9
Best Easy Business Loans
Compare the Best Easy Business Loans
| COMPANY | FORBES ADVISOR RATING | LOAN AMOUNTS | APR | LEARN MORE |
|---|---|---|---|---|
 
|
$5,000 to $400,000
|
Varies by loan
|
On Ondeck's Website
| |
|
|
$5,000 to $250,000
|
Simple interest starts at 7.8%
|
On BlueVine's Website
| |
|
|
Up to $1 million
|
Varies by qualifications
|
On Biz2Credit's Website *See Website For Details
| |
|
$1,000 to $250,000
|
Interest rates start at 4.66%
|
On Fundbox's Website
| |
|
|
$5,000 to $1 million
|
Not disclosed
|
Via Forbes Advisor
| |
|
|
$5,000 to $600,000
|
Factor rates as low as 1.11
|
On Credibly's Website
| |
|
|
$1,000 to $15,000
|
0%
|
Via Forbes Advisor
|
Easiest Business Loans To Get: A Closer Look
BEST FOR SHORT-TERM LOANS
OnDeck
Loan amounts
$5,000 to $400,000
varies by loan
APR range
Varies by loan
Minimum Credit Score
625
$5,000 to $400,000
varies by loan
Varies by loan
625
We picked OnDeck for its variety of business lending products and same-day funding. OnDeck offers a term loan from $5,000 to $400,000 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.
- Term loans from $5,000 to $400,000
- Same-day funding available
- 0% origination fee limited to renewed term loans
- $100,000 minimum annual revenue requirement
- Must have been operating for at least one year
- Does not lend to businesses in North Dakota
Eligibility
- Minimum credit score: 625
- Time in business: One year
- Minimum revenue: $100,000 per year
Turnaround time
You can apply and receive a decision from OnDeck on the same day.
Consumer Sentiment Index
- Overall rating: 3.1/5 — Satisfied
Based on 6,300 customer insights and reviews for the entire category.
Some customers praised the lender for its quick and straightforward lending process, while others complained of high interest rates and feeling misled about rates and fees.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
BEST FOR FLEXIBLE LINES OF CREDIT
Bluevine
Loan amounts
$5,000 to $250,000
APR range
Simple interest starts at 7.8%
Minimum Credit Score
625
$5,000 to $250,000
Simple interest starts at 7.8%
625
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.
Bad credit business owners looking to access a line of credit on an as-needed basis can receive funds between $6,000 and $250,000. Through BlueVine’s Flex 6 payment structure, borrowers make weekly payments over 26 weeks. What’s more, after 45 days of payment on Flex 6, you may be eligible for a credit line increase. BlueVine also offers its Flex 12 structure, but it requires a minimum credit score of 650, so it’s not suited for applicants with bad credit.
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 most U.S. states except North and South Dakota, Puerto Rico and U.S. territories.
- Receive a decision within five minutes and instant funding with a Bluevine business checking account, or receive funds within 24 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 Nevada, North Dakota, South Dakota, Puerto Rico and other U.S. territories
Eligibility
Eligibility varies on the specific program a business owner chooses.
Weekly plan
- Minimum credit score: 625
- Time in business: Less than one year
- Minimum revenue: $40,000 monthly or $480,000 annually
- Business type: Corporation or LLC
- Bankruptcies: No past bankruptcies
Monthly plan
- Minimum credit score: 700
- Time in business: Three years
- Minimum 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 and instant funding with a Bluevine business checking account. Borrowers who don’t have a Bluevine business checking account can receive funds within 24 hours.
Consumer Sentiment Index
- Overall rating: 2.4/5 — Neutral
Based on 6,300 customer insights and reviews for the entire category.
Bluevine’s borrowers reported quick application processes and funding times, but many were also disappointed with their experiences. Some customers noted that the customer service was unresponsive and that there were technical issues during the application process.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
BEST FOR FUNDING OPTIONS
Biz2Credit
Loan amounts
Up to $1 million
Varies depending on qualifications
APR range
Varies by qualifications
Minimum Credit Score
650*
*See website for details
Up to $1 million
Varies depending on qualifications
Varies by qualifications
650*
*See website for details
Biz2Credit is a digital funding platform that provides three funding options—term, revenue-based financing and commercial real estate (CRE) loans—ranging from Up to $1 million. It only takes a few minutes to apply.
Biz2Credit can connect business owners with revenue-based financing Up to $2M+ and term loans Up to $1 million. 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 interest-only CRE loans from Up to $2M+ with terms between 12 and 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.”
- Revenue-based financing has flexible qualification requirements
- Can prequalify for submitting an application
- Offers term loans with weekly or biweekly payments
- Does not disclose financing costs
- Does not disclose turnaround time
- High annual revenue requirement
Eligibility
Eligibility varies based on the financing option you choose.
Term loan
- Minimum credit score: 650
- Time in business: 18 months
- Minimum revenue: $250,000 per year
Revenue-based financing
- Minimum credit score: 575
- Time in business: 6 months
- Minimum revenue: $10,000 per year
Turnaround time
Biz2Credit does not disclose the turnaround time for its financing options.
BEST FOR QUICK APPROVALS
Fundbox
Loan amounts
$1,000 to $250,000
APR range
Interest rates start at 4.66%
Minimum Credit Score
600
$1,000 to $250,000
Interest rates start at 4.66%
600
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 $250,000 with repayment terms of 12, 24, 52, or 76 weeks. Your available credit goes back up as you repay your line of credit.
- Flexible eligibility criteria
- Small and large loan amounts
- Short repayment terms of 12, 24, 52, or 76 weeks
Loan Details
- Minimum credit score: 600
- Minimum annual revenue: $30,000
- Minimum time in business: three months
Funding Speed
Funds may arrive within two business days of requesting a credit line draw.
BEST FOR PRODUCT AVAILABILITY
Rapid Finance
Loan amounts
$5,000 to $1 million
APR range
Not disclosed
Minimum Credit Score
550
$5,000 to $1 million
Not disclosed
550
Rapid Finance is an online lender that has funded over $2 billion in business financing across a variety of industries. Business owners looking for unsecured loans can access a wide variety of options, including term loans, lines of credit, merchant cash advances and invoice factoring.
Rapid Finance unsecured loans range from $5,000 to $1 million with terms from three to 60 months, depending on the specific type of loan. However, business owners with bad credit typically won’t receive the largest loan amounts. What’s more, borrowers are required to meet daily or weekly repayment schedules.
To apply, applicants will need a form of identification, business bank account number and routing information, and their last three months of business bank statements.
- Terms of 6 months
- No credit score minimum
- Same-day funding
- Origination fee
- High minimum revenue requirement
Lending Details
Eligibility
- Minimum credit score: No minimum credit score
- Minimum annual revenue: $200,000
- Required time in business: 6 months
Funding Speed
Funds may be available within hours of approval.
BEST FOR LOAN OPTIONS
Credibly
Loan amounts
$5,000 to $600,000
APR range
Factor rates as low as 1.11
Minimum Credit Score
500
$5,000 to $600,000
Factor rates as low as 1.11
500
Credibly offers a wide range of business loans for bad credit—working capital loans, business lines of credit and merchant cash advances, specifically. What’s more, new businesses may also find it easier to secure financing because Credibly only requires businesses to be in operation for at least six months.
Working capital loans of $25,500 to $600,000 are available with terms between 6 to 24 months; payments are due daily or weekly. If a business owner should choose a business line of credit, they can access credit lines up to $250,000. Lastly, Credibly offers merchant cash advances (MCAs) up to $600,000 with terms between 3 to 24 months.
- Low minimum credit score and time-in-business requirements
- Financing starts at $10,000
- Funding up to $250,000 available within one week
- $180,000 annual revenue requirement
- Only publishes general interest rates online
- Origination fee may apply
Lending Details
Eligibility
- Minimum credit score: 500
- Minimum annual revenue: $180,000
- Required time in business: 3 months
Funding Speed
Funding may be available as soon as the same day.
BEST FOR CROWDFUNDING UP TO $15,000
Kiva
Loan amounts
$1,000 to $15,000
APR range
0%
Minimum Credit Score
None
$1,000 to $15,000
0%
None
Kiva is a microlender that offers a unique crowdfunding platform for a wide variety of prospective borrowers. Compared to traditional financing, Kiva utilizes your personal network and its own network of 1.6 million investor lenders to crowdfund loans up to $15,000 with terms up to 36 months.
Business owners who apply directly through Kiva’s website may receive 0% interest. Kiva refers to these as Direct Loans, which are only available to businesses in the U.S. and social enterprises internationally. However, if a prospective borrower applies through a Kiva Field Partner—local organizations working in communities to vet borrowers, provide services and administer loans—they will likely pay interest to the partner in some form, which varies by partner.
Loan funds are distributed and repaid through PayPal or Kiva’s Field Partners.
- No minimum credit score requirement
- Does not require cash flow documents
- Requires no collateral
- Maximum loan amounts of $15,000
- All loans are crowdfunded
- Long funding times
Lender Details
Eligibility
Because Kiva uses a crowdfunding method, it’s able to offer less stringent qualification requirements. Although Kiva loans don’t require a minimum credit score, cash flow documents or collateral, borrowers are vetted or endorsed by either a local Field Partner, Trustee or members of the community.
Turnaround time
After you submit your application, a Kiva representative will get back to you within 10 to 15 business days. Kiva suggests that “submitting a great photo and business story will help your application make it through the review process more quickly.”
Once you’re approved for fundraising, you have 15 days to raise funds from your own network, and then 30 days to publicly fundraise with Kiva’s network of lenders.
Most Popular is calculated from the number of times each affiliate product was selected by Forbes Advisor users over a six month time period.
What Are Easy Business Loans?
Easy business loans are specifically designed for small and medium businesses that would not otherwise qualify for financing, making them excellent business loans for bad credit. These loans allow companies to access funds quickly and easily with a more straightforward and streamlined application process. Businesses can get capital to support their growth by addressing short-term cashflow issues, purchasing equipment or expanding into new markets.
There are various types of easy business loans, including secured and unsecured options and long- and short-term loans. These different types of loans offer businesses the flexibility to respond quickly to changing market conditions and unexpected events like natural disasters. With an easy business loan, you can receive funding within days instead of weeks or months.
These are some of the main characteristics shared by many easy business loans:
Available From Online Lenders
Easy small business loans are an accessible funding option for entrepreneurs thanks to the rise of online lending. With straightforward application processes, quick approval times and flexible repayment plans offered by many online lenders, business owners can now quickly secure financing without undergoing extensive credit checks required by traditional banks.
Further, online lenders are sometimes more willing than traditional banks to provide financing to startups and businesses with bad credit ratings. Easy business loans from reputable online lenders may come with higher interest rates than those offered by traditional banks. Still, the convenience and speed of getting funds within days rather than weeks can be invaluable for budding entrepreneurs.
Accessible Qualification Requirements
Easy business loans offer convenience and accessibility to small business owners who need a short-term loan solution. The qualifications for easy business loans are typically less stringent when compared with traditional loans. They generally require no collateral, minimal documentation and flexible credit score requirements. This makes it an attractive option for entrepreneurs just starting businesses or those with limited credit histories.
Additionally, application processing times for the best small business loans are often faster than for conventional lending options, granting business owners access to funds within days.
Fast Funding Speeds
Easy loans for small businesses usually come with much faster funding speed than traditional business loans—often as soon as the same day. This means borrowers can access capital more quickly with easy business loans, making them hugely beneficial when time is of the essence or if quick expansion opportunities arise.
Streamlined Applications
Easy business loans often come with streamlined applications that allow business owners to quickly and efficiently apply for loans without taking time away from managing their businesses. The lender may only require that you complete a short form and upload a few financial documents, such as your tax returns and personal bank statements.
Higher Interest Rates
Easy business loans often come with a higher interest rate than what traditional lenders may offer. As such, it is essential to consider the short-term involvement of taking out an easy business loan and the long-term implications on future finances. Entrepreneurs should research and carefully calculate how the loan terms will impact their unique set of circumstances before committing to any loan contract.
When To Get an Easy Business Loan
Easy business loans are a convenient and accessible financing option for entrepreneurs who need quick access to capital. They offer streamlined applications that provide borrowers with the funds they need within days but usually come with higher interest rates than more traditional forms of lending and aren’t a good fit for everyone.
Getting an easy business loan may be appropriate if you:
- Have trouble qualifying for financing elsewhere. If you’re an entrepreneur just starting out or with limited credit history, an easy business loan could be an excellent option for quick funding-without the hassle of more complicated loan agreements. Unlike traditional loans, easy business loans have less stringent qualifications and usually require no collateral or extensive documentation.
- Need to access cash quickly. Easy business loans are also a good fit for business owners who require an expedited funding source. Usually, these loans are swift, offering individuals access to cash within a few days and making them ideal for entrepreneurs who want to take advantage of opportunities requiring capital injection immediately.
That said, an easy business loan may not be a good idea if you can qualify for a loan or other financing elsewhere. Likewise, if you’re not in a hurry and can wait for a traditional lending and funding process, a bank or U.S Small Business Administration (SBA) loan will likely come with a more competitive interest rate than an easy business loan.
Get Matched With Top Business Lenders
Your business deserves fast, reliable funding. Complete our short form from Forbes Advisor to get matched with top loan offers now.
How To Qualify for an Easy Business Loan
Lenders typically require a minimum personal credit score of 500 and that you have been in business for at least six months with $30,000 or more in annual revenue. You may also need to submit a business plan or other documents to prove your creditworthiness. Additionally, some lenders may request collateral in exchange for the loan—though this isn’t always required.
Improving Your Eligibility
If you’re concerned about qualifying for a loan, or you want to ensure that you get the best small business loan possible, there are several steps you can take:
- Improve your credit. This can take time, but it can make the difference between being turned down and receiving a loan offer. To improve your credit, you can pay down revolving debt and make debt payments on time.
- Gather your documents. Business loan applications may require many types of information and documentation to be approved. You may need articles of incorporation, personal and business financial forms such as tax returns and balance sheets, and projected financial statements.
- Hone your business plan. Your business plan is a key factor in loan approval, so you’ll be best served by making sure that it represents your business best. This can mean conducting additional market analysis, zeroing in on your marketing plan or simply refining your plan.
- Consider collateral. If you can’t qualify based on your credit alone, you may want to consider adding collateral to your business loan application. Since there is less risk to the lender for a secured loan, you may be more likely to get approved.
Read More: How Do Business Loans Work?
Tips for Comparing Easy Business Loans
Follow these tips when comparing easy business loans:
- Evaluate why you need a loan and how much funding you need. Before applying for an easy business loan, identify why you need the money and how much capital you’ll require. This will help narrow down your search for the best loan option.
- Calculate how much you can afford in a monthly payment. Estimate how much you can afford to pay back each month and factor this into your loan decision.
- Research different lenders and compare interest rates. Lenders offer different interest rates, repayment terms, eligibility requirements, funding speeds and service levels. Research multiple lenders to ensure you get the best deal.
- Consider your qualifications and each lender’s underwriting criteria. Before applying for a loan, review each lender’s underwriting criteria. This will help you determine which lenders are more likely to approve your application based on your qualifications.
- Review collateral requirements. While some lenders don’t impose collateral requirements, others require borrowers to secure loans with valuable assets like real estate or equipment. Also consider whether each lender requires borrowers to sign a personal guarantee.
- Check for additional fees. Some lenders charge extra fees aside from interest rates and repayment terms, such as origination or application fees.
- Steer clear of no-credit-check loans. Easy business loans with no credit checks may seem appealing, but they often come with hidden fees and high interest rates. If you choose a no-credit-check loan, read the fine print carefully to ensure you understand the repayment terms and have enough cash to pay off the loan quickly.
- Compare multiple loan offers to get the best deal. In addition to considering interest rates, repayment terms and fees, read all the details and disclosures associated with each loan you are considering.
Alternatives to Easy Business Loans
Easy business loans are an attractive option for entrepreneurs who need quick access to capital. However, they may not be the best choice for everyone. These are some of the most popular alternatives to easy business loans:
1. Business Credit Card
Business credit cards can be an effective solution for people who don’t qualify for easy business loans. Similar to a line of credit, business owners can use business credit cards to cover business-related purchases, access extra capital or manage their cash flow. Interest rates typically range from 16% to 28%, but interest doesn’t accrue if the cardholder pays off the balance before the end of each billing cycle.
2. SBA Loan
SBA loans are an excellent option for business owners who don’t qualify for other sources of business financing due to a lack of equity, collateral or credit history. These loans may be available up to $5 million, offer competitive interest rates pegged to a base rate and come with repayment terms of up to 25 years.
Borrowers can use loan proceeds to finance operational costs, startup expenses and equipment purchases, among other business-related expenses. SBA lenders may also impose more flexible eligibility requirements than other business lenders. That said, the application, approval and funding processes can be lengthy, so SBA loans are not a good option for businesses that need cash fast.
3. Rollover for Business Startups (ROBS)
A rollover for business startups—or ROBS—allows individuals to use funds from their retirement account to purchase and fund their business without incurring withdrawals that may be subject to early withdrawal penalties. This can be incredibly helpful for small business owners who don’t qualify for easy business loans or don’t want to go into debt.
ROBS require borrowers to create a new corporation, transfer their assets into it and direct the retirement account custodian to permit rolling over assets into shares in the new business. By doing so, investors can borrow from themselves to obtain financing without using debt—instead, using funds already saved in their retirement plan.
Interest calculated on the borrowed amount is paid back into the business owner’s 401(k) plan, meaning repayment and interest go back to the same place. Overall, ROBS can be great for startup businesses as long as you understand repayment terms, tax implications and other factors before proceeding with this type of financial strategy.
Find the Best Small Business Loans
Methodology
We reviewed 16 popular lenders based on 14 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. 25%
- Loan details. 25%
- Eligibility and accessibility. 20%
- Customer experience. 20%
- 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. 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 Loans Rating & Review Methodology.