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Here are 7 of the best easy business loans
| Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
|---|---|---|---|---|
Bluevine - Line of credit with Fundera by NerdWallet | 5.0/5 Best for quick approval | $250,000 | 625 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 4.9/5 Best for short-term loans | $250,000 | 625 | with Fundera by NerdWallet |
Fundbox - Line of credit | 5.0/5 Best for new businesses | $150,000 | 600 | Read Review |
Headway Capital - Line of credit with Fundera by NerdWallet | 4.7/5 Best for working capital | $100,000 | 625 | with Fundera by NerdWallet |
Accion Opportunity Fund - Small Business Working Capital Loan | 4.8/5 Best for women and minority groups | $250,000 | 600 | Read Review |
Fora Financial - Online term loan with Fundera by NerdWallet | 4.8/5 Best for bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
Expansion Capital Group Merchant Cash Advance with Fundera by NerdWallet | Best for merchant cash advance | $300,000 | 500 | with Fundera by NerdWallet |
Here are 7 of the best easy business loans
Best for quick approval
Best for short-term loans
Best for new businesses
Best for working capital
Best for women and minority groups
Best for bad credit
Best for merchant cash advance
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
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
Max loan amount
$250,000
Min. credit score
625
Est. APR
20.00-50.00%
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's 26-week line of credit provides fast working capital for short-term borrowing needs.
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.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: 12 months.
- Minimum annual revenue: $120,000.
- No bankruptcies in the past year.
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
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
Max loan amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
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 offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
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.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
- Must have business bank account.
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
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
Max loan amount
$150,000
Min. credit score
600
Est. APR
36.00-99.00%
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 offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.
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).
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: 3 months.
- Minimum annual revenue: $30,000.
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
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
Max loan amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
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 offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.
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.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: Six months.
- Minimum annual revenue: $50,000.
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
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
Max loan amount
$250,000
Min. credit score
600
Est. APR
8.49-24.99%
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 is a good option for businesses that haven't been able to secure traditional financing. The lender targets its funding efforts toward minority, women and low-to-moderate-income entrepreneurs.
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.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: 12 months.
- Minimum annual revenue: $50,000.
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
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
Max loan amount
$1,500,000
Min. credit score
570
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 can be a good fit for borrowers who may fall short of qualifying for traditional bank financing or young but established small businesses looking for speedy financing.
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.
Qualifications:
- In business for at least six months.
- At least $20,000 per month in revenue.
- No open bankruptcies or dismissed bankruptcies within the past year.
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
with Fundera by NerdWallet
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
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 can provide fast and easy financing for newer businesses and borrowers with bad credit.
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.
Qualifications:
- Minimum credit score: 500.
- Minimum time in business: Six months.
- Minimum annual revenue: $100,000.
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 cover emergency expenses 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 qualification requirements 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 collateral, which can not only make it hard to qualify, but also slow the process if you need to get an appraisal. Conversely, most easy business loans don’t require physical collateral, 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 blanket lien 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 minimal financial documents. 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.
- 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 invoice factoring. 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.
- 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.
- 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.
- 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 prepayment penalties. You can compare the total cost of your loan offers by using NerdWallet’s business loan calculator.
- Read your business loan agreement 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.
» COMPARE: Bluevine vs. Fundbox
🤓 Nerdy Tip
Stay away from lenders that promise guaranteed approval or "business loans with no credit check.” Although there are many reputable online lenders on the market, predatory lenders 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 business capital, they may not be right for every business owner or situation. Here are some alternatives to consider:
- Business credit cards. 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.
- Friends and family loans. 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.
- Bootstrapping. Using self-financing methods, like personal savings or Rollovers as Business Startups (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
Getting a business loan isn’t always easy. Although some lenders have more lenient qualification requirements than others, it’s easier to get a business loan if you have good credit, strong finances or an established business with multiple years in service.
Yes. It’s possible to get business financing with a credit score as low as 500, typically from merchant cash advance (MCA) companies or invoice factoring companies. But you may be asked to pay higher interest rates or pledge collateral.
SBA microloans are one of the easiest SBA loans to get. SBA microloans are issued by nonprofit community lenders, who set their own rates and eligibility requirements (with some guidance from the SBA). These loans are designed to reach traditionally underserved companies, such as startups, minority-owned businesses and businesses with bad credit.
If you have good personal credit and strong finances (or cash flow projections), it may be easier to get a startup business loan. In general, however, many lenders require that you have at least six months to one year in business to qualify for financing.
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 ratings methodology for small-business loans and our editorial guidelines.
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.
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