Find the best business loan rates (2021)

By Erin Ryan Updated on August 29, 2022

The Year’s Best Business Lines of Credit (and Lenders)

Business lines of credit were the third-most sought-after type of funding after business loans and Small Business Administration loans, according to a recent Small Business Credit Survey. When you’re ready to apply for one yourself, here are some of the best business lines of credit and lenders to consider.

Lender Best for… Funding Amount Min. Credit Score
bluevine logo Overall Up to $250,000 625 (FICO)
ondeck logo Credit reporting Up to $100,000 600 (FICO)
credibly logo Low credit score and low annual revenue Up to $250,000 560
headway capital logo Longer repayment terms Up to $50,000 Lender states it realizes credit score doesn’t necessarily represent a business’s overall health, so it reviews each business applicant holistically
bank of america logo Perks Starting at $10,000 for unsecured and $25,000 for secured Not listed
citizens logo Interest-only and principal plus interest payment options Up to $250,000 Not listed

6 of the Best Business Lines of Credit

Discover more details about each small business line of credit lender and the credit lines they offer.

1. Bluevine

If you’re looking for one of the best online business lines of credit, Bluevine is indeed a contender. The company offers up to $250,000 in funding with rates starting at 4.8%. Borrowers pay back credit line draws with fixed monthly or weekly payments over 6 or 12 months. 

To qualify, Bluevine requires applicants to have a minimum FICO score of 625, at least 6 months in business and at least $10,000 in monthly revenue. You’ll also need to submit your 3 most recent bank statements.  

Bluevine has an A+ rating with the Better Business Bureau (BBB), where it’s also accredited. This business line of credit lender has also earned a 4.4-star rating from more than 7,000 reviewers on the consumer ratings site Trustpilot.

2. OnDeck

OnDeck is another top small business line of credit lender. The company offers revolving lines of credit from $6,000-$100,000 with repayment terms of 12 months, which resets after each withdrawal. Also, payments are automatically withdrawn weekly. Starting annual percentage rates currently are 29.9%. 

Because OnDeck reports payment history to the credit bureaus, on-time payments could help improve your credit score.

Minimum criteria to qualify for this lender’s business line of credit includes at least 1 year in business, a personal FICO score of at least 600 and gross annual revenue of $100,000 or more.

OnDeck is accredited with the BBB where it has an A+ rating. The company has also earned a 4.5-star rating from Forbes Advisor and a 4.8-star Trustpilot rating.

3. Credibly

Another best place to get a business line of credit online is Credibly, which offers unsecured business lines of credit up to $250,000. Interest rates start at 4.8% and an origination fee may be required. 

To be considered, you should have a personal credit score of at least 560, a minimum of 6 months in business and at least $50,000 in annual revenue. You’ll need to provide your 3 most recent business banking statements. Additionally, if you’re seeking funding greater than $100,000, you’ll need to submit your most recent business tax return.

Credibly is A+ rated and accredited by the BBB. This lender also has a 4.8-star Trustpilot rating from more than 1,000 reviewers.

4. Headway Capital

Headway Capital is another best small business line of credit provider, offering unsecured lines of credit up to $50,000 and secured business lines of credit up to $100,000. Repayment terms may be 12, 18 or 24 months, with payments due weekly or monthly. A 2% fee may apply each time you draw funds from the credit line. 

To qualify, your business must have been in operation for at least 1 year and should generate annual revenue of at least $50,000. 

Headway Capital has a 4.7-star rating on Trustpilot and an A+ rating with the BBB.

5. Bank of America

If you’re looking for a brick-and-mortar lender, consider Bank of America, which also offers some of the best business lines of credit. 

This lender provides unsecured business lines of credit starting at $10,000 with rates as low as 6.75%. Secured lines of credit are also available starting at $25,000 with an interest rate as low as 6% and a 6-month lower introductory rate available. Renewals are available on an annual basis. 

The minimum criteria to qualify for an unsecured credit line include 2 years in business and a minimum of $100,000 in annual revenue. A secured line of business application requires 2 years in business and at least $250,000 in annual revenue.

This best line of credit for business providers offer borrowers free access to their business credit score as well as interest rate discounts to Preferred Rewards for Business Members. Military veterans may be eligible for a 25% discount on loan administration and origination fees.

Bank of America is accredited with the BBB, where it has the organization’s A+ rating. Consumer reviews vary, most often between 3.3 (Bankrate) and 3.9 stars (WalletHub).

6. Citizens Bank

Citizens Bank advertises interest-only as well as principal plus interest payment options on business lines of credit. Funding of up to $250,000 is available in 2-3 days, with applications offered online. There is an annual fee of $150 for credit lines from $50,000-$100,000 and a 0.30% annual fee for lines of $100,001-$1 million. 

To apply, you’ll need to provide your business tax identification number, annual sales and annual net profit. Lines of credit are reviewed and renewed annually. 

Citizens Financial Group, parent company of Citizens Bank, made Forbes’ list of America’s Best Banks. Additionally, the bank is accredited by the BBB, where it has an A+ rating. 

Related: How to Get a Business Line of Credit

Infographic showing the best ways to choose a business line of credit

How to Choose the Best Line of Credit for Your Small Business

Choosing the best business line of credit (and lender) can be daunting, but it doesn’t have to be. Compare your options by weighing the pros and cons of each. Here are some factors to consider.

Qualification Criteria

How does your credit score, time in business and annual revenue compare with the lender’s minimum criteria? This can be a quick way to know whether you should pass on one lender and move on to another.

Credit Limit

How much financing does your business need to be able to access? Consider not only the amount of credit line a funder offers in general, but also think about how much the lender approves you for once you apply.

Funding Timeline

How quickly can your credit line be accessed once you’re approved? Depending on how fast you need access to capital, this is a question to ask and another one to factor into your decision. Oftentimes, online alternative lenders (e.g., OnDeck, Bluevine) are able to offer faster funding times when compared with conventional lenders (e.g., Bank of America, Citizens Bank).

Repayment Terms

Will you be required to pay off the amount you borrowed in 6 months or a couple of years? Depending on your financial situation, you may prefer a longer term. On the other hand, you may not want to be on the hook for too long a time period. Also, consider how frequent your payment installments will be (e.g., daily, weekly, monthly).

Rate and Fees

What will your interest rate be? Will it be fixed or variable? Are there any introductory rates? What fees will you be responsible for in order to get your credit line and what withdrawal (“draw”) fees will apply when you finally access your line? Are there any periodic maintenance fees or inactivity fees? These factors will play into your total cost of borrowing.

Erin has more than 15 years’ experience writing, proofreading and editing web content, technical documentation, instructional materials, marketing copy, editorials, social copy and creative content. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing.
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