Easy Business Loans: What Are the Best Easy Financing Options for 2017?

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.

Visit OnDeck

Best Easy Business Loans in 2017: OnDeck, BlueVine, & Credibly

	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+
Apply Now	www.OnDeck.com	www.BlueVine.com	www.Credibly.com

In-Depth Comparison: OnDeck, BlueVine, and Credibly

Easy business loans are typically measured by the following:

Ease of Application
Approval Speed
Funding Speed
Minimum Qualifications

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.

Application Speed

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.

OnDeck: OnDeck offers a 10-minute online application for its term loans as well as its lines of credit. The application requires basic personal and business information and nothing more.

The application also requires that you connect your bank accounts to their system. In some cases, OnDeck requires the last 3 months of bank statements, but you can sync your account in seconds so there’s no need for obtaining and sending paper copies.

BlueVine: BlueVine also offers a 10-minute online application that asks for basic information about the borrower and his or her business. Unlike other invoice factoring companies, BlueVine doesn’t require you to sync your bookkeeping software, saving you time.

BlueVine may require up to 3 months worth of bank statements, but they also require that you link your bank account to your system. They can pull your bank statements with ease.

Credibly: Credibly also has an easy application that can be completed online. Credibly will typically ask for the last 3 months of bank statements, which can be submitted electronically.

Approval Speed

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.

OnDeck: OnDeck is the only lender on our list with easy business loans that can be approved instantly. This means that since the application can take as little as 10 minutes, the time to approval can also be as little as 10 minutes. Once approved, you’ll know the exact size of your easy business loan amount.

BlueVine: BlueVine is an accounts receivable financing company that has same day approval. Once approved, BlueVine will advance you up to 95% of your outstanding invoice amount and collect the payments.

Credibly: Credibly also has an approval time that happens the same day as the application. Once approved, the merchant cash advance provider will advance a percentage of your credit card sales.

However, Credibly will usually require you to speak with an account representative prior to approval. While the application is entirely online, this might slow down the approval process a little.

Funding Speed

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.

OnDeck: OnDeck offers easy business loans with financing speeds between 1 – 3 days. This means that funds can be received within a day of applying for the online business loan.

BlueVine: BlueVine offers to finance up to 90% of a company’s outstanding invoices and will issue funds within 1 – 3 days. This means that a borrower can also receive working capital in as little as a day after applying

Credibly: Credibly is one of the best merchant cash advance providers that can advance as much as $250k based on future credit card sales. The cash advance can be issued in as little as 48 hours.

Minimum Qualifications

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.

OnDeck: OnDeck has the following minimum qualifications for its easy business loans:

500+ Credit Score (check your credit score for free here),
1+ Years in Business
$100K+ Annual Revenue

OnDeck is tied for the lowest minimum credit score but requires the highest annual revenue and the longest amount of time in business.

BlueVine: BlueVine has the following minimum qualifications for its easy business loans:

530+ Credit Score (check your credit score for free here)
$500 Minimum Invoice Amount
12 Week Invoice Due Date or Less

Since BlueVine is an invoice factoring company, its minimum qualifications are typically based on invoice dates and amounts.

Credibly: Credibly has the following minimum qualifications for its easy business loans:

500+ Credit Score (check your credit score for free here)
6+ Months in Business
$15,000+ in Monthly Revenue

Since Credibly is a merchant cash advance provider, it mostly bases its minimum qualifications on monthly deposits.

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.

OnDeck: OnDeck has the lowest average APR on our list with rates between 30% – 50%. Easy business loan sizes range from $5k – $500k and the typical repayment term is between 3 – 36 months. Loan payments are fixed throughout the term.

BlueVine: BlueVine has the second lowest average APR on our list with rates between 30% – 60%. Their online business loans range from $5k – $500k and the repayment term is typically 12 weeks.

However, since BlueVine is an invoice factoring company, they pay you a percentage in return for the full amount of your invoices. The customers with outstanding invoices are actually the ones who pay BlueVine back in the form of their invoice payment.

Credibly: Credibly has the highest average APR on our list with rates between 80% – 120%. This is because the payback period of a merchant cash advance is variable, which affects the APR.

Credibly can advance between $5k – $250k and the repayment term is usually between 4 – 14 months. Repayments are taken directly out of your daily credit card sales.

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.

Bottom Line

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.