Low credit score requirements
Fast approvals and funding
No collateral required
Guaranteed lowest payment
LOAN AMOUNTS
$5,000 - $500,000
LOAN TERM
Four to 60 months
APR RANGE
15% - 30%
MIN. CREDIT SCORE
500
FEES
2% origination fee
FUNDING TIME
24 hours
YEARS IN BUSINESS
At least 1 year
BBB RATING
A+
MIN. REVENUE
$10,000 per month
AVAILABILITY
All 50 states
Good solution for startups
Fast funding
Simple application process
Invoice financing available
LOAN AMOUNTS
$1,000-$100,000
LOAN TERM
12 weeks – 24 weeks
APR RANGE
N/A
MIN. CREDIT SCORE
550
FEES
Start at 4.64%
FUNDING TIME
24 hours
YEARS IN BUSINESS
6 months
BBB RATING
A+
MIN. REVENUE
$50,000
AVAILABILITY
United States, US Territories
Suitable for low credit scores
Loans available within 10 minutes
No prepayment penalties
Free business revenue analysis
LOAN AMOUNTS
$2,000 - $250,000
LOAN TERM
6-18 months
APR RANGE
24% - 100%
MIN. CREDIT SCORE
560 (Recommended)
FEES
No origination fees or prepayment penalties
FUNDING TIME
10 minutes
YEARS IN BUSINESS
1 year
BBB RATING
A+
MIN. REVENUE
$50,000
AVAILABILITY
Nationwide
Reasonable rates for low-credit applicants
Same-day funding and high approval rate
Funds wired directly to your business checking account
Funding options for three-month-old businesses
LOAN AMOUNTS
$5,000 to $1 million
LOAN TERM
Three months to five years
APR RANGE
11% to 31%
MIN. CREDIT SCORE
550
FEES
2.5% origination fee
FUNDING TIME
Up to three business days
YEARS IN BUSINESS
Three months for MCAs, two years for term loans
BBB RATING
A+
MIN. REVENUE
Depends on the product
AVAILABILITY
Depends on the product
Funding in as little as 72 hours
Low competitive rates
Free, no obligation prequalification
Poor credit, including bankruptcies and tax liens, accepted
LOAN AMOUNTS
$5,000 - $750,000
LOAN TERM
6 to 12 months
APR RANGE
N/A
MIN. CREDIT SCORE
450
FEES
Only loan fees
FUNDING TIME
72 hours
YEARS IN BUSINESS
At least 3 months
BBB RATING
A+
MIN. REVENUE
$5,000 per month
AVAILABILITY
All 50 states + DC
Multiple loans in same term
Relaxed borrower qualifications
Affordable monthly payments
Past bankruptcies allowed
LOAN AMOUNTS
$5,000 to $500,000
LOAN TERM
12 to 60 months
APR RANGE
9.77% to 35.98%
MIN. CREDIT SCORE
620
FEES
Origination fee
FUNDING TIME
One to four weeks
YEARS IN BUSINESS
14
BBB RATING
NR
MIN. REVENUE
$50,000 per year
AVAILABILITY
All 50 states
Suitable for growing businesses
Prepayment incentives
Loan options for low-credit applicants
Fast funding
LOAN AMOUNTS
$5,000 to $400,000
LOAN TERM
3 to 24 months
APR RANGE
9.99% to 45%
MIN. CREDIT SCORE
500
FEES
2.5% origination fee
FUNDING TIME
Up to 5 business days
YEARS IN BUSINESS
At least 6 months
BBB RATING
A+
MIN. REVENUE
$15,000 monthly
AVAILABILITY
All 50 states + DC
Faster than banks
Affordable monthly payments
Flexible loan terms with low APR
Amazing customer support
LOAN AMOUNTS
$30,000 to $5,000,000
LOAN TERM
2 to 25 years
APR RANGE
5.04% to 10.29%
MIN. CREDIT SCORE
650
FEES
Guarantee, referral fees, bank closing costs
FUNDING TIME
7 days
YEARS IN BUSINESS
11
BBB RATING
A+
MIN. REVENUE
$100,000 a year
AVAILABILITY
All 50 states
Funding for businesses less than a year old
Same-day funding
Available for business owners with low credit scores
Rates and fees are given upfront
LOAN AMOUNTS
$3,500 - $250,000
LOAN TERM
2 to 10 years
APR RANGE
14.9% - 159%
MIN. CREDIT SCORE
500
FEES
5% to 40% with a minimum of $500
FUNDING TIME
24 hours
YEARS IN BUSINESS
At least 90 days
BBB RATING
A
MIN. REVENUE
N/A
AVAILABILITY
29 states + DC
Minimal business longevity requirement
No credit score requirement
Quick application process
Equipment financing solution
LOAN AMOUNTS
$5,000 - $500,00
LOAN TERM
Varies
APR
Varies
MIN. CREDIT SCORE
None
FEES
Varies
FUNDING TIME
24 hours
YEARS IN BUSINESS
At least 7 months
BBB RATING
A+
MIN. REVENUE
$10,000 per month
AVAILABILITY
United States
No minimum revenue requirements
High loan amounts
Quick and easy application process
No prepayment penalties
LOAN AMOUNTS
$25,000 - $500,000
LOAN TERM
Six months to five years
APR RANGE
12% - 36%
MIN. CREDIT SCORE
660
FEES
See Full Review
FUNDING TIME
One to five business days
YEARS IN BUSINESS
At least 9 months
BBB RATING
A+
MIN. REVENUE
Not stated
AVAILABILITY
49 states + DC
Fixed rates
No collateral required
Good for established businesses
APR can be as low as 7.99%
LOAN AMOUNTS
$20,000 to $500,000
LOAN TERM
1-4 years
APR RANGE
7.99% to 29.99%
MIN. CREDIT SCORE
660
FEES
Origination fee 5%; 2% draw fee
FUNDING TIME
1-3 days
YEARS IN BUSINESS
1 year
BBB RATING
A+
MIN. REVENUE
$100,000 per year
AVAILABILITY
The US (Nevada excluded)
Offers financing for businesses less than one year old
Same-day funding
Huge loan amounts
Low credit score requirement
LOAN AMOUNTS
$5,000 – $5 million
LOAN TERM
1 week – 52 weeks
APR RANGE
15% – 88%
MIN. CREDIT SCORE
600 (530 for invoice factoring)
FEES
0% origination/closing fee
FUNDING TIME
24 hours
YEARS IN BUSINESS
At least 6 months (3 for invoice factoring)
BBB RATING
A+
MIN. REVENUE
$10,000 a month
AVAILABILITY
The US (except ND, SD, VT)
No bank account required
Fast and secure transactions
Excellent customer support
No credit minimum
LOAN AMOUNTS
$1,000 to $25,000
LOAN TERM
6 months to 3 years
APR RANGE
7.7% to 25%
MIN. CREDIT SCORE
560 (Recommended)
FEES
Origination fee of 0.5%
FUNDING TIME
5 days
MIN. YEARS IN BUSINESS
N/A
BBB RATING
N/A
MIN. REVENUE
N/A
AVAILABILITY
Businesses and individuals around the world
Dedicated funding manager for each client
Funding for startups and established businesses
High approval rate
Quick application process
LOAN AMOUNTS
$500 - $5,000,000
LOAN TERM
1 to 25 years
APR RANGE
4.00% - 30.00%
MIN. CREDIT SCORE
No
FEES
No origination fee
FUNDING TIME
24 hours
YEARS IN BUSINESS
10
BBB RATING
Not Rated
MIN. REVENUE
$10,000 a month
AVAILABILITY
All 50 states + DC
Lending specialist assistance
Transparent fees and terms
Easy application process
Compatibility with QuickBooks and Xero
LOAN AMOUNTS
$2,500 - $5 million
LOAN TERM
3 months - 25 years
APR RANGE
3% - 30%
MIN. CREDIT SCORE
500
FEES
0% - 6.99% origination
FUNDING TIME
1 day - 2 weeks
YEARS IN BUSINESS
3 months - 3 years
BBB RATING
A+
MIN. REVENUE
$0 - $250,000
AVAILABILITY
All 50 states
A possibility of 0% introductory APR
92% approval rate
Most loans are unsecured
A funding estimate in less than two hours
LOAN AMOUNTS
$5,000-$500,000
LOAN TERM
3 months to 5 years
APR RANGE
3%-25% (0% intro APR)
MIN. CREDIT SCORE
Varies by lender and loan type
FEES
9.99% origination fee; other fees vary by loan type
FUNDING TIME
24 hours - 3 weeks
YEARS IN BUSINESS
Varies by lender and loan type
BBB RATING
A
MIN. REVENUE
Varies by lender and loan type
AVAILABILITY
All 50 states + D.C.
Funding for businesses less than a year old
Rates tend to be inexpensive
Multiple avenues of customer support
Cost transparency
LOAN AMOUNTS
$5,000 - $500,000
LOAN TERM
13 to 52 weeks
APR RANGE
24.83% - 49.94%
MIN. CREDIT SCORE
620
FEES
No origination fee; $20 returned item fee
FUNDING TIME
24 hours
YEARS IN BUSINESS
At least 9 months
BBB RATING
A+
MIN. REVENUE
$42,000 a year
AVAILABILITY
All 50 states + DC
Less paperwork than banks and other lenders
Available for those with fair to average credit scores
Funding for businesses that are just one year old
Same-day funding
LOAN AMOUNTS
$5,000-$500,000
LOAN TERM
3 to 36 months
APR RANGE
9%-98%
MIN. CREDIT SCORE
600
FEES
See full review
FUNDING TIME
24 hours
YEARS IN BUSINESS
At least 1 year
BBB RATING
A+
MIN. REVENUE
At least $100,000 annually
AVAILABILITY
United States, Canada, Australia
Fully digital features
Free stock and ETF trading
One-on-one customer experience
Mobile app
LOAN AMOUNTS:
$5,000 - $100,000
APR:
1.87% - 20.69%
MIN. CREDIT SCORE:
680
LOAN TERM:
2-30 years
CUSTOMER SUPPORT:
Yes
BBB RATING:
A
YEARS IN BUSINESS:
10
MOBILE APP:
Yes
Whether you want to fund your startup, expand your small business, or secure your company against financial instability, a business loan can be the solution.
Loans can also be useful in building up your credit score and making you eligible for larger loans in the future.
Whatever your reason for considering a business loan, it is best to understand how they work and what exactly owners are required to do – preferably before you approach a lender. That is exactly what our small-business loan reviews help you with. Our expert reviewers can guide you toward the loans and lenders that best match your needs and goals.
One of the most common financing arrangements for businesses of all types and sizes, equipment loans help you improve, upgrade, and expand your company’s operating capabilities without putting too much strain on your cash flow.
New machinery, computers, and vehicles necessary for establishing or expanding your business can be too expensive to buy outright, which is exactly why equipment financing leases and loans have become such a popular solution.
Equipment loans have a huge advantage compared to other business lending options because the equipment itself usually secures the loan. If at some point you are unable to make the payments, the equipment will get collected by the lender as collateral.
Add to this the fact that financing loans require little or no capital and that you gain full ownership of financed equipment once the loan is paid off, and you can see these loans have become such a popular choice for many business owners.
There are also a few potential downsides to equipment loans. First, taking out a loan will cost more in the long run than if you had bought the equipment outright. Second, most of the best small-business loan providers will cover only 80-90% of the cost, so you will always be expected to pay 10-20% yourself. Last, interest rates on equipment financing vary a lot, ranging from 8% to 30%.
You will most likely need a personal credit score of at least 600 to be eligible to take out the loan.
A line of credit differs from standard loans in that it can be reused and repaid multiple times. Borrowing limits are smaller, however, and you need to make your payments on time without exceeding your credit limit.
With a line of credit, you can keep reusing and repaying the lender’s funds as often as you’d like, as long as you make payments on time and don’t exceed your credit limit. If you scroll through our detailed business loan services reviews you will see that lenders usually allow you to repay your full balance early to save on interest costs.
Banks and lenders will also require you to have strong revenue numbers, and your business will have to be at least two years old to be eligible for a line of credit. You’ll probably need a credit score of 500.
Larger lines of credit are often secured, so if you fail to make payments the lender can use your inventory or receivables as collateral. Smaller lines of credit are usually unsecured. The upper limit is typically about $500,000 with an interest rate of approximately 8% and repayment terms with maturity of one to two years.
These can be the best small-business loans when you are financing the everyday operations of your company, such as payroll or rent. Working capital loans are well-suited for businesses that experience highly cyclical or seasonal sales, companies that don’t have stable revenue levels throughout the year.
For example, some manufacturing companies work all year to produce goods for the Christmas holiday season. A working capital loan can help them finance manufacturing activities until the next holiday season.
Missing payments may hurt your credit score, which can be damaging because high credit scores are usually required for getting an unsecured working capital loan.
One of the most common requirements in the eyes of many small-business lenders has everything to do with how long your business has been operating. Most companies will qualify for a small-business loan after a minimum of two years of continuous operation, but this is not always the case.
Owners of newer businesses can seek alternative lenders that have a minimum requirement of one year, while others can get loans from larger lending institutions by demonstrating their company’s potential in the application.
While some small-business loan companies may not find your personal credit score relevant to how well your business can fulfill its credit obligations, most of these institutions do consider it when reviewing your loan application.
There are three major credit bureaus and all of them use a 300-850 scale to rank your credit rating, even though the scores that you get usually vary at least a little.
A rating below 600 will mark you as a high-risk borrower by all lenders, meaning that you will have fewer options – and your interest rates will be higher too. A good score falls somewhere between 680-719. That’s where most people in the US are.
Scores of 720 and higher are considered exceptional. A score like that will allow you to pick and choose among the widest range of loan options.
Another major requirement for getting a business loan is annual revenue, which you get by calculating your total income from all revenue streams for a single business year. As you read through our business loan reviews, you will notice that different lenders have different requirements.
In general, you will need about $50,000 in annual revenue for a short-term business loan. Medium- and long-term loans of a year or longer might require a minimum of $100,000. If you take a secured loan, the minimum annual revenue might jump to $250,000 for a loan of $250,000.
If you take out a secured loan, you will be required to put up company assets such as inventory and equipment as collateral so your lender can seize them if you are unable to pay off the loan on time.
Because they face less risk of losing the loan amount, top business lenders will always give the lowest interest rates on collateral loans. Rates can also be raised if the lender assesses that the risk of default is higher than the worth of your assets.
Minimum credit score requirements vary depending on the type of loan, but in general, you will need to have a score of 600 for short-term financing. Line-of-credit and equipment financing loans from the best small-business lenders in America usually require a score of 630 or higher, while SBA loans have the highest requirement of all: 680 or higher.
Getting a business loan can be challenging, especially for smaller businesses and startups. Lenders consider these companies much riskier than larger businesses. In fact, a vast majority of applications to the top small-business lenders in the US are denied, with some surveys finding that the rejection rate is well above 80%.
Most businesses with fewer than 500 employees are eligible for a small-business loan. If your company is larger and employs more than 500 people, you still may be eligible, but only if your business meets the SBA’s size standards for the industry your company operates in. To make sure that you meet all the requirements for a loan, you can always consult our business loan reviews and see what the country’s leading lenders consider when assessing loan eligibility.