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BlueVine-Best for Those Looking for Quick Lines of Credit

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9.8
Trustpilot
  • Max Loan Amount: $250,000

  • Min.Credit Score: 600

  • APR: 15.00-78.00%

BlueVine offers a quick solution for business owners who need capital fast. You can have cash available in as little as 24 hours. However, keep in mind that their business line of credit comes with higher interest rates than other online lenders. Still, their credit line is a great option for short-term financing because they require a low minimum credit score.

Business owners who struggle to qualify for loans with other lenders due to poor credit scores can easily get their working capital with BlueVine if they don’t mind the higher interest rates. BlueVine is an excellent option for startups as well since they allow you to take out a loan, even if you’ve only been in business for six months. Most competitors are hesitant to work with startups, which makes BlueVine a great solution for business owners new to the industry.

Pros:
Can get cash within 24 hours
Choose between multiple term lengths
Low credit score acceptable
Startup friendly
Cons:
Higher interest rates compared to other lenders
May require weekly repayments
2

OnDeck-Best for Those Looking for Same-Day Funding

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9.6
  • Max Loan Amount: $100,000

  • Min.Credit Score: 600

  • APR: 11.00–61.90%

OnDeck offers same-day small business loans to business owners who have been in business for at least one year. Although OnDeck offers up to $250,000 in quick loans, they make it challenging to apply for this kind of financing. Besides not accepting startups, OnDeck requires you to have a minimum personal credit score of 600 and at least $100,000 of annual business revenue. If you meet these criteria, you might be eligible for their fast cash loans, accessible via a simple online application. OnDeck offers different repayment terms of up to 24 months with transparent pricing and no prepayment penalties.

Pros:
Funding available on the same business day
Easy to apply
Transparent application process and pricing
No prepayment penalties
Cons:
High credit score required
Need to be in business for at least one year to qualify
Requires a minimum of $100,000 in annual business revenue
3

Fundbox-Best for Those Looking for Revolving Lines of Credit

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9.5
  • Max Loan Amount: $150,000

  • Min.Credit Score: 600

  • APR: 10.10–79.80%

Fundbox offers small business lines of credit of up to $100,000 with the possibility of getting prequalified online. They specialize in small business funding and provide quick responses, with funding available the next business day. Fundbox is best known for its revolving line of credit that allows you to borrow only as much money as you need. They also give small businesses the option to save money by repaying their loan ahead of schedule.

There are no prepayment fees. Moreover, Fundbox allows you to check your line of credit fees upfront and set up automated payments, so you don’t have to worry about meeting deadlines. Their repayment periods range between 12–24 weeks. If you’re looking for a quick small business loan, Fundbox is a great option to consider because you don’t have to complete the entire loan application to get prequalified.

Pros:
No prepayment fees
Only borrow as much as you need
Get prequalified without a hard credit check
Get funding as soon as the next business day
Transparent pricing and automated payments available
Cons:
Only offering lines of credit up to $100,000
Short repayment periods

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FAQ About Small Business Loan

What Is Needed To Secure A Small Business Loan?

Upon realizing you have can repay a small business loan, you need to get together the paperwork for the loan application. This paperwork includes:

  • 2–3 years’ worth of business and personal tax returns
  • Most recent profit & loss statement
  • Most recent balance sheet
  • Previous bank statements
  • Legal filings that relate to ownership
  • Business plan
  • Business license
  • Information about current debts
Six Factors Small Business Loan Lenders Use to Determine Loan Eligibility

Prospective small business loan lenders will ask you for a plethora of information to determine your eligibility. They will consider six key factors to determine if you’ll be reliable enough to repay the loan. What are these factors?

  • Cash Flow Projection

    A cash flow projection is documentation of what money is coming in and going out of the business. Lenders want to know if a borrower has an in-depth understanding of the business’s financial operations.

  • Collateral

    Collateral is the asset lenders will take ownership of if you fail to make your payments. These can include your business equipment, company building, accounts receivable, etc. While it’s not advisable, some small business owners will put up their personal assets as collateral.

  • Credit Score

    Lenders look at your credit score to determine how reliable you are at paying your debt. The majority of lenders want a credit score of at least 600 before approving a small business loan application. However, lenders will provide loans to those with lower credit scores. Remember, though, the higher your credit score, the more favorable the loan terms.

  • Debt-to-Equity Ratio

    How is the debt-to-equity ratio measured? It divides the company’s debt by the shareholder’s equity. With this measurement, a lender can determine if you can feasibly pay on the new debt you take along with your current debt. A high D/E is typical in some industries, but a low D/E ratio is preferable.

  • Length of Time That the Business Has Been Operating

    Lenders are much more likely to approve a loan for businesses with an established business history because the company has a proven record of making money. The same cannot be said for a business that’s just started.

  • Working Capital

    Working capital is the amount of money you have available to remain in operation. You can learn how much working capital you have by subtracting your debt liabilities from your currently held, easily cash-convertible assets.

Conclusion

Before choosing which type of loan to go with, it is vital to have knowledge of the lenders that are in the industry offering loan product. Due diligence is needed to know about the loans offered and the expenses attached to them.

Borrowers also should keep a check on their credit score to be aware that they follow within the minimum guidelines of home equity loan providers. It is crucial to know the type of loan one can afford to pay and which lender best fits them.

Check your Approval Odds for a small business loan

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