Launched in 2016, LLC Business Loans is a New York-based financing firm that matches business owners with lenders in its network. It is not a direct lender. Instead, lenders pay the company a fee for finding loan applicants. LLC Business Loans advertises a variety of no-money-down loan programs for borrowers, regardless of their credit history.
There is very little available online about LLC Business Loans. The company is not listed in the New York State’s corporation and business entity database. However, the website domain name is registered under Otto NYC LLC, which is listed in the state corporate and entity database. Although the registered agent of Otto NYC LLC confirmed it owned LLC Business Loans, attempts to get more information about the lender were unsuccessful.
LLC Business promises a speedy application process, access to funding within 24 hours and no applicant fee or down payment. It caters to small business owners with less-than-perfect credit who need access to capital fast and might not qualify for funds from a traditional bank.
It’s difficult, however, to obtain details on the company’s lending products — such as interest rates, fees and repayment terms — from its website without submitting a request for a quote online. The toll-free number listed on its site is either busy or has an automated message stating the number isn’t in service.
LLC Business offers access to 10 lending products designed for small business owners with blemished credit and who need cash fast:
|Loan product||Loan amount||Loan term||APR range/ factor rate||Fees||Time to funding|
|Startup Loans||$1,000 to $100,000||Flexible long- and short- payment terms||Low rates||Not provided by the lender||Not provided by the lender|
|Small Business Loans||$10,000 to $1,000,000||Flexible long- and short-payment terms||Not provided by the lender||Not provided by the lender||Not provided by the lender|
|Short-term Loans||$10,000 to $500,000||Short-term||Not provided by the lender||Not provided by the lender||Less than 24 hours|
|Online Loans||$10,000 to $500,000||Not provided by the lender||Not provided by the lender||Not provided by the lender||Within 24 hours|
|Equipment Financing||$10,000 to $1,000,000+||Monthly, multi-year terms||Not provided by the lender||Not provided by the lender||Not provided by the lender|
|Cash Loans||$5,000 to $500,000||Not provided by the lender||Not provided by the lender||Not provided by the lender||Not provided by the lender|
|Cash Advance||$5,000 to $250,000||Flexible||Not provided by the lender||Not provided by the lender||Not provided by the lender|
|Bad Credit Loans||$5,000 to $250,000||Not provided by the lender||Not provided by the lender||Not provided by the lender||Not provided by the lender|
|Women-owned Businesses Loans||$10,000 to $1,000,000+||Long- and short-term financing options up to 36 months||Not provided by the lender||Not provided by the lender||Not provided by the lender|
Rates current as of 7/6/2018
|Loan product||Annual revenue||Min. business credit score or personal credit score||Time in business|
|Startup Loans||Not provided by the lender||575||4 to 5 months|
|Small Business Loans||Not provided by the lender||590||4 to 5 months|
|Short-term Loans||Not provided by the lender||520||4 to 5 months|
|Online Loans||Not provided by the lender||565||4 to 5 months|
|Installment Loans||Not provided by the lender||525||4 to 5 months|
|Equipment Financing||Not provided by the lender||585||4 to 5 months|
|Cash Loans||Not provided by the lender||550||4 to 5 months|
|Cash Advance||Not provided by the lender||550||4 to 5 months|
|Bad Credit Loans||Not provided by the lender||500||4 to 5 months|
LLC Business Loans requires borrowers to have a registered business with tax ID number and an active business bank account.
You can apply online, by phone or via the LLC Business Loans app. The online application asks for the following information (some loan programs might require more documentation):
|Quick application process||Limited information available online|
|Fast approval||Toll-free number is either out-of-service or busy|
|Bad credit OK||Little information about company available on site or elsewhere|
LLC Business Loans may be a great option if you have poor credit and your business is less than a year old.
If you pay off your loan early you will not be penalized. You can also restructure your credit to extend the term.
Payments are debited monthly from you business account through the Automated Clearing House (ACH) Network, which facilitates electronic financial transactions.
LLC Business Loans sounds like a viable option for newer businesses whose owners have little to no credit and need quick access to funds. But it’s hard to gather any information on this company, which might leave some business owners feeling uneasy.
LLC Business Loans site advertises great “low rates” and “flexible long and short payment terms” but doesn’t provide actual figures. The site also doesn’t list any origination or late fees. The toll-free number advertised on the site — 855-885-7656 — is either busy or you’ll get an automated message saying the number is no longer in service.
This makes it difficult for potential borrowers — who don’t want to request a quote first — to compare LLC Business Loans’ options with other lenders’. As always, shop around and read the fine print carefully before you sign on the dotted line.