Our pick for SBA loans: SmartBiz
These popular government-backed loans offer long repayment terms and moderate interest rates, but the application process can last up to several months.
Online marketplace matches borrowers with SBA lenders
Shortens SBA funding process to as quickly as one week
Down payment required
Businesses must show at least two years of operating history
SBA loans are widely available through banks and other financial institutions, but SmartBiz stands out for being quick and convenient. By matching you with a lender in its network, SmartBiz helps to accelerate the application process and funding timeline for SBA funding.
Our pick for short-term loans: OnDeck
With repayment terms from a few months to two years, short-term loans are good for when you expect a quick return on what you’re investing in with the loan funds.
Repayment terms between 18 to 24 months
Loan amounts between $5,000 to $250,000
$100,000 annual revenue required
Lowest APRs reserved for strongest applicants
With lenient eligibility criteria, OnDeck’s short-term loans can be a viable option for many businesses that need extra cash. Whether it’s for plugging up cash flow gaps or covering an unexpected expense, you can get up to $250,000 from OnDeck relatively quickly.
Our pick for long-term loans: Funding Circle
Long-term business loans offer relatively low-rate financing for lasting investments, such as machinery or business acquisition.
Loans available from $25,000 to $500,000
No prepayment penalties
Requires collateral
Average Funding Circle borrower makes about $1.4 million in annual sales
Because of their longer repayment times and comparatively lower interest rates, most long-term loans come from traditional banks and take longer to approve. As an online, peer-to-peer lender, Funding Circle stands out because you can receive funding within two business days for long-term loans up to 84 months.
Our pick for business line of credit: Bluevine
A line of credit is funding that you can draw upon as needed, and you’ll only have to pay interest on what you borrow.
Credit lines available up to $250,000
Revolving access to funds
Relatively high annual revenue required
Weekly interest in a short repayment time frame can make Bluevine an expensive option
You don’t need perfect credit or a long time in business to qualify for a Bluevine line of credit, a revolving form of funding you can use for a variety of operating expenses. As long as you can meet its minimum monthly revenue requirements, you might be eligible for a credit line up to $250,000.
Our pick for working capital loans: Credibly
Working capital loans are short-term loans disbursed within 24 hours to a week of approval and designed to fund your company’s day-to-day operations during a lull in business activity.
Loan amounts up to $400,000
Minimum credit requirement of 500
Six months in business required to qualify
Average of $15,000 in monthly bank deposits required
If you need cash to cover operating expenses or other relatively short-term business needs, Credibly’s working capital loans can offer you funding fast. With a minimum credit score of 500, Credibly may be willing to look past a checkered credit history, but you’ll need to prove a healthy annual revenue instead.
Our pick for equipment financing: Taycor Financial
Equipment financing allows businesses to pay for equipment, such as commercial trucks, a restaurant oven or an office copier, a little at a time for relatively low rates.
Don’t need to have excellent credit
Can receive funding amounts up to $2,000,000
Typically requires 2 years in business
Down payment is required
With its competitive interest rates and willingness to lend to newly established businesses, Taycor Financial may be worth considering for your businesses’ equipment financing needs.
Our pick for accounts receivable financing: Elevation Capital
Exchange unpaid invoices for immediate cash, minus a fee. AR financing, also known as “invoice factoring,” may be a good option for risk-averse or poor-credit borrowers.
$5,000 to $10,000,000 available
Minimum credit requirement of 550
$150,000 in annual revenue required
10 days to receive funds
If your business has a steady stream of invoices, Elevation Capital may be able to help you convert those unpaid invoices into cash. Elevation Capital’s accounts receivable financing could be an option for those with lower credit scores, as long as your business meets the minimum revenue and time in business requirements.
Our pick for merchant cash advance financing: Reliant Funding
A merchant cash advance is a lump sum of funding that businesses repay through their daily transactions.
$5,000 to $400,000 available
Your credit history is not a primary deciding factor
Faster-than-normal repayment terms could lead to higher daily payments
Six months in business required
If your business needs a lump sum of cash upfront, Reliant Funding’s merchant cash advances may be worth exploring. Funding is quick and interest rates are competitive, but be aware that this method of funding involves borrowing against future credit card sales.
Our pick for bad credit business loans: Uplyft Capital
Getting a business loan with bad credit can be challenging — but it’s not impossible. However, a lower score can come with higher interest rates and additional requirements from the lender.
Only six months in business
Quick funding
Required to provide three months of past bank statements
Required to deposited at least $12,000 per month
Uplyft Capital looks at more than just your credit score when determining your qualifications to borrow. If you meet their revenue requirements, you may be able to qualify for funding.
Our pick for fast funding: Fundbox
If you need fast funding for your business, same day business loans may be a good option for you.
No prepayment penalty
Only six months in business required
Must have a business checking account
Must make at least $100,000 in annual revenue
Fundbox can transfer the funds for a line of credit as soon as the next business day after you’re approved — as a trade-off, however, be prepared for shorter repayment times.
Our pick for startup business loans: Fora Financial
Startup business loans may be an option for businesses in operation for less than two years that bring in consistent revenue.
Only six months in business
No collateral required
No open bankruptcies
Must have at least $12,000 in gross sales
With many lenders requiring a minimum of two years in business, it can sometimes can be hard to get a startup business loan. Fora Financial’s business loan only requires you to be in business for six months to receive funding of up to $1,500,000.
Our pick for business expansion loans: National Funding
Business expansion loans help you acquire a new business, expand to a new location or even hire more staff.
No down payment required
Only 6 months in business required
Minimum required annual revenue $250,000
Factor rate instead of interest rate makes calculating cost of borrowing confusing
Looking for a loan to help expand your business? National Funding’s business loans could be a great option. A business loan could help you open a new location, hire employees or buy the necessary inventory or equipment needed to scale.