Our Take
4.6
NerdWallet rating
The bottom line:
iBusiness Funding is well suited for established businesses with good credit that prefer a streamlined application process.
iBusiness Funding - Online term loan
Max Loan Amount
$500,000
Min. credit score
660
Apply now
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Pros & Cons
Pros
- Cash can be available within three business days.
- Competitive rates for online term loans.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Must be in business for a minimum of two years.
- Minimum credit score is higher than some other lenders.
- Charges an origination fee.
Compare to Other Lenders
with Fundera by NerdWallet | with Fundera by NerdWallet | with Fundera by NerdWallet |
Max loan amount $500,000 | Max loan amount $250,000 | Max loan amount $250,000 |
Min. credit score 660 | Min. credit score 625 | Min. credit score 625 |
Full Review
iBusiness Funding, which acquired Funding Circle in 2024, is an online lender that offers small-business loans of up to $500,000. These term loans can be a good option for established business owners that want competitive rates, but also need fast funding.
iBusiness Funding is known for its streamlined application process and multiple loan options. In addition to its business term loan, iBusiness Funding acts as a marketplace, connecting business owners to other lenders for business lines of credit. It also offers SBA 7(a) loans up to $5 million.
This review will focus on iBusiness Funding's term loans.
How much do you need?
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.
iBusiness Funding is best for borrowers who:
- Are looking to expand your business or refinance costly debt: iBusiness Funding offers loans up to $500,000 at competitive rates. You can use the money to cover the costs of buying equipment, hiring employees or opening a new location.
- Have good credit and an established business: You need to have been in business for at least24months. You’ll also need a credit score of at least660and no personal bankruptcies among your business owners in the last seven years.
- Are looking for fast cash: iBusiness Funding’s application process is quicker and easier than the process to qualify for a business bank loan, and borrowers can receive their money in two business days.
iBusiness Funding business loan features
iBusiness Funding offers business term loans of up to $500,000 with repayment terms ranging from six months to seven years.
Loan amount | $25,000 to $500,000. |
Estimated APR range | 15.22 % to 45 %. |
Fees |
|
Terms | 6 months to 7 years. |
Repayment schedule | Monthly. |
Funding speed | As fast as three days. An underwriting decision can be delivered in 24 hours. Once you sign the loan agreement, you'll typically receive your funds the following business day. |
Where iBusiness Funding stands out
Competitive rates compared with other online lenders
iBusiness Funding’s annual percentage rates range from
15.22
% to 45
%. This lender doesn’t charge a prepayment penalty, and paying off your loan early can save interest costs.Faster processing than banks and the SBA
It can take just a few minutes to apply for a iBusiness Funding loan, and you could receive funds within three days. For comparison, it can take months to be approved for an SBA loan.
Where iBusiness Funding falls short
Not for new businesses
iBusiness Funding requires at least
24
months of business history. On average, its borrowers have been in business for 11 years and have annual revenue of $1.4 million.High qualification standards
You’ll need a personal credit score of at least
660
to qualify for a iBusiness Funding loan. For comparison, some online lenders accept scores of 600 or lower.iBusiness Funding also requires a lien on your business assets, which may include equipment, vehicles or inventory. Like most other business lenders, it also requires a personal guarantee from the primary business owners, which gives the lender the right to pursue your personal assets if your business fails to repay the loan.
Fast, but not the fastest, option
Although you can get a loan from iBusiness Funding in a matter of days, there are other online lenders, like OnDeck and Bluevine, with even faster funding times.
iBusiness Funding loan requirements
iBusiness Funding’s minimum borrower eligibility requirements include:
- Minimum credit score:660.
- Minimum time in business:24months.
- Annual revenue: $50,000.
Business owners cannot have a personal bankruptcy within the last seven years in order to qualify for a iBusiness Funding loan.
Alternatives to iBusiness Funding
OnDeck
OnDeck offers business term loans up to $250,000 with repayment terms up to
24
months. Although interest rates will likely be higher with OnDeck than iBusiness Funding, they have more flexible qualification requirements and faster funding times.To qualify for a loan with OnDeck, you'll need at least
12
months in business, $100,000 in annual revenue and a credit score of 625
.These requirements may make OnDeck a better option for newer businesses and those with bad credit. Read our full OnDeck review.
SBA loan
On the other hand, if you have strong credentials, like you'd need for a iBusiness Funding loan, and can wait longer for financing — you might consider opting for an SBA loan.
SBA 7(a) loans have long repayment terms, large loan amounts and competitive interest rates. Current rates range from
10.75
% to 14.25
%.Compared to iBusiness Funding and other online lenders, however, SBA loans are much slower to fund and require lengthy applications. Nevertheless, if you're willing to put in the time and patience — and can qualify — an SBA loan may offer some of the best terms on the market.
» MORE: Compare the best SBA lenders
Find the right business loan
The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.
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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 and 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.
Frequently Asked Questions
iBusiness Funding acquired Funding Circle in 2024. It has connected approximately 135,000 businesses to over $20 billion in financing since its launch in 2010. Since 2013, the lender has been accredited by the Better Business Bureau, where it has an A+ rating.
iBusiness Funding is not a bank. The company issues term loans using funding from accredited investors. It also offers SBA loans up to $5 million.
iBusiness Funding typically conducts soft inquiries on loan applicants, which doesn’t impact your credit score. The lender may perform a hard inquiry on general partnership businesses, however.
The lender may also check your business credit reports; this will not impact your personal credit.
New elevated offer
