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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.
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.
Starting at 6.2% (simple interest rate calculated over 26 weeks)
Up to $250,000
Min. credit score
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.
Daily interest rate minimum of 0.0658%
Up to 18 months
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.
Starting at 40% annually
$5,000-$100,000 (varies by state)
12, 18, 24 months
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.
Starting at 4.66% (12 weeks) and 8.99% (24 weeks)
Up to $150,000
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.
Start at 29.9% APR
Up to 12 months
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.
Wondering how we chose the best? Here’s how we went about evaluating the lenders in our network.
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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