9
Best Online Business Loans
Featured Partner Offers
1
AdvancePoint Capital
$10,000 - $2 million
Lower than the national average
620
2
OnDeck
$5,000 to $250,000
Varies by loan
625
Compare the Best Online Business Loans
Best Online Business Loan Lenders: A Closer Look
Best for Fast Online Business Loans
QuickBridge
APR range
Factor rates start at 1.11
Loan amounts
$10,000 to $500,000
Minimum Credit Score
600
Factor rates start at 1.11
$10,000 to $500,000
600
QuickBridge is an online small business loan and equipment financing provider with nationwide availability.
Why We Like It
QuickBridge loans are available to borrowers with fair to excellent credit. They come with flexible repayment options and are funded 24 hours.
What We Don’t Like
The lender sets a high minimum annual revenue requirement that can make it difficult to qualify, and loans range from $10,000 to $500,000 —less than what other lenders offer.
Who It’s Best For
QuickBridge is best for business owners who need fast funding on short-term loans.
- Discounts for paying loans off early
- 24 hours funding may be available
- Application requires limited documentation
- Requires annual sales of at least $250,000
- Doesn’t publish rates or fees online
- May share your information with partner lenders
Lender Details
Eligibility
- Minimum credit score: 600
- Time in business: six months
- Minimum annual revenue: $250,000
Turnaround time
You can apply and receive a decision from QuickBridge on the same day.
Best for Short-Term Online Business Loans
OnDeck
APR range
6% to 56.6% or higher
varies by loan
Loan amounts
$5,000 to $400,000
varies by loan
Minimum Credit Score
625
6% to 56.6% or higher
varies by loan
$5,000 to $400,000
varies by loan
625
Available in every state except North Dakota, OnDeck offers online business loans and lines of credit.
Why We Like It
OnDeck offers flexible repayment terms of 12-, 18 or 24 months for term loans and 12, 18 or 24 months for lines of credit.
What We Don’t Like
OnDeck’s loan amounts are small and repayment terms are short, so it may not be a good option for small businesses that want large, long-term loans.
Who It’s Best For
OnDeck online business loans are best for small businesses that want to keep interest costs low with short-term loans.
- Customizable weekly or monthly repayment terms
- Reports payment history to business credit bureaus
- No collateral required
- Must have an active business checking account
- Businesses located in North Dakota are not eligible
- High average interest rate of 56.6% APR
Lender Details
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 Online Business Lines of Credit
American Express® Business Line of Credit
Loan amounts
$2,000 to $250,000
APR range
N/A
Minimum Credit Score
660 FICO at the time of application
$2,000 to $250,000
N/A
660 FICO at the time of application
The American Express® Business Line of Credit provides several business line of credit options with fees that vary based on the financing term.
Why We Like It
The American Express® Business Line of Credit is available between $2,000 to $250,000 and has repayment terms of six, 12, 18 and 24 months with monthly fees of 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.
What We Don’t Like
Qualifying for an American Express® Business Line of Credit as a newly formed business may be difficult.
Who It’s Best For
The American Express® Business Line of Credit offers flexible repayment options, making it best for businesses that want short-term business lines of credit with transparent costs.
- No prepayment penalty
- Four different repayment options
- Offers small to large lines of credit
- Monthly fees on unpaid balances
- Requires personal guarantee
- Lines of credit over $150,000 are only available to borrowers who meet additional criteria
Eligibility
- Minimum credit score: 660 FICO at the time of application*
- Time in business: At least one year**
- Average revenue: at least $3,000 monthly
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.*
Turnaround time
Once application is approved, funds can take up to three business days to appear in your account, depending on your bank.
Consumer Sentiment Index
- Overall rating: 2.6/5 – Neutral
Based on 6,300 customer insights and reviews for the entire category.
American Express Business Line of Credit received mixed reviews from borrowers. Some appreciated the reasonable rates and the ease of getting funding, but there were issues with customer service and applications being denied for unclear reasons.
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 Online Startup Funding
Fundbox
Loan amounts
$1,000 to $250,000
APR range
4.66% to 25%
Minimum Credit Score
600
$1,000 to $250,000
4.66% to 25%
600
Fundbox is an alternative lender that provides short-term lines of credit and business loans to startups that need funding.
Why We Like It
Fundbox requires businesses to have been in business for 3 months and have an annual revenue of at least $30,000.
What We Don’t Like
Fundbox’s loans range from $1,000 to $250,000, making the lender less appealing to businesses needing higher amounts.
Who It’s Best For
Fundbox is best for startups and other new businesses because of its accessible credit score, time in business and annual revenue requirements.
- Low minimum credit score, time-in-business and revenue requirement
- Offers a free financial tool to help manage historical and predicted cashflow
- Available to businesses based in all 50 states and 5 major U.S. territories
- High Maximum APR of 25%
- May need to sign a personal guarantee to access your funds
- Late payment and non-sufficient funds fees may apply
Loan Details
- Minimum credit score: 600
- Minimum annual revenue: $30,000
- Minimum time in business: 3 months
Funding Speed
Funds may arrive within two business days of requesting a credit line draw.
Best for Online Business Lines of Credit From a Bank
Wells Fargo Business Line of Credit
Loan amounts
$10,000 to $3 million
APR range
Prime + 1.75% to prime + 9.75%
Minimum Credit Score
680
$10,000 to $3 million
Prime + 1.75% to prime + 9.75%
680
Wells Fargo offers business lines of credit and term loans—including its $10,000 to $3 million BusinessLine line of credit—online and at physical branches nationwide.
Why We Like It
Borrowers who prefer financing from an established bank with physical branches can take advantage of Wells Fargo’s large lines of credit.
What We Don’t Like
The bank imposes stringent qualification requirements for its line of credit and requires a personal guarantee.
Who It’s Best For
Wells Fargo is best for established businesses that operate in a state where the bank has locations and business owners who prefer visiting physical branches.
- Competitive APRs
- Only requires six months in business
- Flexible borrowing limits
- Must be an established Wells Fargo customer to qualify
- Annual fee of $95 or $175
- Higher minimum credit limit than competitors
Eligibility
- Minimum credit score: 680
- Time in business: Two years
- Minimum revenue: Does not disclose
- Minimum sales: $2-10 million for its Prime Line of Credit
Turnaround time
Wells Fargo does not disclose its approval and funding turnaround time.
Consumer Sentiment Index
- Overall rating: 2.1/5 — Neutral
Based on 6,300 customer insights and reviews for the entire category.
Some borrowers said they appreciated that a line of credit is included in Wells Fargo’s offerings, while others were disappointed with the approval process and the terms and conditions, such as the personal guarantee.
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 Large Online Business Loans
Fora Financial
Loan amounts
up to $1.5 million
APR range
Not disclosed
Minimum Credit Score
570
up to $1.5 million
Not disclosed
570
In addition to term loans, Fora Financial offers revenue advances, which are similar to merchant cash advances (MCAs) but are based on total sales revenue rather than credit card sales.
Why We Like It
Fora Financial extends large business loans up to $1.5 million, more than five times the amount available from most lenders on our list. Business borrowers can also increase their loan amount after paying at least 60% of the original loan principal.
What We Don’t Like
Fora Financial offers loan terms of up to 18 months, which is shorter than the repayment terms offered by other lenders.
Who It’s Best For
Fora Financial is best for businesses that want to borrow large amounts or need large revenue advances.
- Wide selection of loan types
- Low credit score and time-in-business requirements
- Funds available in as little as 24 hours after offer acceptance
- Repayment terms only go up to 18 months
- Doesn’t publish interest rates online
- Website is somewhat confusing
Lender Details
Eligibility
- Minimum credit score: 570
- Time in business: six months
- Minimum annual revenue: $20,000 in monthly revenue
Turnaround time
Funds may arrive within one business day of approval.
Best for Robust Online Business Loan Options
National Funding
Loan amounts
$5,000 to $500,000
APR range
Buy rates start at 1.11
Minimum Credit Score
600
$5,000 to $500,000
Buy rates start at 1.11
600
National Funding’s short-term working capital loans and equipment financing come with repayment terms between two to five years and 2 to 60 months, respectively, with daily or weekly payments.
Why We Like It
With working capital loans of $5,000 to $500,000 and equipment financing of Up to $150,000, National Funding offers robust financing options for small to midsize businesses.
What We Don’t Like
To qualify for financing through National Funding, borrowers must demonstrate gross annual sales of at least $250,000 and make payments daily or weekly.
Who It’s Best For
National Funding is best for established businesses with high gross sales.
- Financing up to $500,000
- Early payoff discounts
- Most loans are funded within 24 hours of approval
- Requires daily or weekly payments
- Potentially high borrowing costs
- Requires minimum gross annual sales of $250,000
Eligibility
- Minimum credit score: 600 (575 for equipment financing)
- Time in business: Six months
- Minimum sales: $250,000 per year
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 Flexible Online Business Line of Credit Repayment Terms
Bluevine
Loan amounts
$1,000 to $250,000
APR range
Simple interest starts at 7.8%
Minimum Credit Score
625
$1,000 to $250,000
Simple interest starts at 7.8%
625
Bluevine offers qualified borrowers short-term business lines of credit with funding within 24 hours.
Why We Like It
Bluevine’s lines of credit range from $1,000 to $250,000 and can be repaid with weekly payments over a 26-week term or monthly payments over a 12-month term.
What We Don’t Like
Bluevine’s business lines of credit aren’t available in all 50 states. It also imposes a high minimum annual revenue requirement, which may make it difficult to qualify.
Who It’s Best For
Bluevine business loans are best for businesses that want short-term lines of credit and flexible repayment terms.
- No prepayment penalties or maintenance fees
- Approval decision in as little as five minutes
- Instant access to approved draws with Bluevine Business Checking account
- No mobile app for its line of credit
- Monthly revenue requirement
- Not available to businesses in Nevada, North Dakota, and South Dakota.
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 Online Merchant Cash Advances
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 offers revenue-based financing and term loans with funding Up to $1 million.
Why We Like It
Biz2Credit’s revenue-based financing is available to small businesses with just $10,000 in annual revenue.
What We Don’t Like
Biz2Credit is less transparent than many competitors and doesn’t disclose financing costs or funding times for revenue-based financing.
Who It’s Best For
Biz2Credit’s flexible qualification requirements make its revenue-based financing a good option for new businesses and those that can’t qualify for other financing.
- 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 Online Long-Term Business Loans
Funding Circle
Loan amounts
$25,000 to $500,000
APR range
As low as 7.49%
Minimum Credit Score
660
$25,000 to $500,000
As low as 7.49%
660
Funding Circle offers a straightforward application process and long loan terms.
Why We Like It
Funding Circle’s long-term business loans offer repayment terms of six months to seven years, which is much longer than most of its competitors.
What We Don’t Like
Funding Circle loans are only available to established businesses with at least two years in operation. Origination fees also range from 3.49% to 6.99%.
Who It’s Best For
Funding Circle is best for established businesses looking to spread loan payments over lengthy terms.
- 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
Eligibility
- Minimum credit score: 660 for most loans; 650 for SBA loans
- Time in business: Two years
- Minimum revenue: None for most loans; $400,000 per year for SBA loans
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.
Most Popular is calculated from the number of times each affiliate product was selected by Forbes Advisor users over a six month time period.
Tips to Compare Online Business Loans
Consider these tips when comparing small business loans:
- Compare dashboards and mobile apps. Some online lending platforms offer dashboards and mobile apps that help you manage your funds, including disbursements 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 loans can 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 loan annual percentage rates (APRs) generally start around 9%, with origination fees ranging from 3% to 5% of the total loan amount.
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 higher 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.
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
Equipment Financing
Merchant Cash Advance
Online Business Loans vs. Traditional Business Loans
Online business loans and traditional business loans are similar, but they have key differences. Some similarities include:
- Uses. Both online and traditional business loans can be used to cover most business-related expenses. They can’t be used for other purposes.
- Interest. Both of these types of loans typically charge interest and may also have fees, such as origination fees.
- Qualifications. Both online and traditional business loans typically require a credit score to qualify, but the actual requirements can differ.
On the other hand, some differences separate online and traditional business loans, including:
- Availability. Traditional business loans are typically available from banks and credit unions, while online business loans are available from lenders that are exclusively online.
- Requirements. In many cases, online business loan lenders set lower qualification requirements than traditional lenders.
- Funding times. Online business loan lenders will often have faster funding times compared to traditional lenders.
How To Choose the Right Online Business Loan
When choosing an online business loan, there are several factors to consider to find the best option for your business, including:
- Annual percentage rate (APR). A loan’s APR reflects the total cost of borrowing, including interest and fees. Comparing the APR of different lenders can help you find the lowest-cost financing option.
- Fees. Fees vary by lender, including origination fees, early payoff fees, late payment fees, among others. The best loan for your business will likely have minimal—or no—fees.
- Terms. Different lenders offer different loan terms. Determining the loan term your business needs can help you find the right loan.
- Loan amounts. Minimum and maximum loan amounts vary by lender and loan type. Determining the total loan amount your business needs can help you find the right loan and lender.
- Requirements. The right loan for your business is one your business can qualify for. Compare different lenders’ borrowing requirements to find the lender that will work with your business. If possible, prequalify to see the rates and terms you could qualify for.
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 a business loan calculator to 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 own business credit score that can improve your approval odds.
3. Familiarize yourself with eligibility requirements. Once you’re familiar with your credit score, compare lenders based on their business 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, current-year income statement and balance sheet, 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’s 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.
National Funding
Loan amounts
$5,000 to $500,000
APR range
Buy rates start at 1.11%
Minimum Credit Score
600
$5,000 to $500,000
Buy rates start at 1.11%
600
Eligibility
- Minimum credit score: 600 (575 for equipment financing)
- Time in business: Six months
- Minimum sales: $250,000 per year
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.
Recap: Best Online Business Loans
- QuickBridge: Best for Fast Online Business Loans
- American Express® Business Line of Credit: Best for Online Business Lines of Credit
- Fundbox: Best for Online Startup Funding
- OnDeck: Best for Short-Term Online Business Loans
- Wells Fargo: Best for Online Business Lines of Credit From a Bank
- Fora Financial: Best for Large Online Business Loans
- National Funding: Best for Robust Online Business Loan Options
- Bluevine: Best for Flexible Online Business Line of Credit Repayment Terms
- Biz2Credit: Best for Online Merchant Cash Advances
- Funding Circle: Best for Online Long-Term Business Loans
Methodology
We reviewed 26 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 nine 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 Business Loans Rating Methodology.
Frequently Asked Questions (FAQs)
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.
Can I get an online business loan without any collateral?
Yes, you can get an online business loan without collateral. However, the credit requirements for unsecured loans may be higher than those for secured loans.