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OnDeck
4.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$5,000 to $250,000
APR range
Not disclosed
Minimum Credit Score
625
Via Ondeck’s Website
$5,000 to $250,000
Not disclosed
625
Why We Picked It
OnDeck was founded in 2006 and has since been a leading provider in the business lending space, offering both term loans and lines of credit. To date, the company has extended $14 billion in funding to small businesses.
We picked OnDeck for its variety of business lending products and same-day funding. OnDeck offers a term loan from $5,000 to $250,000 with repayments terms of up to 24 months. You can also access a credit limit of $6,000 to $100,000 through its line of credit with a 12-month repayment term that resets after each withdrawal.
Note: OnDeck does not lend to businesses in Nevada, North Dakota or South Dakota. What’s more, while it lends to over 700 industries, there are some industries it cannot serve.
Pros & Cons
- Term loans from $5,000 to $250,000; lines of credit from $6,000 to $100,000
- Same-day funding
- Low minimum credit score requirement
- $100,000 minimum annual revenue requirement
- Must have been operating for at least one year
- Does not lend to businesses in Nevada, North Dakota or South Dakota.
Details
Overview
OnDeck was founded in 2006 and has since been a leading provider in the business lending space, offering both term loans and lines of credit. To date, the company has extended $14 billion in funding to small businesses.
OnDeck doesn’t lend to businesses in Nevada, North Dakota or South Dakota. What’s more, while it lends to over 700 industries, there are some industries it cannot serve.
Eligibility
- Minimum Credit Score: 625
- Time in Business: One Year
- Minimum Annual Revenue: $100,000
Turnaround time
You can apply and receive a decision from OnDeck on the same day.
Best Online Business Loans of March 2024
- OnDeck: Best for Short-term Loans
- Lendio: Best for a Lender Comparison Site
- American Express Business Blueprint™: Best for Small & Large Lines of Credit
- BlueVine: Best for Flexible Lines of Credit
- National Funding: Best for Small- to Mid-sized Businesses
- Fundbox: Best for Quick Approvals
- Funding Circle: Best for Established Businesses
- Biz2Credit: Best for Funding Options
BEST FOR SHORT-TERM LOANS
OnDeck
4.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$5,000 to $250,000
Minimum Credit Score
625
Time in business
1 year
Via Ondeck’s Website
$5,000 to $250,000
625
1 year
Why We Picked It
OnDeck was founded in 2006 and has since been a leading provider in the business lending space, offering both term loans and lines of credit. Today, they have extended $14 billion in funding to small businesses.
We picked OnDeck for its variety of business lending products and same-day funding. OnDeck offers a term loan between $5,000 and $250,000 with repayments terms of up to 24 months. You can also access a credit limit of $6,000 to $100,000 through its line of credit with a 12-month repayment term that resets after each withdrawal.
Note: OnDeck does not lend to businesses in Nevada, North Dakota or South Dakota. What’s more, while it lends to over 700 industries, there are someindustries it cannot serve.
Pros & Cons
- Term loans from $5,000 to $250,000; lines of credit from $6,000 to $100,000
- Same-day funding
- Low minimum credit score requirement
- $100,000 minimum annual revenue requirement
- Must have been operating for at least one year
- Does not lend to businesses in Nevada, North Dakota or South Dakota.
Details
Overview
OnDeck was founded in 2006 and has since been a leading provider in the business lending space, offering both term loans and lines of credit. To date, the company has extended $14 billion in funding to small businesses.
OnDeck doesn’t lend to businesses in Nevada, North Dakota or South Dakota. What’s more, while it lends to over 700 industries, there are some industries it cannot serve.
Eligibility
- Minimum Credit Score: 625
- Time in Business: One Year
- Minimum Annual Revenue: $100,000
Turnaround time
You can apply and receive a decision from OnDeck on the same day.
BEST FOR A LENDER COMPARISON SITE
Lendio
4.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$500 to $5 million
Minimum Credit Score
560
$500 to $5 million
560
Why We Picked It
Lendio is an online business loan marketplace that connects prospective borrowers with traditional banks and nonbank online lenders. By filling out one application, Lendio is able to connect business owners to over 75 lenders. Over its existence, Lendio has helped small business owners receive over $12 billion in funding nationwide.
Applicants may see Lendio as a one-stop-shop. You can apply for business loans, lines of credit, SBA loans, equipment financing, merchant cash advances (MCAs), commercial mortgages, invoice factoring and business acquisition loans. However, because Lendio is a marketplace and not a lender, it doesn’t publish specific terms. Instead, you’ll have access to its lending partners, and it will help you find the best offer for your specific needs.
Pros & Cons
- One application connects you to more than 75 lenders
- Wide variety of loan products, including term loans, lines of credit and SBA loans
- Some lenders charge prepayment penalties
- Terms and funding times vary depending on specific lender
Details
Overview
Lendio is an online business loan marketplace that connects prospective borrowers with traditional banks and nonbank online lenders. Over its existence, Lendio has helped small business owners receive over $12 billion in funding nationwide.
Applicants may see Lendio as a one-stop shop. You can apply for business loans, lines of credit, SBA loans, equipment financing, merchant cash advances (MCAs), commercial mortgages, invoice factoring and business acquisition loans. However, because Lendio is a marketplace and not a lender, it doesn’t publish specific terms. Instead, you’ll have access to its lending partners while helping you find the best offer for your needs.
Eligibility
- Minimum Credit Score: 560
- Time in Business: Six Months
- Minimum Annual Revenue: $50,000
Funding time
Applying through Lendio takes 15 minutes. After you review your offers and are approved by your lender, you can receive your funds in as little as 24 hours.
BEST FOR SMALL AND LARGE LINES OF CREDIT
American Express® Business Line of Credit
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$2,000 to $250,000
Minimum Credit Score
All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history and other factors.
660 FICO at the time of application
Time in business
1 year
Via American Express’s Website
$2,000 to $250,000
All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history and other factors.
660 FICO at the time of application
1 year
Why We Picked It
American Express® Business Line of Credit (formerly Kabbage from American Express and Kabbage Funding™) gives business owners the chance to secure funding between $2,000 to $250,000. Repayment terms include six, 12, 18 and 24 months.
Line of credit customers incur a loan fee for each month they have an outstanding balance. Total monthly fees incurred over the loan term range from 3% to 9% for six-month loans, 6% to 18% for 12-month loans, 9% to 27% for 18-month loans and 12% to 18% for 24-month loans.
In addition to its line of credit, American Express Business Blueprint provides other tools beneficial to small business owners, including its own mobile app that provides comprehensive cash flow insights.
Pros & Cons
- Backed by American Express
- No prepayment penalty
- Monthly fees on unpaid balances
- Requires personal guarantee
Details
Overview
American Express Business Blueprint™ is formerly Kabbage from American Express and Kabbage Funding™. In addition to its line of credit, American Express Business Blueprint provides other tools beneficial to small business owners, including its own mobile app that provides comprehensive cash flow insights.
Line of credit customers incur a loan fee for each month they have an outstanding balance. Total monthly fees incurred over the loan term range from 3% to 9% for six-month loans, 6% to 18% for 12-month loans, 9% to 27% for 18-month loans and 12% to 18% for 24-month loans.
Eligibility
- Minimum Credit Score: 660 FICO at the time of application
- Time in Business: One Year
- Monthly Revenue: monthly revenue of at least $3,000
All businesses are unique and are subject to approval and review.
Turnaround Time
Funds can take up to three business days to appear in your account, depending on your bank.
BEST FOR FLEXIBLE LINES OF CREDIT
BlueVine
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$6,000 to $250,000
Minimum Credit Score
625
Time in business
24 months
Flex 6 plan
On BlueVine’s Website
$6,000 to $250,000
625
24 months
Flex 6 plan
Why We Picked It
BlueVine is a financial technology company that provides financing solutions to small businesses nationwide. It specifically specializes in business lines of credit and checking accounts. As of December 2021, BlueVine no longer offers invoice factoring as one of its financing methods.
Small business owners looking to access a line of credit on an as-needed basis can receive funds between $6,000 and $250,000. BlueVine offers two payment structures: Flex 6 or Flex 12. Customers who choose Flex 6 make weekly payments over 26 weeks while Flex 12 customers make monthly payments over 12 months. What’s more, after 45 days of payment on Flex 6, or 90 days of payment on Flex 12, you may be eligible for a credit line increase.
BlueVine also charges weekly or monthly fees for its line of credit. Standard pricing is 1.7% per week or 7% per month for line of credit draws.
Note: BlueVine’s line of credit is available in all 50 U.S. states except North and South Dakota.
Pros & Cons
- Can get a decision within five minutes and funding within hours
- Lines of credit up to $250,000
- Low credit score requirement
- No mobile app for its line of credit
- Monthly revenue requirement
- Not available to businesses in North and South Dakota, Puerto Rico and U.S. territories
Details
Overview
BlueVine is a financial technology company that provides financing solutions to small businesses nationwide. It specializes in business lines of credit and checking accounts. As of December 2021, BlueVine no longer offers invoice factoring as one of its financing methods.
BlueVine’s line of credit is available in most U.S. states except North and South Dakota, Puerto Rico and U.S. territories.
Eligibility
Eligibility varies on the specific program a business owner chooses.
Flex 6
- Minimum Personal Credit Score: 625
- Must Have Been in Business for: At Least 24 Months
- Revenue: $40,000 per Month or $480,000 Annually
- Business Type: Corporation or LLC
- Bankruptcies: No Bankruptcies Within the Last Three Years
Flex 12
- Minimum Personal Credit Score: 650
- Must Have Been in Business For: At Least Three Years
- Revenue: $80,000 per Month or $960,000 Annually
- Business Type: Corporation or LLC
Turnaround time
After you submit your application, you can receive a decision in as quickly as five minutes.
BEST FOR SMALL- TO MID-SIZED BUSINESS
National Funding
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$10,000 to $500,000
Minimum Credit Score
600
Time in business
6 months
On National Funding’s Website
$10,000 to $500,000
600
6 months
Why We Picked It
National Funding offers working capital small business loans between $10,000 and $500,000 with terms of four months to two years, paid daily or weekly. Borrowers can use their funds for all working capital needs, including inventory, payroll, marketing, taxes and more. National Funding also offers equipment financing up to $150,000 but applicants must have a minimum personal credit score of 575 to qualify for that financing method.
Unlike most business lenders, National Funding offers early pay-off discounts. Small business loan customers who repay their total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. Equipment financing customers who repay the total remaining balance early, at any point during the term, will automatically receive a 6% discount off the total remaining balance.
Pros & Cons
- Financing up to $500,000
- Early payoff discounts
- Requires daily or weekly payments
- Potentially high borrowing costs
- Requires minimum gross annual sales of $250,000
Details
Overview
National Funding offers small business loans in all 50 states and allows borrowers to use their funds for all working capital needs, including inventory, payroll, marketing, taxes and more.
Unlike most business lenders, National Funding offers early payoff discounts. Small business loan customers can get a 7% discount off their total remaining balance when repaying the total remaining balance in full within the first 100 days of the contract. Equipment financing customers can receive a 6% discount off their total remaining balance when repaying the total remaining balance early.
Eligibility
- Minimum Credit Score: 600 (575 for Equipment Financing)
- Time in Business: Six Months
- Monthly Revenue: $250,000 Annually
Turnaround Time
Most loans are funded within 24 hours of approval, subject to receipt of required documentation, underwriting guidelines and processing time by your bank.
BEST FOR QUICK APPROVALS
Fundbox
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$1,000 to $150,000
Minimum Credit Score
600
Time in business
3 months
On Fundbox’s Website
$1,000 to $150,000
600
3 months
Why We Picked It
Fundbox is an AI-powered business lending platform that speeds up the application, decision-making and funding process. It offers decisions within three minutes and funds as soon as the next business day.
Prospective borrowers have two business financing options through Fundbox. Business owners can apply for revolving business lines of credit up to $150,000 with repayment terms of 12 or 24 weeks. Your available credit goes back up as you repay your line of credit.
Pros & Cons
- Receive a decision within three minutes
- Low minimum credit score requirement
- Next-day funding
- Only short-term repayment terms are available
- Relatively low lines up credit of up to $150,000
Details
Overview
Fundbox is an AI-powered business lending platform that speeds up the application, decision-making and funding process. It offers decisions within three minutes and funds as soon as the next business day.
Eligibility
- Minimum Personal Credit Score: 600
- Minimum Time in Business: Three Months
- Minimum Annual Revenue: $30,000
Funding time
If you’re getting a line of credit, your funds transfer to your bank account as soon as the next business day.
BEST FOR ESTABLISHED BUSINESSES
Funding Circle
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$25,000 to $500,000
Minimum Credit Score
660
Time in business
2 years
From participating partners via businessloans.com’s website.
$25,000 to $500,000
660
2 years
Why We Picked It
Funding Circle has been a direct lender specializing in small business loans since 2010. Since its inception, it has helped 100,000 businesses in 700 industries and lent $15.2 billion globally. We chose Funding Circle because it provides fast, affordable loans with a simple application process and funding in as little as 48 hours. Prospective borrowers have three options: business term loan, line of credit or SBA loan.
Funding Circle term loans range from $25,000 to $500,000 with repayment terms from six months to five years. If you choose to apply for a business line of credit, you can access credit lines between $6,000 and $100,000. However, Funding Circle doesn’t specify its line of credit repayment terms. You can also apply for SBA loans, which range from $25,000 to $500,000 with terms up to 10 years.
There are two main drawbacks of Funding Circle. First, there’s a one-time origination fee on each loan ranging from 3.49% to 6.99% of the approved loan amount. Second, due to state lending regulations, Funding Circle does not lend to businesses that operate out of Nevada, making it available in only 49 of the 50 U.S. states.
Pros & Cons
- Loans from $25,000 to $500,000
- Funding in as little as 48 hours
- No minimum annual revenue requirement for most loans
- One-time origination fee between 3.49% to 6.99% of the approved loan amount
- Requires two years in business, so it’s not ideal for startups
- Not available to Nevada businesses
Details
Overview
Funding Circle has been a direct lender specializing in small business loans since 2010. It has helped 135,000 businesses in 700 industries and lent $20.2 billion globally.
Eligibility
- Minimum Credit Score: 660 (650 for SBA loans)
- Time in Business: Two Years
- Monthly Revenue: $400,000 (for SBA loans only)
Turnaround Time
Depending on the loan type, you can receive your funds within two days. However, SBA loan funding may take up to two weeks.
BEST FOR FUNDING OPTIONS
Biz2Credit
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
Up to $2M+
See website for average amounts by product
Time in business
12 months+*
*See Website For Details
Minimum Credit Score
650*
*See Website For Details
On Biz2credit’s Website
Up to $2M+
See website for average amounts by product
12 months+*
*See Website For Details
650*
*See Website For Details
Why We Picked It
Biz2Credit is a digital funding platform that provides three funding options—term, Revenue-Based Financing and commercial real estate (CRE) loans—ranging from $25,000 to $6 million. It only takes a few minutes to apply and, depending on the product, 24 hours to receive a decision.
Biz2Credit can connect business owners with Revenue-Based Financing loans between $25,000 and $2 million and term loans between $25,000 to $500,000. Revenue-based financing payments are flexible based on business performance, with a right to reconcile against actual business receipts while term loans are repaid through weekly, bimonthly or monthly payments over the course of 12 to 36 months. Biz2Credit also offers CRE loans between $250,000 and $6 million with payment plans ranging from 12 to 36 months; payments are due monthly.
In the event that Biz2Credit cannot provide a financial product, it may present third-party options to qualified prospective borrowers. However, Biz2Credit confirms that “in the vast majority of cases, [it] will make a financing decision without referral to any external party.”
Pros & Cons
- Less stringent qualification requirements for Revenue-Based Financing
- Quick application, approval and funding process
- More stringent qualification requirements for term and CRE loans
- Revenue-Based Financing require daily, weekly or bimonthly payments
- CRE loans approvals can take up to 30 days
Details
Eligibility: To qualify for a Revenue-Based Financing loan, applicants must have a minimum personal credit score of 650 (see website for details), have been operating their business for at least six months and have a minimum annual revenue of$250,000 (see website for details). Term loans, on the other hand, require a minimum score of 650 (see website for details), 12 months+ (see website for details) in business and a minimum annual revenue of $250,000 (see website for details). CRE loans share the same minimum requirements as term loans but also require that prospective borrowers already own commercial property.
Funding time: Business owners can typically apply online fast, get a decision fast and fast funding (see website for details). However, CRE loan approvals may take longer.
Summary: Best Online Business Loans of 2024
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Loan amounts | Time in business | Minimum credit score | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| OnDeck |  | 4.5 |  | $5,000 to $250,000 | 1 year | 625 | Learn More | Via Ondeck's Website | |
| Lendio |  | 4.5 | | $500 to $5 million | 6 months | 560 | Learn More | On Lendio's Website | |
| American Express |  | 4.0 |  | $2,000 to $250,000 | 1 year | 660 FICO at the time of application | Learn More | Via American Express's Website | |
| BlueVine |  | 4.0 | | $6,000 to $250,000 | 24 months (Flex 6 plan) | 625 | Learn More | On BlueVine's Website | |
| National Funding |  | 4.0 | | $10,000 to $500,000 | 6 months | 600 | Learn More | On National Funding's Website | |
| Fundbox |  | 4.0 | | $1,000 to $150,000 | 3 months | 600 | Learn More | On Fundbox's Website | |
| Funding Circle |  | 4.0 | | $25,000 to $500,000 | 2 years | 660 | Learn More | From participating partners via businessloans.com's website. | |
| Biz2Credit |  | 4.0 | | Up to $1M+ | 12 months+* | 650* | Learn More | On Biz2credit's Website *See Website For Details |
Methodology
We reviewed 15 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our.
Tips to Compare Online Business Loans
Consider these tips when comparingsmall business loans:
- Compare dashboards and mobile apps. Some online lending platforms offer dashboards and mobile apps that help you manage your funds, including disbursem*nts and repayment. However, some lending platforms don’t offer mobile apps. Take this into consideration when comparing online business loans as it will play a role in your overall experience.
- Determine how you want to receive your funds. Two of the most common ways you can receive and access your business funds are through a lump-sum payment or on an as-needed basis. If you want to receive your funds up front, choose a traditional working capital or term loan. However, if you want to use funds only as you need them, consider a business line of credit.
- Consider the repayment terms and flexibility. Each business financing lender has its own repayment structures. While some types of financing require monthly payments, others may require daily or weekly payments. Take this into account when choosing your preferred lender and business loan.
- Look out for additional fees. Some lenders offer fee-free business loans that don’t require borrowers to pay origination fees, late payment fees, prepayment penalties or any other common loan costs. However, this is not always the case. Be sure to confirm a lender’s fee structure when shopping for the best terms. Factor additional fees into your decision-making process.
- Evaluate the lender’s customer support options. If you’ve found a lender that’s prepared to offer the money you need at acceptable terms, consider the lender’s support options before signing the loan agreement. Customer support can make a huge difference down the line if you encounter issues with repayment. Research the lender’s customer service resources and read reviews to make sure it’s a good fit.
What Is an Online Business Loan?
An online business loan is a type of financing business owners can use to fund operational expenses, large purchases and other costs of doing business. Unlike loans from many traditional lenders,online loanscan typically be applied for entirely online without visiting a brick-and-mortar branch and without an existing banking relationship. Online loans also may be easier to qualify for and may come with more competitive fee structures than traditional loans.
Loan amounts generally range up to around $500,000, with repayment terms varying widely by loan type and lender. Business loanannual percentage rates (APRs)generally start around 9%, with origination fees ranging from 3% to 5% of the total loan amount.
Common Types of Online Business Loans
To meet the unique needs of businesses, there are several forms of online loans available to finance operations. Consider these options when choosing an online business loan:
Term Loan
Line of Credit
Invoice Factoring
Pros and Cons of Online Business Loans
Online business loans can offer some advantages over other financing options, but there are drawbacks worth considering before you accept any debt.
Pros
- Streamlined application process. With an online lender, the application process most often takes place entirely online. This can make applying for a loan quick and easy compared to other lenders.
- Lower borrower requirements. Online lenders often have less strict borrower requirements for business loans compared to traditional lenders. This can make them easier to qualify for new businesses or businesses with limited revenue.
- Quick funding. Online lenders offer quick funding times for loans, with some offering loan funding the next day.
Cons
- No physical branches. Without any physical locations, it can be less straightforward to receive customer service assistance from an online lender.
- High costs. Online lenders can charge high interest rates and fees compared to other lenders. Before accepting any loan, be sure to understand the fees that you’ll have to repay.
- Reputation. Although there are trustworthy online business loan lenders, some may be a scam. Research lenders and read reviews before submitting an application with any online lender.
How to Apply for an Online Business Loan
The application process for online business loans varies by lender. However, there are some general steps that prospective borrowers must take to obtain business financing.
1. Evaluate your borrowing needs. Start the borrowing process by evaluating your business’ borrowing needs. First, consider why you need to borrow funds and determine how much you need to borrow. Use abusiness loan calculatorto estimate monthly payments and review your budget to determine how much you can afford in loan payments each month.
2. Review your credit score and reports. Many business lenders check applicants’ personal credit scores and may require a personal guarantee on business loans. So, review your personal credit report and check your credit scores before choosing a lender. If you have an established business, it may have its ownbusiness credit scorethat can improve your approval odds.
3. Familiarize yourself with eligibility requirements. Once you’re familiar with your credit score, compare lenders based on theirbusiness loan requirements. Most business lenders impose minimum credit score requirements, require that borrowers be in business for a minimum amount of time and require a minimum annual revenue. However, others evaluate applicants based on nontraditional metrics and alternative credit data.
4. Compile necessary documentation. The documents necessary to apply for an online business loan depend on the lender. However, many lenders require tax returns for at least two years and financial records like bank statements, accounts receivable and outstanding invoices. It may also be necessary to provide a business plan to demonstrate the business’ ability to make on-time payments, though this is most common with less-established businesses.
5. Submit a loan application. After organizing your business’ application documents, complete an online application and submit the necessary supporting materials. Some online lenders further streamline this process by letting applicants connect their bank accounts and other financial tools.
6. Await verification and approval. Many online lenders offer same-day lending decisions, but the verification and approval process can take longer. For example, it may be necessary to provide additional documentation or speak with a lender representative prior to loan approval, which can extend the approval process to up to 30 days.
Are online business loans safe?
If you work with a reputable lender, online business loans are safe. There are many trustworthy lenders, but to be sure you’re working with one that has a good reputation, read reviews and check with organizations such as the Better Business Bureau.
Can I get a business loan with a 500 credit score?
Getting a business loan with a 500 credit score can be difficult, but is not impossible. In general, prospective borrowers should have a personal credit score of around 700 to qualify for a business loan. However, credit score requirements vary by lender, and some short-term and alternative lenders specialize in borrowers with low credit scores. Some business lenders also offer secured loans that come with less stringent qualification requirements.
Low-credit business owners may also access funds through other types of financing options like invoice factoring or merchant cash advances. This type of financing is generally secured by a business’ invoices or credit card sales, making it easier for less qualified applicants to get funds.
Related:Best Business Loans For Bad Credit
Can you get a business loan with no revenue?
Many business lenders require borrowers to demonstrate minimum monthly or annual revenue. This can make it difficult for newer businesses to qualify for funding. Still, some lenders offer financing to new businesses that don’t yet have established income. This typically requires submitting additional application materials such as a comprehensive business plan and financial projections that demonstrate the business’ ability to make loan payments.
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