February 29, 2024

What is the Best Lender for Consolidating $90K in Business Debt?

Looking to consolidate $90K in business debt? Explore the best lender for your needs in this comprehensive guide.

Debt consolidation is a life savior for businesses struggling with their debts because it gives financial stability. But consolidate, you can take a new loan to pay your multiple debts, and this strategy reduces interest rates, simplifies finances, and improves cash flow. We understand that multiple debts are a barrier to business growth and success. But don’t worry, Bright Money is sharing a list of the best lenders for consolidating $90K in business debt. Our mission is to provide the ideal lender for your business debt.

Several factors are important to consider, such as repayment terms, interest rates, conditions, etc., when considering the best lender for consolidating $90k in the business dept. It is also essential they understand your unique needs and challenges. Select a lender with a good track record, flexibility, and transparency. They can work with you to solve your problems and provide financial stability.

How to the best lender to consolidate $90K in business debt?

For example, ABC Tech is a software development company looking to consolidate $90K of business debt. The Chief Financial Officer, Alex, evaluates the company’s financial statements and gets to know that consolidating their debt can improve their cash flow and save interest costs. Alex researched interest rates and fees, reviewed eligibility criteria, evaluated loan terms and conditions, reputation, and customer support, and found six lenders that consolidated their debts with favorable terms.

Understanding of Business Debt Consolidation

In business debt consolidation, a business owner can combine multiple debts into a single loan. Instead of making multiple payments, they can set monthly payment cycles by consolidating all debts. There are various consolidation methods, such as taking a business consolidation loan, choosing a balance transfer option, and opening a business line of credit. This strategy enables businesses to manage debt effectively, reduce the risk of missing payments, and improve cash flow. But before consolidation, analyze its risks and benefits.

The best lender for consolidating $90K in business debt

1. SBA Loan

A SBA loan is a small-business loan; you can take loans for real estate purchases, working capital needs, expansions, and more if you want an SBA loan through a lender or bank. To take this loan, you must have at least 20% ownership in the company. It provides various types of loans, such as the SBA 7 (a) loan, which offers up to $5 million; SBA Export Express loans, which offer up to $500,000; SBA International Trade loans, which offer up to $5 million; and more.


  • It provides competitive rates. ARPs vary between SBA lenders and non-SBA lenders. The interest rates differ for different amounts, such as $25,000 or less is 16.50%, Greater than $25,000 and up to $50,000 is 15.50%, Greater than $50,000 and up to $250,000 is 14.50%, and Greater than $250,000 is 13.50%.
  • The loan offers longer repayment terms. You can pay off repayment for up to 10 years to 25 years. 
  • Broad eligibility requirements: Registered and legal for-profit enterprise, physically located and operating in the United States or a U.S. territory, the borrower has invested their own time and money in the business, the borrower has been unable to acquire funding from another financing institution.
  • Small and large loans are offered from $500 to $5.5 million.
  • Resource centers are available to assist.


  • Borrowers typically must make a down payment between 10% and 20% of the loan.
  • Collateral, such as personal assets or money, is required before applying for the loan.
  • The loan application process takes one or two months for approval.
  • FICO should be at least 680 before applying for the loan. 

2. OnDeck

OnDeck is an online business lender that was launched in 2006. It offers loan amounts of $5,000 and $250,000 with terms of up to 24 months, and business lines of credit range from $6,000 to $100,000, with interest rates between 29.9% and 65.9%. But before applying, you should be aware that the OnDeck starting APR is also high at 35.40%, though the average APR is 60.9%. Loans also come with an origination fee of 0.00% - 4.00%.

Document Requirements

  • Three months of business bank statements
  • Voided business check
  • Copy of your driver’s license
  • Business tax ID number
  • Business owner’s social security number
  • Average bank account balance
  • A minimum credit score of 625
  • At least one year in business
  • Minimum annual revenue of $100,000


  • Fast funding with same-day finding
  • Large borrowing amounts
  • Excellent customer reviews
  • Transparent pricing
  • Lower qualification requirements 


  • High-interest rates because ARP is between 29.9% to 97.3% and 2.5% organization fees.
  • Funds are not available for all businesses.
  • The short loan terms are just 12 or 24 months.  
  • The loan is unavailable for business in North Dakota, South Dakota, or Nevada.

3. Bluevine

Bluevive was launched in 2023 and offers loan amounts between $6000 to $250,000. The lender provides a quick finding in 24 hours but with a high-interest rate and loan terms of 6 to 12 months. This loan is available for every state except Nevada, North Dakota, and South Dakota. It is the best choice for new businesses with at least $480,000 in revenue and businesses that need operating capital on the same day. Flex 6 line of credit offers $6,000 to $250,000 and can increase after 45 days of payment, and the Flex 12 line of credit is available for $6,000 and $250,000 and can increase after 90 days.


  • FICO score of at least 625 
  • Applicants must be in business for at least three years.
  • For Flex 6, a business must generate at least $400,000 monthly or $480,000 annually; for Flex 12, the revenue should be at least $80,000 monthly.


  • Fast approval and funding within 24 hours
  • No organization fees
  • The minimum FICO score is 625


  • High estimate APR up to 50%
  • Not available in all 50 states
  • High revenue requirement of at least $40000 in monthly

4. Funding Circle

Funding Circle is an online lender offering between $25,000 to $500,000. This offers repayment terms of 6 to 84 months, an interest rate between 11.29% and 30.125, an organization fee between 4.49 to 10.49%, and a late payment fee of 5%.


  • Recent six months' bank statements 
  • Business tax returns two most recent years
  • Minimum credit score: 660.
  • Minimum time in business: 24 months.
  • Annual revenue: No specified minimum.


  • Competitive rates and annual percentage rates are between 15.22% to 45%.
  • No minimum annual revenue
  • Faster processing and receiving funds within three days.


  • Not for new businesses and businesses at least established for 11 years.
  • Personal credit card score of at least 660

5. Fora Financial 

Fora Financial is an online lender based in New York. It is the best option for small business loans and short-term working capital. The loan amount is between $5,000 to $750,000 for up to 15 months. It is available for all 50 states, and funds transfer after approval within 72 hours.


  • Minimum credit score: 500
  • Businesses must be in operation for at least six months
  • Minimum monthly income of $15,000 and minimum annual revenue of $180,000


  • Quick funding and get funds in 24 to 72 hours
  • Flexible borrower requirements
  • A personal credit card score is the minimum


  • Offers repayment terms of up to 15 months
  • Charges interest as a factor rate
  • Expensive organization fee

6. National Funding

National Funding offers loans between $10,000 to $500,000 with terms of 4 months to 2 years. The loan factor rate is 1.10, and the organization fee is 1% to 3%. Your business should be at least $250,000 annually and six months old.


  • After approval, the applicant receives funding within 24 hours
  • If you find another better option, they will pay you $1000
  • No down payment required
  • Get a discount when you pay off the loan early.


  • Short repayment terms 
  • Requires minimum annual revenue of $250,000
  • Higher fees than other business lenders
  • High-interest rate

If you want to consolidate high-interest debt like Credit Cards, consolidate with Bright Money, up to $8K credit line.


No business loan fits all. The best business loan depends on personal requirements. Before considering any business loan for consolidation of $90k, analyze factors such as interest rates, repayment terms, business qualification, time to fund, FICO score, etc. But Bright Money shared a list of the best business loans with comparison. You can choose from them as per your needs. 

Suggested Reading

What is the process of a Debt Consolidation Loan?

Does Credit Card Consolidation Affect Your Credit Score?


1. What are the factors to compare lenders for business debt consolidation?

When comparing lenders, consider factors such as loan terms, interest rates, eligibility, reputation, customer reviews, credit card scores, etc., and select lenders that offer transparency, competitive rates, and excellent customer support.

2. What are the benefits of consolidating business debt?

Business debt consolidation has many benefits, such as simplifying finances, improving cash flow, lowering interest rates, and decreasing monthly payments.

3. Will consolidating my business debt affect my credit score?

Consolidation has negative and positive effects on your credit score. Opening a new loan might temporarily lower your credit score, but it will improve over time if you repay on time.

4. Are there any alternatives to debt consolidation for managing $90K in business debt?

Yes, there are alternatives to debt consolidation, such as negotiating with credit issues for lower interest rates, seeking business debt consulting, etc. But it is essential to choose as per your financial situation and consult with financial professionals like Bright Money to get the best advice.






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