Able Lending Review

Where does Able Lending do business?

Able Lending is a business financing offering by Able Lending, a direct lender based in Austin, TX. Founded in 2013, Able Lending offers access to business loans in 50 states (and Washington, DC).

What are Able Lending’s rates?

Able Lending offers a business financing product that ranges from 8% APR up to 16% APR.

Does Able Lending charge an origination fee?

Yes, Able Lending charges a loan origination fee starting at 5% of the loan amount. Able Lending deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Able Lending set on the purpose of the loan?

Able Lending considers loan applications for business purposes, such as:

• New Location
• Working capital

What types of business loans does Able Lending offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Able Lending provides access to the following business loan types:

• Unsecured term loans

Does Able Lending charge prepayment fees?

Yes, Able Lending charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

How much can you borrow from Able Lending?

Loan amounts start at $25,000 and go up to $500.

What is the maximum loan term you can get with Able Lending?

Able Lending offers business loans with a maximum term of 36 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for a loan with Able Lending?

Applicants with a credit score of at least 560 can apply for a loan via Able Lending. Able Lending does not require borrowers to have been in business for a minimum number of years. Businesses must have a minimum annual revenue of $50 to be considered..