iBusiness Funding Business Loans Review
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Pros and cons of Best Egg
Pros
- Large loan amounts available (up to Not specified)
- Lengthy repayment periods (up to Not specified months)
- No application fees
- One application for multiple financing options
Cons
- Collateral and/or a blanket lien may be required
- Startup owners and low-credit borrowers may not qualify for all loan products
- Doesn’t disclose all of its fees
- Higher minimum loan amount, which may be more than some businesses need
Best Egg small business loans review
Best Egg is an online lender that has historically focused on offering SBA loans. However, it has expanded its financing portfolio to include business term loans and USDA loans as well.
Best Egg’s strongest features include large loan amounts — standard SBA loans up to and USDA loans scaling all the way up to Not specified — and its streamlined application process.
Interested borrowers fill out an online application for their businesses to be considered for the full range of Best Egg’s financing options. Once the application is complete, you’ll receive tailored product recommendations and be given the option to move forward with any loan offers that make sense for your business.
Still, Best Egg’s eligibility criteria suggest that established businesses with good credit are likely to have the most success on the platform and that startup businesses and bad credit borrowers may not be eligible for all products. Be sure to consider the business loan requirements carefully before moving forward. Even though applying won’t hurt your credit score, a hard pull may be required for final approval.
- Businesses looking for long-term financing. Best Egg’s long-term business loans come with flexible repayment terms ranging from Not specified months to Not specified months, depending on your loan type.
- Well-established business owners seeking quick business loans. Your business must be in operation for at least two years to qualify for a business term loan with Best Egg. If you qualify, you can receive your funds as quickly as two business days.
- Business owners who aren’t sure which loan type is right for them. Best Egg has one application for multiple financing options.
Best Egg small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
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| iBusiness Funding term loans | Not specified to Not specified | Not specified to Not specified months | Not specified to Not specified | Not disclosed |
| SBA 7(a) loans | to | months | Prime rate + 2.75% | Not disclosed |
| USDA loans | Up to Not specified | Not specified to Not specified months | Not disclosed | Not disclosed |
Term loans
Best Egg offers quick business loans from Not specified to Not specified. Repayment terms range from Not specified months to Not specified months, with no penalties for repaying your debt early. You can receive funds in as fast as two business days.
SBA 7(a) loans
Best Egg offers both regular SBA 7(a) loans and 7(a) small loans, which means you can get between and , with repayment terms ranging from months, depending on what the loan is used for.
Best Egg offers most of its SBA loans through its parent company, , which is an SBA Preferred Lender. However, some SBA loans may also be originated through its network of lenders, which means you may be referred to another lender.
USDA loans
The U.S. Department of Agriculture (USDA) provides a partial guarantee to lenders offering small business loans in rural areas. These government-backed loans can be used for development, real estate and more.
With a USDA loan, you may be able to borrow up to Not specified. Loan terms last between Not specified to Not specified months, giving you plenty of time to repay your debt. USDA loans are available for businesses in areas with populations under 50,000. To qualify, you will also need to meet the lender’s eligibility requirements.
Note that Best Egg’s USDA loans are originated through a network of approved lenders, meaning they’re not directly funded by Best Egg.
The interest rate you pay will be negotiated with the lender, though the rates you’re offered will depend on your financial situation. Rates may be fixed or variable, and variable rates may not be adjusted more than once per quarter.
Best Egg borrower requirements
| Minimum annual revenue |
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| Minimum time in business |
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| Minimum credit score |
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To get a business loan from Best Egg, you’ll need to meet the lender’s loan requirements. For term loans, this means you will need a minimum credit score of . Your business will also need to have operated for a minimum of two years, with an annual revenue of or higher.
However, it’s important to note that SBA loans and USDA loans may require collateral or a UCC-1 filing. If you default on your loan, Best Egg can seize these business assets. You may also be required to sign a personal guarantee, which makes you personally responsible to repay the loan if the business fails to make payments.
Required documents
To check if you meet its business loan requirements, Best Egg will request certain documents, including:
- Bank statements: Six most recent months
- Personal tax returns: Most recent year from all owners with 20% equity or more in the company
- Business tax returns: Two most recent years
Alternatives to Best Egg
| Best Egg | |||
|---|---|---|---|
| Minimum credit score |
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| Minimum time in business |
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| Loan products offered | Term loansSBA 7(a) loansUSDA loans | Short-term loansLines of credit | Lines of credit |
| Time to funding | Two business days | Same-day funding available | Two business days |
| Starting APR | Not specified | Term loan: [/tooltip]Line of credit: [/tooltip] | simple interest for 12-week term |
| Maximum loan size | Term loan: Not specifiedSBA 7(a) loan: USDA loan: Not specified | Term loan: Line of credit: | |
| Minimum annual revenue |
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Best Egg vs.
is another online lender that provides short-term loans up to and lines of credit up to . Although this is less than what you may be able to get with Best Egg, ’s financing options come with a few perks. Most notably, in certain states the lender offers same-day funding on loans of $250,000 or less.
Unlike Best Egg, only requires businesses to be in operation for one year to be eligible for financing. It also has a slightly lower credit score requirement, approving applicants with scores as low as .
However, your business will also need a minimum annual revenue of to qualify. It’s also worth noting that ’s high interest rates and other fees will drive up the cost of borrowing,
Best Egg vs.
Startups and low-credit borrowers may struggle to qualify for financing through Best Egg. If you’re drawn to the speed and accessibility of Best Egg but you don’t meet the lender’s minimum time in business, annual revenue or credit score requirements, might be a good alternative.
only requires in business, in annual revenue and a credit score of to qualify. Borrowers who meet these requirements may be able to access a business line of credit up to in as little as two business days.
’s starting interest rate is for its 12-week term. This may be lower than the rates you’ll find with Best Egg, though shorter loan terms will increase your cost per payment, so you’ll need to make sure you can afford the weekly payments before committing to a loan.
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