Noble Funding Review 2021 – businessnewsdaily.com
|Variety of loan types||2.0|
The interest rate you pay on a Noble Funding loan depends on your creditworthiness. The interest rates on term loans start at 8.99%. When you apply for a quote, Noble Funding tells you how much it will cost to borrow, so there shouldn’t be any surprises along the way.
One advantage of Noble Funding is that there are no upfront fees. Not all lenders, like Noble, forego documentation or lending fees. For example, Crest Capital charges a documentation fee of $ 250 to process your loan.
Tip: When choosing a small business loan, you should weigh the cost against the need. You don’t want to pay more for the loan than it’s worth. If your creditworthiness is preventing you from getting a good interest rate, take the time to improve your financial condition first.
Applying for a loan
To apply for a loan with Noble, you must first contact the company online or by phone for a quote. A loan specialist will analyze your company’s financial history and future prospects to determine which financing option makes the most sense for you. They will then make you an offer. This is more of a process than filling out an online application and getting approval a few hours later, as is the case with lenders like Rapid Finance and SBG Funding.
Since Noble has a lot of loan products they want to make sure that you are placed in the right position. This lender sees you as an affiliate; You would like to continue to finance your needs in the years to come. When contacting the loan specialist, you will need to provide information about your business, financial documentation, and proof of business ownership.
What sets Noble Funding apart from its competitors is its willingness to work with a wide variety of borrowers. Whether you have a credit score of 500 or 750, Noble wants to do business with you. It couldn’t be more friendly. However, you cannot have bankruptcies or a lien on your assets, and you must own at least 51% of the shares in the company.
Loan types and terms
This lender offers several types of loans including these products:
- Short term bridging loans can be $ 100,000 to $ 2 million. Noble can approve a loan within 24 hours and fund it within three days. There are no upfront fees or collateral requirements. No personal guarantee is required either, which is not a common practice in the alternative credit market. The term of the short-term bridging loan is between four and 18 months. Once you have paid back half of the loan, you can continuously renew the loan. This is another reason why Noble Funding is one of our top recommendations. You can have a credit score as low as 500 and still get a loan. However, be careful if your creditworthiness is seriously questioned as you will face a high interest rate on the loan.
- Long term loan can go up to $ 500,000. Noble Funding can get you approved in two or three days, and the APR starts at 8.99%. No collateral is required and the term can be three, four or five years. You must have a credit score of at least 650 and a positive net income in the past two years. You must have been in business for at least 18 months before you can apply.
- Unsecured Loans rise to $ 2 million. Depending on the loan amount, Noble Funding may approve the loan the same day you apply for it and fund it the next business day. If you borrow more than $ 250,000, it will take 48 hours to approve and fund the loan. Unsecured loans don’t require a lot of documentation; All you need is a credit score of at least 525 and have six to eight months to repay it.
Did you know already? Noble Funding is one of the few lenders we have reviewed that does not require any collateral or personal guarantee. Most lenders want this protection in case you default on your loan.
These are just a few of Noble’s loan products. The company also provides equipment finance, inventory loan, and order finance.
Noble Funding requires documentation for some of its loans. For example, the lender must check whether you hold more than 50% of the shares in the company. It is a good idea to collect your financial documents before completing a loan application. That will speed up the process.
Noble financing functions
|Strong reputation||Noble Funding has glowing ratings and an A + rating from the BBB.|
|No collateral required||There is no collateral or personal guarantee on his loan.|
|Relaxed qualifications||Noble Funding is ready to work with borrowers even if their credit is in question.|
Noble Funding is well on its way to bringing more than $ 1 billion to small businesses. The company has been in business since 2005, has an A + rating on the BBB and has over 100 positive reviews on Trustpilot. This type of track record should reassure borrowers that Noble Funding is not trying to trick them into paying exorbitant hidden fees or just offering inappropriate repayment options. Many lenders are not always open with you – this is not the case with Noble Funding.
No collateral required
With Noble Funding, you don’t have to offer any collateral or a personal guarantee. We like this feature; This is not common in the industry and shows that Noble Funding relies on its clients’ ability to repay their loans.
Noble Funding is ready to work with small businesses, even if their loan hits a hit (or two or three). You can get a loan with a credit score of around 500. You pay a higher interest rate when your score is that low, but sometimes it’s worth it. It has stricter requirements on its long-term loans.
Key to take away: Noble Funding has a good reputation in the industry for good reasons – it offers a wide variety of loans, does not require any collateral or personal guarantee, and has laid-back qualifications.
Noble Funding offers customer service via email and phone during normal business hours. Unlike some lenders in the market, this company prides itself on treating each borrower as a unique situation. Noble Funding does not have standardized loans. The company listens to its customers, analyzes their current and future prospects, and then finds a loan that suits their needs. Since there is a network of lending partners, you don’t have to worry about this lender putting their needs before yours. It is one of the few lenders that does not charge upfront fees.
Noble Funding has been providing loans to small businesses since 2005 and is BBB accredited. Another unique feature of this lender in customer service is their excellent reputation. There is not a single negative review on the BBB website and over 100 positive reviews on Trustpilot. If you are in the lending business, you already have a customer service disadvantage, so the number of positive reviews for an alternative lender is impressive.
Depending on your situation, there are a few potential downsides to noble funding. If you want to borrow money over the long term, you need a credit score of at least 650. This could exclude some borrowers. If you have a low credit score and are approved, you have a real possibility of paying a high interest rate. You need to weigh these costs against the benefit before signing the loan documents.
Another potential downside is that you must have at least a 51% stake in your company to be eligible for a Noble Funding loan. Depending on how a business is set up, this can be a problem for some potential borrowers.
Noble Funding is our best choice for customer service for a variety of reasons, from its experience to its flexibility.
We recommend this lender for:
- Entrepreneurs who have a credit score of at least 650 and are looking for a long term loan
- Borrowers who prioritize customer service, reputation, and personal advice from their credit partner
We do not recommend this lender for:
- Borrowers who have low credit scores and are concerned about paying a high interest rate
- Minority owners in business
- Businesses that need quick approval and same day funding