The Best Business Line of Credit for Any Small Businesses in 2023

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Best Business Lines of Credit

Lendio carefully selects the lenders it works with in its marketplace, then works with you to find the best business line of credit for your unique situation. Read on for stats on each lender and what each lender is best at.

Lender/Funder*Best Loan/Financing TypeLoan/FInancing AmountMin. Time in BusinessLoan/Financing TermMin. Credit ScoreTime to Funds
(After Approval)
BlueVineLine of CreditUp to $250,0006 months6-12 months600Same day
OnDeckLine of Credit$6,000-$100,0001 yearUp to 12 months600+Same day
Idea FinancialLine of Credit$10k-$250k2 years9-18 months650+Same day
Headway CapitalLine of Credit$5k-$100k1 year12, 18, 24 months620Same day
FundboxLine of CreditUp to $150,0006 months12 or 24 weeks600+Same day

The Best Business Line of Credit 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 Business Lines of Credit

We ranked some of the best business lines of credit lenders available online. While there are plenty of options available, we used our methodology to determine the best ones out there. Plus, we broke each one down to highlight what they’re best at. Whether you’re a startup business or a seasoned one, looking for a couple thousand dollars or hundreds, there’s a financing option available for you.

BlueVine – Line of Credit

Interest Rate

Starting at 6.2% (simple interest rate calculated over 26 weeks)

Funding amount

Up to $250,000

Term

6-12 months

Min. credit score

625

Time to funding

As fast as 24 hours after approval

The Bluevine Line of Credit is ideal because your approval is revolving and, as you pay down what you’ve drawn, you’re able to access those funds repeatedly. 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 more accessible to newer businesses than some other funding products.

Pros:
  • Best line of credit for speed-to-decision
  • Accessible to newer businesses
  • Fast funding
  • Monthly or weekly payment options
Cons: 
  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit
  • Bank wire option $15 fee
  • 1.6%-3% draw fee

 

 

BlueVine – Line of Credit

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Interest Rate

Starting at 6.2% (simple interest rate calculated over 26 weeks)

Funding amount

Up to $250,000

Term

6-12 months

Min. credit score

625

Time to funding

As fast as 24 hours after approval

The Bluevine Line of Credit is ideal because your approval is revolving and, as you pay down what you’ve drawn, you’re able to access those funds repeatedly. 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 more accessible to newer businesses than some other funding products.

Pros:
  • Best line of credit for speed-to-decision
  • Accessible to newer businesses
  • Fast funding
  • Monthly or weekly payment options
Cons: 
  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit

  • Bank wire option $15 fee
  • 1.6%-3% draw fee

 

 

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

Same day

Another option you have for a line of credit is Idea Financial. 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
  • Quick approval and funding
Cons: 
  • Selective qualification requirements
  • Doesn’t lend to sole proprietors or nonprofits
  • Draw fee of 2.49%

 

 

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

Same day

Another option you have for a line of credit is Idea Financial. 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
  • Quick approval and funding
Cons: 
  • Selective qualification requirements
  • Doesn’t lend to sole proprietors or nonprofits

  • Draw fee of 2.49%

 

 

Headway Capital – Line of Credit

APR range

Starting at 40% annually

Funding amount

$5,000-$100,000 (varies by state)

Term

12, 18, 24 months

Min. credit score

620

Time to funding

As fast as 24 hours after approval

For an unsecured line of credit, Headway Capital can offer businesses up to $50,000, and they can offer up to $100,000 for a secured line. Headway Capital is known for fast approval and funding times, plus flexible repayment terms. And you can apply even with modest annual revenue and just 1 year in business.

Pros:
  • Best line of credit for less qualified borrowers
  • Weekly or monthly repayment options 
  • Just 1-year minimum time in business required
Cons: 
  • Lower max loan amount
  • Draw fees may apply
  • Terms and fees vary depending on what state you operate out of
  • Minimum first draw amount
  • 2% draw fee in some states

 

 

Headway Capital Logo

Headway Capital – Line of Credit

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APR range

Starting at 40% annually

Funding amount

$5,000-$100,000 (varies by state)

Term

12, 18, 24 months

Min. credit score

620

Time to funding

As fast as 24 hours after approval

For an unsecured line of credit, Headway Capital can offer businesses up to $50,000, and they can offer up to $100,000 for a secured line. Headway Capital is known for fast approval and funding times, plus flexible repayment terms. And you can apply even with modest annual revenue and just 1 year in business.

Pros:
  • Best line of credit for less qualified borrowers
  • Weekly or monthly repayment options 
  • Just 1-year minimum time in business required
Cons: 
  • Lower max loan amount
  • Draw fees may apply

  • Terms and fees vary depending on what state you operate out of
  • Minimum first draw amount
  • 2% draw fee in some states

 

 

Fundbox – Line of Credit

APR range

Starting at 4.66% (12 weeks) and 8.99% (24 weeks)

Funding amount

Up to $150,000

Term

12-24 weeks

Min. credit score

600

Time to funding

As fast as 24 hours after approval

New businesses looking for a line of credit can consider Fundbox and get up to $150,000. The company is startup-friendly as it only requires six months in business and a minimum credit score of 600. But the repayment terms are short and require weekly payments, so it’s only for businesses that can manage such a financing option.

Pros:
  • Best for newer businesses
  • Relatively low minimum credit score
  • Short time in business requirement
  • Two repayment term options
Cons: 
  • Limited maximum credit amount
  • Higher financing fees with longer repayment terms
  • No application fee
  • No prepayment fee

Fundbox – Line of Credit

Read Our Review Apply Now

APR range

Starting at 4.66% (12 weeks) and 8.99% (24 weeks)

Funding amount

Up to $150,000

Term

12-24 weeks

Min. credit score

600

Time to funding

As fast as 24 hours after approval

New businesses looking for a line of credit can consider Fundbox and get up to $150,000. The company is startup-friendly as it only requires six months in business and a minimum credit score of 600. But the repayment terms are short and require weekly payments, so it’s only for businesses that can manage such a financing option.

Pros:
  • Best for newer businesses
  • Relatively low minimum credit score
  • Short time in business requirement
  • Two repayment term options
Cons: 
  • Limited maximum credit amount
  • Higher financing fees with longer repayment terms

  • No application fee
  • No prepayment fee

OnDeck – Line of Credit

APR range

Start at 29.9% APR

Funding amount

$6,000-$100,000

Term

Up to 12 months

Min. credit score

600

Time to funding

As fast as 24 hours after approval

Another option you have when it comes to a line of credit is OnDeck. While the maximum loan amount available with OnDeck is only $100,000, they require a credit score of only 600. However, they do ask for a year in business. So, while they’re a bit more accessible to some businesses, this could make OnDeck less accessible for others. They also offer term loans for businesses that are looking for larger, longer-term, non-revolving types of funding.

Pros:
  • Best for businesses that need multiple options
  • Instant funding for draws once approved
  • Possibility to build credit with on-time payments
  • No prepayment penalty
Cons: 
  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • One-year in business requirement not ideal for startups
  • No draw fee
  • Monthly maintenance fee

OnDeck – Line of Credit

Read Our Review Apply Now

APR range

Start at 29.9% APR

Funding amount

$6,000-$100,000

Term

Up to 12 months

Min. credit score

600

Time to funding

As fast as 24 hours after approval

Another option you have when it comes to a line of credit is OnDeck. While the maximum loan amount available with OnDeck is only $100,000, they require a credit score of only 600. However, they do ask for a year in business. So, while they’re a bit more accessible to some businesses, this could make OnDeck less accessible for others. They also offer term loans for businesses that are looking for larger, longer-term, non-revolving types of funding.

Pros:
  • Best for businesses that need multiple options
  • Instant funding for draws once approved
  • Possibility to build credit with on-time payments
  • No prepayment penalty
Cons: 
  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • One-year in business requirement not ideal for startups

  • No draw fee
  • Monthly maintenance fee

Our methodology

Wondering how we chose the best? Here’s how we went about evaluating the lenders in our network.

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

Line of Credit FAQ

A business line of credit is like a credit card with a really high credit limit. But instead of making charges any time you need to pay for something, you draw money from the line of credit. You can draw thousands of dollars for whatever your business needs are. Then you repay that amount with interest, and your line of credit replenishes to the original amount. It’s a great option for businesses that know they’ll need financing, but aren’t sure about exactly how much they’ll need.

  

With a line of credit, you’re granted credit which you can then draw on when necessary. For example, if you need to cover a repair or extra payroll one month, you can pull on your line of credit for that. Then you’ll only pay interest on what you draw, and, once you pay back what you’ve borrowed in weekly or monthly installments, your line of credit will be replenished to its full amount. Typically, each draw is treated as its own entity, so you could be on multiple repayment schedules if you draw a second time before repaying the first draw.

 

*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 (September 1, 2022). 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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