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If you need money today, a private emergency lender or an online short-term lender is your fastest realistic route, and specialists like Excel Capital Management can often move funds within 24 hours of approval. Speed comes from streamlined underwriting: digital bank statement reviews, automated income verification, and same-day wire options instead of a loan officer sitting on your file for two weeks. Here’s where to start looking and what to do in the next hour.

• Private emergency lenders (Excel Capital Management and similar specialists): fastest overall, flexible underwriting
• Online short-term lenders: fast decisions, higher cost, shorter terms
• Merchant cash advances: quick for businesses with steady card sales
• Business lines of credit: instant draws once approved, but approval itself can take days

Your next move: run an eligibility check, pull your last three to six months of bank statements, and ask any lender their exact same-day funding cutoff time before you apply.

Key Takeaways

Same-day business funding is achievable through private emergency lenders and automated online lenders, but speed depends on documentation readiness, funding method, and daily cutoff times.

Verify Lenders and Loan Programs Before You Commit

• SBA funding programs: compare government-backed loan options.
• SBA disaster assistance (EIDL): check disaster-related funding up to $2 million.
• NMLS Consumer Access: confirm a lender’s licensing status.

Table of Contents

• What Counts as a Same Day Business Loan?
• How Do Fast-Funding Lender Categories Compare?
• Which Loan Types Can Actually Fund the Same Day?
• How Fast Is “Same Day,” Really?
• What Do Lenders Check, and What Documents Do You Need?
• How Do You Pick a Lender and Apply Without Wasting Hours?
• How Excel Capital Management Fills Same-Day Funding Requests
• Should You Improve Your Credit Score Before Applying?
• Can You Get Same-Day Funding With Bad Credit?
• Ready to Check Your Same-Day Funding Options?
• Frequently Asked Questions
• Sources

What Counts as a Same Day Business Loan?

A same day business loan is financing where the funds hit your account, not just your inbox, within the same business day you apply. That distinction trips up a lot of borrowers. Plenty of lenders advertise “instant approval,” but approval and funding are two different clocks. You can get a green light in ten minutes and still wait 48 hours for the wire to clear.

The lenders that actually deliver same-day cash share a few traits: automated underwriting that reads your bank data directly instead of requiring a human to review PDFs, a same-day wire option (usually for a fee), and a hard cutoff time, often early afternoon Eastern, after which your application rolls to the next business day. Publisher guides on emergency funding consistently point to automated document review as the single biggest speed factor separating same-day lenders from everyone else.

How Do Fast-Funding Lender Categories Compare?

Not every “fast” funding option moves at the same pace, and the differences matter more than most borrowers realize until they’re staring at a cutoff clock.

• Private emergency lenders move fast because they underwrite around cash flow, not just credit score, and they’re built for urgency.
• Merchant cash advances work well if your revenue comes mostly through card swipes, but the daily holdback can strain thin margins.
• Lines of credit are the slowest to open but the fastest to use afterward, since draws hit your account almost instantly once approved.

Pro Tip: Ask any lender for their exact same-day cutoff time in writing before you submit documents. A lender that dodges the question is usually a lender that can’t actually hit same-day funding.

For a wide range of business situations, a private emergency loan from a specialist lender is the category most likely to fund the same day, because underwriting decisions rest with the lender itself rather than a multi-step bank approval chain.

Which Loan Types Can Actually Fund the Same Day?

Some products are built for speed. Others advertise speed but bury you in onboarding steps that eat your afternoon.

• Short-term term loans: fixed amount, fixed schedule, good for payroll gaps or a one-time emergency repair.
• Merchant cash advances: an advance against future card sales, useful for a quick inventory buy when cash flow is tight.
• Business lines of credit with instant draws: once the credit line exists, pulling funds can take minutes, ideal for recurring cash flow bridges.
• Invoice factoring: you sell unpaid invoices for immediate cash, common when a big client pays net-60 but your payroll doesn’t wait.
• Emergency private loans: broader eligibility criteria and underwriting built specifically around urgency rather than perfect credit history.

Watch for a red flag pattern: platforms that promise “funding in minutes” but then require notarized documents, a video call with a loan committee, or a multi-day underwriting review before the money moves. That’s not same-day funding. That’s a marketing headline attached to a normal-speed process.

How Fast Is “Same Day,” Really?

“Same day” almost always means three separate clocks: instant decision, conditional approval, and actual funding. An instant decision might arrive in under five minutes. Conditional approval, pending document verification, can take a few hours. Funding itself depends on whether the lender sends money by ACH (usually next business day) or same-day wire, and whether you cleared their cutoff time, typically somewhere between noon and 3 p.m. Eastern.

Costs on fast funding run higher than traditional bank loans, and reputable comparison sites confirm that speed usually comes paired with a higher price tag and shorter repayment windows. Typical fee structures include:

• Factor fees (common on MCAs): a flat percentage of the advance, not a traditional interest rate.
• Origination fees: usually 1% to 5% of the loan amount, deducted upfront.
• Holdbacks: a daily or weekly percentage of revenue automatically withheld until the advance is repaid.

Here’s a worked example. Say you take a $20,000 MCA with a 1.3 factor rate, meaning you repay $26,000 total, and the holdback pulls that back over roughly four months.

Pro Tip: Always ask whether funding arrives by wire or ACH, and whether same-day wire carries an extra fee. Marketplace data shows funding windows can range from same day to several business days depending purely on which method and cutoff time apply to your application.

What Do Lenders Check, and What Documents Do You Need?

Fast lenders skip the 40-page loan package, but they still verify the fundamentals: can your business actually support repayment.

• Bank statements (usually the last 3 to 6 months)
• Merchant processor statements if you’re applying for an MCA
• Recent tax returns or Schedule C for sole proprietors
• Driver’s license and EIN (or SSN for sole proprietors without an EIN)
• Outstanding invoices or accounts receivable aging report (for factoring)

Most fast lenders look at minimum monthly revenue in the low thousands range, time in business typically from a few months up to a year, and recent cash flow trends. Many use a soft credit pull for the initial decision, saving a hard inquiry for final funding.

Do you need an EIN or is a Social Security number enough? Either works for most fast lenders, though an EIN is standard once you’re operating as an LLC or corporation. Sole proprietors often apply with an SSN. Almost every fast-funding product still requires a personal guarantee from the owner, regardless of which entity type you’re using, since these lenders lean on personal accountability to offset lighter underwriting requirements. Learn more about why applications get declined before you submit anything.

How Do You Pick a Lender and Apply Without Wasting Hours?

Speed is mostly about preparation. The lender’s process moves fast; your document-gathering usually doesn’t, unless you plan ahead.

1. Define the minimum amount you actually need. Don’t round up “just in case.”
2. Pick the product category that fits your revenue pattern (card-heavy business, MCA; B2B invoicing, factoring).
3. Run an instant eligibility checker before committing time to a full application.
4. Gather your documents in one folder: bank statements, ID, EIN, processor statements.
5. Confirm the lender’s same-day cutoff time in writing.
6. Sign electronically the moment you’re approved. Delays here cost you a full business day.
7. Request wire transfer if you need funds today, since ACH usually lands the next business day.

Before applying, ask directly: what’s your funding timeline, what are the exact fees, what’s the repayment schedule, is there a prepayment penalty, and are you licensed to lend in my state? You can confirm licensing yourself through NMLS Consumer Access.

• Pre-upload documents before you get a decision.
• Double-check your bank routing and account numbers; typos are the single most common cause of a missed same-day cutoff.
• Walk away from any lender that pressures you to sign before showing you the fee structure in writing.

How Excel Capital Management Fills Same-Day Funding Requests

Excel Capital Management has spent over 30 years financing small businesses that traditional banks move too slowly for, or turn away outright. The process runs on an instant eligibility check, digital document upload, and underwriting built to compress days into hours, with same-day wire available for qualified applicants.

• Instant eligibility screening before you submit full documentation
• Digital-first document review, no in-person meetings required
• Average funding time often around one day for approved applications
• [Client testimonial placeholder: business owner describing funding speed and impact]

When you call or apply, ask about your specific cutoff time, whether funding arrives by wire or ACH, the all-in cost of the offer, and exactly which documents will speed your file to same-day status.

Should You Improve Your Credit Score Before Applying?

If you have a week or two of runway before you truly need funds, a short credit cleanup can meaningfully lower your cost of capital, even for fast-funding products. Most emergency lenders weight cash flow and revenue more heavily than credit score, but score still affects your rate on many term loans and lines of credit.

None of these are instant fixes; a credit bureau update typically takes one to two billing cycles to reflect.

If you genuinely need funds today, don’t delay applying to chase a better score. Same-day lenders exist precisely because credit repair is a weeks-to-months process and cash emergencies aren’t. Apply now with the credit profile you have, then work on improvement afterward using the lower-cost options that open up once your score climbs.

One overlooked point: some fast lenders report your payment history to business credit bureaus. Repaying a same-day loan on schedule can actually strengthen your credit profile for the next financing round, turning an emergency loan into a stepping stone rather than just a stopgap.

Can You Get Same-Day Funding With Bad Credit?

Yes, and this is where private emergency lenders separate themselves most clearly from traditional banks. A bank loan officer runs your FICO score through a rigid approval matrix. A specialist lender looks at your bank deposits, your merchant processing volume, and your time in business, then decides based on whether the numbers show your business can actually repay.

Merchant cash advances are typically the most accessible option for damaged credit, since approval leans almost entirely on card-processing history rather than credit score. Revenue-based lines of credit and short-term loans from private lenders come next, often approving owners with scores in the mid-500s if monthly revenue is strong and consistent.

Expect a trade-off: weaker credit usually means a higher factor rate or interest rate, and sometimes a larger holdback percentage. That’s the cost of underwriting flexibility. Read how high-risk business financing works if your credit history includes a bankruptcy, recent defaults, or a very short operating history; specialized programs exist specifically for these situations, and they still move fast, just at a different price point than a prime-credit borrower would get.

The biggest mistake owners with bad credit make is assuming they’re not eligible for anything and skipping the application entirely. Run the eligibility check. Let the numbers speak instead of guessing based on your credit score alone.

A Note on Using Fast Funding Responsibly

Same-day loans belong on the table for true emergencies, payroll, an equipment breakdown, a time-sensitive order, not for routine expenses a slower, cheaper loan could cover. Speed always trades against cost, so match the product to the urgency, and know your repayment plan before you sign, not after.

Ready to Check Your Same-Day Funding Options?

Excel Capital Management built its process around one gap traditional banks leave wide open: businesses that need cash now, not in three weeks after a loan committee meets. Where a bank asks you to wait, our underwriting runs on your actual bank activity and revenue trends, which is why qualified applicants often see funds move within 24 hours.

Before you call or apply, have these ready: your last three to six months of bank statements, your EIN or SSN, and a clear number for exactly how much you need. Skipping that prep is the single biggest reason applications stall past the same-day window.

If your situation involves damaged credit or an unconventional cash flow pattern, our private business loans page walks through eligibility without the rigid boxes a bank would force you into. Ready to move? Start your emergency funding application today and find out your eligibility before your next cutoff time passes.

Frequently Asked Questions

Can I really get a business loan the same day I apply?
Yes, if you apply before the lender’s cutoff time and your documents are ready. Private emergency lenders and automated online lenders are the categories most likely to deliver.

Do same-day business loans require good credit?
Not usually. Most fast lenders weight monthly revenue and time in business more heavily than credit score, though bad credit typically means a higher rate.

What’s the difference between ACH and wire funding?
ACH transfers usually post the next business day. A wire can land the same day, often for an extra fee, which matters if you’re racing a payroll deadline.

Are same-day loans more expensive than regular business loans?
Generally yes. Faster underwriting and shorter terms mean higher factor rates or APRs compared to a conventional bank term loan.

Should I use an EIN or my Social Security number to apply?
Either works for most fast lenders, but expect to sign a personal guarantee regardless of which one you use.

This article is general information, not a substitute for advice from a qualified financial advisor. Consult a qualified financial professional about your own circumstances before acting on anything here.

Sources

• Sba
• Sba
• Best Same-Day Business Loans of August 2026 – NerdWallet
• Emergency Business Funding for Payroll, Repairs & Cash Flow Gaps | LendingTree
• Nmlsconsumeraccess

Recommended

• Alternative Financing Blog by Excel Capital
• Fast Business Loans – 4 Best Options for Fast Funding
• Emergency Business Loans: How to Get Same-Day Funding
• TrakLoans: How They Can Help Your Small Business

Made with BabyLoveGrowth technology

Looking to start a new business?

The world is changing quickly, but there only ever seems to be more opportunity. 

Software, digital services, new product businesses, and entirely unique offerings never before seen.

Now is an incredible time to start a new business, if you can find something that fits what you’re looking for. 

That brings us to this guide. Below, you’ll find a list of the top trending business ideas of 2024.

They cover a variety of business types, industries, and skill set so that you’re sure to find something that piques your interest. 

Read on to find out more. 

20 Top Trending Business Ideas of 2026 (Definitive List, No Fluff)

The list below is our top picks for the most trending business ideas of the year.

Keep in mind that nothing on the list below is fluff. You may have read lists online with 50 “business ideas” only to be hit with the same basic businesses that have been around for more than a century (and aren’t getting any more popular– i.e. they’re not trending). 

That’s not what this list is.

Each of the business ideas below has been growing in popularity either starting this year or, as is more often the case, over the past several years. 

With that said, let’s get into it. 

These are our picks for the top trending business ideas of 2024: 

1. Online teaching

Online education and digital classrooms have become more popular than ever, and with it the demand for teachers willing to teach remotely. 

If you’re a credentialed teacher, this could be an amazing opportunity to be able to teach full-time while getting more time at home and with family.

2. Remote bookkeeping

Bookkeeping is another service that went remote in the past several years.

You can now find clients online without ever having to leave your home on freelance sites like Freelancer and UpWork, as well as by networking on sites like LinkedIn.

3. Catering

Some chefs in recent years have turned to catering as a viable business model. 

Catering is unique from opening a restaurant in that you don’t need to maintain a large brick and mortar space with high rent, only the space you need to prepare the meals and a delivery truck.

It also gives you more flexibility, as you know and set your schedule with your catering clients.

4. Translation services

If you know a second (or additional) language, you can find translation jobs for an assortment of different tasks online freelance.

Businesses are looking for translators to translate their websites and other marketing material into different languages, media needs translators, and even large content creators looking to scale their businesses. 

You can even scale those translation services yourself into a full-blown service company, making this easy to start up with room for growth.

5. Video production

The internet is largely dominated by video content now, meaning great videographers are in high demand. 

A video production company can handle everything from planning to scripts, shooting, and editing or just focus in on one or more of those if you’re already an expert there.

Many video production companies simply come up with video ideas, the client shoots them on camera, and then they edit and publish, making it a relatively easy business to manage if you know or are willing to learn video production. 

6. Create a newsletter

Paid newsletters have exploded in popularity in recent years. 

What was once exclusively free content (email newsletters) is now a lucrative paid venture, with many newsletters raking in six and seven figures just from paid subscriptions. 

If there’s a topic you have expertise in, or you’re simply obsessed with, or you have experience creating content, you can build a platform that offers a paid newsletter as its primary business model.

7. App development

Apps are as profitable as ever, including everything from digital tools to games. Plus, there’s lots of different opportunities, from developing apps for businesses to creating your own app based on a unique business idea. 

If you have software experience, the app development market is worth looking into, even if you’ve never made an app before but are willing to learn the in’s and out’s.

8. Social media marketing

Social media marketing has been a hot topic for several years, but it hasn’t slowed down by any means.

In fact, if anything it’s become a cornerstone of most business’s marketing strategy where before it seemed optional.

The advantages of a social media marketing agency is that you can focus in on the social channels you know best and become an expert at them. 

SMM agencies also tend to get paid quite well for client work while the work is relatively easy and doesn’t require high expertise.

9. Food truck

The food truck rage may have died out, but that doesn’t mean that they aren’t still incredibly popular.

Food trucks, similar to catering, are a great way to make use of your skills if you’re a certified chef without having to put up the same level of initial investment as you would have to with a restaurant. 

It also gives you the flexibility to hit the road while you get to make amazing food for your customers to enjoy.

10. Photography

Similar to video, high-quality photographers are in high demand not only for the traditional events such as weddings, large events, and corporate functions but also for creating high-quality marketing material. 

If you’re a passionate photographer, there are lots of angles you can approach this and places you can hone in your niche to make a profit while you scale up the business.

11. Business consulting

Consulting is another booming freelance opportunity and one with great scaling potential.

Businesses all around the world are constantly looking to get ahead. If you have experience in anything that can help a business grow, you can build a company around offering that expertise as a business consultant.

12. Self-storage 

As families all around the country have downscaled and the largest group of retirees ever in U.S. history retires, self-storage has grown in popularity.

The baby boomer generation have set out in their RVs or simply downscaled to meet their reduced retirement income, leading to self-storage to become highly sought after. 

If you’ve done real estate or service before, self-storage is a great business to consider. Hours run long unless you hire help and you need initial capital to purchase your storage facility, but the margins are high and the business type stable.

13. Daycare provider

Home-based daycares are still around and have increased a fair bit in popularity recently, making a daycare an easy business idea to start up and scale.

If you love children and want to pursue childcare as a career but teaching isn’t quite for you, this is a great option to consider.

14. Mobile auto repair

Mobile mechanics have become more and more popular over the past few years, with full-fledged businesses with entire fleets of mechanics cropping up all around the country.

If you’re a mechanic looking to make some extra money on the side while also having the potential to scale the business into something more, starting a mobile mechanic business is a great option to consider.

15. Website development

Similar to app development, website development has been popular for some time but hasn’t slowed down. 

It is true that services such as Wix have made it easier than ever to create a website for cheap yourself, turning many lower-priced clients away. 

However, where the real money lies is in servicing higher-priced clients who want custom websites (often based on WordPress) that these services don’t offer and can’t match.

16. Business startup and planning

New business owners and seasoned business owners looking for every advantage both often use business planning and startup services to help them get off the ground right.

This can be something as simple as market research and business plan creation to something more extensive such as helping with the startup process. 

It really all depends on your level of expertise and where you’re at. This makes it a great business for starting without much investment while also having lots of room for growth.

17. SEO consultant

Like video production and social media, SEO is a pillar of modern marketing.

SEO can be a bit more complex than video production and especially social media marketing, but learning it helps you develop valuable skills that companies will pay top dollar for.

It’s also easy to get started freelance while you develop your skills and portfolio and work on scaling the business. 

18. Subscription box

Subscription boxes hit it off a few years back, but the space has continued to grow and become larger since. 

The cool thing about subscription box businesses is that there are a limitless number of things you can base the business– and your boxes– on.

Pick a physical product associated with a passion of yours and see if a company exists already that offers a subscription box for that thing. 

If there is, you know there must be some sort of demand for it and it’s likely a business idea worth considering. 

19. Beauty brand

Producing your own custom beauty products has become incredibly easy with platforms online that help you link up with suppliers and manufacturers for everything from packaging to the actual beauty products themselves. 

If you have experience in content or beauty, or are simply willing to learn, you can create a brand around yourself and launch a beauty brand through it using social media platforms like TikTok and Instagram as your launching pad.

20. Career coach

Millennials and Gen Z are most interested in development opportunities(Gallup), especially as it relates to jobs. This in part has made career coaches more popular than ever.

As a career coach, you can pivot into an entirely new direction by taking an existing expertise and teaching others how to build a career around it. 

Plus, you can get official certification through something such as the CPCC to get a boost of credibility, which will help you obtain clients faster (and better clients). 

Find An Idea Worth Pursuing?

There are countless amazing business ideas out there, but the one that’s best for you will bring together a combination of your:

• Experience and knowledge
• Passion
• And motivations 

Consider not only what works for you but also what the world needs and how you can carve a niche in a way that helps you stand out.

Also consider how much startup capital is needed to start your new business, as every business has different startup costs.

When you’re ready to grow your business, Excel Capital is here to provide the capital you need to go to the next level.

We hope this guide on the top trending business ideas of 2024 helped you find something worth pursuing.

Your personal credit report acts as a gateway to your financial future.

Right now, your report may or may not be very promising. 

The good news is you’re in full control of what shows up on your credit report, so you ultimately decide that future. 

And with the right steps, you can open the way to the funding your business needs any time you need it.

But first, you need to obtain your credit report so that you know what you’re working with.

And that’s exactly what we’re going to help you with in this guide.

Below, we’ll cover:

• The single best– and only officially recognized– way to obtain your credit report (for free)
• How to read your credit report
• How your credit score is calculated
• Tips for cleaning up your credit report and improving your credit
• And how to obtain business funding no matter what condition your personal credit is currently in

Obtain a business loan even with bad credit. Apply to see if you’re approved today: Apply Now

How to Obtain Your Credit Report for Free (Only Officially Recognized Method)

By law, U.S. citizens are entitled to obtain their credit report for free, once from each of the three major credit bureaus every 12 months.

However, many credit monitoring services will mask this fact behind a paywall of credit monitoring.

While credit monitoring can be useful, you’re not required to pay for monitoring to obtain your credit report. 

According to the FTC.gov, only one website is officially authorized to provide U.S. citizens with a free credit report.

That site is AnnualCreditReport.com (annualcreditreport.com/index.action). 

This means you do not have to pay any company or service for access to your credit report. 

If you haven’t already obtained a copy of one of your credit reports (no matter from which credit bureau), it’s suggested you have that as we go through the rest of this guide. 

Having it on hand will allow you to make notes and mark it up with areas that need attention, whether that’s improvement, removal, or simply some research. 

So, if you haven’t yet, head to AnnualCreditReport.com to get a free copy of your credit report. 

How to Read Your Personal Credit Report

Your credit report is a collection of your financial data (such payment history, current debt) gathered by a credit bureau, typically one of the major bureaus in Experian, Equifax, or TransUnion. 

Access to your credit report can be requested by you or anyone you authorize to run your credit for the purpose of using your credit score and/or report to help grade your financial eligibility. 

The information on your credit report is separated into 4 major sections:

• Personal information
• Credit history
• Credit inquiries
• Public records

Personal information

This section includes basic information such as your name, address, and phone numbers:

Credit history

Credit history includes credit accounts, how much you owe (if anything), how long the account has been open (or closed), and whether you’ve ever been late on payments:

Credit inquiries

When you apply for credit, that company or lender will run a hard inquiry on your credit, which impacts your credit score immediately up to 1 year and lasts on your credit report for up to 2 years. 

Those inquiries appear on your credit report in the proceeding section, typically just after your accounts:

Public records

Finally, public records includes all assorted items such as judgments, liens, bankruptcies, and foreclosures

Once you understand how your report is structured and what is included in each section, it’s much easier to read through your report. 

However, there are some confusing terms that show up in credit reports you’ll want to know as well to make sure you understand everything that’s included in one of your credit reports.

A quick breakdown of all those confusing credit report terms

Here’s a quick breakdown of some of the most common terms that may appear on your credit report:

• Collection account: When a debt can’t be collected, large companies tend to sell that debt off to a debt collector. That account will show up as a collection account. 
• Charge-off: You might notice that some of your credit accounts say “Charged-off”. This means the creditor has given up on trying to collect the debt and written that debt off as a loss on their taxes. That debt may or may not have then been sold to a debt collector, so check to see if that same debt shows up as another account under a different name. 
• Open account: An open account includes any financial responsibility to which you pay off each month, such as a cell phone or utility bill. 
• Revolving account: This includes revolving credit accounts to which typically a portion of the balance is paid each month such as credit cards.

For a list of additional terms and codes that may appear on your credit report, several credit bureaus and other financial institutions offer handy guides, such as Creditfirm.net. 

How to Calculate Your Credit Score

Now that you understand how to read your personal credit report, let’s dive into your credit score. 

Your credit score is a direct reflection of the state of your credit report. 

If you learn what factors impact your credit score and how to read your credit report, you can put that knowledge together to vastly improve your credit. And you can do it often within a relatively short period of time. 

*Getting 9002 or 9003 credit when running your credit score? Find out what it means and what you can do about it. 

How you credit score is calculated

Credit agencies such as FICO and VantageScores take the data collected by the various bureaus to calculate your score. 

After calculating the data, they produce a score somewhere between 300 and 850 based on various factors, one score for each major credit bureau. 

It’s these agencies that calculate and produce your score, not the credit bureaus themselves. This is an important differentiation that’s critical to understand if you want to fully comprehend how your credit report and score work.

What factors impact your score? 

So then, how is your credit score calculated? 

There are 5 major items from your credit report that impact your score and these are the items you should be looking for when reviewing your credit report for possible improvements.

Below, we’ve organized those major factors in order of importance. The percentage (out of 100% total) indicates how important that particular factor is in calculating your score:

1. Payment history: 35%
2. Credit utilization: 30%
3. Credit history: 15%
4. Credit mix: 10%
5. New credit: 10%

Payment history: 35%

Easily the most important factor when it comes to calculating your credit score at 35% of your score, payment history accounts for just over ⅓ of your entire score’s calculation. 

This includes the number of on-time payments, late payments, and when those payments were made.

Suffice it to say, try to never be late on a payment. 

However, it’s also important to note that FICO and other agencies state a couple of late payments aren’t going to kill your score. 

It’s much more of a collection of factors taken together than any one thing dominating the scoring calculation. 

Credit utilization: 30%

The second of the two most important factors in calculating your credit score is credit utilization. Taken together, payment history and credit utilization account for 65% of your score 

Credit utilization takes into consideration the amount you owe, particularly what percentage of your available credit you’ve borrowed from. 

The less you’re borrowing from your available credit, the better your score.

For example, it’s generally advised to use no more than 20-30% of your available credit. If you have a $250 credit card, another $500 card, and a final card with a $1000 limit, your available credit is $1750. 

However, you should shoot for spending just $350-525 of that amount (the less the better). 

Credit history: 15%

Most notably, this takes into consideration the age of your credit accounts. 

The longer your accounts have been open, the better your credit score will be. However, this also accounts for how long you’ve been actively using those accounts.

Ideally, you should have multiple accounts open for a long period of time all which you’re also actively using, even if it’s only a small portion of the available credit.

Credit mix: 10%

Credit mix accounts for just 10% of your score’s calculation and it has to do with the combination of credit accounts you have on your report.

This one is a bit vague, but it’s generally suggested that a good mix of revolving and installment accounts of different types is best. 

The idea is that it indicates the borrower (you) can handle different types of credit, further increasing your credit score. 

New credit: 10%

New credit is the final element and it accounts for another 10% of your score.

This includes two different things: 

1. New inquiries
2. New credit accounts

First, soft inquiries don’t affect your credit. However, hard inquiries– such as when a car dealership or bank runs your credit for a loan– do impact your credit and stay on your credit report for up to 2 years. 

Second, opening several new accounts within a small window of time can also impact your score, as it can suggest that you’re in financial trouble. 

However, something else not often considered: opening new accounts lowers your average account age, which also impacts your credit history. 

4 Best Tips for Improving Your Credit

Now that we’ve covered what to look for on your credit report to start building toward a better credit score, we’ll cover some of our best tips for improving your credit.

Here are tips for improving your credit: 

1. Get credit monitoring

One of the single most important things you need to do if you’re serious about working on your credit is credit monitoring.

Credit monitoring, through sites such as Credit Karma, gives you a gateway into your credit activity. 

It will tell you not only when something has positively or negatively impacted your score, it will tell you when new items are added to your credit report, and help you identify credit fraud swiftly.

2. Remove old, erroneous, and fraudulent items

If you haven’t been keeping an eye on your credit report all this time, chances are that one or more items have landed on it that can be removed.

This includes items that: 

1. simply old and should have fallen off
2. Erroneous items such as credit accounts being listed twice, and
3. Fraudulent items you might never have noticed

Examples of items you might see and be able to remove from your credit report include a UCC filing or UCC lien, which often stay on your credit after they’ve expired and can easily be removed, tax liens, or judgments. 

Sometimes, companies will run your credit without your authorization. If you notice an inquiry you know you did not permit, you can request to have it removed.

Another example is a credit account which you’ve paid off or has been charged off, both of which can often be removed in some cases. 

3. Pay on time, no matter what

As we talked about earlier, your payment history accounts for ⅓ of your entire credit score. 

That means making sure that you’re paying on time is one of the single most important things you can do to improve and maintain your credit score. 

Don’t forget that if you’re having trouble paying something on time, you can call most companies and request an extension. Many industries offer up to 2 extensions a year (or more), which means you have flexibility if need-be. 

4. Optimize your credit utilization

Similarly, credit utilization is nearly ⅓ of your entire score. 

Many aren’t aware of the importance that credit utilization plays in terms of your credit score. And, if they are, many more aren’t aware of just how much of their credit they should be spending. 

Most sources will suggest you keep your credit utilization below 30%. This is technically true. However, if you keep it to under 20%, the difference is significant and it requires just a little extra self-restraint.

Alternatively, you can look into whether you’re available for a credit limit increase from any of your credit cards. 

Obtain the Funding Your Business Needs (Even without Great Credit) with Excel Capital

You credit is a gateway to some of life’s most important moments: your first (or next), a new home, or obtaining a business loan to get your business off the ground. 

Now that you have your credit report in hand, you might be wondering what your options are.

If you’re working on improving your credit, don’t let that hold you back from obtaining the cash your business needs to move forward.

At Excel Capital, we’ve helped thousands of business owners find the perfect funding solution for them.

We know that every business owner is at a different stage and a lack of accessible capital (or good credit to get that capital) shouldn’t be the reason your business doesn’t succeed.

We’ll work with you to identify the perfect option to fit your business– and your goals– no matter where you are in your credit-building journey.

Click below to apply:

Get the capital your business needs. Apply with Excel Capital today: Apply Now

Table of Contents:

1. What are private business loans?
2. What types of private business loans are there?
3. Why get a private business loan?
4. How to get a private business loan
5. Frequently asked questions

What are private business loans?

Private business loans don’t refer to a specific type of business loan.

Rather, it refers to any alternative business loan (i.e. a business loan offered by a lending institution other than a traditional bank) offered by a private lender.

Hence, the private in private business loans. 

Private funding can include several different lending types, including:

• Crowdfunding and peer-to-peer funding
• Microfinancing
• And most of all, alternative business loans

Private business loans specifically offer one unique advantage of traditional bank financing: an alternative source of business funding. 

And that funding is often easier to obtain or offers alternative qualification requirements, that combined allow you to potentially obtain funding for your business when otherwise you wouldn’t.

What types of private business loans are there?

Private business loans encompass a whole suite of lending products. 

Some are short-term, some medium, some long. Some offer a one-time lump sum, others a more continuous flow of capital based on your needs. 

And still others are designed specifically for certain types of businesses, including those which invoice their customers.

The more you know about each loan type, the better you’ll be able to identify a funding vehicle that’s the best fit for accomplishing your business goals. 

Here are the main types of private business loans:

Term loans

Term loans are primarily separated into 2 different loan types: short-term and medium-term.

Term loans is a blanket term which refers to virtually every type of private business loan, including:

1. Unsecured business loans
2. Business lines of credit
3. Merchant cash advances
4. Invoice factoring
5. Asset-based loans

Learn more about short and medium-term business loans.

Business lines of credit

A business line of credit is a unique lending vehicle that gives you access to a pool of credit that you can tap into whenever you need it.

When you’re approved for a business line of credit, you’re given a credit limit. All you have to do is make sure that you pay off your balance regularly and you’ll be able to continuously tap into it over time.

This makes a business line of credit especially great for seasonal businesses. 

Learn more about business lines of credit.

Financing

Financing is an umbrella that includes two main types of funding products: equipment financing and invoice financing: 

Equipment financing

Equipment financing gives you the ability to get the funding you need to finance a vital piece of equipment when you don’t have the cash to get it on hand. 

You’re able to fund the full cost of that piece of equipment with the equipment itself working as collateral as you pay it off at interest. 

Learn more about equipment financing.

Invoice factoring

Invoice financing works similar to equipment financing in that you use one or more (often many) of your business’s invoices as collateral (instead of a piece of equipment) to obtain financing which you then pay off at a specified interest rate. 

Invoice financing is useful as a way to bridge the gap when you have open invoices in your accounts receivable and need to maintain a steadier cash flow, something many businesses suffer from.

Learn more about invoice factoring.

Merchant cash advance

A merchant cash advance is a unique type of business financing in that it uses your daily credit card sales as a form of soft collateral that also determines your loan amount.

You get an amount based on your regular credit and debit card sales which you then pay off with interest by setting up an ACH auto debit straight from your credit card processor each time you batch out. 

MCA’s are flexible in that because you’re paying the loan off at a percent of your credit card sales; when your sales dip so does your loan repayment amount go down. 

Learn more about merchant cash advances.

Hard money lending

Hard money lending is a type of asset-based lending, a type of financing secured by a tangible asset such as a car, property, or liquid asset such as cash savings.

Hard money lending specifically works as a short-term “bridge loan”, named so because it’s designed to help businesses bridge the gap on large projects where the project must be completed before getting paid.

Think hard money lending is the perfect option for your business? See what you could be approved for. 

Peer-to-peer lending

Peer-to-peer lending (also referred to as P2P), is a form of crowdfunding which has become increasingly popular over the past few years. 

With P2P, a group of people come together, typically on a P2P lending platform that facilitates the transaction, and offers a pool of funds to a borrower at interest. 

Learn more about peer-to-peer lending.

Pros and cons of private business loans

Private business loans tend to work a bit differently than traditional bank loans. 

That’s mostly a good thing. However, there are not only pros but also cons to this as well.

Before deciding how you’ll be funding your business capital needs, you should know what those pros and cons are to help you make an informed decision. 

Pros of private business loans

The major overarching pros of private small business loans are:

• Easier approval: Private lenders take into consideration the complete picture of your business’ health, not just your credit score. Because of this, you can often be approved for a loan or advance with bad or fair credit. 
• Faster funding: Private lenders typically pride themselves on their speed as they don’t have to move through the same hoops that clog the bank loan approval process. Most alternative lending options fund in 24-48 hours. 
• More options: Private lenders have a variety of funding options even beyond that which traditional banking institutions typically offer. For example, if you need funds but don’t have the money now to start paying off a loan but do have outstanding invoices, invoice factoring could offer you the chance at getting the funding you need when a traditional bank funding application might leave you without anything to show. 

Within these points are many positive subpoints such as no hard collateral requirements, little or no credit requirement in many cases, and more convenient terms.

However, each lender is different. Make sure to take time to look at your options and go with the product, lender, and terms that make the most sense for your business and its goals.

Cons of private business loans

When it comes down to it, there really is just one primary con of private business loans: higher rates.

Not all private business loans have higher rates, but most do. That’s for one primary reason: most have different qualification requirements. 

As we touched on a moment ago, private business loans have more flexible terms and qualification requirements. In particular, that means two things:

• You don’t need great or even good credit to get a private loan.
• Most business loans through private lenders don’t require hard collateral like bank loans do such as property, a vehicle, or cash savings. 

Those are big positives. However, the flip side of that is many private loan products have higher APRs and shorter loan terms to make up for that increase in risk the lender takes on as a result. 

It’s important to make sure and review any loan contract before signing to make sure that the numbers make sense for you and your business. 

It’s easy for a high APR to become overwhelming. But many private lenders offer fair and competitive APRs, so do your homework before taking that final step. 

Get the funds you need without the headache– and fast– with Excel Capital

At Excel Capital, we know how much work it takes to run a business.

You have enough to deal with, you don’t want to stack the often painful process of applying for a loan that is often the bank application process on top of that.

Plus, what if you don’t have the credit?

You work hard each day to grow your business, and sometimes, just to keep it afloat.

Times change, sometimes there’s growth, other times you’re fighting to survive.

In both cases, a little extra capital may be exactly what you need to keep things moving forward. 

That’s why we’re here to help.

We believe that the traditional process of jumping through hoops to be approved for a bank loan and needing stellar credit just to get approved is unrealistic for modern businesses. 

That’s why we’ve designed a collection of flexible business financing options that offer everything you need, whether you’re looking for:

• A quick infusion of cash to pay the bills
• A seasonal boost to prepare for your busy time
• Or a large sum of capital in times of growth

Our application process is quick, simple, and easy.

Complete our online application and see how much you can be approved for: Apply Now

Frequently Asked Questions

What Is a Bridge Loan?

A bridge loan is a short-term, loan that helps “bridge the gap” until a longer-term funding method can be secured by the borrowing party. 

A bridge loan– sometimes referred to as a swing loan, bridging loan, bridge financing, or gap financing– has several unique applications, especially in terms of real estate where a bridge loan can allow you to purchase a new property before selling your current one. 

A bridge loan has several unique applications, especially in terms of real estate where a bridge loan can allow you to purchase a new property before selling your current one. 

For that reason, bridge loans are often secured using an existing property. 

Table of contents

1. How do bridge loans work?
   • Bridge loans vs. traditional loans
2. Bridge loan examples: What can you use a bridge loan for?
3. Pros and cons of bridge loans
4. Is a bridge loan for you?
5. Frequently asked questions

Get the capital your home-based business needs. Apply for an unsecured business line of credit with Excel Capital: Apply Now

How Do Bridge Loans Work? 

Bridge loans work differently depending on the reason why they’re being used. 

However, in terms of real estate– where they’re commonly used to purchase a new home before selling your old property– they work like this:

• You, the borrower decide you want to purchase a new property before selling your current home
• You apply and are approved for a bridge loan
• You then use the equity in your home as collateral for the down payment on the new home loan
• Finally, you begin paying back the bridge loan

Keep in mind that it’s possible you’ll need to begin paying back the bridge loan before the old property has sold.

That can put added pressure on you as you’ve just taken up a new mortgage (depending on whether that new mortgage is more or less expensive than the old one). 

Bridge loan vs. Traditional loan

Often, approval for a bridge loan works a bit differently than a traditional loan. 

How are they different? Here are the main ways a bridge loan tends to be different from a traditional bank loan:

• They often have faster approval time and funding speed
• They also typically have higher interest rates
• Terms tend to be shorter than traditional loans, from a few months to one year in most cases
• Approval factors tend to be different than traditional loans as well, with lower FICO requirements and debt-to-income ratio guidelines. 

Bridge Loan Examples: What Can You Use a Bridge Loan For?

As we talked about earlier, bridge loans are common in real estate as they serve as an effective way to close what can be an awkward gap between waiting for a property to sell and buying the next.

With a real estate bridge loan, the property owner can move forward with purchasing that new loan without having to wait for the old property to sell, giving them added flexibility especially if they think the property may take a while to sell. 

The two mortgages are then combined with the loan itself covering 80% of the combined value of both properties. 

However, this isn’t the only way that bridge loans are used.

Bridge loans are used commonly by both large businesses and individuals to bridge the gap between the time it takes for them to obtain funding when purchasing things such as:

• A new facility for a product-based business
• A larger office
• An investment property for the purpose of real estate investing
• Or even the materials needed for a large construction job

Pros and Cons of Bridge Loans

While bridge loans have several unique qualities, there are also disadvantages that make them great for some in certain situations and not in others.

Here are the pros and cons of bridge loans:

Pros of Bridge Loans:

Pro: Flexibility to bridge the gap between important purchases

The primary benefit of bridge loans, the flexibility you gain by being able to bridge the gap between a sale or more secure funding for a large property or equipment purchase isn’t a small thing at all. 

The ability to buy a new home before you sell your home you’re currently living in is a big benefit that many find worth the higher interest rates. 

Pro: Might skip payments

Depending on various circumstances, by using a bridge loan to purchase a new property before your old one sells, you can often skip several mortgage payments in the process.

While this might sound like a small plus, considering that could be all or most of the time you need to get the sale, that can often be the perfect reprieve to manage the challenge of handling both mortgages while waiting for that old property to sell. 

Cons of Bridge Loans:

Con: High interest rates

Bridge loans typically have higher interest rates than home equity loans, typically about 2% higher than the average 30-year fixed-rate mortgage, making them more expensive in the short term. 

Con: Handling two mortgages at once can be stressful

While a bridge loan rolls both mortgages up into one, you’re still handling the two simultaneously, which can create added stress while you’re looking for a buyer for the old property. 

Is a bridge loan for you?

Whether a bridge loan is the funding tool you need depends on what you need funding for and your timeline.

If you’re looking to make a new real estate purchase and you’re on a short timeline, or it will take time to sell, a bridge loan might be a good option.

If you need to make a large equipment purchase now but securing the funding will take time, a bridge loan could be exactly what you need to get that critical piece of large-scale equipment in place now so that you don’t skip a beat. 

However, it’s also important to know that many other funding options are available to you, so take the time to consider your options and make the choice that best fits your needs. 

Apply for a Bridge Loan with Excel Capital

If you’re in need of capital fast and can’t qualify for traditional financing due to strict credit requirements or you simply need funding faster than a traditional institution can provide, apply with Excel Capital.

Depending on which funding option you choose, you could be approved and funded in as little as 24-48 hours.

Get started and see what you can be approved for:

Get the capital your business needs fast. Apply for a bridge loan with Excel Capital: Apply Now

Frequently Asked Questions

Table of Contents:

1. What is an online business loan?
2. Online business loan rates and fees
3. How to be approved for an online business loan
4. Business loans by industry
5. Frequently asked questions

What are online business loans? And how is it different from a traditional bank loan?

An online business loan is the same as any traditional business financing option, with one difference: you can apply, get approved, and be funded all online, without ever having to step into a bank or lending office. 

However, while that is the only true technical difference, the reality is that online lenders tend to provide unique offerings when compared to traditional bank loans.

For one, the application process is typically faster and more stress-free. After all your applying for business funding online from the comfort of your own home. 

With a bank loan, the application and approval process can often take a full month. With an alternative or online lender, you can often be approved and even funded in around 24-48 hours. 

At a time where banks have tightened restrictions and made it more difficult than ever to apply for a business loan from a traditional institution, many new alternative lenders are making it easier than ever. 

Excel Capital’s Business Line of Credit Program

For example, Excel Capital’s business line of credit program offers flexible financing options with monthly rates starting as low as 1.5% (up to 9.5%).

Our online business line of credit program gives you access to a recurring reserve of capital anytime you need it. Simply pay your balance down and you can continue to access more capital when you need it.  now that’s an easy online business loan. 

Plus, we offer funding even if you don’t have perfect credit. Where traditional bank financing often requires a 680-720+ credit score, our program requires just a 550 score or higher. 

Excel Capital Business Line of Credit Program:

Funding Amount

Get a credit line for your business up to $250,000

Repayment Term

6-12 Months revolving

Requirements

• Credit score of 540+
• Time in business 1+ year
• $50,000+ annual revenue
• Less than 3 negative occurrences on your bank account in the past 90 days

• No hidden fees
• Simple repayment terms
• Lightning-fast approval within 30 minutes, funds instantly

We offer a variety of business financing solutions to meet your funding needs. Click here to submit an application and learn more about what options are available to you. 

Online business loan rates and fees

One of the primary differences between traditional business bank loans and alternative or private business loans are the rates and fees.

While alternative business loans offer many advantages over traditional bank loans, because bank loans are offered by huge financial institutions, they can typically offer lower and more competitive rates. 

In addition, online business loans from alternative lenders often have additional fees to cover certain costs. 

However, keep in mind that both rates and fees will depend primarily on the lending product more than the lender you obtain it from.

So, make sure to inspect your loan agreement before signing on the dotted line to make sure you’re getting a fair deal. 

How to be approved for an online business loan

Getting approved for an online business loan from an alternative lender is much easier than with a traditional bank.

However, there are still certain requirements you’ll need to fulfill to be approved. 

Each business financing product is different, but there are a few common qualifications that most require.

Excel Capital’s business financing solutions are designed to be accessible to young businesses just getting off the ground as well as seasoned operations.

Some basic requirements for many of our financing options include:

• In business for 6+ months
• Annual revenue of $10,000+
• Business is in good standing (no bankruptcies, judgments, or liens)

Each of our lending solutions is different. So, to find out more, submit an application here or click below to discover what you can be approved for:

Complete our online application and see how much you can be approved for: Apply Now

Business loans by industry

Excel Capital provides small business financing options specifically suited to a variety of industries, including:

• Restaurants
• Car Dealerships
• Trucking Companies
• Accounting Firms
• Liquor Stores
• Florists
• Manufacturers
• Funeral Homes
• Food Trucks
• Insurance Agencies
• Construction businesses

If your industry isn’t listed here, don’t worry!

We offer business loan options to business owners in every industry.

To find out how much you can be approved for and speak to one of our customer service representatives, submit an application here or click the button below:

Complete our online application and see how much you can be approved for: Apply Now

Frequently Asked Questions

You’ve spent time coming up with your next big (or first) business idea…

… and now you’re ready to pull the trigger.

The only problem?

You have no idea what ecommerce platform to pick. 

It’s true that there are a ton of great options out there for anyone interested in starting an ecommerce platform in 2021. 

However, once you’ve found those options, it can be hard narrowing it down to find the one that’s a perfect fit for your needs and goals. 

That’s where this guide comes in.

Below, we’ll not only show you what the best ecommerce platforms are for 2021, we’ll breakdown the highlights of each so you can make an informed decision on which is right for you.

So, let’s get to it. 

The Top 8 Best Ecommerce Platforms for 2021

The best ecommerce platforms for 2021 are (in no particular order)…

1. Squarespace
2. Wix
3. Shopify
4. Magento
5. WooCommerce
6. Salesforce Commerce Cloud
7. Square Online Store

Here’s a detailed breakdown of each of the best ecommerce platforms:

1. Squarespace

While not a dedicated ecommerce platform, Squarespace has risen as a major player in the space.

Not to be confused with Square, the payment processor and checkout solution, Squarespace is known for its beautiful site designs and ease of use. 

Similar to Wix, what many consider to be one of the top 3 ecommerce platforms, Squarespace offers a simple drag-and-drop interface that makes it simple and easy to build your ecommerce site from scratch. 

It also offers:

• 14-day free trial
• Unlimited products
• Physical and digital product compatibility
• Mobile-optimized checkout
• Multiple payment methods
• Ecommerce analytics
• Subscriptions
• Cart recovery
• And more features

Squarespace is particularly well-suited for artists and any creative type selling a custom product or artwork as many of their themes are designed to help you show off your creative work. 

It also has nice blogging features and podcast integration to take care of the content marketing side of things. 

Pricing

Square space offers several tiered plans at:

• Personal: $12 / month
• Business: $18 / month
• Basic Commerce: $26 / month
• Advanced Commerce: $40 / month

However, keep in mind that Squarespace is not a dedicated ecommerce platform.

Their personal plan doesn’t offer ecommerce functionality and their business plan has 3% transaction fees while also not having access to 100% of Squarespace’s ecommerce features.

To take advantage of the abovementioned ecommerce features, you’ll need to go with their Basic Commerce plan for $26 a month.

Try Squarespace

2. Wix

Wix is well-known for its online influencer and celebrity commercials that show just how easy it is to create your website. 

It’s not all show, either. 

Wix is probably the easiest of the drag-and-drop platforms, and that’s saying something since they already make creating a website from scratch far easier than it’s ever been before. 

However, Wix has more going for it than just its ease of use. It’s also a fantastic ecommerce platform. 

You can set up your entire ecommerce website– adding products, details, images, you name it– using that same drag-and-drop functionality. 

Plus, Wix has literally hundreds of ecommerce templates to choose from, so you can easily find one that fits your style. 

Wix also offers:

• A 14-day free trial
• Unlimited products
• Multiple carrier functionality
• Cart recovery
• Dropshipping (new)
• Zero transaction fees (only payment processor fees from your processor)
• And more

Pricing

Wix offers 4 ecommerce plans:

• Business Basic: $23 / month
• Business Unlimited: $27 / month
• Business VIP: $49 / month
• Enterprise: $500 / month

Each of Wix’s payment plans offers unlimited bandwidth, with only a small difference in terms of features, the main difference being in available storage space. 

Try Wix

3. Shopify

Shopify is one of the most well-known ecommerce platforms there is.

The unique part about Shopify, and its strong point, is that it can accommodate the new solopreneur as well as the large-scale startup.

The platform is super easy to use right out of the box with its drag-and-drop functionality, but it also has powerful features that large-scale ecommerce operations need to make the most of things. 

Features such as:

• 14-day free trial
• Built-in payment processor
• Mobile-optimized themes
• Point-of-sale systems available
• Gift cards
• And more

Where Shopify also stands out is in its award-winning, 24/7 support, which is a rarity in an industry that has notoriously bad (or, at best, shoddy) customer service. 

Pricing

Shopify has three different basic plans:

• Basic Shopify: $29 / month
• Shopify: $79 / month
• Advanced Shopify: $299 / month

You’ll notice right away that Shopify is much more expensive compared to some of the simpler drag-and-drop platforms such as Squarespace and Wix. 

While they’re not quite as simple or inexpensive, Shopify contrasts that by offering room to grow with your business, where something like a Wix or Squarespace can feel limiting if your business starts to take off. 

However, like the first two platforms we mentioned, Shopify also has a 14-day free trial you can use to check it out first to see how you like it. 

Try Shopify

4. Magento

Another long-time major player, Magento stands apart as an enterprise-level ecommerce solution compared to the other platforms on this list.

In other words, it’s really powerful, but also really expensive. 

For example, it’s used by companies like:

• Nike
• Hewlett-Packard (HP)
• And Canon

It requires a huge upfront investment but offers features and bandwidth unmatched by most other competitors. 

If you’re in need of something much more robust, this might be the right choice for you. Features include:

• 1000+ themes
• Customer segmentation
• Industry-leading mobile optimization and features
• Instant purchases
• Content staging
• And more

Pricing

Being an enterprise-level solution, Magento is designed for large businesses. 

Its main pricing plan starts at $20,000. 

It does have other small business plans, but you don’t get the majority of the features that make Magento a stand-out option, so they’re not really worth considering. 

Try Magento

5. WooCommerce

WooCommerce is one of the longest-standing ecommerce solutions for businesses online, having been around since 2008. 

What sets WooCommerce apart is that it’s a plugin designed specifically for the WordPress platform.

So, the main reason you’ll likely decide to use WooCommerce is if you decide WordPress is your website platform of choice.

However, that’s not the only pro of WooCommerce.

WooCommerce places the majority of its special features in hundreds of free extensions, including subscriptions and additional payment options such as Google Wallet. 

Not all of these are free, though. Some of the more premium extensions can cost upwards of $300. 

Pricing

WooCommerce itself is a free plugin, so it’s the only truly free option on this list and a worthy mention for that reason alone.

Starting a website on WordPress is also free. 

However, to make the most of your site you might find yourself wanting to pay for one or more plugins to get features you might otherwise get included in a platform like Wix or Squarespace (though there are typically free alternatives, some of these plugins are less than optimal). 

Also, while the price might be attractive it is worth mentioning that it will likely take you a good bit longer to get your website up and running.

It’s easy to get your website up with WordPress, at least compared to starting a site a few years back.

However, it still can’t be compared to the Wixs and Squarespaces of the world, which make the process quick and virtually painless.

Try WooCommerce

6. Salesforce Commerce Cloud

Salesforce is considered by many to be one of the best and most powerful CRMs on the market.

Now, it’s expanded into the ecommerce arena with its own offering.

Similar to the WooCommerce + WordPress combo, going with Salesforce Commerce Cloud means you get the power of the Salesforce CRM and their ecommerce platform in one, which can be an attractive offer when you see everything Salesforce can do. 

It’s not particularly well-suited for new businesses and even less suited for solopreneurs without employees.

However, if you have a team, it could be the right fit. 

It’s an especially good fit for B2B businesses as well as Salesforce CC has many B2B specific features. 

One of those unique features is Salesforce’s powerful AI tools, which allow for certain automation and data extraction capabilities from things like purchase history and visitor behavior that other platforms just can’t do. 

Pricing

Being a higher-end (typically enterprise-level) company, Salesforce Commerce Cloud doesn’t list their pricing on the website.

In other words, that means it isn’t cheap.

Having said that, they do offer a free trial to get a feel for the platform and see if it might offer what you’re looking for before jumping in. 

Try Salesforce

7. Square Online Store

Our final option on the list, Square Online Store is a unique one.

Chances are, you’ve seen one of Square’s physical POS terminals in a business you’ve bought something from without even knowing it. 

That’s because, well… they’re everywhere. 

What isn’t as widespread is the knowledge that they also offer an ecommerce platform to go along with those POS terminals. 

Square’s ecommerce platform offers a few unique features, such as scheduling pickups and Instagram selling.

However, where it really shines is in the integration of its POS terminals with its ecommerce platform, which opens up a collection of features that are hard to get otherwise.

Pricing

Square is 100% free to get started with.

However, they do have processing fees which are fair and typical at 2.9% + .30 cents per transaction. 

Monetarily, where Square really shines is if you decide to integrate Square’s POS systems with their ecommerce platform, where you can maximize their combined power for unique features if you have a physical location that requires POST terminals. 

Otherwise, Square has a hard time performing on the same level as other ecommerce platforms. 

Try Square

Which of the best ecommerce platforms should you choose?

There really is no one “best” ecommerce solution online.

Which you should choose comes down to a few basic questions:

• Do you need POS terminals (i.e. do you sell something in a brick-and-mortar store)? Square is likely best.
• Are you a solopreneur or do you have a large team? Wix, Squarespace, Shopify, or WooCommerce is generally best for solopreneurs while Magento or Salesforce CC for enterprises. 
• Would you prefer a little more customizability (WordPress) or ease-of-use (Squarespace, Wix)?
• Is visual style more important (Squarespace) or functionality (Shopify)?
• Do you prefer to have more features (Shopify, WooCommerce) or want a simple out-of-the-box solution (Wix, Squarespace)?

Whichever you choose, most platforms offer a free trial period. So, jump in and try a few out to get a feel for which ecommerce platform feels right for you. 

LegalShield is a prepaid legal-services membership that connects individuals, families and small businesses with a provider law firm for covered legal matters. Instead of paying only by the hour, members pay a recurring fee for specified consultations and services. But is LegalShield worth it? The answer depends less on the headline price than on whether the membership terms and state-specific plan contract cover the work you are likely to need.

Bottom line: LegalShield may be worthwhile for people who expect to use routine legal advice, document review or other included services. It is less compelling if you need a particular lawyer, extensive litigation, specialized work or services excluded from your state-specific contract. This independent review explains how the membership works, what current public review platforms show and what to check before enrolling. For additional context, see the American Bar Association’s guidance on prepaid legal plans and finding a lawyer.

Editorial disclosure: Excel Capital Management is not a law firm, and this article is general information—not legal advice. Prices, features and reviews can change. Confirm current terms directly with LegalShield and consult a licensed attorney about your situation.

What is LegalShield?

LegalShield, operated by Pre-Paid Legal Services, Inc., sells subscription legal plans. Members contact LegalShield through its app, website or phone system and are connected with a provider law firm. According to LegalShield’s small-business contract-service overview, covered services can include consultations, document checks and certain lawyer letters; work beyond the plan may be available at a discounted rate. Coverage still varies by plan and state.

The American Bar Association describes prepaid legal plans as arrangements that can reduce the cost of routine help, while warning consumers to understand the coverage and any out-of-pocket contribution before joining. In other words, a legal plan is not the same as unlimited representation for every dispute. Businesses evaluating recurring legal costs may also find Excel Capital’s business education resources useful when planning professional-services expenses.

How does LegalShield work?

1. Choose a plan. Use the official LegalShield plan comparison to check included services, page or matter limits, waiting periods, exclusions and discounts for work outside the plan.
2. Submit a legal matter. Members generally start through the LegalShield app, website or phone support.
3. Connect with a provider lawyer. A participating law firm evaluates the matter and explains what the plan covers.
4. Approve any additional cost. If the work is not fully covered, ask for the scope, discount and fee arrangement in writing before proceeding.

LegalShield plans and pricing in 2026

On August 17, 2026, LegalShield’s public pricing page listed three monthly personal plans: Basic at $39.95, Advanced at $49.95 and Premium at $59.95. Its small-business plans ranged from $59.95 to $169.95 per month, with different allowances for document review, lawyer letters or calls, collection letters and other services. Annual billing options may differ.

These are snapshots, not guaranteed quotes. LegalShield states that availability and benefits vary and directs buyers to the contract for their state for complete coverage, limitations and conditions. Verify the current price and contract before purchasing.

Common personal-plan services

• Consultations about personal legal issues
• Review of eligible documents, subject to plan page limits
• Will and power-of-attorney preparation on qualifying plans
• Traffic-ticket or civil-trial assistance where covered
• Discounts on additional services that fall outside full coverage

Common small-business services

• Consultations and legal research
• Review of qualifying business documents
• A limited number of lawyer letters or calls, depending on plan
• Debt-collection letters and specified IRS-audit help on eligible plans
• Discounted or flat-fee work for certain non-covered services

Important: “Unlimited consultations” does not mean unlimited drafting, negotiation or courtroom representation. Read the service definitions and state contract for waiting periods, pre-existing matters, page limits, hourly limits, exclusions and fees.

What do public LegalShield reviews show?

There is no single scientific poll proving whether LegalShield is worth it. Public review platforms are self-selected samples and can measure different things: some reviewers rate the company, while app-store reviewers may be rating the software experience. Still, current figures provide a verifiable snapshot.

Review snapshot checked August 17, 2026. Counts and scores change over time. These are platform results, not an Excel Capital Management poll, and they should not be combined into one average because each platform uses a different audience and methodology.

LegalShield pros and cons

Potential advantages

• Predictable recurring cost: A membership can make routine legal questions easier to budget for.
• Convenient access: The app and phone channel can reduce the friction of finding help for a new matter.
• Useful routine services: Document review, consultations, wills and lawyer letters can provide value when they are included and actually used.
• Reduced fees outside coverage: Plans advertise discounts for certain additional services, although the member still pays the remaining fee.

Potential drawbacks

• Coverage is conditional: Limits, exclusions, waiting periods and state variations can materially change the value.
• Provider experience can vary: Members may work with the designated provider network rather than choosing any lawyer they want.
• Complex matters can cost more: Litigation, specialized advice or substantial drafting may fall outside full plan coverage.
• Public feedback is mixed: Ratings differ substantially across Trustpilot, BBB and the two major app stores.
• Unused membership has low value: A low monthly fee still adds up if you rarely use covered services.

Is LegalShield worth it?

LegalShield may be worth it if you expect recurring, routine legal needs and the contract clearly covers them. Examples can include reviewing ordinary agreements, asking questions about a consumer dispute, preparing basic estate documents or obtaining a covered lawyer letter.

LegalShield may not be worth it if you already know you need extensive litigation, highly specialized counsel, guaranteed representation by a specific attorney or substantial work excluded from the plan. In those cases, compare a written fee quote from a suitable attorney, a certified lawyer-referral service, limited-scope representation or local legal-aid resources.

A simple break-even test

Multiply the monthly price by 12, then compare that annual cost with the covered services you realistically expect to use. Do not count a service at full retail value unless your plan contract actually includes it. Add any waiting-period risk, non-covered fees and the value you place on quick access to a provider lawyer.

Questions to ask before you enroll

• Which services are fully covered in my state?
• Are there page, hour, matter or annual limits?
• Are existing disputes or pre-existing events excluded?
• How soon should the provider law firm respond?
• Who chooses the lawyer, and can I request another provider?
• What will I pay for work beyond the plan?
• How do cancellation and renewal work for monthly or annual billing?

LegalShield alternatives

LegalZoom

LegalZoom may suit people who want self-service business formation, registered-agent or document products in addition to attorney-plan options. Read our LegalZoom review for a closer comparison.

A local attorney or lawyer-referral service

Directly hiring a lawyer may be a better fit for a complex, urgent or high-stakes matter. The American Bar Association recommends understanding fees in writing and provides information about approved lawyer-referral programs.

Legal aid or limited-scope representation

People who meet income or matter requirements may qualify for free or low-cost legal aid. Limited-scope representation—paying a lawyer for only part of a matter—can also be an alternative when full representation is unaffordable.

Frequently asked questions

Is LegalShield legitimate?

LegalShield is an established prepaid legal-services company, not a law firm. A membership connects users with provider law firms for services defined by the applicable plan. Legitimacy does not mean every matter is covered or every customer experience will be the same.

Does LegalShield cover court representation?

Some plans include specified trial-defense or court-related benefits, but eligibility, waiting periods, exclusions and hour limits apply. Check the plan contract for your state and obtain written confirmation for your matter.

Can I choose my own lawyer?

LegalShield generally connects members with a provider law firm. If choosing a particular lawyer is important, confirm the network and reassignment rules before purchasing.

Can I cancel LegalShield at any time?

Cancellation rules can depend on the membership and billing term. Review the current cancellation instructions and renewal terms before enrolling, and keep written proof of any cancellation request.

Is LegalShield worth it for a small business?

It can be worthwhile for a business that repeatedly uses covered consultations, document reviews, letters or collection services. Compare the annual membership cost with realistic usage and the contract limits; complex transactions and litigation may still require additional fees.

Final verdict

LegalShield can provide practical value when its covered services match predictable legal needs. It should be evaluated as a defined subscription contract—not as unlimited legal representation. Read the state-specific terms, compare the annual cost with likely use, and get pricing for non-covered work before deciding.

Legal planning is one part of running a resilient company. Business owners can also explore our business education resources, compare small-business loan options, learn how a business line of credit works or review business loan calculators.

Sources and further reading

• LegalShield plan pricing and comparison
• LegalShield terms of service
• American Bar Association: finding a lawyer and prepaid plans
• American Bar Association legal-help FAQ
• Trustpilot LegalShield reviews
• BBB LegalShield customer reviews
• LegalShield on the Apple App Store
• LegalShield on Google Play