7 Best Easy Small Business Loans 2019

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

Top 7 Easy Small Business Loans 2019

When to Use a Marketplace

We’ve listed the top 7 lenders for working capital loans that we believe are the best choices for small businesses. If none of these lenders address your financing needs or you would like to submit a single application for multiple offers, a marketplace is the best way to do that. It takes a few minutes and some basic information to apply and review your loan options.

If you’re considering a business line of credit, don’t waste time reaching out to one provider at a time. Visit an online marketplace, like LendingTree, and compare offers from multiple providers at once. Save time, shop smart, and find a line of credit that meets your needs.

Visit LendingTree

How We Evaluated the Best Easy Small Business Loans

We evaluated the best easy small business loans based on their application requirements, minimum qualifications, and speed of funding so business owners can focus on operations instead of applying for financing. Besides these criteria, we also compared loan products based on the overall costs, maximum loan amounts, and repayment terms to help you decide what financing fits your working capital needs and budget.

The criteria used to evaluate the best easy small business loans are:

• Costs: The overall cost of each business loan option in terms of stated rates and annual percentage rate (APR).
• Application requirements: The required information to apply for a loan and the paperwork, or lack of it, required to qualify.
• Speed of approval and funding: The time to get an approval decision once you’ve completed the application and then get access to the loan.
• Loan amount: The maximum amount of capital you can access with each lender; this also includes the ease with which you could get a second or third loan.
• Minimum qualifications: The minimum qualifications you need to meet to qualify for a loan, including credit score, time in business, and annual revenue.
• Repayment terms: The maximum time you have to repay the loan, and the frequency of payments you must make; this also includes the number of options that a lender provides for you to consider.
• Borrower reviews: The reviews left by former and current customers on our site and around the web.

Borrowing From Your Bank or Credit Union Can Be Easy

Before turning to an online lender, it’s important to consider working with your existing bank or credit union to get financing. If you already have a loan or line of credit in good standing, you can request a credit increase or an additional loan quickly. If the requirements are too high or the application process is too slow, then an easy or fast online business loan is the best choice.

Based on the criteria we used in our evaluation, the easiest small business loan online is Fundbox. It has a simple application process, quick approval, and funding in 24 hours. There is no minimum credit score to qualify, you only have to be in business for six months, and it offers weekly repayment on up to $100,000 with rates starting at 4.66%.

Fundbox: Overall Best Easy Small Business Loan

Fundbox has an easy online application, simple minimum requirements to meet, and quick funding, making them the best overall easy loan for small businesses. With Fundbox, you 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 your line of credit. You 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.

The typical Fundbox rates and fees are:

• Total fee: 4.66% of the draw amount for 12 weeks and 8.99% of the draw amount for 24 weeks
• Effective weekly fee: 0.5% to 0.7%
• Estimated APR: 10% to 79%
• Origination fee: None

Fundbox Loan Terms

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

The loan terms you can expect from Fundbox include:

• Loan amount: $1,000 to $100,000
• Repayment term: 12 or 24 weeks
• Repayment schedule: Weekly
• Collateral: Unsecured with a potential blanket Uniform Commercial Code (UCC) lien
• Personal guarantee: Not required for smaller limits; possible for larger limits
• Speed to funding: 10 minutes to apply with a decision in as quickly as three minutes; ongoing funding within 24 hours

The terms of a Fundbox line of credit are shorter than other providers we evaluated. The $100,000 loan limit is lower than the $250,000 limit offered by Kabbage. However, both providers allow you to make additional draws on the line of credit once you repay the funds, giving you access to more than your 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 preferably more than $50,000 in annual revenue. Fundbox bases its qualification decision on your sales, growth, and customer retention by assessing your accounting records or banking transactions.

The qualifications Fundbox will use to evaluate you as a borrower include:

• Personal credit score: No minimum requirement
• Time in business: At least six months
• Annual gross business revenue: No specific requirement; ideally, you’ll make $50,000 or more

Fundbox bases its accounts receivable financing on the value of your outstanding business-to-business (B2B), business-to-government (B2G), or business-to-consumer (B2C) invoices due in less than 90 days. This allows it to skip the minimum credit score requirement and not require you to sign over your customer relationships, like an invoice factoring lender does.

What Fundbox Is Missing

Your business can get funded the next business day with Fundbox, but only up to $100,000. Once you repay any money you borrow, you 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 the next lender on our list, Kabbage.

Fundbox Reviews

Fundbox generally has positive reviews, 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 can get you approved and financed in as quickly as one day for a revolving line of credit. With low small business loan requirements, you can get up to $100,000 starting at 4.66% for 12 weeks, and 8.99% for 24 weeks. You can complete its application process in less than 10 minutes.

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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 your costs if you pay it off 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. However, unlike OnDeck, you can reduce the overall cost of the loan by paying it early because your fees are assessed on a monthly basis instead of upfront.

The typical Kabbage rates and fees are:

• Starting interest rates: 1.5% to 10% per month (average fee is 4% for a six-month term and 3% for a 12-month term)
• Estimated APR: 24% to 99%
• Origination fee: None

Kabbage is transparent with its fees, going as far as offering a calculator on its website to help you determine the overall cost of a loan. With an estimated APR of 24% to 99%, you can expect to incur a daily interest cost of $6.58 and $27.12 for every $10,000 you borrow.

Kabbage Loan Terms

Kabbage offers more flexibility than Fundbox, with higher loan limits of $250,000 compared to $100,000. It allows for 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.

The loan terms you can expect from Kabbage are:

• Line of credit amount: $2,000 to $250,000
• Draw amount: $500 to $250,000, or any size with the Kabbage Card
• Repayment term: Six, 12, or 18 months
• Repayment schedule: Monthly payments equal to either 1/6th, 1/12th, or 1/18th of the loan balance outstanding, plus accrued interest charges
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Speed to funding: 10 minutes to complete an online application and approval within 10 minutes to a few hours

Once your loan is approved with Kabbage, you can get initial funding as soon as the next business day. Ongoing funding is available within 24 hours or immediately using its connected Kabbage Card.

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, your business will need to be generating at least $4,200 of revenue per month in the most recent three months before you qualify.

The qualifications Kabbage will use to evaluate you as a borrower include:

• Personal credit score: At least 550 (check your score for free)
• Time in business: At least one year
• Annual revenue: At least $50,000; or at least $4,200 per month for the past three months

As a revolving credit line, you don’t have to apply for additional financing to get more credit. Instead, as you repay the loan, your available credit will replenish and be available for use. Kabbage will also maintain the link with your bank account or accounting software and check to see if you’re eligible for credit line increases.

What Kabbage Is Missing

Although Kabbage provides all of its borrowers with monthly payments, it also states a minimum credit score requirement, unlike Fundbox. If you cannot qualify for Kabbage because of bad credit, consider evaluating bad credit business loans instead. Although the higher borrowing limit and longer terms of Kabbage exceed what Fundbox offers, you 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

It takes about 10 minutes to complete Kabbage’s easy online application. You can borrow up to your approved limit, which can be as high as $250,000 at rates starting at 1.5% per month. The added flexibility of monthly repayment terms makes Kabbage great for easy business funding.

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OnDeck Capital: Best Easy Business Loan for Prime Borrowers

OnDeck Capital 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 also offers a $100,000 line of credit like Fundbox, and you can qualify for both.

OnDeck Capital Costs

OnDeck has rates comparable to Fundbox and Kabbage on its small business loans. However, unlike a line of credit, you lose some flexibility in borrowing funds on demand. There is no benefit to prepayment, like with Kabbage, because OnDeck fees and interest are added to the principal at origination, and typically aren’t waived or lowered if you repay the loan early.

The OnDeck Capital small business loan rates and fees are:

• Starting interest rates: As low as 9% simple interest for term loans up to 12 months and 9.99% annualized interest rate (AIR) for term loans up to 36 months; prime borrowers with 680 or higher credit scores can potentially get the lowest rates
• Estimated APR: 10% to 100%
• Origination fee: 0% to 5% of your loan amount

OnDeck is transparent with its fee disclosure, publishing an average APR of 48.7% for its small business loans for the quarter ending June 30, 2018. Its APR range is available in its annual report and results in a daily interest cost of $2.70 to $27.40 per $10,000 borrowed.

OnDeck Capital Loan Terms

The terms of an OnDeck Capital 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. The $500,000 loan limit is the same as LoanBuilder, and the only option that offers a higher loan amount is BlueVine’s invoice factoring facility.

The small business loan terms you can expect from OnDeck Capital for its term loan include:

• Loan amount: $5,000 to $500,000
• Repayment term: Three to 36 months
• Repayment schedule: Daily or weekly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to funding: One to three business days

OnDeck Capital 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 small 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.

The qualifications OnDeck Capital will use to evaluate you for a small business loan include:

• Personal credit score: At least 600 (check your score for free)
• Time in business: At least one year
• Annual revenue: At least $100,000

To qualify for additional small business loans with OnDeck, you will need to remain current on any existing loans. OnDeck provides discounts to repeat borrowers in the form of reduced fees and lower rates. For future loans, the application process is also simpler because OnDeck already has most of the information about your business necessary to qualify you.

Additional Products Offered by OnDeck

Besides the term loan, OnDeck also offers a line of credit that you can also apply for. The limit is the same as Fundbox at $100,000, and offers additional flexibility if you need to cover financing gaps. OnDeck also publishes its weighted average APR for lines of credit at the end of each calendar quarter.

The OnDeck Capital line of credit costs, terms, and qualification requirements are:

• Loan amount: Up to $100,000
• Starting interest rates: As low as 13.99% APR; prime borrowers with 680 or higher credit scores can potentially get the lowest rates
• Estimated APR: 14% to 64%
• Repayment term and schedule: Six or 12 months of weekly payments
• Personal credit score: At least 600
• Annual revenue: At least $100,000

What OnDeck Capital Is Missing

Although OnDeck offers a large easy business loan up to $500,000 without a prepayment penalty, you do not benefit from early repayment like you 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 Capital Reviews

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

How to Apply With OnDeck Capital

You can prequalify with OnDeck Capital online in 10 minutes. Its term loan of $500,000 lasts up to three years and works best for financing large projects, especially for business owners with prime personal credit of 680 or higher who can qualify for the best rates, starting at 9%.

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BlueVine: Best Easy Business Loan Based on Outstanding Invoices

BlueVine offers invoice factoring up to $5 million, making it the best easy business loan for businesses that invoice their customers. Its rates start at 0.25% per week and loans are repaid when customers satisfy invoices. It also offers a $250,000 line of credit and term loan for borrowers needing to cover financing gaps.

BlueVine Costs

With invoice factoring from BlueVine, you will receive 85% to 90% of the value of the invoice upfront, with the remainder payable when BlueVine collects the invoice, less any fees. BlueVine assesses the fee you pay weekly, starting at 0.25% per week. Unlike invoice financing, BlueVine purchases the invoices and assumes responsibility for collecting customer invoices.

The typical BlueVine rates and fees for invoice factoring are:

• Discount rate: 0.25% to 1.35% per week
• Estimated APR: 13% to 70%
• Origination fees: None

BlueVine is transparent with its pricing, providing a range from 0.25% to 1.35% per week for its factoring facility. This allowed us to estimate the APR to be between 13% and 70%, which is lower than the other providers on the list. For $10,000 in invoices, the daily interest cost falls between $3.60 and $19.20.

BlueVine Loan Terms

BlueVine’s maximum loan of $5 million is the highest we evaluated, and the convenience of not having to make payments can make this loan easier to manage than some other options. Qualifying invoices need to be due in 90 days and owed by either the government or another business. BlueVine advances 85% to 90% of the invoice upfront, with the remainder paid out when the invoice is satisfied by the customer, less BlueVine’s fee.

The loan terms you can expect to pay for BlueVine invoice factoring include:

• Loan amount: $5,000 to $5 million
• Advance rate: 85% to 90% on invoices with face values of $500 or more to business-to-business (B2B) or government customers
• Repayment term and schedule: Advances are repaid as customers pay their invoices
• Personal guarantee: Required
• Speed of funding: One to three business days

BlueVine Qualifications

Qualifying for BlueVine invoice factoring requires a minimum credit score of at least 530, which is lower than OnDeck’s minimum of 600. However, because invoices back its small business loans, BlueVine only requires your business to have three months of history as long as you have at least $100,000 in annual revenue.

The qualifications BlueVine will use to evaluate you for invoice factoring include:

• Personal credit score: At least 530 (check your score for free)
• Time in business: At least three months
• Annual revenue: At least $100,000

Besides completing BlueVine’s online application, you will also need to provide BlueVine with a connection to your checking account or three months of your most recent bank statements.

Additional Products Offered by BlueVine

Besides invoice factoring, BlueVine also offers a line of credit and term loan. As with Kabbage, small business owners who use these products through BlueVine can make monthly payments. The term loan and line of credit both offer borrowers limits of $250,000 and offer maximum repayment terms up to one year. Both financing options share an online application and can get you easy funding in as little as one business day.

The typical BlueVine line of credit costs, terms, and qualification requirements are:

• Interest rates: As low as 4.8% of the amount drawn for 26 weeks
• Estimated APR: 15% to 78%
• Loan amount: $5,000 to $250,000
• Repayment term and schedule: Six or 12 months; weekly or monthly
• Personal credit score:
  • 600 or higher for a six-month term with weekly payments
  • 650 or higher for a 12-month term with monthly payments
• Annual revenue:
  • $100,000 or more for a six-month term with weekly payments
  • $500,000 or more for a 12-month term with monthly payments
• Time to funding: One to three business days

The typical BlueVine small business loan costs, terms, and qualification requirements are:

• Interest rates: 4.8% to 47.1% interest
• Estimated APR: 18.2% to 78%
• Loan amount: $5,000 to $250,000
• Repayment term and schedule: Six or 12 months; weekly or monthly
• Personal credit score: At least 600
• Annual revenue: At least $100,000
• Time to funding: One to three business days

One advantage of working with BlueVine is the ability to qualify for multiple loan products with the same lender. After BlueVine has access to your information for one product, you’ll be able to apply for a term loan or line of credit when your business needs one.

What BlueVine Is Missing

BlueVine offers three financing options to borrowers, the most of any provider we reviewed. However, to qualify for invoice factoring, you need to have invoices outstanding for less than 90 days and owed by other businesses or the government. If you need a large short-term loan up to $500,000, you can work with a lender like OnDeck or LoanBuilder instead.

BlueVine Loan Reviews

BlueVine reviews by users from around the web generally give the company positive ratings. Positive BlueVine reviews came from customers impressed with its helpful customer support, while most critical BlueVine reviews came from businesses unhappy about being denied financing by BlueVine.

How to Apply With BlueVine

Applying for BlueVine online takes about 10 minutes, and you can expect approval and funding after one to three days. Its invoice factoring starts at 0.25% per week and advances up to $5 million with 85% to 90% upfront. You can also qualify for its $250,000 line of credit or term loan to cover working capital expenses.

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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. After applying, LoanBuilder presents you with options for terms and corresponding rates, making it the easiest small business loan to customize online. It can be slightly more expensive than OnDeck, with rates ranging from 2.9% to 18.72%.

LoanBuilder Costs

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

The typical LoanBuilder small business loan rates and fees are:

• Starting interest rates: Approximately 2.9% to 18.72%
• Estimated APR: 12% to 136%
• Origination fees: None

LoanBuilder Loan Terms

LoanBuilder offers control of your 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.

The loan terms you can expect from LoanBuilder for a small business loan include:

• Loan amount: $5,000 to $500,000
• Repayment term: 13 to 52 weeks
• Repayment schedule: Weekly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Speed to funding: 10 minutes to complete its online application with approval in days; ongoing funding within 24 hours of a request

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 annual gross revenue requirement of $42,000 or higher makes it accessible to businesses with low revenue, similar to Fundbox.

The qualifications LoanBuilder will use to evaluate you for a small business loan include:

• Personal credit score: At least 550 (check your score for free)
• Time in business: At least nine months
• Annual gross business revenue: At least $42,000

In order to qualify for a small business loan from LoanBuilder, your business must be located in the United States, have an active business record with your local Secretary of State, and have no past bankruptcy filings.

What LoanBuilder Is Missing

With LoanBuilder, you can select your loan repayment term, making it a very flexible funding option. However, because interest charges and fees are added upfront, there is no benefit if you repay your loan early. For an early repayment discount, be sure to consider Fundbox or Kabbage. LoanBuilder also has a higher credit score requirement than other providers we evaluated, including Fundbox, which has no 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 its relatively high pricing.

How to Apply With LoanBuilder

LoanBuilder has a 10-minute online application that’s easy to complete. You can expect approval shortly after completion, with funding in 24 hours. Your loan will be up to $500,000, with rates ranging from 2.9% to 18.72% during a term of 13 to 52 weeks with weekly payments.

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SmartBiz: Best Easy SBA Small Business Loans

SmartBiz offers the easiest way for businesses to apply and get qualified for an SBA loan up to $350,000. Instead of the typical 90 days usually required to get funding, SmartBiz offers a total funding time that takes up to 30 days. You can qualify for the lowest rates we evaluated, from 7.5% to 11%, and repayment terms as long as 10 years after completing its simple online application.

SmartBiz Costs

SmartBiz offers borrowers easy business loans with rates between 7.5% and 11%—among the lowest of the providers we reviewed. However, there is also a one-time origination fee of 2% to 4% that is due from the borrower, but because of the long terms offered, it does not significantly impact your APR. With an APR of 7.5% to 11%, you can expect a daily interest cost of $2.05 to $3.00 for every $10,000 you borrow.

The typical SmartBiz small business loan rates and fees are:

• Starting interest rates: 7.50% to 11.00%
• Expected APR: 7.50% to 11.00%
• Origination fee: 2% to 4%

SmartBiz Loan Terms

SmartBiz offers loans up to $350,000 to borrowers, which is slightly higher than a lender like Kabbage, but lower than an easy business loan from OnDeck. It also offers the longest repayment terms we evaluated of up to 10 years.

The loan terms you can expect from SmartBiz small business loans include:

• Loan amount: $30,000 to $350,000
• Repayment term: Up to 10 years
• Repayment schedule: Monthly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Funding speed: 30-minute application, followed by approval as soon as the next day and funding within 30 days of getting approved

SmartBiz Qualifications

Qualifying for an SBA loan with SmartBiz is more difficult than the other providers we reviewed. You’ll need a personal credit score of at least 650 and your business must be operational for at least two years to qualify. Your business must also meet the SBA small business qualifications, which is typically under $750,000 in annual revenue and less than 150 employees, but the limit is higher for some industries.

The qualifications SmartBiz will use to evaluate you for a small business loan include:

• Personal credit score: At least 650 (check your score for free)
• Time in business: At least two years
• Annual revenue: Be a small business as determined by the Small Business Administration

What SmartBiz Is Missing

Although SmartBiz offers the easiest SBA loan process we have come across, it can still take up to 30 days to get funded and has higher minimum requirements than other loans. For a larger loan up to $500,000 and funding as soon as the next day, consider applying with OnDeck instead. If your business needs fast funding for a smaller amount, then Fundbox may also be a better alternative.

SmartBiz Reviews

We compiled SmartBiz reviews from our own website and from around the web and determined that it generally has positive ratings. Positive SmartBiz reviews noted the simple process for applying for an SBA loan and appreciated the help received from SmartBiz staff. The few negative SmartBiz reviews were from borrowers who did not receive approval for funding.

How to Apply With SmartBiz

Applying with SmartBiz takes 30 minutes and you can get a pre-approval decision in one business day. SmartBiz will then collect additional documentation that’s required for the SBA loan. Funding can take as long as 30 days for up to $350,000 with low starting rates of 7.5% and terms as long as 10 years.

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National Funding: Best Loan Based on Credit Card Revenue

National Funding offers a merchant cash advance up to $250,000 for business owners who have poor personal credit and accept credit cards. It’s the most expensive option we evaluated, with an APR potentially exceeding 150%. However, you can get approved with poor credit and later transition to its term loan or equipment financing solutions.

National Funding Costs

The merchant cash advance (MCA) offered by National Funding is best for high-risk borrowers unable to get access to credit anywhere else. Its rates vary, but are typically higher than most other financing options and are quoted on a factor basis. You can determine your total repayment by multiplying the loan amount by the factor rate.

The typical National Funding merchant cash advance rates and fees include:

• Factor rate: 1.1x to 1.16x the loan amount
• Estimated APR: 30% to 150%; customized for each borrower based on a set percentage of your batched credit card sales
• Origination fees: None

National Funding calculates the total amount you owe at origination and bases your repayment on your daily credit card settlements. This means you have no control over the speed with which you repay the loan. It’s important to understand that a $10,000 loan will have a daily interest cost between $8.22 and $41.10, which can have a large negative impact on cash flow.

National Funding Loan Terms

Similar to its rates, there is a great deal of variability with the exact terms you receive with a merchant cash advance. Like BlueVine’s invoice factoring, there are no manual payments made to the lender. Instead, National Funding will charge you a percentage of your daily credit card transactions at the end of each day.

The loan terms on a merchant cash advance from National Funding include:

• Loan amount: Up to $250,000
• Repayment term and schedule: Automatically deducted based on a set percentage of your credit card sales each time they are batched
• Collateral: Unsecured; blanket UCC filing on business assets is likely
• Personal guarantee: Typically required
• Speed to funding: Quick online application with approval as soon as the same day and funding in as quickly as 24 hours

National Funding Qualifications

National Funding bases your loan repayments on your credit card transactions. This allows National Funding to keep its requirements to a minimum. Like Fundbox, there is no minimum credit score requirement, but you will need to show that you are receiving at least $3,000 in monthly revenue from credit card transactions.

When evaluating you for a merchant cash advance, National Funding considers:

• Personal credit score: No minimum requirement
• Time in business: At least one year
• Annual revenue: No requirement, but you must have monthly credit card transactions of $3,000 or more
• Required documentation: Credit card statements for four months

Additional Products Offered by National Funding

Besides offering a low credit option, National Funding stands out as a big long-term value add for small business owners. After working together, your credit will improve and you may transition to a term loan up to $500,000 or equipment financing up to $150,000. These are both expected to have lower rates than an MCA but, unlike the other providers, National Funding does not disclose the rates for these loans upfront.

The typical National Funding small business loan costs, terms, and qualifications are:

• Estimated APR: Around 10% to 136% or higher, depending on your business metrics, such as sales, growth, and customer retention
• Loan amount: $5,000 to $500,000
• Repayment term and schedule: Three months to one year with weekly payments
• Personal credit score: At least 500 (check your score for free)
• Annual revenue: At least $100,000
• Time to funding: As soon as the next business day

The typical National Funding equipment financing costs, terms, and qualifications are:

• Estimated APR: Around 10% to 136% or higher, depending on your business metrics, such as sales, growth, and customer retention
• Loan amount: Up to $150,000
• Repayment term and schedule: Flexible payment options, including seasonal and quarterly, depending on your business
• Personal credit score: At least 620
• Annual revenue: No minimum requirement
• Time to funding: As soon as the next business day

National Funding also requires that your time in business be one year for the term loan or six months for equipment financing. Collateral and guarantee requirements will be similar for both options, with interest rates being slightly lower overall for equipment financing because your equipment acts as collateral.

What National Funding Is Missing

Although it is easier to qualify with National Funding than most lenders, its merchant cash advance is an expensive financing option, and you should only consider it after exhausting other options. 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

You can apply for a merchant cash advance with National Funding online, with approval and funding in the following 24 hours. It is important to exhaust alternatives before using such an expensive option. It will customize your loan rates and terms to fit your business for easy total funding up to $250,000.

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Alternative Easy Business Loan Options

Sometimes the best easy business loans are available from the company that provides your accounting software or helps your business process payments. Applications for easy business loans only take minutes, with simpler qualifications, and funding speeds as soon as the same day. This makes these lenders the easiest to get funding from.

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 and expensive overall. Although they are easy to manage, you may find that your personal and business assets are at risk if your business defaults.

Pros of Easy Business Loans

Some benefits of easy small business loans include:

• It’s a fast way to get financing: You can apply for an easy business loan online, from your computer or phone, in as little as a few minutes. In addition, there are no extensive meetings or piles of paperwork to manage and get through, leaving you more time to focus on your business.
• Easy to manage: Online lenders offering easy business loans will often have a phone application available to help you manage funds and repayment. Most will debit payments from your bank account, meaning that there is less to worry about, and you can always contact your loan representative during business hours 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 if you have poor credit or do not have strong business fundamentals. This is because the loans are not collateralized and they have lower minimum qualifications.
• Required personal and business guarantee: Most online lenders that provide easy small business loans will require a personal guarantee and blanket UCC filing. If you default, the lender can go after your personal and business assets to satisfy the loan obligation, and it will restrict you from working with another lender.

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 you need short-term or long-term working capital, there is an easy online business loan available for you.

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 you don’t have to reapply for more credit. Its 10-minute application process can have your business funded in 24 hours for up to $100,000 at rates starting at 4.66% per draw.

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