6 Best Easy Business Loans 2020

With so many online lenders these days, getting a small business loan has become much easier. Easy small business loans have short applications, simple repayment options, easy-to-manage accounts, and fast funding process. Easy business loans can get funded in 24 hours and help small business owners save time so they can focus on their business.

Top 6 Easy Small Business Loans 2020

*Last Updated: January 2020

How We Evaluated the Best Easy Business Loans

When evaluating small business loans that are easy to get, we looked at several factors to choose the best. An easy application, quick funding, and low minimum qualifications were all important in our evaluation. We also selected lenders with easy-to-understand costs and terms, because small business owners shouldn’t need a finance degree to get funding.

Important factors when evaluating the best easy small business loans include:

• Minimum qualifications: The annual revenue, time in business, and credit score requirements.
• Application requirements: The simplicity of the application process, including required paperwork and information.
• Speed of approval and funding: The speed with which business owners receive funding, with Fundbox and BlueVine both offering the fastest business loans.
• Costs: The fees, interest rates, and other charges that lenders require business owners to pay.
• Repayment terms: The time business owners have to repay the loan and the frequency of payment they must make.
• Loan amount: The total amount of capital business owners can borrow.
• Borrower reviews: The recent reviews and feedback that these lenders receive on our site and around the web.

The six best easy small business loans include:

Fundbox: Overall Best Easy Small Business Loan

Fundbox has an easy online application, simple minimum requirements, and quick funding, making it the best overall easy business loan. With Fundbox, business owners can get up to $100,000 for 24 weeks, with a total fee starting at 4.66% on a revolving line of credit.

Fundbox Costs

Fundbox charges a weekly fee based on the draw from its business line of credit. Borrowers can expect the total fee to start at 4.66% for 12 weeks and 8.99% for 24 weeks. Fundbox is transparent with its rates and provided us with an APR range of 10% to 79%. Based on this APR, the daily interest cost of a $10,000 loan with Fundbox will range from $2.74 to $21.60.

Fundbox Terms

Fundbox offers an early repayment opportunity that can save borrowers money. Also, the flexibility of a credit line allows business owners to borrow as little as $1,000 when they need it, instead of getting a large loan upfront. Businesses can get up to $100,000 with repayment terms up to 24 weeks and payments due weekly as soon as one business day after applying with Fundbox.

The terms of a Fundbox line of credit are shorter than the other providers we evaluated. The $100,000 loan limit is lower than the $250,000 limit offered by Kabbage. However, both providers allow borrowers to make additional draws on the line of credit once they repay the funds, giving them access to more than their limit over several draws.

Fundbox Qualifications

Minimum qualifications for Fundbox make it one of the most accessible working capital loans on our list. Fundbox has few stated criteria, including a minimum of six months in business and a 500 minimum credit score. Fundbox bases its qualification decision for accounts receivable financing on the sales, growth, and customer retention by assessing a business’ accounting records or banking transactions.

What Fundbox Is Missing

A business can receive funding the next business day with Fundbox, but only up to $100,000. Once a borrower repays any money, they can borrow it again, but the maximum threshold may be insufficient for large capital projects. Weekly repayment can also be burdensome on the cash flow of a business, especially if that business is cyclical. For monthly payments, consider working with Kabbage.

Fundbox Reviews

Fundbox reviews are generally positive, with users indicating that the company has a helpful customer service team that made the process easy. Critical Fundbox reviews came from users who wished they could change the repayment terms to longer periods.

How to Apply With Fundbox

Fundbox offers small business owners the option to connect to dozens of accounting software providers or a business checking account to verify revenue. The application process is easy-to-understand and Fundbox can provide an approval decision in as little as three minutes.

Visit Fundbox

BlueVine: Best Easy Business Loan With Same-day Funding

BlueVine short-term business loans are easy to understand and offer borrowers flexible repayment options, substantial loan sizes, and same-day funding. Applicants can submit information in minutes and qualify to borrow up to $250,000 with starting rates of 4.8% and repayment terms up to 12 months.

BlueVine Costs

BlueVine discloses its interest rates in simple interest before borrowers apply. Because BlueVine charges simple interest, the APR of the loan will be higher, ranging from 18.2% to 78%. Applicants that BlueVine approves for its easy small business loan receive full disclosure of the APR, payments, repayment terms, and other information, making comparing financing offers simple.

BlueVine Terms

BlueVine does not offer borrowers as much funding as some lenders on this list, like OnDeck. However, borrowers who compare BlueVine and Fundbox will note that the terms that BlueVine offers are more favorable. Business owners wanting funding as soon as possible should apply with BlueVine because it offers borrowers funding the same day.

BlueVine Qualifications

One hurdle that borrowers must overcome when applying for short-term business funding from BlueVine is its high minimum qualifications. The minimum credit score requirement can be difficult to meet for some borrowers and the annual revenue is also higher than most online lenders. However, BlueVine only requires six months in business, which makes it a great option for newer businesses that are growing quickly.

What BlueVine Is Missing

BlueVine offers an easy small business loan to borrowers with same day funding, easy-to-understand terms, and transparent costs. However, it offers less funding than other easy business loan providers like OnDeck and LoanBuilder. It also has a higher minimum credit score and annual revenue requirement than other online lenders.

BlueVine Reviews

BlueVine reviews are positive on the web and include praise for the company’s quick application process, responsive customer service, and overall transparency. There are some negative reviews of BlueVine on the web left by borrowers who did not qualify for funding or misunderstood the loan terms.

How to Apply With BlueVine

BlueVine offers small business owners an online application and can connect to multiple banks and accounting software providers to verify revenue. Business owners may qualify for multiple financing products and BlueVine will display all of these options on a single approval screen.

Visit BlueVine

Kabbage: Best Easy Business Loan With Monthly Payments

Kabbage offers a line of credit up to $250,000 that’s best for businesses needing monthly payments. Its application process is quick, with funding available in one to three days. Rates start at 1.5% per month with the opportunity to reduce interest costs for borrowers who repay a draw early.

Kabbage Costs

The monthly interest rate charged by Kabbage starts at 1.5%, which is comparable to the fees charged by Fundbox. Like Fundbox, Kabbage considers each draw a new loan with its own repayment terms. Business owners can reduce the overall cost of the loan by paying it early because Kabbage assesses fees on a monthly basis instead of upfront.

Kabbage Terms

Kabbage offers more flexibility than Fundbox, with higher loan limits of $250,000 compared to $100,000. It allows for a monthly payment instead of weekly, which is atypical for online lenders. The longer terms (up to 18 months) allow businesses more time to repay the loan and give them the ability to fund larger projects.

Kabbage Qualifications

Kabbage requires a credit score above 550 and at least a year in business to qualify, which is more restrictive than some other providers like Fundbox. Besides that, businesses must generate at least $4,200 in revenue per month in the last three months to qualify.

What Kabbage Is Missing

Although Kabbage provides all of its borrowers with monthly payments, it also states a minimum credit score requirement. Although the higher borrowing limits and longer terms of Kabbage exceed what Fundbox offers, borrowers can get more capital with a lender like OnDeck.

Kabbage Reviews

Kabbage has mostly positive reviews. Users who left positive Kabbage reviews said its customer service provided clear explanations. Although some Kabbage reviews complained about high interest rates, it discloses its rates upfront.

How to Apply With Kabbage

Kabbage offers an online and mobile application to small business owners. It requests basic personal and business information for verification and allows applicants to link a business bank account to verify revenue. Business owners can receive an approval decision and may qualify for multiple repayment term choices.

Visit Kabbage

OnDeck: Best Easy Business Loan for Prime Borrowers

OnDeck offers term loans up to $500,000 starting at 9% that are great for prime borrowers. Business owners who have a 680 or higher personal credit score can qualify for its lowest fees and repayment terms up to 36 months.

OnDeck Costs

OnDeck has rates comparable to Fundbox and Kabbage on its small business loans. However, unlike a line of credit, borrowers lose some flexibility in borrowing funds on demand. There is no benefit to prepayment because OnDeck adds fees and interest to the principal at origination.

OnDeck Loan Terms

The terms of an OnDeck loan make it appealing to business owners who need funding for a large project or planned expenditure. Unlike Fundbox, OnDeck offers borrowers terms from three to 36 months, instead of selecting either 12 or 24 weeks.

OnDeck Qualifications

OnDeck requires that businesses have a 600 or higher personal credit score and more than a year in business, which is higher than the easy business loan requirements for Kabbage. Also, its annual revenue requirement is twice as high as Kabbage, with preference given to businesses that make more than $100,000 in annual revenue.

What OnDeck Is Missing

Although OnDeck offers a large easy business loan up to $500,000 without a prepayment penalty, borrowers do not benefit from early repayment like they would with Fundbox and Kabbage. OnDeck’s term loan repayment frequency is weekly or daily and lacks a monthly option. For less frequent payments, consider a line of credit from Kabbage, which offers monthly payments.

OnDeck Reviews

OnDeck reviews are generally positive. Users who gave positive OnDeck reviews said its professional and friendly customer service made the loan process quick and easy. Users who gave critical OnDeck reviews said its fees were high compared to similar lenders.

How to Apply With OnDeck

Business owners can submit some basic information and connect OnDeck to a business bank account to submit an application. OnDeck also offers small business owners an option to upload bank statements and may provide an approval decision as soon as the same day.

Visit OnDeck

LoanBuilder: Best Easy Business Loans for Customizable Terms

LoanBuilder offers term loans up to $500,000 with repayment periods ranging from 13 to 52 weeks. LoanBuilder offers borrowers options for repayment terms and corresponding rates, which makes it the easiest small business loan to customize. It can be more expensive than OnDeck, with rates ranging from 2.9% to 18.72%.

LoanBuilder Costs

LoanBuilder determines the loan cost at origination, so borrowers do not save money with early repayment. Depending on the personal and business qualifications, the amount being borrowed, and the length of the loan, the APR for a loan will range from 12% to 136%. Business owners can expect a $10,000 loan from LoanBuilder to cost between $3.30 and $37.30 in interest per day.

LoanBuilder Loan Terms

LoanBuilder offers control of the repayment term from 13 to 52 weeks, which gives borrowers greater flexibility than OnDeck’s monthly repayment. However, the limit to a weekly repayment schedule and a maximum loan term of one year make LoanBuilder less appealing for expensive, long-term projects.

LoanBuilder Qualifications

LoanBuilder has a minimum credit score requirement of 550, which puts it in the middle of the lenders we evaluated. Its nine-month operational minimum falls between other options like OnDeck and BlueVine. The $42,000 annual revenue requirement makes funding from LoanBuilder accessible to businesses with low revenue, similar to Fundbox.

What LoanBuilder Is Missing

With LoanBuilder, applicants can select a loan repayment term, making it a flexible funding option. However, because LoanBuilder adds interest charges and fees upfront, there is no benefit for borrowers who repay the loan early. LoanBuilder also has a higher credit score requirement than other providers we evaluated, including Fundbox, which has a 500 minimum.

LoanBuilder Reviews

We compiled LoanBuilder reviews from around the web and determined that LoanBuilder generally has positive ratings. Customers who provided positive LoanBuilder reviews said its process was quick and easy. Customers who provided negative LoanBuilder reviews pointed out the high pricing.

How to Apply With LoanBuilder

LoanBuilder has an online application that business owners can complete by connecting a business bank account and filling out some basic personal and business information. Once approved, business owners can select a loan term and receive a corresponding loan amount, interest rate, and weekly payment.

Visit LoanBuilder

National Funding: Best Loan Based on Easy Qualifications

National Funding offers a short-term business loan with easy-to-meet minimum qualification requirements. While it has a minimum APR of 10%, it offers funding to borrowers with poor credit and may charge rates as high as 136%. Business owners who receive an offer for funding should review their rates and consider other options if the rates are too high.

National Funding Costs

Business owners can receive low starting rates from National Funding; however, borrowers with poor personal credit seeking a business loan will receive a higher APR. Business owners who have no other options for funding can consider taking on a high-interest loan only if the business can afford to make payments. Applicants should evaluate their offers before deciding to ensure that the loan is sustainable for the business.

National Funding Loan Terms

Borrowers can receive a substantial amount of capital from National Funding. Although it has lower minimum qualifications, it offers borrowers the same amount of funding as OnDeck and repayment terms that match both BlueVine and LoanBuilder. Borrowers will only have up to a year to repay the loan and National Funding requires weekly payments, which makes cash flow an important part of the approval process.

National Funding Qualifications

National Funding has minimum requirements that make its easy business loans a great option for borrowers who are struggling to qualify for funding. It has a low minimum credit score requirement with a similar minimum time in business and annual revenue requirement as BlueVine. This makes it an option that borrowers with well-established businesses with low personal credit should consider.

What National Funding Is Missing

Although it is easier to qualify with National Funding than most lenders, its short-term business loan is an expensive financing option, and businesses should only consider it after exhausting alternatives. For similar qualifications and lower rates, consider applying with Fundbox.

National Funding Review

We determined that National Funding has a mix of positive and negative ratings. Customers who gave National Funding positive ratings said its application process was quick and simple. Customers who gave negative National Funding reviews complained about higher-than-expected costs.

How to Apply With National Funding

Business owners can apply with National Funding by submitting some personal and business information online. National Funding then requires small business owners to upload business bank statements to verify revenue and may request additional information to make an approval decision.

Visit National Funding

Pros & Cons of Easy Small Business Loans

Before selecting an easy business loan provider, it is important to consider some risks and benefits associated with these loans. Although these loans are often the fastest way to get funding, they can be more expensive than traditional financing options. Although they are easy to manage, business owners may find that their personal and business assets are at risk if the business defaults.

Pros of Easy Business Loans

Some benefits of easy small business loans include:

• It’s a fast way to get financing: Business owners can apply for an easy business loan online, from a computer or phone, in minutes. In addition, there are no extensive meetings or piles of paperwork to manage and get through, leaving more time to focus on the business.
• Easy to manage: Online lenders offering easy business loans will often have a phone application available to help borrowers manage funds and repayment. Most will debit payments from a business bank account, meaning that there is less to worry about, and customers can always contact a loan representative with questions.

Cons of Easy Business Loans

Some drawbacks of easy small business loans include:

• Higher overall costs than traditional financing: The overall cost of easy business loans can be higher, especially for business owners with poor credit or business fundamentals. The trade-off for high costs includes the lower minimum qualifications and lack of hard collateral.
• Required personal and business guarantee: Most online lenders that provide easy small business loans will require a personal guarantee and blanket Uniform Commercial Code (UCC) filing. If the business defaults, the lender can go after the personal and business assets of the business owners to satisfy the loan obligation.

Best Easy Small Business Loan Frequently Asked Questions (FAQs)

Can I get a business loan with a 500 credit score?

While business owners can get a loan with a 500 credit score, their options are limited and more expensive. Some financing options like invoice factoring and a merchant cash advance are available for small business owners. Business owners should explore options to improve their credit score before applying to get better rates.

How can I get a business loan with no money?

Getting a business loan with no money is difficult for most business owners since lenders rely on the revenue of the business to approve applicants. However, business owners with substantial personal assets can use a home equity loan for business or a Rollover for Business Startups (ROBS) to access retirement funds interest-free.

How can I get financing to start a business?

Getting financing to start a business is a difficult process because most lenders are unwilling to take the risk that the business will fail. Business owners have some funding options, including using a personal loan for business, raising money from family, or getting funding from a business incubator.

Bottom Line

Easy business loans have a simple application, offer many options, and feature quick approval and funding. This helps business owners apply quickly and focus their efforts on their business instead of wasting time looking for financing. Whether a business needs short-term or long-term working capital, there is an easy online business loan available.

Based on the criteria small business owners consider important, we believe Fundbox offers the best easy business loan. It has the easiest minimum requirements to meet for most businesses, and borrowers don’t have to reapply for more credit. Business owners can qualify to borrow up to $100,000 the same day they apply at a starting rate of 4.66% per draw.

Visit Fundbox