6 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 are characterized by short applications, simple repayment procedures, easy-to-manage accounts, and fast application processes. Easy business loans help business owners save time so that they can focus on their business.

Top 6 Easy Small Business Loans 2019

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 to ensure that you can focus on your business rather than spending time applying for financing. In addition to these criteria, we also compared the loans based on the overall costs, maximum loan amounts, and repayment terms to help you make a decision that fits your financing needs and your budget.

Based on the needs and wants of the reader, the criteria we used to evaluate the best easy small business loans include:

• 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 as well as the paperwork, or lack of it, required to qualify
• Speed of approval & funding: The amount of time it takes 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 that need to be made; 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

Easy Small Business Loan From a Bank or Credit Union

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 that is in good standing, you can request a credit increase or additional loan quickly. If this hasn’t worked or isn’t an option, 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 just 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 just 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 them, you can get up to $100,000 for 24 weeks, with a total fee starting at just 4.66% on a revolving line of credit.

Fundbox Costs

Fundbox charges a weekly fee based on the draw from your line of credit. This fee starts at 0.5% to 0.7% per week for a term of 12 or 24 weeks, respectively. You can expect the total fee to start at 4.66% for 12 weeks and 8.99% for 24 weeks of the principal.

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 is transparent with their rates and provided us with an APR range for 10% to 79% for its loans. This is lower than most other small business loan providers except BlueVine. To understand the APR better, the typical 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 you money. In addition to this, the flexibility of a credit line allows you to borrow as little as $1,000 when you need it, rather than getting a large loan up front.

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) filing
• Personal guarantee: Not required for smaller limits; possible for larger limits
• Speed to funding: 10 minutes to apply with a decision in as few as three minutes; ongoing funding within 24 hours

The terms of a Fundbox line of credit are shorter than other providers they evaluated. Additionally, the $100,000 loan limit is lower than the $250,000 limit offered by Kabbage. However, with both providers you can make additional draws on the line of credit once funds are repaid, allowing you to access more than your limit over several draws.

Fundbox Qualifications

Minimum qualifications for Fundbox make it the most accessible working capital loan on our list besides National Funding. The only criteria you will be required to meet is a minimum of six months in business and ideally more than $50,000 in annual revenue. Fundbox basis its qualification decision on your sales, growth, and customer retention by assessing your accounting software or banking transactions.

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

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

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

What Fundbox Is Missing

The biggest drawback of Fundbox is its relatively low $100,000 loan limit. Once a draw is repaid that amount can be borrowed again, but the maximum threshold may be insufficient for large capital projects. Additionally, weekly repayment can be burdensome on the cash flow of a business, especially if that business is cyclical.

Fundbox Loan Reviews

Fundbox generally has positive reviews. Positive Fundbox reviews came from users who said 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. Read more on our Fundbox reviews page.

How to Apply With Fundbox

Fundbox can get you approved and financed in as quick as one day for a revolving line of credit. With low small business loan requirements, you can get up to $100K starting at 4.66% for 12 weeks, and 8.99% for 24 weeks. Their application process can be completed 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 with rates starting at 1.5% per month with the opportunity to reduce costs if you pay it off early.

Kabbage Loan Costs

The monthly interest rate charged by Kabbage starts at just 1.5% which is comparable to the fees charged by Fundbox. Like Fundbox each draw is considered a new loan with its own repayment terms. However, unlike OnDeck you have the opportunity to reduce the overall cost of the loan by paying it early because the fees are assessed on a monthly basis rather than up front.

The typical Kabbage rates and fees are:

• Starting interest rates: 1.5% to 10% per month; the average fee is 4% for a six-month term and 3% for a 12-month term
• Estimated APR: 18% to 120%
• Origination fee: None

Kabbage is transparent with their 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 18% to 120%, you can expect to incur a daily interest cost of $4.90 and $32.90 for every $10,000 you draw.

Kabbage Loan Terms

Kabbage offers more flexibility than Fundbox with higher loan limits of $250,000 compared to $100,000. Additionally, it allows for monthly payment instead of weekly, which is atypical for online lenders. Finally, the longer terms up to a year allow businesses more time to repay the loan and 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 months or a year with no prepayment penalties
• Repayment schedule: Monthly; 1/6 or 1/12 of loan balance + interest
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Speed to funding: 10 minutes to complete its online application and approval within 10 minutes to a few hours; initial funding as soon as the next business day and ongoing funding within 24 hours or immediately using its connected Visa card

Kabbage Loan Qualifications

Compared to the no minimum credit score and six months in business requirements from Fundbox, Kabbage requires a credit score above 550 and at least a year in business to qualify. In addition to that, your business will need to be generating at least $4,200 per month in the last three months.

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

• Personal credit score: 550 or higher (check your score for free)
• Time in business: At least one year
• Annual revenue: $50,000 or more; or $4,200 or more 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 periodically review you for credit line increases.

What Kabbage Is Missing

The largest drawback of Kabbage is its credit score requirement, which Fundbox doesn’t have. If you cannot qualify for Kabbage due to bad credit, we put together a guide specifically for bad credit business loans. Additionally, although the higher borrowing limit and longer terms of Kabbage exceed what Fundbox offers it may still be insufficient.

Kabbage Loan Reviews

Kabbage has mostly positive reviews. Users who gave positive Kabbage reviews said its customer service provided clear explanations. Although some Kabbage reviews complained about high-interest rates and short repayment terms, its rates and terms are disclosed up front. Read more on our Kabbage reviews page.

How to Apply With Kabbage

It takes about 10 minutes to complete Kabbage’s easy online application. You will be able to borrow up to your approved limit which can be as high as $250,000 at rates starting at just 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 Credit Borrowers

OnDeck Capital offers term loans up to $500,000 starting at 9%. Business owners that have a 680 or higher personal credit score can qualify for its lowest fees. Additionally, it also offers a $100,000 line of credit like Fundbox, and you can qualify for both.

OnDeck Capital Costs

OnDeck has rates that are comparable to Fundbox and Kabbage on its term loans. However, unlike a line of credit, you lose some flexibility in borrowing funds on demand. Furthermore, there is no benefit to prepayment, like with Kabbage, because the fees and interest are added to the principal at origination, and do not decrease if the loan is paid off early.

The OnDeck Capital term loan rates and fees are:

• Starting interest rates: As low as 9% simple interest for term loans up to 12 months and 9.99% assumed interest rate (AIR) for term loans up to 36 months; prime borrowers with 700 or higher credit scores can potentially get the lowest rates
• Estimated APR: 10% to 100%
• Origination fee: 0% to 4% of your loan amount

OnDeck is very transparent with its fee disclosure, publishing an average APR of 48.7% for its term loans, for the quarter ending June 30, 2018. Additionally, 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 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 you are offered terms from three to 36 months, instead of selecting either 12 or 24 weeks, which is potentially less flexible. 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 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 500 or higher personal credit score and more than a year in business, which is comparable to the small business loan requirements for Kabbage. However, its annual revenue requirement is twice as high, preferring to lend to businesses with more than $100,000 in annual revenue.

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

• Personal credit score: 500 or higher (check your score for free):
• Time in business: At least one year
• Annual revenue: $100,000 or higher

To qualify for additional loans with OnDeck, you will need to remain in good standing. 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 necessary information about your business to qualify you.

Additional Products Offered by OnDeck

In addition to the term loan, OnDeck also offers a line of credit for which you can qualify. 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 for the quarter ending June 30, 2018, to be 32.6%.

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 700 or higher credit scores can potentially get the lowest rates
• Estimated APR: 14% to 61%
• Repayment term & schedule: Six months; weekly
• Personal credit score: 600 or higher (check your score for free)
• Annual revenue: $100,000 or more

What OnDeck Capital Is Missing

Although there are no prepayment penalties with OnDeck, you do not benefit from early repayment like you would with Fundbox and Kabbage because the total payment is calculated at the start of the loan. Additionally, OnDeck’s term loan repayment frequency is weekly or daily and lacks a monthly option like OnDeck, which can put a strain on cash flows. For less frequent payments consider a line of credit from Kabbage, which offers monthly payments.

OnDeck Capital Loan Reviews

We determined OnDeck generally has positive reviews. 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. Read more on our OnDeck reviews page.

How to Apply With OnDeck Capital

You can prequalify with OnDeck Capital online in 10 minutes. Their term loan of $500,000 for up to three years is best for financing large projects, especially for business owners with prime personal credit that can qualify for the best rates, starting at just 9%.

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BlueVine: Best Easy Business Loan for Businesses With 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 just 0.25% per week and loans are repaid easily when customers satisfy invoices. It also offers a $250,000 line of credit for borrowers needing to cover financing gaps.

BlueVine Costs

With invoice factoring, you will receive 85% to 90% of the value of the invoice up front, with the remainder, less a fee payable when the invoice is collected by BlueVine. The fee you pay is charged weekly and start at 0.25% per week. Unlike invoice financing, BlueVine purchases the invoices and assumes customer relationships.

The typical BlueVine rates and fees on its invoice factoring are:

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

BlueVine is very transparent with their pricing, providing a range from .25% to 1.35% per week for its factoring facility. This allowed us to estimate the APR to be between 13% to 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 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 up front, with the remainder, paid out when the invoice is satisfied by the customer less the fee.

The loan terms you can expect on an invoice factoring facility from BlueVine include:

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

BlueVine Qualifications

Qualifying for BlueVine invoice factoring requires a minimum credit score of at least 530, which is slightly higher than OnDeck’s 500 or higher requirement. However, because its loans are backed by invoices, it only requires your business to have three months of history so 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: 530 or higher (check your score for free)
• Time in business: At least three months
• Annual revenue: $100,000 or higher

In addition to 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

In addition to invoice factoring, BlueVine also offers a line of credit that you can qualify for. Similar to Fundbox, BlueVine allows you to repay the line of credit on a weekly basis over six months. You can also receive a monthly repayment for up to a year like Kabbage. However, to qualify for this option, you will need to have a higher credit score of at least 650 and minimum annual revenue of $500,000.

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

• Interest rates: 4.8% to 50% simple interest
• Estimated APR: 18% to 86%
• Loan amount: $5,000 to $250,000
• Repayment term & schedule: Six or 12 months; weekly or monthly
• Personal credit score: (check your score for free)
  • 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

What BlueVine Is Missing

To qualify for BlueVine, you need to have invoices that are outstanding for less than 90 days and owed by other businesses or the government. If you don’t have qualifying invoices, you will not be able to use their factoring facility. Additionally, if your customers are not used to dealing with a factoring company assigning relationships may be difficult at first.

BlueVine Loan Reviews

We considered BlueVine reviews by users from around the web. In so doing, we determined it generally has positive ratings. Positive BlueVine reviews came from customers who were impressed with their helpful customer support. Critical BlueVine reviews came from businesses unhappy about being denied financing by BlueVine. Read more on our BlueVine reviews page.

How to Apply With BlueVine

Applying for BlueVine online takes about 10 minutes, and you can expect approval and funding after just 1-3 days. Their invoice factoring starts at just 0.25% per week and advances up to $5 million with 85 to 90 percent up front. You can also qualify for their $250,000 line of credit to cover expenses.

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LoanBuilder: Best Easy Business Loans for Customizable Loan 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 its corresponding rates, making it the easiest loan to customize online. It can be slightly more expensive than OnDeck with rates ranging from 2.9% to 18.72%.

LoanBuilder Costs

Similar to OnDeck your loan cost is determined at the origination of the loan so that you do not benefit from early repayment. Depending on the qualification of the borrower, the amount being borrowed, and the length of the loan, the fee for a LoanBuilder loan will adjust. You can expect a $10,000 loan from LoanBuilder to cost between $3.30 and $37.30 in interest per day.

The typical LoanBuilder 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 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 request

LoanBuilder Qualifications

Of the borrowing options we have evaluated thus far, LoanBuilder has the highest minimum required credit score. In addition to this, 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, which has no minimum.

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

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

Additionally, your business needs to 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

Like OnDeck, with LoanBuilder there is no benefit if you repay your loan early because the total cost is determined at the start of the loan, rather than at intervals like Fundbox and Kabbage. Additionally, its credit score requirements are also higher than other providers we evaluated, including Fundbox, which has no minimum.

LoanBuilder Loan Reviews

We compiled LoanBuilder user 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 that provided negative LoanBuilder reviews pointed out its high pricing. Read more on our LoanBuilder reviews page.

How to Apply With LoanBuilder

Applying with LoanBuilder can be done online in just 10 minutes. You can expect approval shortly after, with funding in just 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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National Funding: Best Easy Business Loan for Businesses With Credit Card Revenue

National Funding offers a merchant cash advance up to $250,000 primarily for business owners that have poor personal credit and accepts credit cards. It’s the most expensive option we evaluated with an APR potentially exceeding 200%. However, you can get approved with poor credit and transition to its term loan and equipment financing over time.

National Funding Costs

The MCA offered by National Funding is designed for high-risk borrowers who are unable to get access to credit anywhere else. For this reason, its rates vary, but typically are higher than most other financing options and are calculated on a factor basis, where the loan amount is multiplied by the factor rate to determine total repayment.

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

• Factor rate: 1.1 times to 1.16 times the loan amount
• Estimated APR: 35% to 230%; customized for each borrower based on a set percentage of your batched credit card sales
• Origination fees: None

With National Funding the total amount you owe is calculated at the beginning of the loan, and repayment is based on your daily credit card settlements, which means you cannot control the speed with which the loan is repaid. It’s important to understand that a $10,000 loan will have a daily interest cost between $9.60 and $63, 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 Blue

Vine’s invoice factoring, there are no manual payments made to the lender. Instead, you will be charged a percent of your daily credit card transactions at the end of each day.

The loan terms on merchant cash advances you can expect from National Funding include:

• Loan amount: Up to $250,000
• Repayment term & schedule: Automatically deducted based on a set percentage of your credit card sales each time they are batched, and typically doesn’t exceed 13 months.
• Collateral: Unsecured; blanket UCC filing on business assets is likely
• Personal guarantee: Likely required
• Speed to funding: Quick online application with approval as soon as the same day and funding in as few as 24 hours

National Funding Qualifications

Your loan repayment is based on your credit card transactions. This allows National Funding to keep their requirements minimal. Like Fundbox, there is no minimum credit score requirement, but you will need to demonstrate 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 in the value of a long-term relationship with them. After working together, your credit will improve you may have the opportunity to 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 up front.

The typical National Funding small business term 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 & schedule: Automatic payments; interval will depend on your business
• Personal credit score: No minimum score required, but they do check your credit
• Annual revenue: $100,000 or higher

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 & schedule: Flexible payment options including seasonal and quarterly, depending on your business
• Personal credit score: 620 or higher (check your score for free)
• Annual revenue: No minimum requirement

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

An MCA is an expensive financing option and should typically be considered after all other bad credit business loans have been considered. In addition to the high costs, National Funding also requires at least a year of ongoing operations, which can be restrictive for new companies looking for startup funding options.

National Funding Loan 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 the higher than expected costs. Read more on our National Funding reviews page.

How to Apply With National Funding

An application with National Funding can be completed online, with approval and funding in the following 24 hours. It is important to exhaust alternatives before using such an expensive option. Your loan rates and terms will be customized to your business for easy total funding up to $250,000.

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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 obtain funding, they can be very expensive overall and certainly more expensive than traditional financing options. Additionally, although they are easy to manage, you may find that your personal and business assets are at risk in the event of default.

Some benefits of easy small business loans to consider are:

• 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; plus, there are no extensive meetings or piles of paperwork to manage and get through, which leaves you more time to focus on your business and requires less planning because funding can be obtained in as little as one day
• 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 the payments from your bank account automatically, meaning that there is less to worry about; you can always contact your loan representative during business hours with any questions

Some risks of easy small business loans to consider are:

• 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, which is partly due to the uncollateralized nature of the loans, and the ease with which most businesses can qualify
• Required personal and business guarantee: Most online lenders that provide easy small business loans will require a personal guarantee and blanket UCC filing; this means that in the event of default the lender can go after your personal and business assets to satisfy the loan obligation; an outstanding UCC lien will typically restrict you to working with a single lender, as only the first lender to file the lien will have a claim

The 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 rather than 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 we used to evaluate, we believe Fundbox is the best easy business loan provider. 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 just 24 hours for up to $100,000 at rates starting at just 4.66% per draw.

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