Best Small Business Loans
Based on In-Depth Reviews

Advance Funds Network gets high marks for its wide array of financing options for small to mid-sized businesses, plus its round-the-clock customer support, customized programs, fast approval times, 24/7 account management and flexible credit score requirements. All this, combined with a quick application process, makes AFN a noteworthy option for business owners looking to finance their business endeavors.

AFN offers plenty of financing options for small business owners, including:

• Business term loans
• Business lines of credit
• Equipment financing
• Working capital loans
• Merchant cash advances
• Consolidation programs

To apply, your business needs to have been operating for at least 3 months and make at least $10,000 in monthly revenue. Your credit score must be at least 550 to apply.

AFN offers a quick online application on its website. You must answer how much money your business needs, what you need the funds for and for how long. Then, you'll receive several offers to match your needs.

Founded in 2012, AdvancePoint is a business funding marketplace dedicated to helping small business owners prosper and grow. They offer small businesses nationwide a full suite of financial services and products, including business loans, business line of credit, SBA loans, equipment financing, invoice factoring, purchase order financing, accounts receivable financing, merchant cash advance as well as other alternatives.

AdvancePoint Capital gets high marks for its wide array of funding options for small businesses, quick and easy application, credit score flexibility and outstanding customer support and reputation. It is a marketplace well looking into if you're on the market for less-than-traditional loan options for your business.

As mentioned above, AdvancePoint offers a comprehensive suite of funding options for small businesses, including, but not limited to: 

• Small business loans  
• SBA loans 
• Equipment financing 
• Bad credit loans 
• No doc loans 
• Working capital 
• Invoice financing 
• Short-term loans 
• Lines of credit

Since AdvancePoint is a lender marketplace and not a direct lender, the specific rates and fees will ultimately depend on the lender you're matcheed with, the funding option you choose and your specific financial situation. AdvancePoint, however, does feature an online calculator on its website to help you estimate the rates and fees of the product you're looking for. The specific requirements (time in business, credit score, etc) will depend on the lender you're matched with, the product you're interested in and your financial situation. To apply for one of AdvancePoint's many funding options for small businesses, you can fill out an easy online form on the company's website or call a company representative via phone. 

The length of time to process, underwrite, approve and fund will vary depending on business funding product selected and cooperation of the applicant. AdvancePoint does not provide guarantees in terms of approval or time to fund. Offers and terms are subject to change at any time prior to funding due to final underwriting.

Best for Lender Variety

All Fundy is a business lending marketplace with over 50 lenders to choose from. The benefit of applying with a marketplace network is that with just one application you can apply to multiple lenders simultaneously. A strong advantage of going with All Fundy is that they have loan specialists that guide you throughout the length of the process.

Screenshot from All Fundy compared vis a vis traditional lenders. August 15, 2019.

American Express® Business Loans are secured loans available to small business owners with fair to good personal credit. Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. These loans are designated for business-related expenses, including but not limited to, procuring inventory, expanding operations, or enhancing working capital.

American Express offers fixed-rate term loans for small businesses. Loan amounts range between $2K and $250K and are available in terms of 6, 12, 18, or 24 months. There are no application or origination fees. There are also no prepayment penalties if you decide to pay your loan off early.

In order for an application to be approved, an applicant must meet the minimum criteria, including but not limited to:

• Must be at least 18 years of age
• Minimum FICO score of at least 640 at the time of application
• Have started your business at least a year ago
• Average monthly revenue of at least $3,000

All businesses are unique and are subject to review and approval.

This information has not been reviewed/updated by American Express since 10/15/24.

Company Overview:

Biz2Credit has been providing small business loans since 2007, facilitating over $7 billion in funding. The company holds a strong reputation for its customer-centric approach and transparent process, boasting an A+ rating from the BBB. Rates vary based on creditworthiness and may include origination and late fees, but there are no prepayment penalties, allowing potential savings with early payoff.

Funding Options:

Term Loans:

• Loan Amounts: $25,000 to $500,000
• Repayment Terms: 12 to 36 months
• Requirements: 18 months in business, 660+ FICO, $250,000 annual revenue

Working Capital Loans:

• Loan Amounts: $5,000 to $2 million
• Repayment Terms: Flexible, shorter terms
• Requirements: 6 months in business, 575+ FICO, $120,000 annual revenue

Application Process:

The application is quick and online, requiring basic business details and financial documents. A soft credit pull is conducted for initial review, with most approvals processed in 1-2 days.

Funding Speed:

Approved term loans and working capital funds can be disbursed within 24 to 48 hours, providing businesses with fast access to needed capital.

Blue Bridge offers three kinds of loans: an equipment finance agreement (EFA), a rental inventory loan and a working capital loan. These products are designed to be a quick and easy alternative to a traditional bank loan, as Blue Bridge usually approves loans within four hours and offers flexible terms of 24-72 months. The company offers loans of up to $500,000 and only utilizes soft credit pulls when determining your financial stability.

You can apply for a loan with Blue Bridge of up to $300,000 through its app. Loans larger than this will need to be requested through traditional channels. You will typically need a FICO score of at least 610 to qualify for a Blue Bridge loan, although they consider every case on its own merits. You will also need to prove your business stability and provide collateral depending on the type of loan for which you are applying.

Blue Bridge Financial, Inc. is an accredited business with the Better Business Bureau, with an A rating and just 3 complaints closed in the last three years. You can contact Blue Bridge by calling 866-777-1011 or emailing at sales@bluebridgefinancial.com. The company also provides a number of educational resources including a blog and extended FAQ to learn more about its products and services.

Best for Businesses with Average Credit

Bluevine offers business lines of credit up to $250,000 to businesses across the U.S. The company presents its service through an easy-to-navigate website, where businesses can submit an application in minutes.

Bluevine's borrower qualifications are small business friendly, which makes them more accessible to a wider array of businesses. Bluevine lines of credit are available to borrowers with personal credit scores of 625 or higher. 

Customers are often able to receive a loan decision in as fast as 24 hours. We particularly liked their business blog, which covers relevant topics and updates from the company’s CEO, as well as a helpful FAQ section.

Line of credit customers can also access approved draws instantly through a convenient Bluevine Business Checking account.

Screenshot from BlueVine.com 11/29/2022

Best for Transparency

Backed by some of the biggest players in fintech (Jeff Bezos from Amazon and General Catalyst partners), FundBox aims to offer “credit at the speed of opportunity.” FundBox’s loan products are lines of credit (Direct Draw) and business-to business-payments to merchants (FundBox Pay). Their approval time can be as short as 3 minutes because they assess their borrowers' financials through their own business accounting software. The maximum amount Fundbox lends is $150,000 which is among the lower limits of lenders we’ve reviewed, but may suit a wide range of borrowers' needs. Some of the pros of applying with FundBox are the relaxed borrower qualifications, easy and straightforward online application, a short, 6-month minimum time in business requirement, and a great customer support network. Another thing that makes this lender standout is their ‘Resources’ section that offers helpful guides on different types of financing, including informattion on the best loans for women. Fundbox is a great option for companies looking for lines of credit to help them grow.

Screenshot from FundBox.com. 1/20/2021

Best for Educational Resources

Fundera partners with over 20 online lenders that offers business loans nationwide. It differentiates itself from other marketplaces by reviewing all offers and lenders on their page. When it comes to the companies they review, they are “lender neutral,” meaning they don’t play favorites. 

As we’ve said previously, an informed consumer is an empowered one, and Fundera does just that by offering educational and informative small business financing guides, lender reviews, and additional financial education resources. Their priority is to simplify the lending process so that borrowers can make better financial decisions. 

Fundera offers more loan options than other lenders on our list. Included in their loan process are guides on how to apply and how to qualify, with additional information about the different types of loans and lenders. Their application process asks borrowers to fill out a questionnaire that gets reviewed by a representative who communicates with them via phone or email to discuss their best options. 

Borrowers can compare multiple offers on Fundera without affecting their credit score. Unlike other online borrowers, Fundera does not charge its clients for connecting them with lenders, therefore bypassing hidden fees. Its credit requirements are reasonable (mid-500s to upper 600s, depending on the loan type) and it claims to fund up to $5 million as quickly as the next day.

Screenshot ofFundera’s lending products. August 15, 2019.

Best for Business Term Loans

Based out of Denver, Colorado the tech capital of the Western world, Funding Circle works as direct online lender connecting investors with prospective borrowers. This company is an excellent alternative for established enterprises with plans for expansion, although we would suggest comparing rates with traditional banks as well. As per the established norm with online platforms, their application is accessible and speedy, with approval in as little as 24 hours and funding within 48 hours. Their offer is limited to term loans up to $500,000 marketed towards small to mid-sized businesses looking to pay off their loans within  6 months to 7 years. The qualification requirements are stricter as businesses must be established for 2 years with a credit score of 620 or higher. 

Screenshot from Funding Circle’s business term loans webpage. September 22, 2023.
 

Best for Financing Alternatives

LendGenius is a large lender network with a wide range of loan and business financing alternatives. They connect potential borrowers with partner lenders through side by side comparisons. By filling out the online form, clients are connected to lenders like BlueVine, Loan Builder and Kabbage. LendGenius does not issue the loans themselves, their aim is to “simplify your small business loan search” by demystifying the process. 

LendGenius explains what each loan is for and presents lender and rate comparisons in easy-to-read tables. Additionally, they offer a helpful breakdown of each type of loan and their corresponding loan amounts, terms, interest rates and time to funding. 

Screenshot of LendGenius’s loan option breakdown. August 15, 2019.

Best Overall

Loan Builder’s strongest selling points are its single fixed-fee pricing and no origination fee. Applying is an easy process, with next day funding available if approved. The good news for newer small businesses is that they need only to have been in operation for 9 months and have a minimum revenue of 42k to apply. As for repaying, you don’t need to worry about making payments in a timely manner because they automatically deduct weekly from your business bank account. And, no, there isn’t an option for monthly payments. Their web page is simple and straightforward, making the application process as hassle-free as they come. They offer a wide range of loan amounts and cover all the states in the continental US as well as the District of Columbia. Of the few downsides of using this lender is they do require a personal guarantee for the loan and they don’t have a live chat feature. They do have a customer service line.

Screenshot of LoanBuilder’s repayment terms. August 9, 2019.

Company Overview:

OnDeck has provided small business loans since 2006, lending over $15 billion. Accredited with an A+ BBB rating, it emphasizes transparency and customer service. Rates depend on the credit profile and may include origination and late fees. There are no prepayment penalties, and early repayment could lead to savings.

Funding Options:

Term Loans:

• Loan Amounts: $6,000 to $100,000
• Repayment Terms: Flexible repayment terms of 12, 18 or 24 months.
• Requirements: 1 year in business, 625+ FICO, and $100,000 annual revenue.

Lines of Credit:

• Loan Amounts: $5,000 to $250,000
• Repayment Terms: Up to 24 months
• Requirements: 1 year in business, 625+ FICO, and $100,000 annual revenue.

  Application Process:

The application process is fast and online, requiring you to submit basic business information and bank statements. An initial review involves a soft credit pull, with approvals often completed within a day.

Funding Speed:

Funds can be available the same day for term loans; lines of credit offer immediate access once approved

Best for Startups

One Park Financial is a nationwide lending network service that specializes in businesses who have been rejected by other SBL options. Their requirements for qualification are lax and geared toward newer businesses with a min of 3 months in operation, a 450 credit score, and at least $5,000 in monthly revenue. All of this comes at a price, of course. They partner with 20 funding providers who offer MCAs and each has their own fee schedules and high APRs, plus One Park Financial charges a fee for connecting customers to these lenders. Startups who don't qualify for other types of financing have the option of getting a loan through One Park, but while the company won't put many hurdles in their way, they will charge higher fees. But if your business has sufficient revenue to sustain paying off the loan we recommend them as a solid alternative. As always, we cannot stress this enough, read the fine print before signing a binding offer. 

Screenshot of One Park Financial’s application guidelines. August 15, 2019.

Best for Merchant Cash Advances

Rapid Finance offers merchant cash advances (MCA) and short-term business loans (STL) as the main lending options although they also offer SBA-backed loans. To qualify for an STL you must have been in business a minimum of 12 months, and a minimum of three months with a credit score of 500 to qualify for an MCA. They don’t have a flat requirement for business revenue, it depends on how much is borrowed. 

It's important to note that their fees are not interest-based. Their approach to lending takes the borrowed amount and multiplies it by a “fixed rate” or “factor rate” which yields your interest rate. Essentially you'll be paying back $1.09-$1.20 on the dollar (excluding origination fees.) The final offer on your rates, borrowing amount, and term length are assessed based on the health of your business' finances and time in operation. 

The company finances MCA loans based on your pending credit card sales. The MCA is similar to the STL except it circumvents federal regulatory oversight. Technically speaking, an MCA is not a loan, it’s the sale of a lump sum payment with an added interest to future credit card sales. The complete list of options includes lines of credit, SBA-backed loans, small business loans, and small business term loans. In terms of the online user experience, the website features a simple interface and includes relevant information. 

Screenshot of RapidFinance’s loan features. August 12, 2019.