One of the best strategies for financing your business is using a loan broker like Llama Loan or Blursoft. A loan broker can help you identify which options you qualify for and what offers will be available for your credit profile. Overall, a loan broker can reduce the legwork you need to do to find the right financing.
At Llama Loan, we want you to feel completely satisfied with your business financing decisions. We have compared our services to help you decide which broker may be right for you. For example, if you want a business cash advance Blursoft and Llama Loan both have options for you to consider.
Compare factors like the types of financing offered, cost of capital, industry focus and more to see which best meets your needs.
Types of Financing Offered
When you are looking for a merchant cash advance Blursoft and Llama Loan both have options. Both also have a variety of other small business financing options.
| Blursoft | Llama Loan | |
| Business Line of Credit | Yes | Yes |
| Collateralized Loan | Yes | Yes |
| Equipment Financing | Yes | Yes |
| Invoice Factoring | Yes | Yes |
| Purchase order/trade financing | Yes | |
| SBA Loan | Yes | |
| Small Business Loans | Yes | Yes |
| Startup Financing | Yes | Yes |
| Merchant Cash Advance | Yes | Yes |
Before you find a broker and start applying for a small business loan, it can help to identify what kind of loan you want. Otherwise, it will be harder to narrow down your options to make the right choice, and you might find that the broker you chose doesn’t have the loan types that are best for your needs. Get Started with Llama Loan today to find out which type of loan best suits your company’s needs.
Lenders in Network
The usefulness of a loan broker will depend on the number and quality of lenders in the broker’s network. Specifically, you want a loan broker that has a high number of potential matches for you. If a loan broker only uses lenders that have the highest requirements, for example, it won’t be helpful for business owners who have poor credit or new businesses.
A loan broker with more options also increases the potential number of lenders that you may match with. When you browse your options, you will be able to filter lenders to see options that have the most favorable rates, terms, fee structure and other elements.
Blursoft currently works with 47+ lenders, while Llama Loan has 80+ in its network. Note that lenders often have multiple options, so both brokers are likely to be able to show you several potential matches. However, if you want to easily compare more options to ensure you’re getting the best deal, you may want to choose a broker with more lenders in its network.
Industry Focus
Some small business loan brokers specialize in certain areas, while others have a broad coverage that will fit almost any small business industry.
Llama Loan does not specialize in or restrict any industry types, meaning it has options for almost any type of business. Blursoft does not operate in all industries. However, it does have special programs intended for startups and Uber drivers, such as the business cash advance Blursoft offers contractors.
Financing Amount
Some types of small business financing offer smaller amounts, while others have much higher caps. This variety is helpful because borrowing more than is necessary can lead to further financial problems if you cannot make regular payments. You also don’t want to borrow less than you need because a new set of terms, fees and interest rates will add extra costs if you haven’t paid off your first loan or merchant cash advance first. Before you apply for any funding, evaluate the initial costs you must cover.
Blursoft and Llama Loan both have options for large and small business loans. Llama Loan options start at $10,000 and go to up to $5,000,000. Blursoft has loan offers starting at a lower amount of $5,000 and as high as $500,000.
Funding Times
When you need small business funding quickly, a loan broker can help by showing you options with quick financing and helping you apply by consolidating everything you need.
Financing like the merchant cash advance Blursoft and Llama Loan offer can be funded quickly. Blursoft advertises possible funding within 24 hours after approval, while Llama Loan has same-day funding in some cases.
Note that the speed of funding also depends on the type of loan you choose, your chosen lender and how long the approval time is. A loan may require a few days or longer of processing even if you can get the funding with a short wait once approved.
If you need funding immediately, make sure the loan broker shows you lenders with both quick approval and funding times and choose loan types that tend to have quick approvals.
Term Length
Blursoft has loan terms that go up to two years. Llama Loan has options for up to five years.
Because the business loan term rate will impact how large your monthly payments are to pay the loan on time, be strategic about getting the right term. Shorter loan terms usually mean paying less interest overall because you pay that additional cost for fewer months. However, shorter loan terms generally mean higher payment amounts. Longer terms have the opposite effects — more interest but shorter monthly payments.
What term length is more advantageous will depend on the loan amount, how quickly your business can reasonably repay the loan without financial strain and how interest rates may vary depending on the term you select. Compare the options to see which is best for your financial health in the long term.
Cost of Capital
The business cash advance Blursoft offers will start with potential factor rates at 1.20. The loans Blursoft offers will have varied annual percentage rates. Llama Loan starts factor rates at 1.15, and simple interest rates start at 6.99%.
The factor rate or interest rate offers you see from a small business loan broker will depend on factors like your creditworthiness, collateral and type of loan.
Blursoft vs. Llama Loan: Which should you choose?
Working with a loan broker is typically free for you as the borrower because the broker gets a commission from the lender, so both Llama Loan and Blursoft can save you time and money by letting you compare options. Which broker is best for you depends on your needs and the needs of your business.
At Llama Loan, we are proud to help people find the financing they need to start and grow successful businesses, and we work with lenders to ensure you see the best financial products in the market. Get Started Today.
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