8 Best Easy Business Loans for 2023
This article is part of a larger series onBusiness Financing.
The best easy business loans should have qualification requirements that are easy to meet—they’ll have low credit score requirements, allow startups with less than two years’ time in business to qualify, or have low revenue requirements. They should also have an application process that can be completed quickly, with approvals that can be issued within 24 to 48 hours.
Here are the eight best easy business loan providers:
- Fundbox:Best overall line of credit for low rates
- National Funding:Best for borrowers with low credit scores
- QuickBridge:Best for a simple application process
- OnDeck:Best line of credit for instant access
- American Express:Best for businesses with low revenue
- Lendio:Best for multiple loan options
- Bluevine:Best for flexible line of credit terms
- SBG Funding:Best for long-term equipment financing
Note that while these loans can be easier to get than others, interest rates can be higher for businesses with lower credit scores or revenue. However, these loans can help you build credit, which can improve your chances of qualifying for a better interest rate for subsequent loans you may need.
Best Easy Business Loans at a Glance
Minimum Credit Score |
Estimated Annual Percentage Rate (APR) |
Maximum Loan Term |
Maximum Loan Amount |
Annual Revenue Requirement
|
|
---|---|---|---|---|---|
|
600 |
10% to 79% |
24 weeks |
$150,000 |
$100,000 |
|
600 |
10% and up |
5 years |
$500,000 |
$250,000 |
|
600 |
5% and up |
24 months |
$500,000 |
$250,000 |
|
625 |
29.9% and up |
24 months |
$250,000 |
$100,000 |
|
640 |
Varies |
18 months |
$150,000 |
$36,000 |
|
560 |
Varies |
10 years |
$5 million |
$50,000 |
|
625 |
6.2% to 78% |
12 months |
$250,000 |
$480,000 |
|
500 |
10% and up |
10 years |
$5 million |
$120,000 |
Fundbox: Best Overall Line of Credit for Low Rates
|
|
Rates & Terms
|
|
Starting Interest Rate
|
4.66% |
Estimated APR
|
10% to 79% |
Loan Amount
|
Up to $150,000 |
Repayment Term
|
12 or 24 weeks |
Repayment Schedule
|
Weekly |
Funding Speed
|
24 hours |
Loan Type
|
Line of credit |
Qualifications
|
|
Minimum Credit Score
|
600 |
Time in Business
|
6 months |
Business Revenue
|
6 months |
We picked Fundbox as the best overall provider for easy loans because of its easy application process, fast funding, and low rates. Depending on when you submit an application, you could get approved and have access to funds as quickly as the next business day.
The provider offers a line of credit that can be used for a variety of business purposes, something that also landed it a spot on our list of thebest working capital loans. Rates start as low as 4.66%, and you can get credit limits that can go as high as $150,000. Repayments can be made weekly payments over 12 or 24 weeks, although its best rates are typically found on its shorter 12-week loans.
Newer businesses or individuals with bad credit have a good chance of being approved with Fundbox. To be eligible for financing, you need to be in business for six months, with annual revenue of at least $100,000. You will also need to have a minimum credit score of 600.
One downside with the provider is the fact that you’ll be limited to a weekly repayment schedule. With frequent payments being required, you’ll need consistent cash flows to make timely loan payments.
To submit a loan application, you can visit the Fundbox website.
National Funding: Best for Borrowers With Low Credit Scores
|
|
Rates & Terms
|
|
Starting Interest Rate
|
5% |
Estimated APR
|
10% to 136% |
Loan Amount
|
$5,000 to $500,000 |
Repayment Term
|
4 months to 5 years |
Repayment Schedule
|
Daily, weekly, and monthly |
Funding Speed
|
24 to 72 hours |
Loan Type
|
Term loan and equipment financing |
Qualifications
|
|
Minimum Credit Score
|
600 |
Time in Business
|
6 months |
Business Revenue
|
$250,000 annually |
With a low credit score requirement of 600, National Funding is our pick for borrowers who have bad credit. Although some providers listed here may advertise a lower requirement, National Funding is more willing and able to find solutions that work for borrowers.
It provides a personalized experience for each customer, unlike many lenders. You’ll have a personal contact with someone on the team, and the provider approaches each loan on a case-by-case basis to understand your funding needs to be able to match it with the best loan you’re qualified for. The majority of applications are kept in-house, although some may be brokered out.
Generally, this lender is a good choice for companies that are already doing well and looking to continue growing. It requires just six months’ time in business, but the annual revenue requirement of $250,000 is the second highest out of all the providers in our guide. To satisfy that requirement, your most recent three months of bank statements must support that level of earnings.
你可以选择从几个不同类型的贷款ns, including equipment financing, term loans, and working capital loans. Depending on the loan you’re applying for, rates start as low as 5% with up to $500,000 in funding available. You also have flexibility in repayment terms from four months to five years. Payments can be made daily, weekly, or monthly.
Applications can be completed in less than 2 minutes, with approval and funding to follow within 24 to 72 hours. To apply, check the National Funding website.
QuickBridge: Best for a Simple Application Process
|
|
Rates & Terms
|
|
Starting Interest Rate
|
5% (1.10x factor rate) |
Estimated APR
|
5% and up |
Loan Amount
|
$10,000 to $500,000 |
Repayment Term
|
24 months |
Repayment Schedule
|
Daily and weekly |
Funding Speed
|
24 hours |
Loan Type
|
Term loan |
Qualifications
|
|
Minimum Credit Score
|
600 |
Time in Business
|
6 months |
Business Revenue
|
$250,000 annually |
QuickBridge fits the criteria for an easy business loan because of its simple application process and low documentation requirements. Applications can be completed online in minutes, and you’ll only need to provide three months of bank statements and a driver’s license.
The provider has many similarities to National Funding when it comes to loan terms and repayment periods, but there are some differences. QuickBridge doesn’t have the option to make monthly payments, and loan terms may not be more than 24 months. However, rates are competitive and start as low as 5%.
After you submit an application, you can work with a QuickBridge advisor to discuss your business goals and needs. This is done to match you with the best possible loan. To be approved for a loan, you must have a credit score of at least 600, be in business for six months, and have $250,000 or more in annual revenue.
Head to the QuickBridge website to submit an application.
OnDeck: Best Line of Credit for Instant Access
|
|
Rates & Terms
|
|
Starting Interest Rate
|
9% |
Estimated APR
|
29.9% and up |
Loan Amount
|
|
Repayment Term
|
|
Repayment Schedule
|
|
Funding Speed
|
Same day |
Loan Type
|
Term loan and line of credit |
Qualifications
|
|
Minimum Credit Score
|
625 |
Time in Business
|
1 year |
Business Revenue
|
$100,000 annually |
OnDeck offers a line of credit that provides you with instant access to funds 24/7. This makes it an excellent choice if you want quick access to cash, as some providers require you to wait several hours or days.
Its line of credit has a maximum credit limit of $100,000, which is one of the smaller loans on our list of providers. APRs start as low as 29.9%, with weekly repayment terms of up to 12 months. If you need a larger loan amount, you can consider the provider’s term loans, which have up to $250,000 in funding. Term loans must be repaid on a daily or weekly basis, with terms of up to 24 months.
OnDeck gives you the ability to obtain a quote before submitting a full application. If you’re happy with the rate you are quoted, you can proceed with a full application, which can be completed in around 15 minutes. Once reviewed, your loan can be funded within 24 to 48 hours. Qualification requirements include a minimum credit score of 625, 12 months’ time in business, and $100,000 in annual revenue.
If you don’t meet OnDeck’s revenue requirement, you can consider Kabbage, which requires $36,000 in revenue. It has recently been rebranded as American Express’s Business Blueprint, but the two are identical products. You can read ourKabbage vs OnDeck comparison.
To get a quote, learn more, or submit an application, visit the OnDeck website.
American Express: Best for Businesses With Low Revenue
|
|
Rates & Terms
|
|
Starting Interest Rate
|
|
Estimated APR
|
Varies based on loan term |
Loan Amount
|
|
Repayment Term
|
6, 12, or 18 months |
Repayment Schedule
|
Monthly |
Funding Speed
|
1 to 3 days |
Loan Type
|
Line of credit |
Qualifications
|
|
Minimum Credit Score
|
640 |
Time in Business
|
1 year |
Business Revenue
|
$3,000 monthly |
While many providers require $100,000 or more in annual revenue, American Express requires only $36,000. This is a much easier qualification to meet, which makes it the best choice for businesses with lower revenue.
其他条件符合贷款包括一个最小值imum credit score of 640 and 12 months’ time in business. Applications for a line of credit can be completed online in less than 10 minutes. If approved, the draws you take will have monthly repayment terms of either six, 12, or 18 months. The rate you’ll get is determined by the term of your loan. Rates with American Express are in the form of monthly fees.
This product was formerly known as Kabbage Funding and has been recently rebranded as American Express’s Business Blueprint. Along with this rebranding, the provider now advertises a much faster funding speed of one to three days. Previously, it could take up to two weeks to get approved and funded.
If you have any questions or want to learn more, you can contact American Express using its toll-free number, or you can submit an application on its website.
Lendio: Best for Multiple Loan Options
|
|
Rates & Terms
|
|
Starting Interest Rate
|
|
Estimated APR
|
Varies |
Loan Amount
|
|
Repayment Term
|
|
Repayment Schedule
|
Monthly |
Funding Speed
|
|
Loan Type
|
Term loan, line of credit, short-term loan, invoice financing, and equipment financing |
Qualifications
|
|
Minimum Credit Score
|
|
Time in Business
|
|
Business Revenue
|
|
With a network of more than 75 lenders, Lendio is our choice as the best easy business loan provider to get multiple options. You’ll also have more chances to get approved for the best loan for your needs.
While having many options can be useful, one of the downsides is that you may not know the exact loan rate or qualification requirements until after you apply. The approval and funding speed can also vary depending on the type of loan you need. For example, term loans and equipment loans can be funded in 24 hours while lines of credit can take as long as two weeks.
However, to simplify the process, applying with Lendio gives you the ability to work with one of its funding managers to help you find the best loan for your needs. They can work with you to find a loan based on how quickly you need funds and what you might be qualified to get.
Submitting an application takes 15 minutes. There are no fees to apply, and any required documents can be uploaded online.
You can learn more and apply by heading over to the Lendio website.
Bluevine: Best for Flexible Line of Credit Terms
|
|
Rates & Terms
|
|
Starting Interest Rate
|
6.2% |
Estimated APR
|
6.2% to 78% |
Loan Amount
|
$5,000 to $250,000 |
Repayment Term
|
12 months |
Repayment Schedule
|
Weekly and monthly |
Funding Speed
|
24 hours |
Loan Type
|
Line of credit |
Qualifications
|
|
Minimum Credit Score
|
625 |
Time in Business
|
24 months |
Business Revenue
|
$40,000 monthly |
Bluevine是我们挑选最好的信用额度with flexible terms because of its repayment options, low rates, and large loan amounts. You can make payments on a weekly or monthly basis, qualify for rates as low as 6.2%, and get a credit limit as high as $250,000.
While Bluevine is excellent compared to other line of credit providers such as Fundbox, it isn’t our pick as the best overall easy business loan provider because it has higher rates and more strict qualification requirements. To qualify for a loan, you’ll need a credit score of 625, $480,000 in annual revenue, and 24 months’ time in business.
However, it has a fast application process. You can complete the online application and receive a decision in under 10 minutes, with funding occurring within 24 hours. Once approved for the line of credit, the draws you make must be repaid within 12 months.
When repaying the loan, you can choose between the lender’s weekly or monthly payment plans. The monthly plan requires slightly higher qualification requirements, which include a minimum credit score of 650 and at least two years’ time in business. If you’re currently on a weekly repayment plan and want to switch, you must also demonstrate 10 consecutive weeks of timely payments.
There are no setup, subscription, and termination fees. So, you can close the line of credit if you decide it’s no longer the right fit for you. To apply, go to the Bluevine website.
SBG Funding: Best for Long-term Equipment Financing
|
|
Rates & Terms
|
|
Starting Interest Rate
|
3.75% |
Estimated APR
|
10% and up |
Loan Amount
|
Up to $5 million |
Repayment Term
|
1 to 10 years |
Repayment Schedule
|
Monthly |
Funding Speed
|
Same day |
Loan Type
|
Term loan |
Qualifications
|
|
Minimum Credit Score
|
500 |
Time in Business
|
6 months |
Business Revenue
|
$120,000 annually |
In addition to low qualification requirements, SBG Funding offers equipment financing for up to 10 years. That’s more than any other provider listed in this guide, making it a good choice for business owners wanting to spread payments over a longer period.
SBG Funding can finance up to 100% of the equipment value, which can minimize upfront cash requirements for a down payment. Rates start at 3.75%, with terms ranging from one to 10 years. That combination can lower your monthly payments and improve your company’s cash flow. SBG Funding’s equipment loans have no prepayment penalties, so you also have the option to pay off the loan more quickly to save on interest charges.
Submitting an application is a quick process that can be done in less than 10 minutes. Initial required documentation is also minimal. Apart from a completed application, you’ll only need to provide your most recent three months of bank statements, a driver’s license, and a voided check.
For its equipment loans, decisions can be made within 48 hours. Thanks to its low qualification requirements, SBG Funding states that it has an approval rate of 85%. To be eligible for financing, you’ll need a minimum credit score of 500, six months’ time in business, and $120,000 in annual revenue.
The provider also offers other types of loans, such as term loans, lines of credit, and invoice financing. While the loan terms can vary, many have the same low qualification requirements.
You can visit the SBG Funding website to learn more about its programs.
How We Chose the Best Easy Business Loans
When we selected the best easy business loans, we considered the following criteria:
- Speed of application and funding
- Amount of documentation required for approval
- Minimum credit score
- Time in business and revenue requirements
- Repayment terms and schedule
- Maximum loan amount
- Interest rates and estimated APR
- Customer reviews
Alternatives To Easy Business Loans
Many of the providers on our list have easy qualification requirements, but this can come at the cost of higher rates and less favorable loan terms. You can read our guide onhow to get a small business loanfor tips to make the process even simpler, but if you’re looking for financing options with better rates and terms, here are a few options you can consider:
- Small business credit cards:A good option for small and medium business expenses. Many offer 0% introductory rates and the ability to earn cash back rewards.
- Small Business Administration (SBA) loan:SBA loans take longer to get but can offer low rates for businesses with good credit and solid financials.Visit SBG Fundingfor help with getting an SBA loan.
- Rollover for business startups (ROBS):A ROBS isn’t a loan, but it allows you to get access to your retirement funds tax- and penalty-free to be used for business expenses. You’ll typically need at least $50,000 in your retirement account to qualify, and we recommend using a ROBS provider.Visit Guidantfor assistance with the process.
Frequently Asked Questions (FAQs)
Where is the easiest place to get a business loan?
The easiest place to get a business loan is through an online lender. Online lenders tend to have more lenient requirements than traditional brick-and-mortar lenders, and funding can be received sometimes as quickly as the same business day. Fundbox is our choice for the best easy business loan provider.
Are small business loans easy to get?
Even though online business loan providers have more lenient terms and requirements, it doesn’t mean that small business loans are easy to get. Most small business loan providers require you to be in operation for at least six months and have at least $100,000 in annual revenue. This makes funding for startup businesses a challenge, which is why consideralternative types of financing for startups.
Do business loans look at personal credit?
The smaller and newer your business is, the more likely a business loan provider will want to look at your personal credit. Businesses that have been in operation for more than two years with established business credit history and finances will likely have aDun & Bradstreet credit score.
Once your business has its own credit score, you likely won’t have your personal credit checked. However, if youput personal finances into a business, such as ahome equity line of credit (HELOC)orhome equity loan, you’ll need to have your personal credit and finances checked to qualify.
Bottom Line
Each provider on our list makes it easy to get a loan. They have a quick application process and flexible qualification requirements for credit scores, time in business, and revenue. However, the downside of easy qualification requirements is that interest rates and fees can be high. Before making any final decisions on which easy loan to get, you should shop multiple lenders and consider alternative funding options.