6 Best Payroll Loans for Small Businesses 2019

Payroll loans are short-term loans that small businesses can use for quick payroll funding. Below we evaluate the top payroll loan options and provide our recommendations. We also give you the information you need to determine if a term loan, a line of credit, or invoice factoring is right for you.

Top 6 Payroll Loans 2019

What a Payroll Loan Is

Working capital loans are critical for businesses that need to smooth out their cash flows to meet payroll obligations. Payroll loans include any type of financing used to cover employee wages by a business. They are sometimes confused with payday loans, which are typically made to individuals as an advance on their salary.

There are several payroll funding options available. The most common option is to borrow with a business line of credit or a short-term loan that require weekly or monthly payments. Another option is invoice factoring, which involves selling outstanding invoices at a discount and is sometimes referred to as payroll or staffing factoring.

How We Evaluated the Best Payroll Loans

The best payroll loan lenders provide their borrowers with financing options at a low cost. Furthermore, because payroll funding is often needed urgently, we also accounted for the speed of funding. Finally, businesses that are seeking payroll loans online require options they can qualify for and receive fair terms on their loans.

Based on the payroll loan requirements of most small businesses, the criteria we used to evaluate the best include:

• Loan Size: How large a loan you could potentially qualify for with each provider.
• Cost: How much payroll financing will cost you in terms of interest, fees, and APR.
• Minimum Qualifications: What it takes to qualify for a payroll loan, including such things as your personal credit score, time in business, annual revenue threshold, and more.
• Speed of Funding: How much time it takes to get your funds after you have been approved. It is important because payroll shortcomings are not always predictable well in advance.
• Terms: The terms of the loan, including repayment frequency and the time for which money could be borrowed, which are as valuable as they are flexible.
• Customer/Borrower Reviews: The reviews left by former and current customers on the web reflecting the benefits and potential shortcomings of each lender.

Based on the criteria above, we believe that OnDeck is the best option available to businesses that need payroll funding. This is because OnDeck provides both term loans and lines of credit to businesses, and if you have prime credit (700+ personal credit score), their overall costs can be very low. In addition to that, their quick online application can have your business funded in one to three business days.

OnDeck: Best Overall Payroll Loan

OnDeck offers loans to help meet payroll funding needs. Their loans are best for most borrowers and have terms up to three years and $500,000 at 9%, making them potentially the most affordable option on our list. They also offer a line of credit up to $100,000 to fill any gaps in financing.

OnDeck Costs

The OnDeck term loan has a rate as low as 9%, which makes it the best priced medium-term payroll loan on our list. Their rates for prime borrowers (700+ personal credit score) are the best we evaluated.

The OnDeck Capital term loan rates and fees are:

• Starting Interest Rates: As low as 9% simple interest for term loans up to 12 months and 9.99% AIR for term loans up to 36 months (prime borrowers with 700+ credit scores can potentially get the lowest rates)
• Expected APR: 9.99% to 100% (weighted average AIR 48.7% as of June 30, 2018)
• Origination Fee: 0% to 4% of your loan amount

OnDeck is very transparent on their website about average rates for their term loans. For the quarter ending June 30, 2018, the weighted average AIR for their term loans was 48.7%. To better understand what this means for your business, consider that for every $10,000 you borrow, you will have to pay between $2.70 and $27.40 in interest per day while the loan is outstanding.

OnDeck Terms

OnDeck Capital offers payroll loans that range from three to 36 months. This high range of flexibility compares well to other options, especially if your payroll financing needs are unpredictable. However, unlike providers like Kabbage, they do not offer monthly payments on their loans.

The terms you can expect from OnDeck Capital for its term loans include:

• Loan Amount: $5,000 to $500,000
• Repayment Term: Three to 36 months
• Repayment Schedule: Daily or weekly
• Collateral: Blanket UCC filing on business assets
• Personal Guarantee: Required
• Time to Funding: One to three business days

You can complete the entire OnDeck application process online in about 10 minutes with approval in a few hours, which is comparable to other options like Fundbox. Initial funding typically takes one to three days after approval.

OnDeck Qualifications

OnDeck requires a minimum credit score of 500+ to qualify for their loans. Furthermore, your business needs to be operational for at least a year and have over $100,000 in annual revenue. Their requirements compare favorably to other lenders on our list and other line of credit providers.

The qualifications OnDeck Capital will use to evaluate you as a borrower include:

• Credit Score: 500+ (check your score for free)
• Time in Business: At least one year
• Annual Revenue: $100,000+

Additional Financing Provided by OnDeck

OnDeck also offers a line of credit to complement their term loan, and you can qualify for both with them. However, the line of credit has higher minimum qualifications. Just like the term loan, the best rates are available for prime borrowers, starting at 13.99% APR. However, repayment terms are shorter at six months, with weekly payments and loan limits of $100,000.

The OnDeck Capital line of credit rates, terms, and qualifications are:

• Starting Interest Rates: As low as 13.99% APR (prime borrowers with 700+ credit scores can potentially get the lowest rates)
• Expected APR: 13.99% to 61%
• Loan Amount: Up to $100,000
• Repayment Term and Schedule: Six months with weekly payments
• Time to Funding: One to three business days
• Credit Score: 600+ (check your score for free)
• Time in Business: At least one year
• Annual Revenue: $100,000+

OnDeck also provides average cost information for their line of credit. The average weighted APR for their line of credit for the quarter ending June 30, 2018, is 32.6%. This means that a draw of $10,000 will cost you between $3.80 and $16.70 per day in interest.

What OnDeck Is Missing

While there are no prepayment penalties with OnDeck, you do not benefit from paying off your loan early. This is because the amount you owe is determined at the time your loan is originated. Although you may receive a prepayment discount, other providers like BlueVine only charge interest for the time you have the loan.

OnDeck Reviews

OnDeck generally receives positive ratings from its users. OnDeck positive reviews said its professional and friendly customer service made the loan process quick and easy. Users who gave critical OnDeck Capital reviews said its fees were costly compared to other similar companies. Read more on our OnDeck reviews page!

How to Apply with OnDeck

Pre-qualifying online with OnDeck Capital takes 10 minutes. You can qualify for a term loan up to $500,000 for up to 36 months. After you connect your business checking account to verify revenues, you will typically receive funding in one to three days.

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BlueVine: Best Payroll Loan for Businesses with Outstanding Invoices

BlueVine’s invoice factoring is a good option for businesses needing up to $5 million with rates ranging from 0.25% to 1.35% per week. To qualify, you will need a personal credit score of 530+ and outstanding B2B or B2G invoices. BlueVine also offers a line of credit up to $250,000.

BlueVine Costs

BlueVine’s rates are slightly lower than other providers, especially considering their higher borrowing limits. This is because the money you are borrowing is effectively collateralized by your outstanding invoices. Fees range from 0.25% to 1.35% per week, and you will typically receive an advance between 85% and 90% of the invoice value.

The typical BlueVine rates and fees on its invoice factoring are:

• Discount Rate: Starting at 0.25% per week
• Estimated APR: 13% to 70%
• Origination Fees: None

Once your invoice is repaid by the customer, you will receive the remainder of the invoice value less the fee, which BlueVine provided a range for in a call with their sales team. Based on our estimates on an invoice for $10,000, you will typically be charged a fee between $3.60 and $19.20 for every day that the invoice is outstanding.

BlueVine Terms

BlueVine offers the highest limit we evaluated, at $5 million for their invoice factoring. Due to how invoice factoring works, you will not make payments directly to BlueVine, Instead, they will collect the outstanding invoices from your customers in order to repay the outstanding loan.

The loan terms you can expect on an invoice factoring facility from BlueVine include:

• Loan Amount: $5,000 to $5,000,000
• Advance Rate: ~85% to 90% on invoices with face values of $500+ to B2B/B2G customers
• Repayment Term and Schedule: Advances are repaid as customers pay their invoices
• Personal Guarantee: Required
• Speed to Funding: Typically one to three days, with ongoing funding as soon as the same day

BlueVine Qualifications

To qualify for invoice factoring with BlueVine, your credit score must be 530+, which is in line with other invoice factoring providers. You will also need to meet a $100,000 annual revenue requirement, which is higher than some other providers like Fundbox. However, BlueVine will consider businesses that have three or more months of operations, which is the lowest time in business requirement on our list.

The qualifications BlueVine will use to evaluate you for invoice factoring include:

• Credit Score: 530+ (check your score here for free)
• Time in Business: Three+ months
• Annual Revenue: $100,000+

In addition to completing BlueVine’s online application, you will also need to provide BlueVine with a connection to your checking account or three months of your most recent bank statements.

Additional Financing Offered by BlueVine

In addition to invoice factoring, BlueVine also offers a line of credit that you can qualify for. Interest rates start at 4.8% simple interest, and you will need to meet the initial qualifications of 600+ personal credit score and $100,000 in business revenue. However, you can get monthly payments and terms up to one year for up to $250,000, which is similar to what Kabbage offers.

The typical BlueVine line of credit rates, terms, and qualifications are:

• Interest Rates: 4.8% to 50% simple interest (excludes fees and compounding)
• Estimated APR: 18% to 86%
• Draw Fee: 1.6% to 2.5%
• Loan Amount: $5,000 to $250,000
• Repayment Term and Schedule: Six or 12 months, with weekly or monthly payments
• Speed to Funding: Typically one to three days, with ongoing funding as soon as the same day
• Credit Score (check your score for free):
  • 600+ for a six-month term with weekly payments
  • 650+ for a 12-month term with monthly payments
• Time in Business: Six+ months
• Annual Revenue:
  • $100,000+ for a six-month term with weekly payments
  • $500,000+ for a 12-month term with monthly payments

The sales team at BlueVine provided us with the simple interest rate that borrowers may pay on their line of credit: 4.8% to 50%. The estimated APR we calculated, 18% to 86%, will typically mean that on a $10,000 draw from the line of credit, you will pay between $4.90 and $23.60 per day in interest.

What BlueVine Is Missing

BlueVine has a minimum personal credit score requirement of 530+ and 600+ for their invoice factoring and line of credit, respectively. This is higher than other providers like Fundbox that also do not require a hard personal credit check when applying.

BlueVine Reviews

We considered BlueVine reviews by users from around the web. In so doing, we determined it generally has positive ratings. Positive BlueVine reviews came from customers who were impressed with its helpful customer support team. Critical BlueVine reviews came from businesses that were unhappy they were denied financing. Read more on our BlueVine reviews page!

How to Apply with BlueVine

You can apply to BlueVine via its online application in just 10 minutes. When approved, you can get funded as soon as the next day for invoice factoring up to $5 million based on outstanding B2B and B2G invoices with an 85% to 90% advance rate and fees starting at just 0.25% per week.

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Fundbox: Best Payroll Loan with No Hard Credit Check

Fundbox offers payroll funding for small businesses as a line of credit based on the value of your outstanding invoices. With funding available in 24 hours, fees starting at 4.66%, and loan values of up to $100,000, they are the only provider besides National Funding with no minimum credit score required.

Fundbox Costs

Fundbox charges a weekly fee known as the discount rate. Your weekly loan payments will consist of the principal plus this fee, starting at 4.66%. With Fundbox, you have the opportunity to lower the overall cost of your loan by paying it early, unlike OnDeck. This is because their fee is assessed weekly, rather than for the entire loan term upfront.

The typical Fundbox rates and fees are:

• Total Fee: 4.66% of the draw amount for 12 weeks and 8.99% of the draw amount for 24 weeks
• Effective Weekly Fee: 0.5% to 0.7%
• Expected APR: 10% to 82%
• Origination Fee: None

Fundbox was very transparent in providing us a range for their APR. However, due to the short-term nature of their loans, it is more beneficial to evaluate the cost of the loan on a daily basis. Every day that you have a $10,000 loan outstanding with Fundbox, you will pay daily interest between $2.70 and $22.50 until the loan is repaid.

Fundbox Terms

Fundbox’s line of credit can be used as a short-term payroll loan for up to 24 weeks. This is a shorter term than other providers, essentially covering three to six months. The weekly repayment schedule is less flexible than some other options but is comparable to other lines of credit providers.

The loan terms you can expect from Fundbox include:

• Loan Amount: $1,000 to— $100,000
• Repayment Term: 12 or 24 weeks
• Repayment Schedule: Weekly
• Collateral: Unsecured with a potential blanket UCC filing
• Personal Guarantee: Not required for smaller limits; possible for larger limits
• Speed to Funding: 10 minutes to apply with a decision in as few as three minutes; ongoing funding within 24 hours

Fundbox Qualifications

Fundbox’s requirements are the lowest on our list. You can qualify if you have been in operations for six or more months and have outstanding B2B, B2G, and/or B2C accounts receivables due in less than 90 days. Their minimum qualifications are above average when compared to other accounts receivables financing companies.

The qualifications Fundbox will use to evaluate you as a borrower include:

• Credit Score: No minimum requirement (check your score for free)
• Time in Business: Six or more months
• Annual Gross Business Revenue: No specific requirement (but at least $50,000 is preferred)

What Fundbox Is Missing

Fundbox’s main downside is that it is only able to finance up to $100,000 for 24 weeks, which may be lower depending on your outstanding accounts receivables. This may be an insufficient term for financing payroll and is lower than many of the financing options we evaluated. Additionally, the weekly repayment terms may be too inflexible for cyclical businesses.

Fundbox Reviews

We determined Fundbox has overall positive ratings. Positive Fundbox reviews came from users who said the company’s helpful customer service team made the process easy. Critical Fundbox reviews are from users who wished they could change the repayment terms to longer periods after starting the loan. Read more on our Fundbox reviews page!

How to Apply with Fundbox

Fundbox can you get you financed for up to $100,000 based on your accounts receivables. Fees start at 4.66% and 8.99% of the total draw for 12 or 24 weeks, respectively. The application process can be completed within minutes and you can get funded in as quickly as one day.

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Kabbage: Best Payroll Loan with Monthly Repayments

Kabbage is best for businesses that need monthly payments on a payroll loan up to $250,000. It is the only provider we evaluated that offers monthly repayments on six- and 12-month lines of credit. They charge comparable fixed rates starting at 1.5% per month and have lower minimum annual revenue requirements than OnDeck.

Kabbage Costs

With each draw considered an independent six- to twelve-month loan, Kabbage offers borrowers a great deal of flexibility in how much and when they borrow funds. In addition to that, the overall cost of their loan is comparable to other lines of credit we evaluated, and payments are spread evenly across the loan period. Similar to Fundbox, they also allow you to repay the loan early and save money on the remaining monthly fees.

The typical Kabbage rates and fees are:

• Interest Rates: 1.5% to 10% per month (average fee is 4% for a six-month term and 3% for a 12-month term)
• Estimated APR: 18% to 120%
• Origination Fee: None

Based on the interest rates provided by Kabbage on their website, we were able to estimate the overall APR of their line of credit. For every $10,000 you draw, you can expect to be charged a daily interest payment between $4.90 and $32.90 while the loan is outstanding.

Kabbage Terms

Kabbage’s line of credit is available up to $250,000, with each draw representing a new loan. Kabbage is the only line of credit provider we evaluated that offers monthly repayment regardless of the loan term. Furthermore, their low minimum withdrawals make them a convenient payroll loan.

The loan terms you can expect from Kabbage are:

• Line of Credit Amount: $2,000 to— $250,000
• Draw Amount: $500 to $250,000, or any size with the Kabbage Card
• Repayment Term: Six months or a year (no prepayment penalties)
• Repayment Schedule: Monthly (even payments of principal plus interest)
• Collateral: Blanket UCC filing on business assets
• Personal Guarantee: Required
• Speed to Funding: 10 minutes to complete its online application and approval within 10 minutes to a few hours; initial funding as soon as the next business day and ongoing funding within 24 hours or immediately using its connected Visa card

Kabbage Qualifications

Although qualifying for a Kabbage line of credit can be more difficult than Fundbox, the flexible loan amounts and high maximum makes it a strong payroll financing option. They have a lower annual revenue requirement than BlueVine and OnDeck, with a slightly higher personal credit score of at least 550.

The qualifications Kabbage will use to evaluate you as a borrower include:

• Credit Score: 550+ (check your score for free)
• Time in Business: One+ years
• Annual Revenue: $50,000+ (or $4,200+ per month for the past three months)

Kabbage requires a business owner’s personal credit score as part of the application process. The minimum credit score requirement may be a hurdle for some businesses that need a business loan with bad credit.

What Kabbage Is Missing

The longest term offered by Kabbage is only 12 months, whereas with OnDeck, you can get up to 36 months to repay. Also, while low, Kabbage does have a minimum credit score requirement and requires a hard credit check for approval, unlike Fundbox.

Kabbage Reviews

Kabbage has overall positive reviews. Users who gave positive reviews said its customer service provided clear explanations. Although some Kabbage reviews complained about high interest rates and short repayment terms, their rates and terms are disclosed upfront. Read more on our Kabbage reviews page!

How to Apply with Kabbage

It takes about 10 minutes to complete Kabbage’s online application. They provide up to $250,000 available as a line of credit, a rate of 1.5% to 10% per month, and the flexibility to draw as much as you need. You can receive funding in as soon as 24 hours after applying and receiving approval.

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LoanBuilder: Best Customizable Payroll Loan Option

LoanBuilder offers a payroll loan for companies that want the option to customize their loan terms. They issue loans for up to $500,000 with a starting rate of 2.9%. Their minimum score requirement of 550+ and one-year term make them a comparable alternative to OnDeck.

LoanBuilder Costs

LoanBuilder costs vary with loan size, repayment term, and borrower credit. They also do not offer early repayment benefits like OnDeck, which means you need to select the right loan term because you are paying the whole fee no matter when you pay. When applying, you will be able to select your loan criteria, and LoanBuilder will show you the estimated costs from 2.9% to 18.72% for your particular loan.

The typical costs you can expect from LoanBuilder are:

• Starting Interest Rates: Approximately 2.9% to 18.72%
• Estimated APR: 12% to 136%
• Origination Fees: None

LoanBuilder does not directly provide the interest rates they charge with their loans until after you apply. This is because their terms and rates are unique for each borrower. However, based on previously available information, we estimated their APR to range from 12% to 136%. This means that you will pay daily interest between $3.30 and $37.30 for every $10,000 you borrow.

LoanBuilder Terms

LoanBuilder’s greatest advantage over the other payroll loans we evaluated is the flexibility they offer in terms and loan amounts to their borrowers. By selecting the repayment term, the borrower is not only able to control costs and borrow for a set time, but also select a payment amount that is sustainable for their business. This gives borrowers greater flexibility than other providers, like OnDeck, which have more rigid terms for their loans.

The loan terms you can expect from LoanBuilder include:

• Loan Amount: $5,000 to $500,000
• Repayment Term: 13 to 52 weeks
• Repayment Schedule: Weekly
• Collateral: Blanket UCC filing on business assets
• Personal Guarantee: Required
• Speed to Funding: 10 minutes to complete its online application with approval in days; ongoing funding within 24 hours of request

LoanBuilder Qualifications

With a nine-month active time in business and a credit score of 550+, qualifying for LoanBuilder is comparable to the other payroll loan options we discussed so far. The additional requirement for annual gross business revenue is lower than other payroll loans, but expect these requirements to increase for longer terms and larger loan amounts.

The qualifications LoanBuilder will use to evaluate you as a borrower include:

• Credit Score: 550+ (check your score for free)
• Time in Business: Nine+ months
• Annual Gross Business Revenue: $42,000+

In addition to the above factors, your business must not have filed for bankruptcy, needs to be located in the 50 United States, and must have an active business record with your local Secretary of State.

What LoanBuilder Is Missing

Similar to OnDeck, paying back your payroll loan early does not provide you with any cost savings. This is because the total interest you are responsible for paying is calculated at origination. So, even if you pay early, you are responsible for the total interest charge calculated upfront.

LoanBuilder Reviews

We compiled LoanBuilder user reviews from around the web. In so doing, we determined LoanBuilder generally has positive ratings. Customers who provided positive LoanBuilder reviews said its process was quick and efficient. Customers who provided negative LoanBuilder reviews said their pricing was higher than expected. Read more on our LoanBuilder reviews page!

How to Apply with LoanBuilder

You can apply for a loan up to $500,000 with LoanBuilder online in about 10 minutes. If approved, your rates and terms will be customized to fit your business. You can expect to make weekly payments for 13 to 52 weeks, with interest rates ranging from 2.9% to 18.72%.

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National Funding: Best Payroll Loan for Businesses with Large Credit Card Receipts

National Funding’s merchant cash advance (MCA) payroll loan up to $250,000 is good for business owners with poor credit who accept a lot of credit card payments. An MCA is repaid from daily credit card settlements and is the most expensive payroll option we evaluated, with APRs potentially exceeding 200% due to low minimum requirements.

National Funding Costs

National Funding merchant cash advances are designed for high-risk borrowers who are unable to get access to payroll loans anywhere else. This is offset by the high factor rate charged by National Funding. To get a rate for your business, you need to contact them directly for a customized quote.

The typical National Funding merchant cash advance rates and fees are:

• Estimated APR: 35% to 230%; customized for each borrower based on a set percentage of your batched credit card sales
• Origination Fees: None

Based on the estimated APR, you can expect a $10,000 MCA to cost between $9.60 and $63.00 in interest per day. This high cost is why we only recommend using an MCA from National Funding as a last resort for funding.

National Funding Terms

National Funding payroll loans have high variability in the specific terms received by businesses. This is due to their more traditional approach to setting terms. However, part of what National Funding offers is the relationship and future access to better-priced loan products as your credit score improves.

The loan terms on payroll loans you can expect from National Funding include:

• Loan Amount: Up to $250,000
• Repayment Term and Schedule: Automatically deducted based on a set percentage of your credit card sales each time they are batched
• Collateral: Unsecured (blanket UCC filing on business assets is likely)
• Personal Guarantee: Likely required
• Speed to Funding: Quick online application with approval as soon as the same day and funding in as few as 24 hours

National Funding Qualifications

National Funding requires no minimum credit score and one year of ongoing operations. In addition, you will have to provide a history of credit card processing to establish your ability to repay the loan. These terms are easier to meet than all providers except Fundbox, and are comparable to other MCA providers.

When evaluating you for a merchant cash advance, National Funding considers:

• Credit Score: No minimum requirement (check your score for free)
• Time in Business: One+ years
• Annual Revenue: No requirement, but you must have monthly credit card transactions over $3,000
• Required Documentation: Credit card statements for four months

Additional Financing Available from National Funding

Besides their MCA, National Funding also offers a term loan and equipment financing to their borrowers. Their term loan is available up to $500,000 and equipment financing can go as high as $150,000. However, similar to their MCA, they do not disclose the specific rates until borrowers have submitted an application.

The typical National Funding small business term loan costs, terms, and qualifications are:

• Estimated APR: ~10% to 136%+ (depending on your business)
• Loan Amount: $5,000 to $500,000
• Repayment Term and Schedule: Automatic payments (interval will depend on your business)
• Personal Credit Score: No minimum score required, but they do check your credit
• Annual Revenue: $100,000+

The typical National Funding equipment financing costs, terms, and qualifications are:

• Expected APR: ~10% to 136%+ (depending on your business)
• Loan Amount: Up to $150,000
• Repayment Term and Schedule: Flexible payment options, including seasonal and quarterly (depending on your business)
• Personal Credit Score: 620+ (check your score for free)
• Annual Revenue: No minimum requirement

The qualifications are more rigid than their MCA, but you can still qualify for their term loan with poor credit. The APR you receive on your loan will vary in accordance with your business fundamentals, like sales, customer retention, and growth. You may also be able to transition from an MCA to a term loan with National Funding by demonstrating repayment ability on the first loan.

What National Funding Is Missing

An MCA is a very expensive option, and so the rates National Funding charges are a drawback. If you are not able to qualify for other types of financing, it can still be a good option. To transition to a more affordable loan from National Funding, you will need to improve your personal credit score.

National Funding Reviews

We determined that National Funding has a mix of positive and negative reviews. Customers who gave positive reviews said the application process was quick and easy. Customers who gave negative National Funding reviews complained about high interest rates and additional charges. Read more on our National Funding reviews page!

How to Apply with National Funding

Since merchant cash advances come at a high cost and can create a potential cash flow strain, they are only recommended if your other options are exhausted. With National Funding, you can apply online and receive the same or next day approval for up to $250,000 to fund your payroll.

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Alternatives to Short-Term Payroll Loans

We have covered the best payroll loans for both short- and medium-term payroll financing. However, there are situations in which you should consider long-term payroll financing, like an SBA Loan. If you can’t qualify because your business doesn’t have sufficient operations, consider a small business loan for startup-specific financing. If you already have short-term debt, there are some debt relief options to improve your cash flow to meet payroll needs.

Here are some alternatives to the payroll loans to consider:

• SBA Loans: If you are a prime borrower and your financing needs are not immediate, it is worth exploring Small Business Administration (SBA) Loans. Our Types of SBA Loans article covers SBA loans for financing debt, working capital, and the purchase of machinery and commercial real estate.
• Debt Relief: If your business has too much short-term debt already, then you should consider refinancing your loan or consolidating it. If your business situation, personal credit, or outstanding debt have improved, you may be able to refinance your loan at a better rate. You can also consolidate outstanding loans to reduce the overall interest and monthly payments you need to make.

Bottom Line

In this guide, we covered the best online lenders for payroll loans available to small business that need payroll funding. When selecting a payroll loan provider, you should look for terms that match your business needs at the lowest cost. Besides the options we covered, there are other creative payroll solutions available to you.

If you need same-day funding to cover immediate payroll needs, we recommend applying for a payroll loan with OnDeck. OnDeck offers a term loan up to $500,000 with rates as low as 9% and repayment terms up to 36 months. Their application is entirely online and can be completed in just 10 minutes.

Visit OnDeck