Depending on your specific business needs, the best small business line of credit could be different from another company’s. However, top lenders often offer a combination of low rates, flexible qualification requirements, large funding amounts, and excellent customer service. Many will also have fast funding speeds, a wide range of repayment options, and an easy application and approval process.
To select the best small business credit line for your company, prioritize the features most important to you. Our selection of the best business lines of credit consists of lenders that excel in multiple areas.
- Bluevine: Best overall for established businesses seeking low rates
- SBG Funding: Best for businesses seeking on-demand access and custom payments
- Lendio: Best for low-revenue companies
- 1West: Best easy online lending process
- Creditfy: Best for longer repayment terms
- Clarify Capital: Best for multiple loan options
- National Business Capital: Best for high-revenue businesses seeking large amounts
- Wells Fargo: Best for businesses seeking traditional banking services
Get a business loan in 24-48 hours with Clarify Capital. |
|
Best Small Business Lines of Credit at a Glance
Maximum Loan Amount | Maximum Loan Term | Minimum Credit Score | Annual Revenue Requirement | Application to Funding Speed | ||
|---|---|---|---|---|---|---|
 | $250,000 | 7.8% | 12 months | 625 | $120,000 | As fast as same-day |
 | $750,000 | 15% | 24 months | 600 | $350,000 | As fast as same-day |
 | $250,000 | 8% to 60% | 18 months | 600 | $50,000 | 1 to 2 days |
 | $500,000 | 6% | 24 months | 500 | $120,000 | 48 hours |
| $2.5 million | 7% | 36 months | 600 | $100,000 | 24 hours |
| $5 million | 5% | 18 months | 550 | $120,000 | 24 to 48 hours |
| $10 million | 5% to 60% | Varies | Varies | $500,000 | 24 to 48 hours |
| Varies | Varies | 680 recommended | Varies | 2 to 5 days | |
Some lenders give you the option to get a secured or unsecured business line of credit. You can learn more about the differences in our guide on small business lines of credit.
Bluevine: Best Overall for Established Businesses Seeking Low Rates
| |
Rates and Terms | |
Application Time | 5 minutes |
Approval Speed | 5 minutes |
Funding Speed | As fast as same-day |
Loan Amount | Up to $250,000 |
Interest Rate | 7.8% |
Estimated APR | 8% |
Repayment Term | 26 weeks or 12 months |
Repayment Schedule | Weekly, monthly |
Qualifications | |
Credit Score | 625 |
Time in Business | 12 months |
Annual Business Revenue | $120,000 |
Why We Like Bluevine
Bluevine is our pick as the best overall credit line because it has a good chance of giving qualified companies the lowest rates. Other companies, by comparison, may advertise more competitive rates and fees but could limit that availability to only the most highly qualified businesses.
Since we last covered Bluevine, it has adjusted its eligibility criteria, making it easier to qualify. It has lowered its time in business requirement from two years down to just one and has adjusted its annual revenue requirement from $480,000 to just $120,000. These are the minimum criteria that will qualify you for its weekly repayment plan. Businesses wanting its monthly payment plan must meet other requirements, including having a credit score of 700+, being in business for three years, and having annual revenue of $960,000
Bluevine also has a business checking account product. If you link it with its credit line, you can get instant access to funds drawn. We detail this and other benefits of the Bluevine checking account in our Bluevine business checking review.
Funds drawn from a Bluevine line of credit can be used for virtually any business-related purpose. This flexibility, in addition to the reasons mentioned above, is why we also selected the provider in our roundup of the best working capital loans. To learn more or apply, visit the Bluevine website.
SBG Funding: Best for Businesses Seeking On-demand Access & Custom Payments
 | |
Rates and Terms | |
Application Time | 10 minutes |
Approval Speed | 24 hours |
Funding Speed | As fast as same-day |
Loan Amount | Up to $750,000 |
Interest Rate | 1% per month (average fixed monthly rate) |
Estimated APR | 15% and up |
Repayment Term | 6 to 24 months |
Repayment Schedule | Weekly, monthly |
Qualifications | |
Credit Score | 600 |
Time in Business | 6 months |
Annual Business Revenue | $350,000 |
Why We Like SBG Funding
We recommend SBG Funding to business owners seeking tailored payment options and the ability to get instant access to funds. Compared with other banks that limit payment options to a specific rate and term, it can provide deferred payments for up to three months and make other adjustments to accommodate your company’s cash flow needs.
Since the last time we covered SBG Funding, it has improved its small business line of credit offering. The maximum loan amount has been increased from $250,000 to $750,000, and the average monthly fixed rate has decreased from 1.75% to 1%.
A downside to this, however, is that it has also adjusted some of its eligibility criteria, including a higher credit score and time in business requirements. Additionally, despite its advertised approval rate of 85%, borrowers should note that compensating factors will likely be needed if their credit or finances are borderline, even if they meet the minimum qualification requirements.
To apply, you can complete SBG Funding’s online loan application. SBG Funding will initially perform just a soft credit pull to determine your eligibility, which will not impact your credit score.
Lendio: Best for Low-revenue Companies
| |
Rates and Terms | |
Application Time | 15 minutes |
Approval Speed | As fast as 24 to 48 hours |
Funding Speed | 1 to 2 days |
Loan Amount | $1,000 to $250,000 |
Interest Rate | 8% to 60% |
Estimated APR | Varies |
Repayment Term | 6 to 18 months |
Repayment Schedule | Weekly and monthly |
Qualifications | |
Credit Score | 600 |
Time in Business | 6 months |
Annual Business Revenue | $50,000 |
Why We Like Lendio
With the lowest revenue requirement on our list, Lendio is an excellent option for newer businesses that have not yet had time to build up their sales volume. It is a business loan broker, which means you can get financing options from different lenders. This allows you to choose the one best suited to your needs.
The company partners with over 75 lenders but features five for its small business line of credit program. No expertise or knowledge is required on your part as a borrower because you’ll be assigned a dedicated funding specialist who will walk you through the process and provide personalized recommendations.
With Lendio, you can be matched with lenders that offer both secured and unsecured lines of credit. Secured lines of credit can be easier to get and offer lower rates but may take longer to get funded. Unsecured lines of credit have faster funding speeds but often carry higher rates and have stricter qualification requirements.
To apply, you can visit the Lendio website. Applications can be completed in less than 15 minutes, after which you’ll be contacted by a lending specialist to discuss your specific needs.
1West: Best Easy Online Lending Process
| |
Rates and Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | 48hours |
Loan Amount | $5,000 to $500,000 |
Interest Rate | 6% |
Estimated APR | 6% |
Repayment Term | 3 to 24 months |
Repayment Schedule | Daily, weekly, biweekly, monthly |
Qualifications | |
Credit Score | 500 |
Time in Business | 3 months |
Annual Business Revenue | $120,000 |
Why We Like 1West
With 1West, you can get funded without the need to speak with an individual. This is possible with the use of its Automated Business Lending Engine (ABLE), as it can match you with financing options automatically within its network of over 50 lenders.
Like some of the other lenders in our guide, 1West offers both secured and unsecured lines of credit. Each can offer on-demand access to funds, and the credit line can be renewed if you want continued flexibility in drawing more funds.
You can visit the 1West website to submit an application. This can be completed in under five minutes, and you’ll also be able to create an account to upload the required documents and check your application status. Paperwork requirements are generally limited to six months of business bank statements but may vary depending on your business circumstances.
Creditfy: Best for Longer Repayment Terms
 | |
Rates and Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Loan Amount | Up to $2.5 million |
Interest Rate | 6.49% |
Estimated APR | 7% |
Repayment Term | 6 months to 3 years |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 600 |
Time in Business | 6 months |
Annual Business Revenue | $100,000 |
Why We Like Creditfy
Creditfy has the longest repayment term in our guide, making it a good choice for businesses that may have cash flow concerns and want the flexibility of lower payments. It also boasts a high approval rate of 90%, giving you excellent odds of getting financing if you meet the minimum qualification requirements.
Its small business line of credit can be used for nearly any business expense. The lender also offers financing to nearly any industry. As a loan broker, Creditfy has exclusive partnerships with certain providers, something that can help you obtain more competitive rates and terms. It also requires its representatives to have at least two years of industry experience to ensure you get expert guidance throughout the entirety of the lending process.
To apply, you can visit the Creditfy website, where an online application can be completed in under 5 minutes. You’ll then receive communications from a lending advisor to review your options, after which you can receive funds within 24 to 48 hours of getting approved.
Clarify Capital: Best for Multiple Loan Options
 | |
Rates and Terms | |
Application Time | 2 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | 24 to 48 hours |
Loan Amount | Up to $5 million |
Interest Rate | Not stated |
Estimated APR | 5% |
Repayment Term | 6 to 18 months |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 550 |
Time in Business | 6 months |
Annual Business Revenue | $120,000 |
Why We Like Clarify Capital
Clarify Capital is a good option if you’re looking to get multiple loan options with a wide range of eligibility criteria. It offers low rates and flexible qualification requirements for time in business, credit score, and revenue.
It has a network of over 75 lenders, which increases the number of financing options you could be presented with. While having a large network of lenders can also improve your approval odds, the exact eligibility criteria could vary depending on the lender you’re matched with.
Working with Clarify Capital gives you the ability to choose between secured and unsecured business lines of credit. Unsecured lines of credit tend to be more difficult to get, but you can check out our guide on unsecured business lines of credit for tips on improving your approval odds.
Clarify Capital offers a high level of service, demonstrated by its 4.8 rating on Trustpilot[1]. To learn more, ask questions, or apply, you can visit the Clarify Capital website. Applications can be completed online in under two minutes, and eligible businesses can get funding as quickly as 24 to 48 hours.
National Business Capital: Best for High-revenue Businesses Seeking Large Funding Amounts
 | |
Rates and Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as several hours |
Funding Speed | 24 to 48 hours |
Loan Amount | $100,000 to $10 million |
Interest Rate | 5% to 60% |
Estimated APR | 5% to 60% |
Repayment Term | Varies |
Repayment Schedule | Varies |
Qualifications | |
Credit Score | Varies |
Time in Business | 12 months |
Annual Business Revenue | $500,000 |
Why We Like National Business Capital
National Business Capital has the highest annual revenue requirement on our list. However, qualifying businesses could get some of the best rates available. The broker can work with a wide range of industries that commonly include construction, ecommerce, manufacturing, retail, restaurants, transportation, medical, and cannabis.
Note that meeting the minimum qualification requirements does not guarantee approval, as National Business Capital will review various aspects of your credit and finances to match you with one of its 75-plus lending partners. An additional benefit of working with this lender is the ability to get one-on-one business advisor coaching. This individual’s role is to get you approved and funded as quickly as possible and to get you into a lending product that’s well-suited to help your business grow.
To apply, you can visit National Business Capital’s website. This broker has a quick 5-minute application to begin the process, after which you can connect your business bank account to aid in a more streamlined review of your loan application. You can then review your loan options with a financing advisor.
Wells Fargo: Best for Businesses Seeking Traditional Banking Services
 | |
Rates and Terms | |
Application Time | 10 minutes |
Approval Speed | 1 to 3 days |
Funding Speed | 2 to 5 days |
Loan Amount |
|
Interest Rate |
|
Estimated APR | Varies |
Repayment Term | Varies |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | Varies, but 680 is recommended |
Time in Business | Varies |
Annual Business Revenue | Varies |
Why We Like Wells Fargo
If you’re looking to simplify your finances and consolidate business products and services with a single bank, Wells Fargo is a good option. In addition to lending products, it’s a full-service financial institution that can offer a wide range of other services such as banking and wealth management.
It has two main types of business credit lines.
- Its unsecured business credit line is available to customers with fewer than two years time in business and carries no annual fee and automatic enrollment in a free rewards program. If you have more than two years time in business, you can get the same credit line but will likely qualify for more competitive rates.
- The other business credit line is geared toward companies with $2 to $10 million in annual sales and boasts larger credit limits and more competitive rates. It must be secured by business assets but carries the flexibility of only requiring monthly interest-only payments.
To learn more or to submit a loan application, visit the Wells Fargo small business website.
How We Selected the Best Business Lines of Credit
We considered the following characteristics in selecting the best small business lines of credit:
- Interest rates and estimated APRs
- Loan amounts and loan terms offered
- Qualification requirements
- Amount of required documentation
- Application, approval, and funding speeds
- Customer reviews and ratings
How to Choose the Best Small Business Lines of Credit
The best small business line of credit will vary depending on your company’s specific qualifications, needs, and goals. You should consider the following items, each of which is explained in greater detail in our guide on how to get a small business line of credit:
- Determine why you need a small business line of credit.
- Understand the options available to you based on your business qualifications.
- Check your eligibility against a lender’s requirements.
- Choose a lender and then submit a loan application.
Alternatives to a Small Business Line of Credit
A small business line of credit gives you flexible access to funds which can be helpful for covering emergencies or unexpected shortages in cash flow. However, if you’re having trouble getting a line of credit or want to save money on a loan with lower rates, below are some options.
- Personal loan for business purposes: You can consider this if your business credit or finances are making it difficult for you to get a business line of credit. Personal loans focus more on your personal credit and finances and can be easier to get. You can also view our recommendations in our guide to the best personal loans for business purposes.
- SBA loan: You’ll typically need to have good credit and strong business finances to qualify for an SBA loan. But if you’re approved, these loans can offer some of the most competitive rates available. We recommend you visit SBG Funding if you’re interested in getting this type of loan.
- Small business credit card: Many credit card providers issue revolving credit limits up to $25,000 or more, making it a good option for small and medium-sized purchases. Some issuers also offer a lower introductory rate and a rewards program to reduce the effective cost of your business expenses. See our top-recommended small business credit cards for a place to start.
Frequently Asked Questions (FAQs)
You can generally use a small business line of credit for any type of business-related expense. This can cover unexpected costs related to repairs, emergencies, cash flow shortages, or for working capital. Although uncommon, some lenders may specifically prohibit the line of credit from certain uses, and this will be specified in your loan agreement.
This depends on your goals; however, secured business lines of credit typically have better rates, lower fees, and higher credit limits. The downside is that you’ll have to pledge business assets as collateral for the loan, which allows the lender to repossess those items in the event you default. Unsecured business lines of credit don’t require you to pledge any collateral for the loan.
Business lines of credit aren’t necessarily expensive to use, although it does depend on how you use them and what fees your lender charges. Some lenders charge inactivity, annual, and draw fees. Since the fee schedule varies among different lenders, it’s important to understand all the fees associated with your loan before signing any paperwork.
Bottom Line
A small business line of credit gives you access to additional funds on an as-needed basis. This flexibility makes it a great option for covering emergencies and unexpected expenses, and you can check out our guide on what a small business credit line is if you’re unsure if it’s right for you. The best small business line of credit for you will depend on your unique business circumstances and needs, but the options we’ve selected all offer competitive rates with a wide range of loan terms and qualification requirements.
User review resource:
