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Best Easy Business Loans for 2024

By Randa Kriss
Last updated on September 27, 2024
Edited bySally Lauckner
Fact checked and reviewed
Easy business loans are fast to fund and easy to qualify for, but interest rates may be high.

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Key takeaways

  • Easy business loans are fast to fund, are usually issued by online lenders and have more lenient qualification requirements when compared with loans from traditional lenders.
  • Rates for easy business loans typically range from 6% to 99%, while average bank rates range between 6.42% to 12.41% .
  • Watch out for predatory lenders promising “guaranteed approval” or no credit check.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are 7 of the best easy business loans

LenderNerdWallet RatingMax loan amountMin. credit scoreNext steps

Bluevine - Line of credit

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5.0/5

Best for quick approval

$250,000625

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OnDeck - Online term loan

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4.7/5

Best for short-term loans

$250,000625

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Fundbox - Line of credit

Read Review
4.9/5

Best for new businesses

$150,000600
Read Review

Headway Capital - Line of credit

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4.7/5

Best for working capital

$100,000625

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Accion Opportunity Fund - Small Business Working Capital Loan

Read Review
4.6/5

Best for women and minority groups

$250,000600
Read Review

Fora Financial - Online term loan

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4.5/5

Best for bad credit

$1,500,000570

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Expansion Capital Group Merchant Cash Advance

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Best for merchant cash advance

$300,000500

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Here are 7 of the best easy business loans

Best for quick approval

Bluevine

Max Amount

$250,000

Min. Credit Score

625

Best for short-term loans

OnDeck

Max Amount

$250,000

Min. Credit Score

625

Best for new businesses

Fundbox

Max Amount

$150,000

Min. Credit Score

600

Best for working capital

Headway Capital

Max Amount

$100,000

Min. Credit Score

625

Best for women and minority groups

Accion

Max Amount

$250,000

Min. Credit Score

600

Best for bad credit

Fora Financial

Max Amount

$1,500,000

Min. Credit Score

570

Best for merchant cash advance

Expansion Capital Group

Max Amount

$300,000

Min. Credit Score

500

I'M INTERESTED IN:

Our pick for

quick approval

Bluevine’s streamlined online application may take just minutes to complete. The lender says it can approve applicants for funding within the same day.

Bluevine - Line of credit

Read Review

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Max loan amount
$250,000
Min. credit score
625
Est. APR
20.00-50.00%

Pros

  • Cash can be available within 12 to 24 hours.
  • Can be used to build business credit.
  • Low minimum credit score requirement.

Cons

  • Requires weekly payments.
  • Requires personal guarantee.
  • Not available in North Dakota, South Dakota or Nevada.
  • Rates can be high compared to traditional lenders.
May fund quickly

Bluevine - Line of credit

NerdWallet rating 
5.0/5
Max loan amount
$250,000
Min. credit score
625
Est. APR
20.00-50.00%
May fund quickly

Our pick for

short-term loans

OnDeck can provide funding as fast as the same day your loan is finalized. You may be able to qualify with at least 12 months in business and a credit score of 625 or higher.

OnDeck - Online term loan

Read Review

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Max loan amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%

Pros

  • Cash can be available within the same business day (does not apply in California or Vermont).
  • Accepts borrowers with a minimum credit score of 625.
  • Streamlined application process with minimal documentation required.
  • Can be used to build business credit.

Cons

  • Cannot fund North Dakota-based businesses.
  • Requires frequent (daily or weekly) repayments.
  • Interest rates can be high compared with traditional lenders.
  • Requires business lien and personal guarantee.
May fund quickly

OnDeck - Online term loan

NerdWallet rating 
4.7/5
Max loan amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
May fund quickly

Our pick for

new businesses

You may be able to qualify for one of these easy business loans after your business has been in operation for just six months.

Fundbox - Line of credit

Read Review
Max loan amount
$150,000
Min. credit score
600
Est. APR
36.00-99.00%

Pros

  • Financing available within one business day after approval.
  • Simple application with minimal documentation required.
  • Startup-friendly -- accepts borrowers with a minimum of three months in business.
  • Low minimum credit score, time in business and annual revenue requirements.
  • No prepayment penalties, account maintenance fees or inactivity fees.

Cons

  • Rates are high compared with traditional banks.
  • May require personal guarantee.
  • Weekly repayments required over a short term (maximum of 24 weeks).
May fund quickly

Fundbox - Line of credit

NerdWallet rating 
4.9/5
Max loan amount
$150,000
Min. credit score
600
Est. APR
36.00-99.00%
May fund quickly

Our pick for

working capital

Headway Capital’s line of credit is a great option for working capital needs. Loan amounts are available up to $100,000 and you may be able to receive funding within one day after your application is approved.

Headway Capital - Line of credit

Read Review

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Max loan amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%

Pros

  • Flexible qualification requirements.
  • No prepayment penalties.
  • Funds available by next business day after approval.

Cons

  • Most borrowers are subject to a 2% draw fee.
  • Not available in all U.S. states.

Headway Capital - Line of credit

NerdWallet rating 
4.7/5
Max loan amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%

Our pick for

women and minority groups

Nonprofit Accion Opportunity Fund provides an easy way to get a small-business loan with relatively low interest rates and easy qualification criteria. For example, you may be able to qualify for a loan with just 12 months in business and a minimum credit score of 600. Accion says 90% of its borrowers are women, people of color, and/or low-to-moderate income.

Accion Opportunity Fund - Small Business Working Capital Loan

Read Review
Max loan amount
$250,000
Min. credit score
600
Est. APR
8.49-24.99%

Pros

  • Loan amounts from $5,000 to $250,000.
  • Customized loan terms.
  • No prepayment penalty.

Cons

  • Slower processing speed compared to online lenders.
  • Not available in all U.S. states.

Accion Opportunity Fund - Small Business Working Capital Loan

NerdWallet rating 
4.6/5
Max loan amount
$250,000
Min. credit score
600
Est. APR
8.49-24.99%

Our pick for

bad credit

You may be able to qualify for a short-term business loan from Fora Financial with a credit score of 570 or higher and at least six months in business. After your application is approved, you can receive financing in as little as 72 hours.

Fora Financial - Online term loan

Read Review

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Max loan amount
$1,500,000
Min. credit score
570

Pros

  • Cash can be available quickly.
  • Get a discount for prepaying.
  • No collateral required.
  • Low minimum credit score requirement.

Cons

  • Charges a factor rate that makes it more difficult to compare costs with other lenders.
  • Can’t build business credit.
  • Longest loan term is 18 months.

Fora Financial - Online term loan

NerdWallet rating 
4.5/5
Max loan amount
$1,500,000
Min. credit score
570

Our pick for

merchant cash advance

With Expansion Capital you can qualify for a merchant cash advance with only a 500 credit score and six months in business. Funding amounts go up to $300,000, and you can get discounts if you pay the advance off early.

Expansion Capital Group Merchant Cash Advance

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Max loan amount
$300,000
Min. credit score
500

Pros

  • Simple application with minimal documentation required.
  • Low minimum credit score requirement.
  • Daily or weekly repayment available.

Cons

  • Business assets required as collateral in some cases.
  • Factor rate and fee information not available on website.

Expansion Capital Group Merchant Cash Advance

Max loan amount
$300,000
Min. credit score
500

How Much Do You Need?

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What is an easy business loan?

An “easy business loan” simply refers to any loan that provides fast and convenient access to money — in other words, they’re easier to obtain than loans offered by traditional lenders, like banks and credit unions. Easy business loans typically share the following features:

Issued by online lendersMost are issued by online, or alternative, lenders since they offer the greatest flexibility.
Fast to fundSimple and streamlined application processes, which leads to quicker funding times.
Flexible requirementsMore likely to have lenient personal credit, time in business and collateral requirements.
Higher interest ratesFast funding times and flexible qualification requirements usually translate to higher interest rates.

When should you apply for an easy business loan?

Here are two reasons why you may want to consider trying to get a business loan that’s easier to qualify for:
  • You can’t qualify for other types of financing. If you can’t qualify for a bank or SBA loan, an easy business loan from an online lender might be a good option. Although these loans typically have higher interest rates than more traditional funding options, they can provide access to the money you need to cover a variety of expenses.
  • You need cash fast. Bank and SBA loans can take several weeks or longer to fund. If you need money fast — to or to take advantage of a new business opportunity, for example — it may be worth paying a little more in interest for the speed and convenience of an easy business loan.

🤓 Nerdy Tip

Even if you can’t qualify for a more traditional loan, taking out an easy online business loan and making timely payments on it may help you qualify for more competitive types of financing in the future.

How to qualify for an easy business loan

Although each lender is different, easy business loans typically have more lenient when it comes to standard underwriting guidelines. Banks typically require at least two years in business and good credit, for example, while some online lenders only require six months in operation, and may accept credit scores as low as 570.
Many traditional loans also require , which can not only make it hard to qualify, but also slow the process if you need to get an appraisal. Conversely, most easy , meaning they are unsecured.
Did you know…
Even if you’re not required to secure the loan with specific assets as collateral, you’ll likely be required to sign a personal guarantee or have a placed on your business assets, putting your personal or business property at risk if you don’t pay back your loan.
You can apply for many easy business loans online in minutes, typically by completing a simple form and uploading only . You may be asked to provide:
  • Business financial statements, such as a profit and loss statement.
  • Business and personal tax returns.
  • Business and personal bank statements.
In lieu of (or in addition to) these documents, some lenders will have you connect your bank or other financial accounts directly to their system so that they can evaluate your business more quickly.

How to compare easy-to-get business loans

The best loan for your business ultimately depends on your unique financing needs and how well you meet lenders’ eligibility requirements.
However, if you think an easy business loan might be a good option, here are some tips to help you choose the right one.
  1. Determine what type of funding is best for you. Easy business loans come in several types, including business lines of credit, term loans, equipment financing and . Consider how much money you need to borrow and how you’re going to use it to determine which type of loan might be the right fit.
  2. Figure out how much debt you can afford. Easy business loans will likely have higher interest rates and fees than other types of financing. Review your business finances to estimate how much additional debt you can manage before taking on a new loan.
  3. Check your qualifications. Review common underwriting criteria — time in business, credit score, annual revenue — so you have a sense of where your business stands before applying.
  4. Compare multiple loan offers. Make sure you’re getting the best deal for your business by considering factors like interest rates, repayment terms, fees and . You can compare the total cost of your loan offers by using NerdWallet’s .
  5. Read your thoroughly. It’s important to ensure that you understand all the terms associated with your loan including interest rates, fees, repayment terms, potential early payment penalties and any personal guarantee requirements that may apply. Ask your lender for clarification if you have any questions.

🤓 Nerdy Tip

Stay away from lenders that promise guaranteed approval or ".” Although there are many reputable online lenders on the market, tend to target small businesses that are having trouble qualifying for financing. If you think a loan offer seems too good to be true, it probably is.

Alternatives to easy business loans

Although easy business loans offer fast and flexible access to , they may not be right for every business owner or situation. Here are some alternatives to consider:
  • . Similar to a business line of credit, a business credit card is a revolving source of funds and can be a quick approval. Though they typically come with higher APRs and fees than loans, they can also reward you for your spending. 
  • . If you have friends or family members who are willing and able to invest in your business on short notice, this can be a more affordable option than any easy business loan. Make sure you put your agreement in some form of writing to avoid personal disputes.
  • Using self-financing methods, like personal savings or (ROBS), where you make a tax-free withdrawal from retirement savings, can also be an easy method of financing, in the sense that it doesn't have any external qualification requirements. The risk is that you could lose your own money that you’ve put in if your business goes under.

Frequently asked questions

Last updated on September 27, 2024

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including:
- Transparency of rates and terms. - Flexible payment options. - Fast funding times. - Accessible customer service. - Reporting of payments to business credit bureaus. - Responsible lending practices.
We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our and our .

Wondering if you qualify?

It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.

See Your Loan Options