Getting a working capital loan shouldn’t require a team of financial experts and months of effort. Over the past decade, a number of lenders have cropped up to provide up to $500K with quick online applications, low qualifications for approval, and a fast funding times. In this article, we review the three best places to get easy business loans in 2017.
Best Easy Business Loans in 2017
|Application||Approval Time||Expected APR|
|OnDeck||10 minute online application||Minutes||30% - 50%||Apply Now|
|BlueVine||10 minute online application||Minutes||30% - 60%||Apply Now|
|Credibly||10 minute online application||Same Day||80% - 120%||Apply Now|
*Updated December 2018
Best Easy Business Loan: OnDeck
OnDeck provides short-term business loans and business lines of credit. Their wide qualification range and seamless online application make their business loans the easiest to get. The approval time can be instant and the funding time is typically between 1 – 3 days. You can be prequalified for $5K – $500K in minutes.
Best Easy Business Loans in 2017: OnDeck, BlueVine, & Credibly
|Application Process||10 Minute Online Application||10 Minute Online Application||10 Minute Online Application|
|Time to Approval||Instant||Same Day||Same Day|
|Time to Funding||1 - 3 Days||1 - 3 Days||1 - 3 Days|
|Expected APR||30% - 50%||30% - 60%||80% - 120%|
|Loan Amount||$5K - $500K||$5K - $500K||$5K - $250K|
|Repayment Terms||3 - 36 Months||12 Weeks||4 - 18 Months|
|Min. Credit Score||500+||530+||500+|
In-Depth Comparison: OnDeck, BlueVine, and Credibly
Easy business loans are typically measured by the following:
The easiest online business loans to get are the ones that have an application that takes minutes, same day approval, funding speed between 1 – 3 days, and low minimum qualifications. We assessed the various easy business loans and found that OnDeck, BlueVine, and Credibly are the easiest to get in 2017.
Let’s take a look at the ease of each of these online business loans in a little more depth.
With so many lenders now conducting most of their business online, the application length for easy business loans has decreased over time. Online business loans don’t require any paper documents and borrowers can usually submit an application and verify their information in a matter of minutes.
Approval speed is another important factor with easy business loans. This is because the quicker the approval the quicker a borrower can plan ahead for his or her working capital needs.
The longer it takes to get approved, the harder it becomes on a business owner. Typical easy online business loans can be approved in as little as a day.
Funding speed is the third component of an easy business loan’s timeline to funding. After a borrower’s application has been received and approved, the funding speed measures the time it takes for the borrower to receive his or her easy online business loan.
The typical funding speed for an easy business loan is between 1 – 3 days after approval.
Minimum qualifications make a business loan easy or hard to get. If the minimum qualifications are too high, then it’ll be difficult to obtain a business loan, and vice versa. Easy business loans typically have low minimum qualifications based on personal credit, years in business, and monthly or annual revenue.
Other Terms to Consider
When looking at easy business loans, it’s important to look at other terms outside of speed and minimum qualifications. Average APR, maximum loan size, and average repayment terms are all important to include.
How to Make Your Application Process Even Easier
Believe it or not, easy business loan application processes can be made even easier. When you’re shopping for a fast business loan, don’t slow down the application process by being unprepared:
Have Your Information Ready
Easy business loans might have a 10-minute application process, but that process takes longer if you don’t have the right information. Make sure that you have your social security number, business tax ID, 3 months bank statements, and the login info for your business bank accounts.
Apply for the Right Type of Loan
Easy business loans come in many forms, which include term loans, lines of credit, merchant cash advances (MCA), and accounts receivable (A/R) financing. MCAs are right for businesses with a lot of credit card transactions. A/R financing is best for companies with net payment terms. Term loans and lines of credit are best for companies that need a stable repayment schedule.
Apply with the Right Lender
Once you know what type of easy business loan is right for you, you’ll need to apply with the right lender. Lenders will often have different loan requirements and you need to ensure you know all the requirements prior to applying. Further, you’ll want to have a positive relationship with your lender and you need to make sure the lender you work with has adequate customer service.
Trade-Offs with Easy Online Business Loans
Small business owners look for easy business loans because traditional financing (with a bank or credit union) can be very slow and require loads of paperwork. Many small business owners decide that they’d rather not devote days and weeks of gathering documents and chasing down financials to get a loan. They’re willing to pay a little more for the financing just to avoid the headaches presented by traditional lenders.
While an easy business loan might be quick and convenient, there’s always a tradeoff. The average APR you should expect to find on an easy business loan is typically between 30% – 60% but can reach as high as 120%. What’s more, many of these easy business loans have weekly or even daily repayment schedules. This is different from business loans that are harder to qualify for.
SBA loans, for example, provide a much better average APR. SBA rates are between 6.25% – 9% and the loans are fully amortized (10-25 years typically) with monthly payments. But SBA loans, like many traditional bank loans, have laborious application processes and the qualifications are much higher. This makes easy business loans an attractive alternative for business owners.
Easy business loans are quick and convenient working capital loans used by business owners for short-term needs. The average size of an easy business loan is typically between $5k – $500k and interest rates range from 30% to as high as 120%. Repayment terms can be either monthly, weekly, or daily, and the typical term length is between 3 – 36 months.
OnDeck is a business lender that issues easy business loans between $5k – $500k. Interest rates can start as low as 5.99% for prime borrowers with average rates ranging from 30% – 50%. OnDeck’s online business loan application takes 10 minutes to complete and approval can be instant.