9 Best Easy Business Loans for 2024

The best easy business loans should offer flexible qualification requirements in combination with a simple application process. These loans should also provide quick access to funds and have low documentation requirements.

Since the rates and terms you get will vary based on the strength of your application, we’ve selected lenders with a range of eligibility criteria. Business owners who have low credit scores, run newer companies, or have lower revenue earnings should be able to find financing options from this guide.

Here are our top picks for some of the best easy business loans:

• QuickBridge: Best overall for easy documentation requirements
• Clarify Capital: Best for personalized service
• Lendio: Best for multiple loan options
• SBG Funding: Best for custom payment options
• 1West: Best for bad credit
• National Funding: Best for short-term loans
• Creditfy: Best credit line for high credit limits
• Balboa Capital: Best for same-day approval and funding
• American Express: Best credit line for low revenue businesses

Best Easy Business Loans at a Glance

QuickBridge: Best Overall for Easy Documentation Requirements

Why We Like QuickBridge

QuickBridge offers a streamlined process that requires limited documentation required to submit an application, which is why we chose it as the best option for easy documentation requirements. This can also make it easier for businesses to prepare an application quickly and receive an approval decision in as little as a few hours. During this process, you’ll be assigned a dedicated funding specialist to guide you through getting approved and funded.

QuickBridge provides a wide range of financing solutions and was also selected for our list of the best working capital loans. Its loan offerings include working capital, receivable financing, short-term loans, and daily payment financing. Funding programs for more specific business uses are also available for things like tax debt, business expansions, inventory financing, marketing loans, payroll loans, and renovation financing.

That said, former customers have rated QuickBridge highly, as the provider currently has a 4.7 rating on Trustpilot^[1] and an A+ rating with the Better Business Bureau^[2].

To learn more or to submit a loan application, you can head over to the QuickBridge website.

Clarify Capital: Best for Personalized Service

Why We Like Clarify Capital

Clarify Capital is an excellent company if you’re looking to get a high level of customer service. You can get personalized recommendations, guidance through the loan process, and even assistance with completing loan paperwork—making it our top pick for personalized service. It also has an impressive customer rating of 4.9 on Trustpilot^[3] and offers a wide variety of loan offerings applicable to a variety of business industries.

In addition to offering a wide range of business loan products, Clarify Capital has flexibility in the qualification requirements for some of its loan programs. For example, although some programs may have a minimum credit score, it’s possible to still get approved for financing if you don’t meet that criteria. This is possible as Clarify Capital is a loan broker with over 75 lenders that it can match you with.

Applications can be started from the Clarify Capital website. This is a process that can be completed in as quick as two minutes, after which you’ll be able to work with a dedicated loan advisor to find the loan best suited for your needs.

Lendio: Best Broker for Multiple Loan Options

Why We Like Lendio

Lendio is another loan broker that has over 75 lenders in its network. With a network that large, there are a variety of providers that may be able to help with your financing needs. With a single loan application, a funding manager can match you with the best lender based on your business needs and qualifications. This can save you time and money from otherwise having to apply separately to different lenders yourself. For these reasons, we chose Lendio as our best pick for multiple loan options.

In addition to offering multiple types of loans, Lendio differentiates itself from other brokers like 1West as it can offer referrals and recommendations for other business services. Some examples include business credit repair services, bookkeeping services, and legal assistance.

You can submit an online application on the Lendio website. This is a process that can be done in under 15 minutes, comes at no cost to you, and will not negatively impact your credit score. If you’re not ready to apply, you also have the option of calling the company to speak with a representative for any questions you may have.

SBG Funding: Best for Custom Payment Options

Why We Like SBG Funding

SBG Funding can structure loans to accommodate your cash flow needs by adjusting things like the payment terms and frequency of payments. Qualified businesses may even get deferred payments for up to three months.

In addition to the flexibility for payment options, SBG Funding has generous loan terms and qualification requirements. For instance, borrowers can get approved with as low as a 0% down payment for its equipment financing program, and eligible businesses can finance up to 90% of receivables for its invoice financing loan program. This is what makes it our best choice for custom payment options.

Notably, SBG Funding boasts a high approval rate of 85%, but businesses that are weak in any area will likely need to display compensating factors elsewhere. To apply or learn more, visit the SBG Funding website.

1West: Best for Bad Credit

Why We Like 1West

1West offers multiple types of loans and has some of the lowest credit score, time in business, and revenue requirements in this guide. Depending on the type of loan you’re trying to get, this can be a good option for businesses with limited resources or credit history and is our top pick for businesses with bad credit.

It is another loan broker on our list with over 50 lenders in its network, similar to Clarify Capital and Lendio. However, it’s unique in that it utilizes an automated system, called Automated Business Lending Engine (ABLE), to allow borrowers to apply online and get matched with multiple loan offers with a single application. This process can all be done electronically without the need to speak with a loan officer. This can speed up the process compared with many other traditional lenders.

Required documentation will vary based on the loan you apply for but generally involves the following:

• Three months of business bank statements
• Government-issued identification
• Voided check for your business bank account

You can visit the 1West website to learn more or to submit an online application.

National Funding: Best for Short-term Loans

Why We Like National Funding

Although National Funding offers long-term equipment financing, much of its business centers around short-term loans. Generally, these include a streamlined application process, which makes it easy to get quicker access to funds. Due to this, we chose it as our top pick for businesses looking for short-term loans.

Like QuickBridge, National Funding offers early repayment discounts as one way to incentivize faster payoffs, making it a good option for businesses looking to save money. You can get a discount of 7% on the remaining balance for loans paid off within the first 100 days, while equipment financing customers can get up to 6%.

When you work with National Funding, you’ll be assigned a dedicated funding specialist to answer questions and guide you through the loan process. This lender can also work with businesses in nearly any industry, including special interests—such as veterans, minorities, and women-owned companies.

To get started or to learn more about National Funding’s lending services, you can visit the provider’s website. There, you can also submit an online application. Depending on the details of your loan, approvals can be issued in as little as 24 hours, after which you’ll be able to review options with your dedicated funding specialist.

Creditfy: Best Credit Line for High Credit Limits

Why We Like Creditfy

If your funding needs are large but you also want the flexibility of only drawing funds when you need to, a credit line with Creditfy can be a good option. This broker offers a small business line of credit with limits as high as $2.5 million and can fund startups and businesses with lower credit scores with a loan approval rate of 90%. For this reason, it makes our list as the best choice for a credit line with high limits.

If a line of credit isn’t what you’re looking for, there are other loan products offered by Creditfy including SBA loans, bridge loans, invoice financing, term loans, and equipment financing. These financing options are also offered by providers such as SBG Funding and Lendio, so we recommend comparing these options specific to your business needs.

Creditfy has loan specialists that can match you with a loan best suited for your business needs. The company requires all of its lending representatives to have a minimum of two years of industry experience, increasing your odds of working with a knowledgeable representative to give you the best loan for your circumstances.

If you’re interested in Creditfy’s loan offerings, you can head over to the broker’s website to apply. Submitting an application can be done in under five minutes, does not negatively impact your credit score, and does not obligate you to accept any loan offers you might be pre-approved for.

Balboa Capital: Best for Same-day Approval and Funding

Why We Like Balboa Capital

If you need funding quickly, Balboa Capital is one of the few providers on our list that can issue an approval and funding as fast as the same day. It makes this possible with its application-only process, which allows for significantly reduced documentation. This is what makes it our best pick for same-day approval and funding.

Borrowers should keep in mind, however, that not all applications will be eligible for this application-only process. In general, this is only available for soft collateral loans up to $350,000 and hard collateral loans up to $500,000. Your ability to secure same-day funding will also be dependent on your responsiveness to the lender and how early in the day you apply.

Balboa Capital offers several different types of financing options, each with varying rates, terms, and qualification requirements. Meeting the minimum eligibility criteria listed also does not guarantee approval, which is the case with most lenders.

To learn more or to apply, visit the Balboa Capital website. There, you can get a free no-obligation rate quote.

American Express: Best Credit Line for Low Revenue Businesses

Why We Like American Express

American Express offers a small business line of credit that has the lowest revenue requirement in our guide. Combined with a low time in business requirement, this credit line could be an ideal fit for newer businesses with limited resources—making it our top pick for a credit line for low revenue businesses.

Although Creditfy is another provider in this guide that offers a line of credit, an American Express small business line of credit differs in that you’ll be charged a monthly fee instead of a traditional interest rate or factor rate. Other than this fee, there are no origination fees, annual fees, maintenance fees, application fees, or prepayment penalties.

American Express states that the minimum required credit score could vary based on its evaluation of other factors such as your relationship with the bank and specific items in your credit history. You must also have a valid business checking account to get approved for financing, and you can use the provider’s own checking account to qualify. Read more about it in our American Express business checking review.

How We Chose the Best Easy Small Business Loans

We considered the following items when choosing the best easy business loans:

• Speed of application, approval, and funding
• Amount of paperwork required for approval
• Qualification requirements such as credit score, time in business, and revenue
• Repayment terms and schedule
• Loan amounts offered
• Loan types offered
• Interest rates and estimated APRs
• Customer reviews and ratings

How to Choose a Business Loan Provider

There are a few considerations to keep in mind when shopping around for a lender, as you’ll want to work with one that fits your budget and meets your business needs. When comparing lenders, keep the following in mind:

• Consider your business needs. You’ll need to evaluate your business needs inclusive of how a same-day business loan will help finance your business operations, how much you’re planning to borrow, and how you’re planning to repay the loan.
• Review lender qualification requirements. Qualification criteria will vary depending on the lender and loan type you choose. Factors such as credit score, time in business, and annual revenue are considered during the application process. By meeting the minimum qualification requirements imposed by the lender, you increase your chances of being approved.
• Compare loan costs and terms. You should compare the various rates, terms, and other associated costs when choosing a lender. The lender you choose should also be within your budget, and offer resources that meet your business needs.

Alternatives to Easy Business Loans

If you’re unsure that a business loan is the best option for you, there are a variety of other financing options available.

• Small business credit card: As a revolving credit facility, a business credit card allows you to make purchases on an as-needed basis, with the ability to repay the balance over time. This is also a great option for covering short-term or emergency expenses. Our list of the best small business credit cards can help you find one that fits the bill.
• SBA loan: SBA loans are backed by the government and offer some of the most competitive loan rates available. These loans can take longer to get but can be worth the effort for qualifying businesses with strong financial and credit history. Visit Grasshopper Bank, our partner, for help getting an SBA loan.
• Rollover for business startups (ROBS): A ROBS isn’t a loan, but it allows you to get access to your retirement funds tax- and penalty-free to be used for business expenses. You’ll typically need at least $50,000 in your retirement account to qualify, and we recommend using a ROBS provider. Visit Guidant for assistance with the process.
• Friends and family loan: Instead of a traditional business loan, you can raise money from friends and family to fund your business. While there are tax regulations and applicable interest rates that will need to be taken into account, this is a less formal financing option that can often offer favorable rates and terms.

Frequently Asked Questions (FAQs)

What is the quickest way to get a small business loan?

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Bottom Line

For borrowers looking for easy small business loans, you should look for a provider that offers a simple application process that requires limited documentation. Qualification criteria should also be flexible and inclusive of a variety of business needs. Keep in mind, however, that easier qualifications may come at a cost in the form of higher rates and fees, so it’s important to shop around for a lender that offers the best loan terms specific to your business goals.

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