The Best Business Loans For Any Small Businesses In 2022

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Best Small Business Loans

We reviewed hundreds of lenders to narrow down the best options and to find the best funding/financing type for different kinds of small businesses. Each small business has its own specific needs—not to mention each one has a unique history and factors that can make certain types of funding more accessible than others. So, no matter what type of funding you need, from equipment financing to a line of credit, we’ve got top picks for you. 


Learn about our lender methodology selection here.

Lender/Funder*Best Loan/Financing TypeLoan/FInancing AmountMin. Time in BusinessLoan/Financing TermMin. Credit ScoreTime to Funds
(After Approval)
BlueVineLine of Credit$250K6 months6 or 12 months600Same day
Idea FinancialLine of Credit$10k-$250k2 yearsUp to 18 months650Same day
Headway CapitalLine of Credit$5k-$100k1 years12, 18, 24 months620Same day
Funding CircleTerm Loan$25K – $750K2 years6 months to 7 years660As fast as 3 days
Credibility CapitalTerm Loan$50,000- $500,0002 years1 to 5 years720As fast as 3 days
Bankers Healthcare Group (BHG)Term Loan$250,0002 years12 years660As fast as 3 days
Cadence BankSBA 7(a)Up to $5 million2 years7 to 25 years6505 to 10 days SBA turnaround
BayFirst FinancialSBA 7(a)Up to $350,0002 years7 to 25 years65030-60 days SBA turnaround
Ready CapitalSBA 7(a)$10k to $5 million2 years7 to 25 years64030-60 days SBA turnaround
BalboaEquipment FinancingUp to $500,0001 year7 years620As soon as same day
ClickLeaseEquipment FinancingUp to $20,000Any2-5 years520As soon as same day
Fora FinancialBusiness Cash AdvanceUp to $750,0006 monthsUp to 16 months500As soon as 24 hours
KapitusBusiness Cash Advance$10k to $750k1 year6-36 months5751 business day
OnDeckBusiness Cash Advance$5,000 to $250,0001 year6-18 months600Same day
Raistone CapitalInvoice Factoring$40k to $500 million+1 year30-180 days+N/AAs soon as next day
Gillman-BaguleyInvoice Factoring$50K to $10 million3 months30 daysN/AAs soon as next day
Eagle Business FundingInvoice FactoringUp to $5 millionNoneNone, they take on the invoice repaymentNone, based on your accounts receivableAs fast as 48 hours

The Best Small Business Funding Options – All In One Marketplace

Continue reading for detailed information about the lenders listed above.
Ready to apply for a loan? Lendio works with 75+ lenders to find the right option for your business. Click “Apply Now” to fill out our simple application.

Best for Line of Credit

BlueVine – Line of Credit

APR range

Starting at 4.9% for 6-month repayment schedule

Funding amount

Up to $250,000

Term

6 or 12 months

Min. credit score

625

Time to funding

As fast as 24 hours after approval

BlueVine’s line of credit is ideal for startups because the loan amount is high and, once you pay off what you borrowed, the amount returns to its original amount. This means you could have the funds you need to really get your business started. Plus, the requirement is just 6 months in business, making it accessible to more new businesses than some other funding products.

Pros:

  • Best line of credit for speed to decision
  • Accessible to newer businesses
  • Fast funding
  • Option for monthly or weekly payments

Cons: 

  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit
  • Personal guarantee for the funding required
  • Bank wire option for funding has a $15 fee
  • 1.7% per week or 7% per month for line of credit draws

 

 

BlueVine – Line of Credit

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APR range

Starting at 4.9% for 6-month repayment schedule

Funding amount

Up to $250,000

Term

6 or 12 months

Min. credit score

625

Time to funding

As fast as 24 hours after approval

BlueVine’s line of credit is ideal for startups because the loan amount is high and, once you pay off what you borrowed, the amount returns to its original amount. This means you could have the funds you need to really get your business started. Plus, the requirement is just 6 months in business, making it accessible to more new businesses than some other funding products.

Pros:

  • Best line of credit for speed to decision
  • Accessible to newer businesses
  • Fast funding
  • Option for monthly or weekly payments

Cons: 

  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit
  • Personal guarantee for the funding required

  • Bank wire option for funding has a $15 fee
  • 1.7% per week or 7% per month for line of credit draws

 

 

Idea Financial – Line of Credit

APR range

Daily interest rate minimum of 0.0658%

Funding amount

$10,000-$250,000

Term

Up to 18 months

Min. credit score

650

Time to funding

As fast as 24 hours after approval

Another option you have for a line of credit is Idea Financial. But this financer requires that business owners looking for financing have a minimum of two years in business under their belt and at least $15,000 in revenue each month. They also will not lend to sole-proprietors or non-profits, so those business entities in those categories must look elsewhere for their financing.

Pros:

  • Best line of credit for length of term offered
  • Weekly payments available on request

Cons: 

  • Not available to businesses in North Dakota, Nevada, South Dakota, and Vermont
  • A potentially expensive a 2% draw fee, depending on how much you pull
  • 2-year minimum time in business requirement, with a minimum revenue of $15,000 in revenue each month
  • Bank wire option for funding has a $15 fee
  • 1.7% per week or 7% per month for line of credit draws

 

 

Idea Financial Logo

Idea Financial – Line of Credit

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APR range

Daily interest rate minimum of 0.0658%

Funding amount

$10,000-$250,000

Term

Up to 18 months

Min. credit score

650

Time to funding

As fast as 24 hours after approval

Another option you have for a line of credit is Idea Financial. But this financer requires that business owners looking for financing have a minimum of two years in business under their belt and at least $15,000 in revenue each month. They also will not lend to sole-proprietors or non-profits, so those business entities in those categories must look elsewhere for their financing.

Pros:

  • Best line of credit for length of term offered
  • Weekly payments available on request

Cons: 

  • Not available to businesses in North Dakota, Nevada, South Dakota, and Vermont
  • A potentially expensive a 2% draw fee, depending on how much you pull
  • 2-year minimum time in business requirement, with a minimum revenue of $15,000 in revenue each month

  • Bank wire option for funding has a $15 fee
  • 1.7% per week or 7% per month for line of credit draws

 

 

Headway Capital – Line of Credit

APR range

Funding amount

$5,000-$100,000

Term

12, 18, 24 months

Min. credit score

Time to funding

Headway Capital offers a true revolving line of credit. Their monthly payments and ongoing access
to capital make it a great product for those who want to be able to access funds at any time. With
their fast and easy application and funding process you can have funds in your account within one
business day.

 

Pros:
  • Best Line of credit for less qualified buyers
  • Accessible to newer businesses
  • Fast funding
  • Option for monthly or weekly payments
Cons: 
  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit
  • Personal guarantee for the funding required
  • Bank wire option for funding has a $15 fee
  • 1.7% per week or 7% per month for line of credit draws

 

 

Headway Capital Logo

Headway Capital – Line of Credit

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APR range

Funding amount

$5,000-$100,000

Term

12, 18, 24 months

Min. credit score

Time to funding

Headway Capital offers a true revolving line of credit. Their monthly payments and ongoing access
to capital make it a great product for those who want to be able to access funds at any time. With
their fast and easy application and funding process you can have funds in your account within one
business day.

 

Pros:
  • Best Line of credit for less qualified buyers
  • Accessible to newer businesses
  • Fast funding
  • Option for monthly or weekly payments
Cons: 
  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit
  • Personal guarantee for the funding required

  • Bank wire option for funding has a $15 fee
  • 1.7% per week or 7% per month for line of credit draws

 

 

Best for Term Loan

Funding Circle – Term Loan

APR range

11.29% to 30.12%

Funding amount

$25,000 to $500,000

Term

6 months to 7 years

Min. credit score

660

Time to funding

As fast as 3 days after approval

For a term loan, consider applying with Funding Circle. The lender offers large loan amounts with good fees for an online lender. But their 660-credit score requirement makes it more difficult to qualify than it might be with some other online lenders.

Pros:

  • Best alternative option to SBA
  • Fixed monthly payments
  • No early repayment fees that lets you save on interest
  • Large loan amounts available

Cons: 

  • Not available to businesses in Nevada 
  • Collateral required on some loans
  • Can take longer to receive funds compared to other lenders

Origination fee 3.49% to 6.99%, late payment fee 5% of missed payment

Funding Circle – Term Loan

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APR range

11.29% to 30.12%

Funding amount

$25,000 to $500,000

Term

6 months to 7 years

Min. credit score

660

Time to funding

As fast as 3 days after approval

For a term loan, consider applying with Funding Circle. The lender offers large loan amounts with good fees for an online lender. But their 660-credit score requirement makes it more difficult to qualify than it might be with some other online lenders.

Pros:

  • Best alternative option to SBA
  • Fixed monthly payments
  • No early repayment fees that lets you save on interest
  • Large loan amounts available

Cons: 

  • Not available to businesses in Nevada 
  • Collateral required on some loans
  • Can take longer to receive funds compared to other lenders

Origination fee 3.49% to 6.99%, late payment fee 5% of missed payment

Credibility Captial – Term Loan

APR range

5-year loan rates starting at 7.99%

Funding amount

$50,000 to $500,000

Term

1 to 5 years

Min. credit score

720

Time to funding

As fast as 3 days after approval

For a term loan, one contender is Credibility Capital. Offering up to $500,000, this financing can help you with most any business need. They do require a UCC lien on the business and a personal guarantee by each business owner with 25% or more ownership in the business. However, the equal monthly payments over the loan term make it a good option for certain business owners.

Pros:

  • Best term loan/line of credit hybrid
  • Fixed equal monthly payments
  • Loan terms can be longer

Cons: 

  • Requires a lien on the business, and collateral from business owners
  • Higher required minimum credit score compared to those required by other lenders

Origination fee 3.49% to 6.99%, late payment fee 5% of missed payment

Credibility Capital logo

Credibility Captial – Term Loan

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APR range

5-year loan rates starting at 7.99%

Funding amount

$50,000 to $500,000

Term

1 to 5 years

Min. credit score

720

Time to funding

As fast as 3 days after approval

For a term loan, one contender is Credibility Capital. Offering up to $500,000, this financing can help you with most any business need. They do require a UCC lien on the business and a personal guarantee by each business owner with 25% or more ownership in the business. However, the equal monthly payments over the loan term make it a good option for certain business owners.

Pros:

  • Best term loan/line of credit hybrid
  • Fixed equal monthly payments
  • Loan terms can be longer

Cons: 

  • Requires a lien on the business, and collateral from business owners
  • Higher required minimum credit score compared to those required by other lenders

Origination fee 3.49% to 6.99%, late payment fee 5% of missed payment

Bankers Healthcare Group (BHG) – Term Loan

APR range

Rates starting at 7.99%

Funding amount

Up to $250,000

Term

Up to 12 years

Min. credit score

660

Time to funding

Approval in as little as 24 hours, funding in as little as 3 days

If you’re looking for a much longer-term loan, Bankers Healthcare Group, also called BHG, can offer businesses loans with up to 12-year terms. Plus, the rates begin at 7.99%, which is pretty good for an online lender. The credit score requirement is just 660, making this an accessible, long-term financing option.

Pros:

  • Best term loan for healthcare industries
  • Long term for the repayment of the loan
  • Only soft pull on your credit that won’t impact your personal credit report

Cons: 

  • May or may not have a prepayment penalty, depending on the loan

Origination fee 3.49% to 6.99%, late payment fee 5% of missed payment

Bankers Healthcare Group (BHG) – Term Loan

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APR range

Rates starting at 7.99%

Funding amount

Up to $250,000

Term

Up to 12 years

Min. credit score

660

Time to funding

Approval in as little as 24 hours, funding in as little as 3 days

If you’re looking for a much longer-term loan, Bankers Healthcare Group, also called BHG, can offer businesses loans with up to 12-year terms. Plus, the rates begin at 7.99%, which is pretty good for an online lender. The credit score requirement is just 660, making this an accessible, long-term financing option.

Pros:

  • Best term loan for healthcare industries
  • Long term for the repayment of the loan
  • Only soft pull on your credit that won’t impact your personal credit report

Cons: 

  • May or may not have a prepayment penalty, depending on the loan

Origination fee 3.49% to 6.99%, late payment fee 5% of missed payment

Best for SBA 7(a)

Cadence Bank – SBA 7(a)

APR range

Current prime rate + lender rate

Funding amount

Up to $5 million

Term

7 to 25 years

Min. credit score

650

Time to funding

5 to 10 days SBA turnaround

As far as SBA loans go, the SBA 7(a) is one of the most flexible. It allows businesses to use the funds in a number of ways and has a great interest rate. Cadence Bank is an SBA lender and can help you get Small Business Administration-backed loans for your business.

Pros:

  • Best for customer care
  • Tend to have lower rates 
  • High $5-million maximum on all SBA 7(a) loans
  • Backed by the Small Business Administration

Cons: 

  • Stricter qualification requirements
  • Longer time to funds than with other online lenders 
  • Must be owner-operated and fit size requirements of the SBA
  • 4% referral and packaging fee
  • Approximately $450 in bank closing costs
  • Loans from $30k to $150k require a 1.7% guarantee fee
  • Loans above $150k require a 2.25% SBA guarantee fee

Cadence Bank – SBA 7(a)

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APR range

Current prime rate + lender rate

Funding amount

Up to $5 million

Term

7 to 25 years

Min. credit score

650

Time to funding

5 to 10 days SBA turnaround

As far as SBA loans go, the SBA 7(a) is one of the most flexible. It allows businesses to use the funds in a number of ways and has a great interest rate. Cadence Bank is an SBA lender and can help you get Small Business Administration-backed loans for your business.

Pros:

  • Best for customer care
  • Tend to have lower rates 
  • High $5-million maximum on all SBA 7(a) loans
  • Backed by the Small Business Administration

Cons: 

  • Stricter qualification requirements
  • Longer time to funds than with other online lenders 
  • Must be owner-operated and fit size requirements of the SBA

  • 4% referral and packaging fee
  • Approximately $450 in bank closing costs
  • Loans from $30k to $150k require a 1.7% guarantee fee
  • Loans above $150k require a 2.25% SBA guarantee fee

BayFirst – SBA 7(a)

APR range

Current prime rate + lender rate

Funding amount

Up to $350,000

Term

7 to 25 years

Min. credit score

650

Time to funding

30 to 60 days SBA turnaround

For an SBA (7)a loan, you’ve got BayFirst as an option for financing. CreditBench, which is part of BayFirst, offers these loans backed by the SBA. While they offer up to $350,000, they can still be a fantastic option for small business owners that meet the SBA requirements.

Pros:

  • Best publicly held SBA option
  • Backed by the SBA
  • BayFirst promotion for some eligible businesses 
  • Large potential loan amounts available

Cons: 

  • Stricter qualification requirements
  • Longer time to funds than with online lenders 
  • Must be owner-operated and fit size requirements of the SBA
  • Lower loan amount than with some other SBA lenders
  • 4% referral and packaging fee
  • Approximately $450 in bank closing costs
  • Loans from $30k to $150k require a 1.7% guarantee fee
  • Loans above $150k require a 2.25% SBA guarantee fee
BayFirst

BayFirst – SBA 7(a)

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APR range

Current prime rate + lender rate

Funding amount

Up to $350,000

Term

7 to 25 years

Min. credit score

650

Time to funding

30 to 60 days SBA turnaround

For an SBA (7)a loan, you’ve got BayFirst as an option for financing. CreditBench, which is part of BayFirst, offers these loans backed by the SBA. While they offer up to $350,000, they can still be a fantastic option for small business owners that meet the SBA requirements.

Pros:

  • Best publicly held SBA option
  • Backed by the SBA
  • BayFirst promotion for some eligible businesses 
  • Large potential loan amounts available

Cons: 

  • Stricter qualification requirements
  • Longer time to funds than with online lenders 
  • Must be owner-operated and fit size requirements of the SBA
  • Lower loan amount than with some other SBA lenders

  • 4% referral and packaging fee
  • Approximately $450 in bank closing costs
  • Loans from $30k to $150k require a 1.7% guarantee fee
  • Loans above $150k require a 2.25% SBA guarantee fee

Ready Capital – SBA 7(a)

APR range

Current prime rate + lender rate

Funding amount

$10,000 to $5 million

Term

7 to 25 years

Min. credit score

640

Time to funding

30 to 60 days SBA turnaround

For a large, SBA-backed loan, look to Ready Capital. They offer loans up to the standard $5 million for business owners looking for cash for their business. But they do have some fees to look out for when comparing your options.

Pros:

  • Best SBA for micro and startups
  • Large loan amounts
  • Backed by the SBA
  • Good rates for the loan type and amount

Cons: 

  • Fees that can add up quickly
  • Possible prepayment penalties, depending on the loan and use
  • 4% referral and packaging fee
  • Approximately $450 in bank closing costs
  • Loans from $30k to $150k require a 1.7% guarantee fee
  • Loans above $150k require a 2.25% SBA guarantee fee

Ready Capital – SBA 7(a)

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APR range

Current prime rate + lender rate

Funding amount

$10,000 to $5 million

Term

7 to 25 years

Min. credit score

640

Time to funding

30 to 60 days SBA turnaround

For a large, SBA-backed loan, look to Ready Capital. They offer loans up to the standard $5 million for business owners looking for cash for their business. But they do have some fees to look out for when comparing your options.

Pros:

  • Best SBA for micro and startups
  • Large loan amounts
  • Backed by the SBA
  • Good rates for the loan type and amount

Cons: 

  • Fees that can add up quickly
  • Possible prepayment penalties, depending on the loan and use

  • 4% referral and packaging fee
  • Approximately $450 in bank closing costs
  • Loans from $30k to $150k require a 1.7% guarantee fee
  • Loans above $150k require a 2.25% SBA guarantee fee

Best for Equipment Financing

Balboa – Equipment financing

APR range

Unknown

Funding amount

Up to $500,000

Term

4, 36, 48, or 60 months

Min. credit score

620

Time to funding

As soon as same day

Balboa Capital offers customers up to $500,000 in equipment financing, which might not be enough for some business owners, but could be a good fit for others. They do require some form of collateral for all of their financing options, but if you use them for financing equipment of less than $350,000, you’ll need only soft collateral.

Pros:
  • Best for heavy machinery financing
  • Option to fund new or pre-owned equipment
  • No down payment required
  • Discount for early repayment
Cons: 
  • Requires equipment quote from vendor
  • Not upfront about their interest fees, could be potentially costly
  • Repayment schedule of weekly payments could be a challenge for some
balboa capital logo

Balboa – Equipment financing

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APR range

Unknown

Funding amount

Up to $500,000

Term

4, 36, 48, or 60 months

Min. credit score

620

Time to funding

As soon as same day

Balboa Capital offers customers up to $500,000 in equipment financing, which might not be enough for some business owners, but could be a good fit for others. They do require some form of collateral for all of their financing options, but if you use them for financing equipment of less than $350,000, you’ll need only soft collateral.

Pros:
  • Best for heavy machinery financing
  • Option to fund new or pre-owned equipment
  • No down payment required
  • Discount for early repayment
Cons: 
  • Requires equipment quote from vendor
  • Not upfront about their interest fees, could be potentially costly
  • Repayment schedule of weekly payments could be a challenge for some

ClickLease – Equipment financing

APR range

Unknown

Funding amount

Up to $20,000

Term

24-60 months

Min. credit score

520

Time to funding

As soon as same day

If you need a new piece of equipment, then equipment financing is a fantastic way to finance that. You can go with a company like ClickLease to help you buy the item you need and pay it back over time. ClickLease has flexible terms and rates for a variety of business owners.

Pros:

  • Best option for loan requests under $25k
  • No hard credit pull
  • Potentially tax deductible financing
  • Flexible terms and credit score
  • Monthly payments

Cons: 

  • Lease to own 
  • Minimal information on their website
Clicklease Logo

ClickLease – Equipment financing

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APR range

Unknown

Funding amount

Up to $20,000

Term

24-60 months

Min. credit score

520

Time to funding

As soon as same day

If you need a new piece of equipment, then equipment financing is a fantastic way to finance that. You can go with a company like ClickLease to help you buy the item you need and pay it back over time. ClickLease has flexible terms and rates for a variety of business owners.

Pros:

  • Best option for loan requests under $25k
  • No hard credit pull
  • Potentially tax deductible financing
  • Flexible terms and credit score
  • Monthly payments

Cons: 

  • Lease to own 
  • Minimal information on their website

Best for Business Cash Advance

Fora – Business Cash Advance

APR range

Unknown

Funding amount

Up to $750,000

Term

Up to 16 months

Min. credit score

500

Time to funding

As soon as 24 hours

A business cash advance can be good in a pinch. You can get an advance and pay it back using the future credit card sales you make. But this can cut into your bottom line and end up creating a vicious circle if you aren’t careful. Fora Financial can be a great option to get a business cash advance.

Pros:

  • Best for customer communication
  • Payments tied to credit card sales
  • No set term

Cons: 

  • Potentially lengthy time to repayment if your sales are low, making it costly
  • Losing a percentage of your sales

Monthly maintenance fee of $20

Fora Logo

Fora – Business Cash Advance

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APR range

Unknown

Funding amount

Up to $750,000

Term

Up to 16 months

Min. credit score

500

Time to funding

As soon as 24 hours

A business cash advance can be good in a pinch. You can get an advance and pay it back using the future credit card sales you make. But this can cut into your bottom line and end up creating a vicious circle if you aren’t careful. Fora Financial can be a great option to get a business cash advance.

Pros:

  • Best for customer communication
  • Payments tied to credit card sales
  • No set term

Cons: 

  • Potentially lengthy time to repayment if your sales are low, making it costly
  • Losing a percentage of your sales

Monthly maintenance fee of $20

Kapitus – Business Cash Advance

APR range

As low as 35%

Funding amount

$5,000 to $250,000

Term

6 to 36 months

Min. credit score

575

Time to funding

As little as 24 hours, once approved

If you’re looking for a cash advance or a line of credit to help cover costs for your business for a short amount of time, OnDeck’s product might be right for you. They can offer fast funding with no prepayment fees, but beware that missing any repayments can hurt your credit score.

Pros:

  • Best online closing experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees

Cons: 

  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

Kapitus Logo

Kapitus – Business Cash Advance

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APR range

As low as 35%

Funding amount

$5,000 to $250,000

Term

6 to 36 months

Min. credit score

575

Time to funding

As little as 24 hours, once approved

If you’re looking for a cash advance or a line of credit to help cover costs for your business for a short amount of time, OnDeck’s product might be right for you. They can offer fast funding with no prepayment fees, but beware that missing any repayments can hurt your credit score.

Pros:

  • Best online closing experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees

Cons: 

  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

OnDeck – Business Cash Advance

APR range

Starting at 29.90%

Funding amount

$6,000 to $100,000

Term

12-month repayment term, resets after each withdrawal

Min. credit score

600

Time to funding

As fast as same day after approval

If you’re looking for a line of credit to help cover costs for your business for a short amount of time OnDeck’s product might be right for you. They can offer fast funding with no prepayment fees but beware that missing any repayments can hurt your credit score.

Pros:
  • Best online closing experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

OnDeck – Business Cash Advance

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APR range

Starting at 29.90%

Funding amount

$6,000 to $100,000

Term

12-month repayment term, resets after each withdrawal

Min. credit score

600

Time to funding

As fast as same day after approval

If you’re looking for a line of credit to help cover costs for your business for a short amount of time OnDeck’s product might be right for you. They can offer fast funding with no prepayment fees but beware that missing any repayments can hurt your credit score.

Pros:
  • Best online closing experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

Best for Invoice Factoring

Raistone Capital – Invoice Factoring

Factor rate

0.7 to 1.5%

Funding amount

$40,000 to $50 million

Term

30-180+ days

Min. credit score

N/A

Time to funding

As little as one day

For businesses looking to pass their unpaid invoices off to another company to collect on, Raistone Capital could be the solution. This allows your working relationship with your customers to stay the same, while essentially getting paid earlier through Raistone, at a discounted rate.

Pros:

  • Best for large facility needs
  • Get cash quick, instead of waiting
  • Relationship with your customers stays the same

Cons: 

  • Takes a portion of the full invoice, leaving only a portion for you
  • Very little information about them on their website
  • Pricing not transparent
Raistone Logo

Raistone Capital – Invoice Factoring

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Factor rate

0.7 to 1.5%

Funding amount

$40,000 to $50 million

Term

30-180+ days

Min. credit score

N/A

Time to funding

As little as one day

For businesses looking to pass their unpaid invoices off to another company to collect on, Raistone Capital could be the solution. This allows your working relationship with your customers to stay the same, while essentially getting paid earlier through Raistone, at a discounted rate.

Pros:

  • Best for large facility needs
  • Get cash quick, instead of waiting
  • Relationship with your customers stays the same

Cons: 

  • Takes a portion of the full invoice, leaving only a portion for you
  • Very little information about them on their website
  • Pricing not transparent

Gillman-Baguley – Invoice Factoring

APR range

Factor rate as low as 1.09 ( They calculate factor rate = purchased amount ÷ advanced amount

Funding amount

$50,000 to $10 million

Term

30 days

Min. credit score

None, based on your accounts receivable

Time to funding

As soon as same day

Gillman-Baguley offers invoice factoring, meaning you could sell them your unpaid invoices and they would pay a percentage of what those are worth. In this scenario, collection is then out of your hands, and Gallman-Baguley goes on to handle the collection of those invoices. Your customers know another company was working to get your invoices paid. Result: you accelerate your cash flow and spend less time and resources tracking down clients for payment.

Pros:

  • Best for customer experience
  • Offer large amounts of funding
  • No minimum credit score
  • No minimum amount of time in business

Cons: 

  • Limited information on their website for potential clients
  • Customer relationships affected as clients pay Gillman-Baguley, instead of you
  • Underwriting fee: A one-time 2.5% of the total advance amount set up fee is added to your balance at funding
  • Admin fee: $50 monthly payment
Gillman Bagley

Gillman-Baguley – Invoice Factoring

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APR range

Factor rate as low as 1.09 ( They calculate factor rate = purchased amount ÷ advanced amount

Funding amount

$50,000 to $10 million

Term

30 days

Min. credit score

None, based on your accounts receivable

Time to funding

As soon as same day

Gillman-Baguley offers invoice factoring, meaning you could sell them your unpaid invoices and they would pay a percentage of what those are worth. In this scenario, collection is then out of your hands, and Gallman-Baguley goes on to handle the collection of those invoices. Your customers know another company was working to get your invoices paid. Result: you accelerate your cash flow and spend less time and resources tracking down clients for payment.

Pros:

  • Best for customer experience
  • Offer large amounts of funding
  • No minimum credit score
  • No minimum amount of time in business

Cons: 

  • Limited information on their website for potential clients
  • Customer relationships affected as clients pay Gillman-Baguley, instead of you

  • Underwriting fee: A one-time 2.5% of the total advance amount set up fee is added to your balance at funding
  • Admin fee: $50 monthly payment

Eagle Business Funding – Invoice factoring

APR range

As low as 1%

Funding amount

Up to $5 million

Term

No term, they take on your invoices

Min. credit score

None, based on invoices

Time to funding

As little as 48 hours after approval

Invoice factoring allows you to sell your outstanding invoices to a company for a lump sum of cash. They, of course, take a percent of those invoices, but then they handle the collection. Eagle Business Funding can do exactly that for your business if you decide to pass your invoices along to a third party.

Pros:

  • Best for transportation and trucking
  • No waiting around for your customers to pay
  • Quick cash for you
  • Few business requirements, easy to qualify for

Cons: 

  • Customer relationships affected as clients pay Eagle Business Funding, instead of you
  • Lose a percent of your outstanding invoices
  • Unknown fees

Eagle Business Funding – Invoice factoring

Read Our Review Apply Now

APR range

As low as 1%

Funding amount

Up to $5 million

Term

No term, they take on your invoices

Min. credit score

None, based on invoices

Time to funding

As little as 48 hours after approval

Invoice factoring allows you to sell your outstanding invoices to a company for a lump sum of cash. They, of course, take a percent of those invoices, but then they handle the collection. Eagle Business Funding can do exactly that for your business if you decide to pass your invoices along to a third party.

Pros:

  • Best for transportation and trucking
  • No waiting around for your customers to pay
  • Quick cash for you
  • Few business requirements, easy to qualify for

Cons: 

  • Customer relationships affected as clients pay Eagle Business Funding, instead of you
  • Lose a percent of your outstanding invoices
  • Unknown fees

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Lendio’s methodology

Wondering how we chose the best? We used the following criteria to evaluate the lenders in our network.

  • Lenders with fast funding time (i.e., those non-SBA loans that typically fund in under 1 week and SBA funding that funds in 2 to 3 weeks)
  • Lenders with a minimum loan amount of $5,000 and a maximum loan amount of $5 million or less
  • Lenders (online or traditional) with fees comparable to other similar lenders
  • Requirements:
    • More flexible lenders:
      • Credit Score: 600
      • Time in Business: 6 months
      • $8,000 to $10,000 gross monthly revenue
    • Average lender:
      • Credit Score: 700
      • Time in Business: 1 to 2 years
      • $20,000 to $50,000 gross monthly revenue
  • Flexible repayment options
    • Early repayment options with daily, weekly, and monthly payment options
  • External websites reviews, specifically an average TrustPilot rating of 4.5 or higher

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page. While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

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