Kiva

Kiva ranks 6th in the list of best online business loans. Kiva is the best option for small business owners who only require a small loan. Their microloans currently have a 0% interest rate and a loan amount of up to $15,000. They chose this lender as the best option for microloans because you can borrow money at 0% APR and repay it over three years. 2 Kiva, which was founded in 2005, aims to assist underserved communities and their members in qualifying for the small business funding they require to get their dreams off the ground. So far, 2.1 million Kiva lenders have funded over $1.74 billion in loans to over 4.3 million borrowers in 77 countries.

Kiva, interestingly, is not a bank but rather a peer-to-peer lending platform. Because Kiva loans are geared toward disadvantaged entrepreneurs, investors who lend money through the platform have the opportunity to help people all over the world. Kiva's loan product only allows you to borrow up to $15,000. You can apply online in 20 to 30 minutes and be able to advertise your funding project on their marketplace within 30 days; you can repay your loan over 36 months. Kiva also lists simple eligibility requirements, such as residing in the United States and being at least 18 years old. To qualify for a Kiva loan, you must also agree to use your loan solely for business purposes.

Pros

• Borrow money with no interest
• Get the chance to market your product to a growing community of Kiva lenders, currently 1.6 million strong
• Repay your loan for up to 36 months

Cons

• You can only borrow up to $15,000 with Kiva.
• It can take 30 days or longer for your loan to be funded.

Rating: 4.4/5.0

Enroll here: kiva.org