8 Best Easy Business Loans for 2022
This article is part of a larger series on Business Financing.
The best easy business loan providers should offer you a simple process to obtain funding for your business quickly. These loans typically have lenient credit requirements, making them available to even lower credit borrowers. In addition, companies that have been in operation for less than two years with lower annual revenue should be able to qualify for one of the best easy small business loans.
While the loans available on this list are easy to apply for and obtain, they also come with higher interest rates, higher fees, and, sometimes, short repayment terms.
These are the eight best easy business loan providers.
Best Easy Business Loans At a Glance
Provider | Best For | Maximum Loan Amount | Estimated Annual Percentage Rate (APR) | Maximum Term | Annual Revenue Requirement | Minimum Credit Score |
|---|---|---|---|---|---|---|
 | Lowest rates | $150,000 | 10% to 79% | 52 weeks | $100,000 | 600 |
 | Lower credit score borrowers | $500,000 | 10% to 136% | 5 years | $250,000 | 600 |
 | Line of credit | $250,000 | 6.2% to 78% | 12 months | $120,000 | 625 |
 | Shopping multiple offers | $2 million | Varies | 5 years | $96,000 | 600 |
 | Invoice factoring | Unlimited; based on invoice | 15% to 78% | As invoices are paid | $120,000 | 600 |
 | Simple application process | $500,000 | 5% and up | 24 months | $250,000 | 600 |
 | Simple repayment terms | $250,000 | 29.9% and up | 24 months | $100,000 | 600 |
 | Flexible terms | $500,000 | 12% to 136% | 52 weeks | $42,000 | 550 |
Provider | Best For | Maximum Loan Amount | Estimated APR | Maximum Term | Annual Revenue Requirement | Minimum Credit Score |
|---|---|---|---|---|---|---|
| Flexible terms | $500,000 | 12% to 136% | 52 weeks | $42,000 | 550 |
| Shopping multiple offers | $2 million | Varies | 5 years | $96,000 | 600 |
| Lowest rates | $150,000 | 10% to 79% | 52 weeks | $100,000 | 600 |
| Lower credit score borrowers | $500,000 | 10% to 136% | 5 years | $250,000 | 600 |
| Invoice factoring | Unlimited; based on invoice | 15% to 78% | As invoices are paid | $120,000 | 600 |
| Simple application process | $500,000 | 5% and up | 24 months | $250,000 | 600 |
| Simple repayment terms | $250,000 | 29.9% and up | 24 months | $100,000 | 600 |
| Line of credit | $250,000 | 6.2% to 78% | 12 months | $120,000 | 625 |
Provider | Best For | Maximum Loan Amount | Estimated APR | Maximum Term | Annual Revenue Requirement | Minimum Credit Score |
|---|---|---|---|---|---|---|
| Invoice factoring | Unlimited; based on invoice | 15% to 78% | As invoices are paid | $120,000 | 600 |
| Shopping multiple offers | $2 million | Varies | 5 years | $96,000 | 600 |
| Lower credit score borrowers | $500,000 | 10% to 136% | 5 years | $250,000 | 600 |
| Simple application process | $500,000 | 5% and up | 24 months | $250,000 | 600 |
| Flexible terms | $500,000 | 12% to 136% | 52 weeks | $42,000 | 550 |
| Line of credit | $250,000 | 6.2% to 78% | 12 months | $120,000 | 625 |
| Simple repayment terms | $250,000 | 29.9% and up | 24 months | $100,000 | 600 |
| Lowest rates | $150,000 | 10% to 79% | 52 weeks | $100,000 | 600 |
Fundbox: Best Overall Easy Business Loan for the Lowest Rates
Why We Like Fundbox
Thanks to the lowest starting interest rates and easy qualification requirements, Fundbox is our choice for the best easy business loan. Its rates start as low as 4.66%, and it offers both lines of credit and term loans, although it’s the line of credit product the company heavily promotes on its website.
Your business must be in operation for at least six months with at least $100,000 in minimum annual revenue. In addition, your company must be based in the United States and have a small business checking account. You must have at least a 600 personal credit score.
You can get a line of credit of up to $150,000, with draws repaid over a 12-week or 24-week period. Term loans of up to $150,000 can be repaid weekly over either a 24-week or 52-week period. There’s no prepayment penalty, and you can set up your repayment plan with each draw against your line of credit.
One drawback is the weekly repayment schedule, which can be challenging to business cash flow.
You can begin the application process on Fundbox’s website or by calling toll-free. The company promises a quick credit decision and funding within one business day.
National Funding: Best for Longer Loan Terms for Lower Credit Score Borrowers
Why We Like National Funding
National Funding is an excellent choice for an easy business loan for many reasons but specifically due to credit availability to lower credit score borrowers. It has been more willing to lend to lower credit borrowers than others on this list, including some providers that list a lower minimum credit score.
In addition, you can get a loan of up to $500,000 for up to five years. The only standalone lender in this guide with a lower minimum credit score is LoanBuilder, and its loans max out at just 52 weeks. Meanwhile, Lendio is a marketplace, and poor credit borrowers will likely find worse terms than what National Funding will provide.
It has an easy application process, quick decision and funding timeline, and early payoff discounts. Customers who pay off a working capital loan balance within the first 100 days receive a 7% discount on the total remaining balance.
One drawback is potentially high annual percentage rates (APRs). Borrowers with strong credit profiles may want to consider Fundbox or Bluevine for better rates.
National Funding allows you to apply through its website or a toll-free number. The application process involves just a one-page application and three months of bank statements, and a decision and funding are promised within 24 hours.
Bluevine: Best Small Business Line of Credit
Why We Like Bluevine
Bluevine not only has the best line of credit product of the providers listed here, but it’s our choice for the best small business line of credit on the market. You can get a line of credit of up to $250,000, with draws repaid over either a six- or 12-month term. Fundbox only slightly edges Bluevine in this guide due to its term loan product, slightly lower rates, and lower monthly minimum revenue requirements.
Businesses need to be in business for just six months, with just $120,000 in annual revenue to qualify. Bluevine does have the highest minimum credit score of providers on this list at 625.
If your business is organized as a limited liability company (LLC) or corporation, Bluevine won’t hard-pull your credit at any point in the process. If you’re organized as a sole proprietorship or general partnership, it will only hard-pull your credit after receiving and accepting an offer.
In addition, it has an outstanding free business checking product that earns a strong interest yield. As such, it’s our top free business checking account.
It allows you to apply through its website and even lets you connect your QuickBooks Online account directly as part of the application. Application takes less than 2 minutes, with approvals within 5 minutes.
Lendio: Best for Shopping Multiple Loan Options at One Time
Why We Like Lendio
If you want to compare multiple loan offers with just one application, Lendio is an excellent option. It’s a marketplace with more than 75 lenders, and because there are so many available options, it’s hard to specify exact requirements, terms, and rates.
However, in general, you’ll need at least $96,000 in annual revenue and a credit score of at least 600. Some lenders in its network will have more stringent requirements, and while some might qualify borrowers with even lower credit scores, borrowers with sub-600 credit scores will have very high rates and fees.
Not only can you receive multiple loan offers with Lendio, but you can also get multiple types of financing. Lendio has providers that offer business lines of credit, short-term loans, and equipment loans that would be considered easy business loans.
It has a 15-minute application on its website, or you can call toll-free to start the application process.
FundThrough: Best for Invoice Factoring
Why We Like FundThrough
FundThrough is our top invoice factoring company, offering two excellent invoice factoring products: Express Invoice Financing for funding amounts of $15,000 or less and Velocity Invoice Factoring, which has no stated maximum funding amount. It will depend on the size of the invoice and your company’s financial strength.
The two programs are similar but have slight differences. Express Invoice Financing is a form of accounts receivable (A/R) financing, which has the customer pay you directly for the outstanding invoice. Then, you pay back FundThrough, our best A/R financing company, for the advance.
Velocity Invoice Factoring is a true invoice factoring product, where the customer pays FundThrough for the invoice based on the original terms of the invoice. With invoice factoring, the customer directly interacts with FundThrough, while with A/R financing, the customer is unaware of the FundThrough advance.
Regardless of your choice, you’ll need to be in business for at least six months with at least $120,000 in annual revenue to qualify. You’ll also need a personal credit score of at least 600.
You can start an application through FundThrough’s website to see if you qualify or by reaching out via a toll-free phone number, online chat, or email.
QuickBridge: Best for a Simple Application Process
Why We Like QuickBridge
QuickBridge is a great choice for an easy business loan thanks to its simple, quick application process. You can apply via a toll-free number or through its website in a matter of minutes, connect with a funding specialist, and have funds sent to your account within a day of approval. When applying, you need just your driver’s license and three bank statements.
From a product standpoint, it’s very similar to National Funding. You can get loans of up to $500,000 for up to 24 months. Repayment can be made either daily or weekly. Interest rates are very competitive, starting at just 5%.
National Funding edges QuickBridge slightly thanks to the former’s monthly repayment option and up to a five-year term. However, both are outstanding provider options if you’re looking for small business loans, working capital loans, unsecured business loans, and short-term business loans.
QuickBridge promises fast credit decisions with flexible payment options to fit your business needs.
OnDeck: Best for Borrowers Who Want Simple Repayment Terms
Why We Like OnDeck
OnDeck is a great choice for easy business loans because of its simple repayment terms. Specifically, if you get a line of credit and have multiple draws against the line open simultaneously, those will be combined into one payment. This makes managing the repayment of those draws easier.
The company offers two great products that can provide you with an easy business loan: a line of credit and a term loan. If you have a term loan, you can borrow another term loan once the original loan has been paid halfway down. In addition, OnDeck offers a prepayment benefit for borrowers who qualify. If you pay your term loan early, all the remaining interest can be waived.
You’ll need a business checking account and a credit score of at least 600, with at least one year in business and at least $100,000 in minimum annual revenue. OnDeck will reject borrowers that don’t meet the credit score, time in business, and annual revenue requirements. Borrowers who don’t meet those requirements may want to consider Fundbox or National Funding.
Another drawback to OnDeck is high APRs, with a minimum APR of 29.9%. Also, the average APR of OnDeck loans is 62.1%, so strong credit borrowers may find better rates elsewhere. Also, same-day funding is only available on term loans up to $100,000.
You can apply for either lending product directly on OnDeck’s website, with funding within one business day.
LoanBuilder: Best for Financing With Flexible Terms
Why We Like LoanBuilder
LoanBuilder is a good option for an easy business loan because it has one of the lowest minimum annual revenue requirements among online lenders—$42,000—and a minimum time in business of nine months.
However, with weekly payments and a maximum term of 52 weeks, it isn’t the best product for long-term or high-cost projects. In addition, there’s no benefit to paying the loan off early as the loan fees charged to the borrower at payoff are the same.
One positive is the lack of origination fees and no prepayment penalty. There’s only a single, fixed fee for its loans. The company offers a configurator tool on its website, allowing you to see your estimated options upfront before proceeding.
However, there’s a lack of information on the company’s website. While other providers on this list have terms and rates available, LoanBuilder’s site is largely empty. Although the terms listed here should be used as a guideline, those may vary depending on the credit and financial strength of the borrower.
To apply, you need to complete a 5- to 10-minute questionnaire on its website to determine eligibility. Once eligible, you can compare estimated loan terms to see the financing costs. Funds can be delivered in as little as one business day.
Alternatives to Easy Business Loans
Easy business loans are a great choice for fast funding for immediate business needs. However, other loan types provide better rates and terms. If you don’t need funds quickly, consider one of the following loan types that will have lower interest rates and better repayment terms:
- Small business credit cards: Best used for small and medium business expenses. Many have 0% introductory rates, and you can earn cash back rewards.
- Small Business Administration (SBA) loan: Optimal for businesses with good credit and a solid business plan that don’t need funds quickly. SmartBiz can also help you with SBA loans for startups.
- Rollover for business startups (ROBS): Ideal for businesses with owners willing to invest retirement funds of $50,000 or more. Check out the Guidant Financial website for more information on ROBS or to speak with a ROBS specialist.
Before applying for a business loan, check out our guide on how to get a small business loan.
How We Evaluated the Best Easy Business Loans
When considering the best easy business loans, we compared the following criteria:
- Ease of loan application and repayment process
- Maximum loan amount
- Interest rates and estimated APR
- Repayment terms and schedule
- Collateral and guarantee requirements
- Funding speed
- Minimum credit score and time-in-business and annual revenue requirements
- Fees and any potential fee discounts
- Customer reviews
Best Easy Business Loans Frequently Asked Questions (FAQs)
Where is the easiest place to get a business loan?
The easiest place to get a business loan is through an online lender. Online lenders tend to have more lenient requirements than traditional brick-and-mortar lenders, and funding can be received sometimes as quickly as the same business day. Fundbox is our choice for the best easy business loan provider.
Are small business loans easy to get?
Even though online business loan providers have more lenient terms and requirements, it doesn’t mean that small business loans are easy to get. Most small business loan providers require you to be in operation for at least six months and have at least $100,000 in annual revenue. This makes funding for startup businesses a challenge, which is why you may want to consider alternative types of financing for startups.
Do business loans look at personal credit?
The smaller and newer your business is, the more likely a business loan provider will want to look at your personal credit. Businesses that have been in operation for more than two years with established business credit history and finances will likely have a Dun & Bradstreet credit score.
Once your business has its own credit score, you likely won’t have your personal credit checked. However, if you put personal finances into a business, such as a home equity line of credit or home equity loan, you’ll need to have your personal credit and finances checked to qualify.
Bottom Line
All of the loan providers in this guide can offer easy business loans to help fund your business. Many easy business loans come with high interest rates and fees, which could end up damaging your business cash flow. Before applying for an easy business loan, consult your financial advisor to determine the best course of action for your business. If you proceed, shop around and find the best easy business loan with the best terms and rates for your business.
