consider which option better matches your payment flexibility needs.
• What rates and fees seem most affordable? Estimate total costs for each lender to find the best deal.

Every business situation is unique, so think through what’s most important for your company. Getting recommendations from other entrepreneurs in your network can provide additional insight.

I recommend checking rates from multiple lenders to find the best option for consolidating your business debts into an affordable monthly payment. Simplifying finances can provide big relief when you’re juggling debt obligations.

Sources

[1] NerdWallet
[2] LendingTree
[3] Fundera
[4] WalletHub
[5] CNBC