Noble Funding

Borrowing Costs

The interest rate you’ll pay on a Noble Funding loan depends on your credit score. Rates on its term loans start at 8.99%. When you apply for a quote, Noble Funding will tell you how much it will cost to borrow, so there shouldn’t be any surprises along the way.

One benefit of Noble Funding is that it doesn’t charge any upfront fees. Not all lenders will waive fees for documentation or loan origination like Noble does; for example, Crest Capital charges a $250 documentation fee 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 credit score precludes you from getting a good rate, take the time to improve your financial position first.

Applying for a Loan

To apply for a loan from Noble, first you have to contact the company online or by phone to get a quote. A loan specialist will analyze your business’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 approved a few hours later, as you can do with lenders like Rapid Finance and SBG Funding.

Since Noble offers a lot of loan products, it wants to make sure it puts you in the right one. This lender views you as a partner; it wants to continue funding your needs for years to come. When dealing with the loan specialist, you’ll need to provide information about your business, financial documentation, and proof of business ownership.

What sets Noble Funding apart from its rivals 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 doesn’t get any friendlier than that. You can’t have any bankruptcies or a lien on your assets, though, and you need to have at least a 51% ownership stake in the business.

Source: Noble Funding

Loan Types and Terms

This lender offers several different loan types, including these products:

• Short-term bridge loans can be $100,000 to $2 million. Noble can approve a loan in 24 hours and fund it within three days. There are no upfront fees or collateral requirements. It doesn’t require a personal guarantee either, which isn’t common in the alternative loan market. The terms on its short-term bridge loans range from four to 18 months. Once you pay half the loan back, you can continually renew the loan. That’s yet another reason Noble Funding is one of our best picks. You can have a credit score as low as 500 and still get a loan. However, be careful if your credit score is seriously challenged, as you’ll be stuck with a high interest rate on the loan.

• Long-term loans can go up to $500,000. Noble Funding can approve you in two or three days, and the APR starts at 8.99%. There is no collateral required, and terms can be three, four or five years. You’ll need a credit score of at least 650 and positive net income in one of the past two years. You have to be in business for 18 months or more before applying.

• Unsecured loans go up to $2 million. Depending on the loan amount, Noble Funding can approve the loan the same day you apply and fund it the next business day. If you are borrowing more than $250,000, it will take 48 hours to approve and fund the loan. Unsecured loans don’t require much documentation; you only need a credit score of at least 525, and you have six to eight months to pay it back.

Did you know? Noble Funding is one of the few lenders we reviewed that doesn’t require collateral and a personal guarantee. Most lenders want these protections in case you default on the loan.

Those are just a few of Noble’s loan products. The company also offers equipment financing, inventory loans and purchase order financing.

Source: Noble Funding

Helpful Hints

Noble Funding requires documentation for some of its loans. For instance, the lender will need to verify that you hold more than 50% ownership of the business. It’s a good idea to gather your financial documentation before you fill out a loan application. That will speed up the process.

Noble Funding Features

Strong Reputation

Noble Funding is well on its way to providing more than $1 billion in small business funding. The company has been in business since 2005, has an A+ rating with the BBB, and has more than 100 positive reviews on Trustpilot. That kind of track record should give borrowers some assurance that Noble Funding isn’t going to try scamming them into paying exorbitant hidden fees or only provide unreasonable repayment options. Many lenders aren’t always upfront with you – this isn’t the case with Noble Funding.

No Collateral Required

Noble Funding doesn’t require you to offer up collateral or a personal guarantee. We like this feature; it isn’t common in the industry and shows that Noble Funding has faith in its customers’ ability to repay their loans.

Relaxed Qualifications

Noble Funding is willing to work with small businesses even if their credit has taken a hit (or two or three). You can get a loan with a credit score of around 500. You will pay a higher interest rate if your score is this low, but sometimes that’s worth it. It does have stricter requirements for its long-term loans.

Key takeaway: Noble Funding has a strong reputation in the industry for good reasons – it offers a variety of loans, doesn’t require collateral or a personal guarantee, and has relaxed qualifications.

Customer Service

Noble Funding provides customer service by email and phone during normal business hours. Unlike some lenders in the marketplace, this company prides itself on treating each borrower as a unique situation. There are no one-size-fits-all loans with Noble Funding. The company listens to its customers, analyzes their current and future prospects, and then finds a loan that meets their needs. Since it has a network of lending partners, you won’t have to worry about this lender putting its needs ahead of yours. It is one of the few lenders that doesn’t charge any upfront fees.

Noble Funding has been providing small businesses with loans and accredited with the BBB since 2005. Another thing that makes this lender stand out on the customer service front is its glowing reputation. It does not have a single negative review on the BBB site, and it has more than 100 positive reviews on Trustpilot. When you are in the business of lending money, you are already at a customer service disadvantage, so that number of positive reviews is impressive for an alternative lender.

Drawbacks

Depending on your situation, there are a few potential downsides to Noble Funding. If you want to borrow money for a long term, you need a credit score of at least 650. That could shut some borrowers out. If you have a low credit score and get approved, you face the real possibility of paying a high interest rate. You must weigh that cost against the benefit before signing the loan documents.

Another possible negative is that you need at least a 51% ownership stake in your business to be eligible for a Noble Funding loan. Depending on a company’s setup, that could pose a problem for some potential borrowers.

Summary

Noble Funding is our best pick for customer service for a plethora of reasons, starting with its experience and ending with its flexibility.

We recommend this lender for:

• Business owners who have a credit score of at least 650 and are looking for a long-term loan
• Borrowers who prioritize customer service, a good reputation, and personalized guidance in their lending partner

We don’t recommend this lender for:

• Borrowers who have a low credit score and are concerned about paying a high interest rate
• Minority owners in the business
• Businesses that need fast approval and same-day funding