Best Small Business Loans: Compare And Apply

Find the best funding options for your small business


Why Lendio?

Faster, easier small business financing with one simple application – customized to your business.

Compare loan offers from our network of 75 + lenders.

Apply in just 15 minutes & get funded as quickly as 24 hours.

Get personalized support throughout the funding process.

Small Business Loans Options

Whatever your business needs, there’s a small business loan for that.

Accounts Receivable Financing

Gain quick access to cash by selling your purchase orders or receivables so you can get back to business as usual.

Loan Amount

Tied to receivables

Speed of Funds

As soon as 24hrs

Interest Rate

as low as 3%

Business Line of Credit

Get a revolving amount of funds to borrow from when you need to and pay back later.

Loan Amount

$1k-500K

Speed of Funds

1-2 days

Interest Rate

8%-60%

SBA Loan

Cover just about every aspect of your small business. Some of the most common SBA loans are the 7(a), 504, and SBA Express.

Loan Amount

up to $5M

Speed of Funds

1-3 months

Interest Rate

Prime+

Short Term Loan

Use it to cover unexpected costs, survive a slump, finance a short-term project, or even capitalize on a new business opportunity.

Loan Amount

$2.5k-500K

Speed of Funds

As soon as 24hrs

Interest Rate

As Low as 8%

Business Term Loan

A term loan provides a lump sum that gets repaid in regular intervals over a set amount of time, also known as the loan term.

Loan Amount

$5k-2M

Speed of Funds

As soon as 24hrs

Interest Rate

As Low as 6%

Business Cash Advance

A cash advance is a form of funding that offers businesses quick access to funds by borrowing against the money they will make. That borrowed money is then repaid through a fixed daily percentage.

Loan Amount

$5k-1M

Speed of Funds

As soon as 24hrs

Interest Rate

As Low as 18%

Equipment Financing

Use this loan to purchase any kind of equipment your business needs. There are financing options for nearly every industry and any variety of items you need.

Loan Amount

5k-5M

Speed of Funds

As soon as 24hrs

Interest Rate

As Low as 7.5%

Commercial Mortgage

Use it to buy, build, expand, remodel, or even refinance your business.

Loan Amount

$5k-5M+

Speed of Funds

1-3 months

Interest Rate

As Low as 4.5%

Startup Loan

Invest in your own business. Instead of giving up equity to investors, a startup loan maintains your equity while accessing the working capital your startup needs to grow.

Loan Amount

Up to $150k

Speed of Funds

2-4 weeks

Interest Rate

Up to 31%

Business Acquisition Loan

Purchase an existing business or franchise, and take advantage of business opportunities even if you don’t have the capital to purchase it outright.

Loan Amount

$5k-5M

Speed of Funds

As soon as 30 days

Interest Rate

As Low as 8.5%

Business Credit Card

A business credit card helps you track expenses, build a strong business credit history, and increase your working capital so you can reap the literal rewards.

Loan Amount

Up to $150K

Speed of Funds

2-4 weeks

Interest Rate

Up to 31%

How to Apply for a Business Loan

Sure, you can go the bank route with a long application process and 75% rejection rate. But if you’re looking for financing in this lifetime, Lendio offers a faster, easier application process.

STEP
1
Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

STEP
2
Receive matches.

We pair you with loan options from our network of 75+ lenders. Our dedicated funding managers can help you weigh the pros and cons of each option.

STEP
3
Get funded.

Once you’re approved, you’ll be able to access your capital in as little as 24 hours.

Apply Now

Customer Reviews

Minimum Requirements For Small Business Loans

Qualifications for being given funding will vary by loan product and lender.

CREDIT SCORE

600+

Credit score requirements will vary by financing type and lender. While some options are available for scores in the 500s a minimum credit score of 600 will make it easier to qualify for a loan.

TIME IN BUSINESS

6 MONTHS+

While some lenders may allow for 3 months and others may require 1-2 years, six months is a good rule of thumb to follow to improve your chances of qualifying for funding.

MONTHLY REVENUE

$8K+

Lenders will want to see a minimum threshold of monthly revenue. Like the other requirements, the exact minimum will vary by lender and loan type.

Small Business Loan Application Checklist

When applying for a small business loan, you’ll need to have some materials at the ready to provide alongside your application. Those materials will differ depending on the specific type of loan you’re applying for and on the lender. Ultimately, you’ll need to provide whatever the lender requires from you.

Common documents you might need when applying for a business loan:

Your business plan, including how you plan to use the funds should you get them
Profit and loss sheet
Bank statements dating back at least three months
Business credit score


Business Loan Options For Underserved Small Businesses

Been rejected in the past? We stand up for the underserved helping thousands of minority-owned businesses get the financial resources they need to grow their businesses.

Small business loans for veterans

Lendio proudly works with veteran business owners. Learn more about how we’ve worked with veterans and the funding resource available to you.

Small business loans for women

Women-owned businesses apply for financing at similar rates to businesses owned by men but are less likely to receive the full amount they sought. We’re working to provide a better financing experience with speed, options, and trust.

Small business loans for minorities

Studies show that financing applications submitted by minority-owned businesses are 3 times more likely to get rejected. We’re making business financing accessible to historically disenfranchised business owners.

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
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-BagleyInvoice 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 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
  • 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

 

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

 

 

BlueVine – Line of Credit

Read Our Review Apply Now

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 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
  • 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

 

  • $15 fee for bank wire option for funding
  • 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. 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

Read Our Review Apply Now

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. 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

Term

12, 18, 24 months

Min. credit score

620

Time to funding

As fast as 24 hours after approval

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 borrowers
  • Weekly or monthly repayment options available
  • Just 1-year minimum time in business required

Cons: 

  • Not available to businesses in Arkansas, Connecticut, Michigan, Montana, North Dakota, Nevada, Rhode Island, South Dakota, and Vermont
  • 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

Read Our Review Apply Now

APR range

Starting at 40% annually

Funding amount

$5,000-$100,000

Term

12, 18, 24 months

Min. credit score

620

Time to funding

As fast as 24 hours after approval

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 borrowers
  • Weekly or monthly repayment options available
  • Just 1-year minimum time in business required

Cons: 

  • Not available to businesses in Arkansas, Connecticut, Michigan, Montana, North Dakota, Nevada, Rhode Island, South Dakota, and Vermont
  • 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

 

 

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 up to $500,000. However, their required 660 minimum credit score makes it more difficult to qualify for than some other online lenders might be.

Pros:

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

Cons: 

  • Longer time in business requirement than with other loan products
  • Longer possible time to receive funds than other lenders might take
  • 3.49% to 6.99% origination fee 
  • Late payment fee 5% of missed payment

Funding Circle – Term Loan

Read Our Review Apply Now

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 up to $500,000. However, their required 660 minimum credit score makes it more difficult to qualify for than some other online lenders might be.

Pros:

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

Cons: 

  • Longer time in business requirement than with other loan products
  • Longer possible time to receive funds than other lenders might take

  • 3.49% to 6.99% origination fee 
  • Late payment fee 5% of missed payment

Credibility Capital – 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. Collateral may be required for some loans. However, the equal monthly payments over the loan term can make it easier to keep up with loan payments.

Pros:

  • Best term loan/line of credit hybrid
  • Fixed equal monthly payments
  • Fast funding times—as little as 3 days

Cons: 

  • Collateral required on some loans
  • Can take longer to receive funds than with other lenders

Origination fee 3.49% to 6.99%

Credibility Capital logo

Credibility Capital – Term Loan

Read Our Review Apply Now

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. Collateral may be required for some loans. However, the equal monthly payments over the loan term can make it easier to keep up with loan payments.

Pros:

  • Best term loan/line of credit hybrid
  • Fixed equal monthly payments
  • Fast funding times—as little as 3 days

Cons: 

  • Collateral required on some loans
  • Can take longer to receive funds than with other lenders

Origination fee 3.49% to 6.99%

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
  • Strong customer service
  • Transparent fees
  • Variety of loan options

Cons: 

  • Possible prepayment penalty, depending on the loan 
  • Longer time in business requirement than with other loan products

3% origination fee

Bankers Healthcare Group (BHG) – Term Loan

Read Our Review Apply Now

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
  • Strong customer service
  • Transparent fees
  • Variety of loan options

Cons: 

  • Possible prepayment penalty, depending on the loan 
  • Longer time in business requirement than with other loan products

3% origination fee

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: 

  • Slower speed to funding compared to FinTech products
  • Stricter requirements for new businesses
  • 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)

Read Our Review Apply Now

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: 

  • Slower speed to funding compared to FinTech products
  • Stricter requirements for new businesses

  • 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
  • Expedited approval process compared to non-preferred SBA lenders

Cons: 

  • Stricter qualification requirements
  • Average funding times
  • 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)

Read Our Review Apply Now

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
  • Expedited approval process compared to non-preferred SBA lenders

Cons: 

  • Stricter qualification requirements
  • Average funding times

  • 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: 

  • More strict qualification requirements
  • Has a longer time to funds than 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

Ready Capital – SBA 7(a)

Apply Now

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: 

  • More strict qualification requirements
  • Has a longer time to funds than 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

Best for Equipment Financing

Balboa – Equipment financing

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
  • One-hour approval time during business hours
  • Flexible term lengths
  • Can offer same-day funding

Cons

  • Restricted to equipment purchases
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • $295 Doc Fee
  • $250 Site Inspection Fee
balboa capital logo

Balboa – Equipment financing

Read Our Review Apply Now

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
  • One-hour approval time during business hours
  • Flexible term lengths
  • Can offer same-day funding

Cons

  • Restricted to equipment purchases
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

  • $295 Doc Fee
  • $250 Site Inspection Fee

ClickLease – Equipment financing

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: 

  • Restricted to equipment purchases
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

One-time documentation fee

 

Clicklease Logo

ClickLease – Equipment financing

Read Our Review Apply Now

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: 

  • Restricted to equipment purchases
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

One-time documentation fee

 

Best for Business Cash Advance

Kapitus – Business Cash Advance

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

A business cash advance from Kapitus can help you get the funds you need to keep your business going. They can offer up to $750,000—a good amount of money for businesses in the market. They’re also a good option for businesses with lower credit scores because they look for a score of only 575 or higher.

Pros:

  • Best renewal experience
  • Approval within four hours
  • 575 minimum credit requirement
  • Payments taken from bank account can be daily, weekly, or monthly

Cons: 

  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • One year in business required
  • Fees: $20 ACH or $50 wire fee. 
  • Origination Fees
    • Contracts under $15,000: $395
    • Contracts over $15,000: 2.5%
Kapitus Logo

Kapitus – Business Cash Advance

Read Our Review Apply Now

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

A business cash advance from Kapitus can help you get the funds you need to keep your business going. They can offer up to $750,000—a good amount of money for businesses in the market. They’re also a good option for businesses with lower credit scores because they look for a score of only 575 or higher.

Pros:

  • Best renewal experience
  • Approval within four hours
  • 575 minimum credit requirement
  • Payments taken from bank account can be daily, weekly, or monthly

Cons: 

  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • One year in business required

  • Fees: $20 ACH or $50 wire fee. 
  • Origination Fees
    • Contracts under $15,000: $395
    • Contracts over $15,000: 2.5%

OnDeck – Business Cash Advance

Funding amount

$5,000-$250,000

Term

6-18 months

Min. credit score

600

Time to funding

As fast as same day after approval

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: 

  • Potentially costly factor rates compared to other types of financing
  • Weekly payments

2.5% on 1st loan, 1.25% on 2nd loan, 0% on 3rd loan and thereafter

OnDeck – Business Cash Advance

Read Our Review Apply Now

Funding amount

$5,000-$250,000

Term

6-18 months

Min. credit score

600

Time to funding

As fast as same day after approval

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: 

  • Potentially costly factor rates compared to other types of financing
  • Weekly payments

2.5% on 1st loan, 1.25% on 2nd loan, 0% on 3rd loan and thereafter

Best for Invoice Factoring

Raistone Capital – Invoice Factoring

Factor rate

Varies

Funding amount

$50,000 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: 

  • Minimum funding amount of $50,000
  • Doesn’t build business credit (business owner may be able to self-repor

1% Facility Fee

Raistone Logo

Raistone Capital – Invoice Factoring

Apply Now

Factor rate

Varies

Funding amount

$50,000 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: 

  • Minimum funding amount of $50,000
  • Doesn’t build business credit (business owner may be able to self-repor

1% Facility Fee

Gillman-Bagley – Invoice Factoring

Factor Rate

Varies

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-Bagley 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 Gillman-Bagley 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
  • Builds business credit
  • No minimum credit score
  • No minimum amount of time in business

Cons: 

  • Minimum funding amount of $50,000
  • Doesn’t work with medical offices or construction
  • No facility or processing fees
Gillman Bagley

Gillman-Bagley – Invoice Factoring

Apply Now

Factor Rate

Varies

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-Bagley 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 Gillman-Bagley 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
  • Builds business credit
  • No minimum credit score
  • No minimum amount of time in business

Cons: 

  • Minimum funding amount of $50,000
  • Doesn’t work with medical offices or construction

  • No facility or processing fees

Eagle Business Funding – Invoice factoring

Factor Rate

Varies

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
  • Fast funding
  • No credit score requirement

Cons: 

  • Doesn’t build business credit (business owner may be able to self-report)
  • Don’t operate in California

No additional fees

Eagle Business Funding – Invoice factoring

Apply Now

Factor Rate

Varies

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
  • Fast funding
  • No credit score requirement

Cons: 

  • Doesn’t build business credit (business owner may be able to self-report)
  • Don’t operate in California

No additional fees

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.

Business Financing Resources

Loan Calculators

Calculate your estimated monthly payment

Business Loans

Learn more about how to get a business loan.

Lender Reviews

Learn more about each individual lender.

Business Loan FAQs

Small business loans are a category of loans and financial products a lender might provide to a small business.

  

The difference between unsecured and secured loans comes down to one thing: collateral. Secured loans are backed by collateral while unsecured loans are not. Understanding the pros and cons of each can help you narrow down which small business loan type is right for you.

 

Business loans are taken out by small business owners either through banks or online lenders. Amounts and loan requirements can vary quite significantly. The business owner will repay the loan over a set period of time along with any associated interest and fees.

There are many different types of business loans. A term loan will likely be the most familiar; the business owner borrows a set amount and pays it back over a set period with interest. Other forms of financing, such as a business cash advance or invoice factoring, borrow against future earnings or unpaid invoices. A line of credit gives you access to a sum of money that you can draw from as needed.

It is possible to get certain types of business financing with a lower credit score. Some business cash advance lenders, for example, will allow for a minimum credit score in the 500s. Just know that with a lower credit score, lenders will typically look for a longer time in business and higher monthly revenue.

There are a number of reasons your loan may be denied. Your funding manager will work with you to identify loans you are best qualified for through our network of 75+ lenders. Should you be unable to find a match, Lendio has accounting software tools that can help you improve the financial health of your business and guidance on how to boost your credit score.

*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 (July 26, 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.

Quickly Compare Financing Options from Multiple Funders

Applying is free and won’t impact your credit

Talk to a rep at (855) 853-6346
Mon-Fri 7:30am-5pm MST