Find the best business loan rates (2021)

9 Lenders for the Year’s Best Easy Business Loans

When it comes to small business funding, big banks, community banks and credit unions are options, but many small businesses are turning to online lenders for:

  • Flexible lending criteria
  • Easy application process
  • Fast access to cash

This is especially true in light of the COVID-19 pandemic, which has caused financial challenges for many business owners. Not surprisingly, credit availability has affected 32% of small businesses, according to a recent survey from the Federal Reserve Banks.

Applying online through direct lenders or peer-to-peer lenders, however, can get money in a business owner’s hands quickly. Most of these lenders have simple loan applications with quick approvals. Qualified applicants can often receive funds within 24-48 hours of approval.

Top Lenders for Easy Business Loans

Here are 9 lenders offering some of the top easy business loans of the year:

BlueVine is a direct lender offering a business line of credit that requires borrowers to have a minimum monthly revenue of $10,000, at least 6 months in business and a FICO score of 600. These easy approval loans can lead to funding decisions in as fast as 5 minutes.

  • Rates: Start at 4.8% 
  • Amounts: Up to $250,000 
  • Payment Terms: 6 or 12 months with weekly or monthly payments

CAN Capital offers quick and easy loans, including term loans and equipment financing. Both provide offers in 24 hours, with funding available by the next day in some cases. For term loans, applicants must have at least 3 years in business, a FICO score of at least 600 and less than $175,000 in outstanding tax liens or judgments. 

  • Rates: Vary
  • Amounts: Up to $250,000
  • Payment Terms: 6-24 months for term loan with payments automatically deducted weekly or each weekday; 24-72 months for equipment loans
  • Origination fee: 3% one-time fee for term loans


Fundbox is another provider with some of the easiest loans to get approved for. This lender provides short-term loans and  revolving business lines of credit. Borrowers must earn at least $100,000 in annual revenue, have been in business at least 6 months and have a minimum of a 600 FICO score. 

  • Rates: Vary 
  • Amounts: Up to $150,000
  • Payment Terms: Equal installments over 12 weeks or 24 weeks for credit line; 24- or 52- week repayment plan for term loans
  • Origination fee: None


Kabbage offers an easy small loan for businesses in the form of a line of credit. The lender requires applicants to have at least 1 year in business and a valid business checking account.

  • Rates: Instead of interest rates, a monthly fee is charged for every month there is an outstanding balance, ranging from 1%-3%
  • Amounts: Up to $150,000
  • Payment Terms: 6, 12 or 18 months
  • Origination fee: None

LoanBuilder, a service of PayPal, also offers some of the easiest loans to get online. The company doesn’t list its minimum requirements. However, it offers applicants a way to check eligibility without an impact to their credit score.

  • Rates: Vary
  • Amounts: $5,000-$500,000
  • Payment Terms: Up to 1 year
  • Origination fee: None

LoanBuilder has a list of 22 industries that it can’t fund from attorneys to voluntary health organizations.

National Funding offers small business loans and equipment. While the website doesn’t list minimum qualifications for a business loan, it does list the requirements for equipment loans. These include at least 6 months in business and a FICO score of at least 575. 

  • Rates: Vary
  • Amounts: $5,000-$500,000
  • Payment Terms: Vary

OnDeck offers short-terms loans and business lines of credit. The lender requires a minimum credit score of 600, 1 year in business and a minimum annual revenue of $100,000.

  • Rates: Term loans can start at 11.89% APR; credit lines can start at 10.99% APR
  • Amounts: $5,000-$250,000 for loans; $6,000-$100,000 for credit lines
  • Payment Terms: Up to 24 months for loans; 12 months (repayment term resets after each withdrawal)

If you’re looking for an easy loan to get, you should also consider Funding Circle. This lender offers business term loans with approval in 24 hours and funding in as few as 3 days as well as same-day funding business lines of credit. Minimum qualifications include 2 years in business and a personal FICO score of at least 660.

  • Rates: Start at 4.99% a year
  • Amounts: $25,000-$500,000
  • Payment Terms: 6 months to 5 years
  • Origination Fees: 3.49%-6.99%

Forward Financing logo
Forward Financing offers an alternative to traditional loans in the form of merchant cash advances, one of the easiest forms of financing to obtain. To qualify, applicants must have at least 1 year in business, at least $10,000 in monthly revenue and a minimum of a 500 credit score. 

  • Rates: Vary, based on factor rates
  • Amounts: $5,000 to $300,000
  • Payment Terms: 4-12 months
  • Ready to Apply for a Business Loan?

     

    Fast Capital 360’s partner lenders specialize in speed. Through our lending marketplace, you can get offers from multiple financing providers faster than you’d experience with conventional lenders.

    Offers can range from lines of credit to short-term loans to merchant cash advances, among others. If approved, you could have funds in your bank account within a day. 

     

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Compare Easy Business Loan Terms and Conditions

In any loan, you’ll want to make sure you study the details. Every lender’s loan terms will be different. While you’ll want to check everything, here are the key things to compare when you’re trying to decide which lender is right for you:

  • Loan amount: This is the total amount you can (and want) to borrow.
  • Expenses: These are interest rates, fees and any charges that lenders require you to pay. Consider broker fees or origination fees.
  • Minimum qualifications: These are the qualifications lenders require, such as the amount of time you’ve been in business, your annual revenue and credit score.
  • Approval process: How long will it take lenders to evaluate your application and fund your loan?
  • Repayment: This is the length of time you have to repay the loan and when payments are due. If there’s a chance you can repay the loan in full before its maturity date, you’ll want to consider loans that have no prepayment penalties.
  • Collateral or guarantees: Some loans will require collateral or personal guarantees.

Image of a person pushing a red button labeled “Easy Loan”

Easy Business Loans: No Credit Check

Although most lenders list minimum credit scores, some may issue loans without doing credit checks if you provide supporting material. You can expect to pay a higher interest rate, however.

When evaluating whether to loan money to a small business, lenders always are evaluating risk. The higher the risk, the higher the interest rate will be. One of the ways lenders evaluate risk is by checking credit. If you have poor credit or a low credit score, you may want to avoid lenders that require a credit check.

When discussing loans with lenders, find out if they require a credit check. If they do, make sure they do a “soft credit pull” for your initial qualification. This won’t affect your credit. 

A “hard pull,” however, will show up on your credit report. If you’re shopping for a loan, too many hard pulls can be seen as a negative.

Related: Soft vs. Hard Credit Checks

Easy Business Startup Loans

When you’re a startup, you most likely don’t have a track record, business history or ability to prove recurring revenue. There are still options available for easy business startup loans.

ROBS (Rollover for Business Startups)

ROBS (Rollover for Business Startups) loans let you use your 401(k) or deferred retirement account for loans. Guidant Financial and Benetrends Financial are popular options. Note that there are significant fees, transactions can be complicated and your retirement funds are at risk.

Personal Loans

Personal loans for business allow you to access capital based on your personal credit and income. You can use the money for whatever you want if you qualify, but the loan will be in your name and you will be personally responsible for repayment. Some online lenders and most banks offer personal loans in addition to business loans.

Easy Business Loans for People With Bad Credit

If you have a FICO credit score between 580 and 669, it’s considered “fair.” If it’s below 580, it’s considered “poor.” This doesn’t mean you can’t get a loan, but it does mean you should expect to pay higher interest rates.

Some of the funding providers listed above offer financing to business owners with good as well as poor credit scores. For example, National Funding and Forward Financing accept applicants with credit scores in the 500s. BlueVine and OnDeck will fund loans for business owners with credit scores starting at 600.

Do you have at least 4 months in business?

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How Easy Is It to Get a Business Loan?

Online lenders make the loan process easier than ever, offering a variety of options and terms. You can typically apply in a few minutes, get an answer within 24 hours in many cases and get your loan funded fast. In some instances, you could have funds deposited in as few as 24 hours.

If you’re ready to apply for an easy business loan, Fast Capital 360 works with some of these lenders (and others).

Paul Dughi has held executive management positions in the media industry for the past 25 years. He earned his master of business administration degree while working full-time as president of a multistation television group. He is the author of two books on marketing and management.
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