The best small business line of credit lenders will have a combination of low rates, fast funding speeds, and flexible repayment terms. These lenders should also offer excellent customer service and may also have easy qualification requirements and allow for quick access to funds drawn.
You should prioritize the features most important to you, as the best small business line of credit will vary depending on your specific business qualifications, needs, and goals. Here is our list of the seven best business lines of credit:
Best Small Business Line of Credit Providers:
- Bluevine: Best overall provider for established businesses seeking low rates
- Credibly: Best for long repayment terms with larger loans
- SBG Funding: Best for businesses seeking on-demand access
- OnDeck: Best for lower-revenue businesses with smaller funding needs
Best Small Business Line of Credit Brokers:
- Clarify Capital: Best overall broker for low rates and flexible qualification requirements
- Lendio: Best broker for low-revenue businesses
- Creditfy: Best for high approval rates for businesses that meet minimum requirements
- National Business Capital: Best for high-revenue businesses seeking large financing amounts
Need funding for your business? Unsure where to turn for trusted solutions? Fill out our secure online application in minutes to access custom financing options. | ||
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Need funding for your business? Unsure where to turn for trusted solutions? Fill out our secure online application in minutes to access custom financing options. |
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Best Small Business Lines of Credit At a Glance
Maximum Loan Amount | Estimated Starting Annual Percentage Rate (APR) | Maximum Loan Term | Minimum Credit Score | Annual Revenue Requirement | Application to Funding Speed | |
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 Provider | $250,000 | 6.2% to 78% | 12 months | 625 | $480,000 | 24 hours |
 Provider | $300,000 | 15% | 2 years | 500 | $180,000 | 24 hours |
 Provider | $250,000 | 21% | 2 years | 500 | $250,000 | 24 hours |
 Provider | $100,000 | 29.9% to 75% | 2 years | 625 | $100,000 | 1 to 3 days |
 Broker | $750,000 | 6% | 18 months | 550 | $120,000 | 24 to 48 hours |
 Broker | $500,000 | 10% to 30%+ | 2 years | 560 | $50,000 | 1 to 2 weeks |
 Broker | $2.5 million | 7% | 3 years | 600 | $100,000 | 24 to 48 hours |
 Broker | $5 million | 5% to 60% | Varies | 600 | $500,000 | As fast as 24 hours |
Some providers 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 business lines of credit.
Bluevine: Best Overall Provider for Established Businesses Seeking Low Rates
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | 5 minutes |
Funding Speed | 24 hours |
Loan Amount | Up to $250,000 |
Interest Rate | 6.2% |
Estimated APR | 6.2% to 78% |
Repayment Term | 6 or 12 months |
Repayment Schedule | Weekly and monthly |
Qualifications | |
Credit Score | 625 |
Time in Business | 24 months |
Annual Business Revenue | $480,000 |
Why We Like Bluevine
Bluevine is our pick as the overall best small business line of credit. Newer businesses may have trouble meeting Bluevine’s requirements for revenue and time in business. However, eligible companies can get competitive rates and fast funding speeds, features that also helped it land a spot on our list of the best working capital loans.
Bluevine’s rates typically start at around 6.2%. Rates are calculated as a simple interest rate over a period of 26 weeks and assume that you draw the maximum amount on your credit line and make only the minimum payments for the duration of the loan term. Using the credit line for temporary expenses and paying it off quickly can help you cut down on the effective interest rate being paid.
In addition to the eligibility requirements listed above, you must also meet the following additional criteria:
- Be structured as a corporation or limited liability company (LLC)
- Have no bankruptcies in the past three years
- Be in good standing with your secretary of state
- Have a business bank account (see our recommendations for the best small business checking accounts)
- Not operate in a restricted industry (see Bluevine’s restricted industries)
- Not be located in Nevada, North Dakota, or South Dakota
Bluevine defaults many businesses to a weekly repayment plan. If you’re interested in its monthly payment plan, you’ll need to meet the additional requirements listed below:
- Have a FICO credit score of 700-plus
- Be in business for three years or more
- Earn $960,000 in annual business revenue
To learn more or apply, visit the Bluevine website.
Credibly: Best for Long Repayment Terms With Larger Loans
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Rates & Terms | |
Application Time | 10 minutes |
Approval Speed | 4 hours to 3 days |
Funding Speed | As fast as 24 hours |
Loan Amount | Up to $300,000 |
Interest Rate | 1.25% per month |
Estimated APR | 15% and up |
Repayment Term | 6 to 24 months |
Repayment Schedule | Weekly and monthly |
Qualifications | |
Credit Score | 500 (650+ recommended) |
Time in Business | 6 months |
Annual Business Revenue | $180,000 ($240,000+ recommended) |
Why We Like Credibly
Out of the providers we selected for the best business lines of credit, Credibly offers the longest repayment terms of up to two years. While this is the same as OnDeck, Credibly can issue larger credit limits and lower rates, which is why we selected it as the best option for businesses seeking longer repayment terms.
Credibly states that it generally requires businesses to have a credit score of 500, be in business for at least six months, and have an annual revenue of $180,000. With that said, it does also state that specific requirements may vary from one loan product to another. To have higher approval odds, we recommend having a credit score of 650 and an annual revenue of $240,000 or higher.
To apply or learn more, you can visit the Credibly website. There, you can submit an application or contact the company by phone with any questions. If you decide to apply online, you can get pre-qualified in as little as 10 minutes, after which a loan specialist will reach out to you to discuss the best funding options for your business.
SBG Funding: Best for Businesses Seeking On-demand Access
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Rates & Terms | |
Application Time | 10 minutes |
Approval Speed | 24 hours |
Funding Speed | As fast as same day |
Loan Amount | Up to $250,000 |
Interest Rate | 1.75% per month |
Estimated APR | 21% and up |
Repayment Term | 6 to 24 months |
Repayment Schedule | Weekly and monthly |
Qualifications | |
Credit Score | 500 (600+ recommended) |
Time in Business | 6 months (2 years recommended) |
Annual Business Revenue | $250,000 ($500,000 recommended) |
Why We Like SBG Funding
When you get a small business line of credit with SBG Funding, you’ll have the ability to get immediate access to funds you draw. This is different from some other credit line providers that do not make funds available to you for several hours to several days. This makes it an excellent option to consider if you want the freedom and flexibility to use funds the instant you decide to draw against your credit line.
With a 5-star rating on Trustpilot[1], you’ll also be in good hands if you’re looking for a provider with a high level of customer service. Working with SBG Funding also means that you can get help with not only selecting the best financing option for your company, but you can also get customized loan options based on your needs and goals.
SBG Funding boasts an 85% overall approval rate, but borrowers should note that meeting the minimum qualification requirements does not guarantee approval. Eligible businesses can get up to $250,000 in funding with rates that start at 1.75% per month, calculated based on the balance you draw on the line of credit. Weekly and monthly repayment schedules are available, with terms from six to 24 months.
In addition to a business line of credit, SBG Funding offers other types of loans. This includes term loans, equipment financing, invoice financing, and SBA 7(a) loans from the Small Business Administration (SBA). The company can work with businesses in a wide variety of industries, including construction, healthcare, restaurants, retail, cannabis, and manufacturing.
To apply, you can complete SBG Funding’s online loan application, which has no impact on your credit score.
OnDeck: Best for Lower-revenue Businesses With Smaller Funding Needs
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Rates & Terms | |
Application Time | 15 minutes |
Approval Speed | 1 to 3 days |
Funding Speed | As fast as same day |
Loan Amount | $6,000 to $100,000 |
Interest Rate | Undisclosed |
Estimated APR | 29.9% to 75% |
Repayment Term | 12, 18, or 24 months |
Repayment Schedule | Weekly and monthly |
Qualifications | |
Credit Score | 625 |
Time in Business | 1 year |
Annual Business Revenue | $100,000 |
Why We Like OnDeck
OnDeck’s small business line of credit product charges one of the higher APRs in our guide. However, it can be beneficial for lower revenue businesses with smaller funding needs as it can reduce the total dollar amount of interest fees charged.
Its APRs may be as low as 29.9%, but the company states that the average APR is 52.6% based on data for loans originated in the half-year ending March 31, 2023. This is the most recent data at the time of writing this article.
OnDeck’s small business credit line is unsecured, so you won’t have to pledge collateral in exchange for funding. However, it does require a personal guarantee in addition to a general lien being placed on your business assets. Personal assets are not accepted as collateral. You’ll also need a valid business checking account to be eligible.
To apply, you can visit the OnDeck website or call the company’s toll-free number. There, you can check your eligibility without negatively impacting your credit score. Required documents may commonly include three months of bank statements and general information about your business and its owners such as tax ID numbers and Social Security numbers.
Clarify Capital: Best Overall Broker for Low Rates & Flexible Qualification Requirements
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Rates & Terms | |
Application Time | 2 minutes |
Approval Speed | 24 hours |
Funding Speed | 24 to 48 hours |
Loan Amount | Up to $750,000 |
Interest Rate | 6% and up |
Estimated APR | As low as 6% |
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 our overall best small business line of credit broker because of the combination of its low rates and qualification requirements for time in business, credit score, and revenue. It has a network of more than 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 how to qualify for an unsecured loan for tips on improving your approval odds.
Clarify Capital offers a high level of service, demonstrated by its 4.8 rating on Trustpilot[2]. 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 could get funding as quickly as 24 to 48 hours.
Lendio: Best Broker for Low-revenue Businesses
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Rates & Terms | |
Application Time | 15 minutes |
Approval Speed | 1 to 2 weeks |
Funding Speed | 24 hours |
Loan Amount | $1,000 to $500,000 |
Interest Rate | 8% to 24% |
Estimated APR | 10% to 30%+ |
Repayment Term | 1 to 2 years |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 560 |
Time in Business | 6 months |
Annual Business Revenue | $50,000 |
Why We Like Lendio
Lendio has the lowest revenue requirement on our list, making it a good option if your business does not have a high dollar amount of sales. Its minimum requirements also allow it to work with businesses with as little as six months’ time in business, making it a viable option for newer companies.
Like Clarify Capital, Lendio has a network of more than 75 lenders. You’ll have the same advantages, such as more loan options and improved approval odds. You’ll also have some of the same disadvantages, such as not knowing the exact eligibility criteria until you’re matched with a specific lender.
One of the bigger differences with Lendio, however, is the fact that it can take up to two weeks to get funded. That’s longer than any other lender in our guide, making Lendio a more ideal choice if you’re not in a hurry to get funded.
It can match you 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. This is done to help you weigh the pros and cons of each of your financing options.
Creditfy: Best for High Approval Rates for Businesses That Meet Minimum Requirements
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | 24 hours |
Funding Speed | 24 to 48 hours |
Loan Amount | Up to $2.5 million |
Interest Rate | 6.49% |
Estimated APR | 7% and up |
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 advertises a loan approval rate of 90%. As a result, you should have excellent chances of being offered some form of financing if you meet its minimum qualification requirements.
According to Creditfy, the broker has exclusive partnerships with certain lenders. This can be beneficial for you as a borrower because it can mean more chances of getting approved, as well as the ability to get a wider variety of financing options.
Creditfy also requires its loan specialists to have a minimum of two years of industry experience. As a borrower and business owner, this means that you’ll be working with an experienced individual when it comes to matching you with the best type of funding for your company’s needs.
Online applications can be completed in less than five minutes. If approved, your business could get funding in as little as 24 to 48 hours.
National Business Capital: Best for High-revenue Businesses Seeking Large Financing Amounts
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Rates & Terms | |
Application Time | 3 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Loan Amount | $25,000 to $5 million |
Interest Rate | 5% to 60% |
Estimated APR | 5% to 60% |
Repayment Term | Varies |
Repayment Schedule | Varies |
Qualifications | |
Credit Score | 600 |
Time in Business | 1 year |
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 includes 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.
To apply, you can visit National Business Capital’s website. This broker has a quick 60-second 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.
How We Chose the Best Small Business Line 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 You Can Choose the Best 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 you can consider. Also, be sure to check out our tips on how to get a small business loan to improve your chances of getting approved:
- 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. 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.
