If you’re looking to finance your small business, you may wonder what the best alternative to Grain Credit is.
Many apps provide financing in different ways, whether through traditional loans or more creative financing options like crowdfunding.
You should check out these 10 best apps like Grain Credit that help entrepreneurs get the money they need to start their small businesses.
1. Square
The mobile payment tool has helped many small businesses get up and running with financial services.
Square helps small business owners process payments quickly without a traditional point-of-sale system.
It’s highly rated and ideal for companies that are just starting. Users have access to analytics data, too.
Plus, there are no fees for using Square if you sign up for its service as a merchant (as opposed to an individual), which is excellent news for newbies who don’t want to spend extra money on startup costs.
You can accept credit card payments through those platforms if you prefer PayPal or Stripe.
2. Stripe
There are many reasons to consider Stripe when building your app, even if you’re not going head-to-head with others in your industry.
It’s an option that makes accepting payments and managing multiple transactions easier.
The Stripe dashboard makes reporting easier and has payment options that can help boost sales.
If you have an online store or need to manage many transactions, check out Stripe and consider signing up.
You might be surprised at how much easier it can make your life when running a small business!
Some companies even offer to finance using apps like Grain Credit, which helps business owners take advantage of new opportunities without worrying about their credit score or capital cost.
3. American Express
A loan from American Express works just like a credit card. When you apply online, they ask you to submit information about your business’s finances, and if approved, you can make purchases through American Express, just like a credit card.
If you cannot pay off your balance in full at the end of each month, interest is charged—just as with a regular credit card.
Since businesses can get paid up to 120 days after providing goods or services, paying by invoice is often more economical than paying by credit card.
It could easily be an additional service that Grain Credit could offer businesses that take advantage of its monthly financing plan.
Plus, it offers loans to businesses of all sizes (unlike other options), so there’s no need to worry about having enough assets or revenue.
The downside? It doesn’t come cheap: The minimum annual fee is $500 per year (but it also comes with rewards points) for those looking for the best apps like Grain Credit.
4. Kabbage
With a quick online application and a small business credit score, you can get an instant cash advance from Kabbage.
The service is available 24/7; you only need an Internet connection and a debit card.
Unlike other alternative lending options, Kabbage doesn’t require collateral or credit checks—you enter information about your business to receive an offer.
Kabbage will make two payments when you do, first into your bank account and then directly to your suppliers to cover expenses like inventory or payroll.
Kabbage will be paid back in full if all goes according to plan once you close out your invoices with new customers or additional revenue through sales; this is interesting for anyone searching for the best apps like Grain Credit.
5. Bluepay
It’s easy to get financing through BluePay: Apply with your computer or smartphone in just a few minutes. There’s no credit check, and you can use cash to pay down bills.
Plus, when you use BluePay, your customers pay what they owe—immediately. BluePay has no late fees, hidden costs, or extra time managing delinquent accounts.
And if you need more than $5,000 in financing to start your business, we recommend getting it from a traditional lender like Lending Club instead of using apps like Grain Credit.
6. iDAPT
The iDAPT platform is a digital marketplace that connects small businesses and consumers with local, independent business service providers.
They’ll handle any business services you need—from ad design to web hosting.
Though they started focusing on tech support, they now offer hundreds of services in 50+ categories, so no matter what your business needs are, chances are they’ll be able to help you find something at a competitive price.
No need to pay retail! Just fill out their online form and get matched with a small business in your area that can do it all for you—for less than it would cost otherwise.
You get what you want without going through an expensive intermediary, so iDAPT is one of our favorite sites like Groupon!
7. MyBambu
If you want to finance your business using and looking for apps like Grain Credit through a simple credit card, MyBambu may be your answer.
MyBambu, which has received funding from Mark Cuban and other prominent VCs, is a bank that gives small businesses lines of credit without requiring collateral.
However, that’s not all. When you make a purchase, MyBambu handles things like automatically setting up payment reminders and taking care of any customer service issues after the fact—all at no cost to you or your customers.
Bamboo should be on your radar if you’re looking for financing options other than a traditional loan (such as an SBA loan).
8. Fundbox
Funding is a bit of a catch-22 in that it’s tough to get without an established business, but it’s also hard to build a business without funding.
Funding gets easier when you know where to look; check out Fundbox, which offers financing up to $50K and has flexible repayment terms to pay back at your own pace (and only when needed).
Interest rates are competitive at 9%—but even if your application is rejected, you can still access free expert advice from their Funding Circle community. There are no fees or penalties; you can apply in as little as 60 seconds.
9. Affirm
If you’re looking to finance your business without taking out a loan, Affirm might be a better option.
Like other financing apps, you can set up automatic payments in exchange for no interest, making it easy to track all your expenses and find money from another source when needed.
The downside? Affirm doesn’t provide any capital, so if you want more cash than what you bring in through sales or financing options like tax returns or lines of credit, there is no option besides taking out a loan.
If that isn’t an issue for your small business, Affirm can help eliminate some concerns about cash flow with low payments designed to fit any budget.
10. OnDeck
While traditional small business financing often takes days, weeks, or even months to secure, OnDeck offers same-day funding that’s received within 24 hours.
Users can apply online, and funds are available in at least three minutes.
For most small businesses, there’s no better solution than OnDeck; it provides quick access to capital that can be used to pay down debt or stock inventory for upcoming events or sales promotions.
It’s fast and straightforward so that you won’t need a credit check.
Rather than risk your finances by lending money against assets like your home or car, consider securing a loan from OnDeck: it helps business owners access their financing at competitive rates with easy approval and straightforward terms.
Conclusion
There are tons of options when it comes to financing your small business.
Just remember, app-based financing isn’t a replacement for credit cards or personal loans—it’s an additional source of capital you can use in conjunction with traditional financing methods.
While they may not offer instant approval, apps like Grain Credit can help bridge those financial gaps to get your business off on the right foot.
