If you’re searching for an easy business loan, you should choose a lender or a broker that provides a straightforward and rapid application and approval process, fast funding, and simple terms and qualification requirements.
The seven lenders and brokers on this list are the best options for an easy business loan or line of credit for 2022:
- Fundbox: Best overall easy business loan
- National Funding: Best for low credit score borrowers
- BlueVine: Best line of credit
- Lendio: Best for shopping multiple loan options at one time
- FundThrough: Best for invoice factoring
- Kabbage: Best for businesses with lower annual revenue
- LoanBuilder: Best for financing with flexible terms
Fundbox: Best Overall Easy Business Loan
Fundbox is our best overall choice for easy business loans. It has a slight edge over National Funding as best overall due to the lower interest rate and lower minimum annual revenue required. In addition, Fundbox offers both term loans and lines of credit.
Borrowers must have a credit score of at least 600 and have been in business for at least six months. One improvement over Fundbox’s previous offerings is the increased maximum credit limit, which is now $150,000. If you choose the line of credit product, you can take draws against it as funds are repaid.
You can begin the application process on the Fundbox website or through a toll-free number. Fundbox promises a credit decision quickly with funding within one business day.
National Funding: Best for Low Credit Score Borrowers
National Funding is a good choice for an easy business loan because of its easy application process, quick decision and funding timeline, and credit availability to borrowers with low credit scores. While several lenders on this list have the same or lower minimum credit score requirements, National Funding traditionally has been more willing to lend to lower credit borrowers than the others.
Another benefit to a loan with National Funding is early payoff discounts. Customers who pay off a working capital loan balance within the first 100 days receive a 7% discount on the total remaining balance.
Borrowers must have at least a 600 credit score, which makes this product available to subprime borrowers. The high-end APR is one of the highest on the list, so borrowers with strong credit profiles will likely get better rates from Fundbox or BlueVine.
National Funding allows you to apply through its website or a toll-free number. The application process involves just a one-page application and three months of bank statements. A decision and funding are promised within 24 hours.
BlueVine: Best Line of Credit
BlueVine is another strong choice for an easy business loan because of its excellent line-of-credit product. While Fundbox has a slightly lower interest rate and a lower minimum monthly revenue requirement, BlueVine offers a higher line of credit to its borrowers.
Approved borrowers receive funding as soon as the same business day. BlueVine requires businesses to have at least $10,000 in monthly revenue and to have been in business for at least six months.
BlueVine allows you to apply through its website. It even allows you to connect your QuickBooks Online directly as part of the application. The BlueVine application takes less than two minutes, with approvals within five minutes.
Lendio: Best for Shopping Multiple Loan Options at One Time
Lendio is an excellent choice if you’re looking for a marketplace that will give you multiple loan types and lenders. Because it’s a marketplace and has so many available options, it’s hard to specify exact requirements, terms, and rates. However, in general, you’ll need at least $50,000 in annual revenue and a credit score of at least 560. Lendio offers access to more than 75 lenders that provide business lines of credit, short-term loans, and equipment loans that would be considered easy business loans. There are other loan types available as well.
Lendio has a 15-minute application available on its website, or you can call a toll-free number to get the process started. Visit its website to let Lendio help you find an easy business loan.
FundThrough: Best for Invoice Factoring
FundThrough is the top invoice factoring company, offering two different invoice factoring programs. FundThrough’s express invoice factoring program works best for maximum funding amounts of less than $15,000 while its velocity invoice factoring product doesn’t have a stated maximum funding amount. You can either upload invoices or connect your QuickBooks to sync to your FundThrough account automatically.
With the velocity invoice factoring, the customer pays the invoice through FundThrough, based on the original terms of the invoice. With the express invoice factoring, the customer pays the invoice back to you, and then you make payments on the invoice advance. Visit FundThrough’s website to get the application process started.
Kabbage: Best for Businesses With Lower Annual Revenue
Before getting into the benefits of an easy business loan from Kabbage, it’s important to note that Kabbage isn’t currently accepting new customers. To qualify, you must have an existing customer relationship with Kabbage or American Express. For those that do, Kabbage is a good choice.
With one of the lowest annual revenue requirements of any lender on our list, Kabbage is an excellent choice for borrowers with limited revenue. Kabbage requires just $50,000 of annual revenue to qualify for a line of credit.
Also, each draw against the line of credit is its own separate installment loan. Borrowers can have unlimited draws against the line of credit as long as they don’t exceed the overall credit limit. Funding can occur in minutes if online verification is successful. However, it can take up to three days without that verification, one of the slowest funding rates on our list.
Existing customers can log in to the Kabbage website to start the application process. For non-customers, the website offers a waitlist where you can sign up to be notified if the company resumes lending to non-customers.
LoanBuilder: Best for Financing With Flexible Terms
LoanBuilder is a good option for an easy business loan because it has one of the lowest minimum annual revenue requirements among online lenders. Businesses are only required to have a minimum annual revenue of $42,000 and a minimum time in business of just nine months.
However, with weekly payments and a maximum term of 12 months, LoanBuilder isn’t the best product for long-term or high-cost projects. In addition, there’s no benefit to paying the loan off early, as the loan fees charged to the borrower at payoff are the same.
You can start your application through their website or call a toll-free number to get the process started. Visit LoanBuilder’s website for information.
How We Evaluated the Best Easy Business Loans
When considering the best easy business loans, we compared the ease of application and funding, minimum annual revenue requirements, minimum time in business requirements, minimum credit score, and maximum loan or line of credit amount. We selected the seven lenders that have the best terms for small business owners looking for an easy business loan.
Bottom Line
All seven lenders or brokers listed here are excellent choices for a small business looking for an easy business loan. Consider your financial needs before choosing a lender from this list and compare the rates of several lenders to make sure you’re getting the best deal. Also, check out our guide on how to get a small business loan for more information about the loan process.
We chose Fundbox as the best overall easy business loan for 2022 due to its lower interest rates and lower minimum annual revenue requirement. However, the margin between Fundbox, National Funding, and BlueVine is very small. Lower credit borrowers should consider National Funding or Lendio, while borrowers needing more available funds should choose BlueVine.
