6 Best Easy Business Loans for 2021

With countless choices in online lenders, there is no shortage of possibilities for business owners looking for an easy business loan or line of credit. With short applications, simple repayment options, and fast funding, easy business loans allow businesses to secure funding in a matter of hours. The following is our list of the six best easy business loan options for 2021:

Fundbox: Best overall for a line of credit with low annual revenue requirements
BlueVine: Best short-term loan
National Funding: Best for low credit score borrowers
Kabbage: Best for businesses wanting financing with monthly payments
OnDeck: Best rates for prime borrowers
LoanBuilder: Best for financing with flexible terms

Fundbox

Credit Line	Up to $150,000
Repayment Term	12 or 24 weeks
Repayment Schedule	Weekly
Collateral	Blanket Uniform Commercial Code (UCC) filing
Personal Guarantee	Required
Funding Speed	1 business day
Funding Type	Line of credit

Starting Interest Rate	4.66%
Expected Annual Percentage Rate (APR)	10% to 79%
Maintenance Fee	None
Minimum Credit Score	600
Minimum Time in Business	6 months
Minimum Annual Revenue	$100,000


PROS	CONS
Low minimum credit score and short time-in-business requirement makes the product ideal for new businesses	You can only borrow up to $150,000
Rapid funding allows you to have the money in 24 hours or less	Weekly payments can make cash flow more challenging
No prepayment penalty—you can draw against the line of credit as funds are repaid	Credit score requirements are not as lenient as they were a couple of years ago

Why We Like Fundbox

Despite its terms having tightened during the last couple of years, Fundbox is still an excellent choice for new businesses. It has a slight edge over BlueVine due to the lower interest rate and lower minimum annual revenue required.

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 increase of the maximum credit limit, which is now $150,000. Because this is a line of credit, borrowers can take draws against it as funds are repaid.

Visit Fundbox

BlueVine

Credit Line	Up to $250,000
Repayment Term	6 or 12 months
Repayment Schedule	Weekly or monthly
Collateral	Blanket UCC filing
Personal Guarantee	Required
Funding Speed	Same business day
Funding Type	Line of credit or invoice factoring

Starting Interest Rate	4.8%
Expected APR	13% to 70%
Origination Fee	None
Minimum Credit Score	600
Minimum Time in Business	6 months
Minimum Annual Revenue	$120,000


PROS	CONS
Once approved, funds can be deposited the same day	Borrowers with credit scores below 600 likely would be limited to BlueVine’s invoice factoring product
Because BlueVine uses simple interest, borrowers can save by paying loans back early	BlueVine has a slightly higher interest rate than Fundbox
BlueVine has no origination, prepayment, or early repayment fees	While invoice factoring product is excellent, it may not fit the needs of low-credit score borrowers

Why We Like BlueVine

BlueVine is another strong choice for easy business loans. 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. BlueVine also offers invoice factoring products.

For lines of credit, 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. Borrowers that don’t qualify for lines of credit may qualify for invoice factoring as BlueVine considers borrowers with credit scores as low as 530 for that product.

Visit BlueVine

National Funding

Loan Amount	$5,000 to $500,000
Repayment Term	4 months to 5 year
Repayment Schedule	Weekly
Collateral	None
Personal Guarantee	Required
Funding Speed	24 hours
Funding Type	Loan

Starting Interest Rate	5%
Expected APR	10% to 136%
Origination Fee	2%
Minimum Credit Score	600
Minimum Time in Business	6 months
Minimum Annual Revenue	$150,000


PROS	CONS
Low credit score requirement helps borrowers with less than perfect credit	Requirement of one year in business
Simple and fast application process with a decision within 24 hours	Very high interest rate if the borrower has poor credit or limited revenue—well-qualified borrowers should look elsewhere
Limited documentation needed to get approval	Minimum revenue requirements are one of the highest on our list

Why We Like National Funding

We like National Funding because of its easy application process, quick decision and funding timeline, and the availability of credit to borrowers with very low credit scores. The application process involves just a one-page application and three months of bank statements. A decision and funding are promised within 24 hours. Borrowers must have at least a 500 credit score, which makes this product available to subprime borrowers. Borrowers must be in business for at least one year, which is longer than other lenders on our list. Well-qualified borrowers will find better interest rates with Fundbox and BlueVine.

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Kabbage

Credit Line	$1,000 to $150,000
Repayment Term	6, 12, or 18 months
Repayment Schedule	Monthly
Collateral	Blanket UCC filing
Personal Guarantee	Required
Funding Speed	Up to 3 business days
Funding Type	Line of credit


Advance Fee	1.5% to 10% per month
Expected APR	24% to 90%
Origination Fee	None
Minimum Credit Score	550
Minimum Time in Business	1 year
Minimum Annual Revenue	$50,000


PROS	CONS
With fees based on outstanding loan balances, businesses that need to borrow smaller amounts will pay less in fees	Funding is slower than with other lenders as it can take up to 3 business days to receive funding
There is no limit to the number of draws taken at one time as long as the credit limit is not exceeded	Not all industries will qualify and not all terms will be available to all borrowers
Very low annual revenue required helps smaller businesses	The interest rate can be very high for borrowers with poor credit

Why We Like Kabbage

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. Another reason we like Kabbage is that 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, without that verification, it can take up to three days, which is one of the slowest funding rates on our list.

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OnDeck

Loan Amount	$5,000 to $250,000
Repayment Term	12 to 18 months
Repayment Schedule	Daily or weekly
Collateral	Blanket UCC filing
Personal Guarantee	Required
Funding Speed	1 business day
Funding Type	Loan

Starting Interest Rate	9%
Expected APR	35% to 100%
Origination Fee	Up to 5%
Minimum Credit Score	600
Minimum Time in Business	1 year
Minimum Annual Revenue	$100,000


PROS	CONS
Borrowers have the option to apply for more money once the original term loan is halfway paid down	Starting APR is much higher than other lenders―starting at 35% APR
Borrowers can apply for a term loan or a business line of credit	Same-day funding is only available for term loans up to $100,000
Maximum loan amount of $250,000 is beneficial for businesses funding major projects	Businesses that don’t meet the credit score, time in business, or annual revenue are rejected automatically

Why We Like OnDeck

With both term loans and lines of credit available, we like OnDeck because it gives borrowers two options for funding their business needs. In addition, borrowers will like the flexibility to borrow another term loan once their original loan has been paid halfway down. Term loans can be borrowed for up to 18 months at a maximum of $250,000 while lines of credit have a 12-month term and maximum amount of $100,000.

The drawback to OnDeck is high APR rates, with a minimum APR of 35%. Also, same-day funding is only available on term loans up to $100,000. OnDeck will reject any borrowers that don’t meet the credit score, time in business, and annual revenue requirements.

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LoanBuilder

Loan Amount	$5,000 to $500,000
Repayment Term	13 to 52 weeks
Repayment Schedule	Weekly
Collateral	Blanket UCC filing
Personal Guarantee	Required
Funding Speed	1 business day
Funding Type	Loan

Starting Interest Rate	2.9% to 18.72%
Expected APR	12% to 136%
Origination Fee	None
Minimum Credit Score	550
Minimum Time in Business	9 months
Minimum Annual Revenue	$42,000


PROS	CONS
LoanBuilder has a configurator that allows borrowers to see their estimated options upfront and tailor terms to their needs	Loan fees are added to the loan upfront, so there are no savings to the borrower for paying the loan off early
Low minimum annual revenue and time-in-business requirements make LoanBuilder a good choice for new businesses	There is potential for a very high APR
Low minimum credit score requirement is good for borrowers with subprime credit	Loan amounts can be very small

Why We Like LoanBuilder

LoanBuilder is an attractive option due to its having 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 is no benefit to paying the loan off early, as the loan fees charged to the borrower at payoff are the same.

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How We Evaluated the Best Easy Business Loans

When comparing lenders to determine the best easy business loans, we looked at several important categories. The categories included ease of application and funding, minimum annual revenue required, minimum time in business required, minimum credit score, and maximum line of credit or loan amount offered. We selected the six lenders that provided the best products with the best terms for small business owners seeking an easy business loan.

Bottom Line

Thanks to tightened requirements by Fundbox, it is practically even with BlueVine for best easy business loan in 2021. We gave a slight edge to Fundbox due to its slightly lower interest rate and smaller required annual revenue. However, BlueVine offers a higher line of credit and gives businesses with lower credit scores another option with its excellent invoice-factoring product. Business owners should compare terms and companies on the list and choose the lender that best aligns with their business needs.