Up to $250,000
7.80%
Up to 12 months
If you’re looking for a renewable line of credit to help cover cash flow gaps whenever they might arise, Bluevine is an option worth considering. You’ll only pay interest on what you borrow, and with relatively low interest rates, this is one of the most affordable options on this list.
Approved borrowers can receive their funds quickly — potentially as soon as the same day and typically no later than three business days after loan approval. However, unless you have a Bluevine business checking account, same-day funding will incur a fee. It’s also important to note that Bluevine’s line of credit won’t be available in certain states and territories.
Read our full Bluevine review.
In order to qualify, you’ll need to meet Bluevine’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$5,000 to $250,000
31.30% Minimum APR offered to at least 5% of customers (not the lowest rate offered)
Up to 24 months
If you can’t afford to wait for financing, OnDeck might be your best option. While other lenders may be vague about the time it’ll take to receive your funds, OnDeck is very transparent about the types of loans that can be funded in less than 24 hours. To qualify for same-day funding, your application must be submitted before 10:30 a.m. on a normal business day (no weekends or holidays) and the requested loan amount cannot exceed $100,000 or be in California or Vermont.
Other terms and conditions may apply, and if approved, your time to funding will be stated in your loan agreement. If you don’t qualify for same-day funding, you should still receive your funds within two to three business days. However, you’ll need to be prepared to make daily or weekly payments on your loan.
Read our full OnDeck review.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
$2,000 to $250,000
3.00%
3% to 9% for 6-month terms
6% to 18% for 12-month terms
9% to 27% for 18-month terms
12% to 18% for 24-month terms
Each draw counts as a separate installment loan. Single-repayment loans will have different rates and terms.
6 to 24 months
American Express offers the lowest starting rates on this list, but only the most qualified of borrowers will be eligible to take advantage of them. This makes the American Express Business Line of Credit a great choice for borrowers with good or excellent credit, allowing them to potentially save on the total cost of their loan.
As a line of credit, this flexible form of financing allows you to withdraw funds as you need them. However, only borrowers with a preexisting relationship with American Express will be able to qualify for initial credit lines over $150,000.
Read our full American Express review.
In order to qualify, you’ll need to meet American Express’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Up to $1,500,000
1.13 factor rate
Up to 18 months
If your personal credit score is making it difficult to qualify for business financing, Fora Financial might have you covered. Fora Financial’s business loans offer up to $1.5 million in working capital that can be used to cover a variety of expenses, from purchasing inventory to renovating your office space. Borrowers with credit scores as low as 570 are welcome to apply.
However, you’ll need to generate quite a bit of revenue to qualify ($240,000 a year or more). Plus, it’s worth noting that Fora Financial charges a factor rate for its products, which can make it more difficult to compare costs alongside other loan offers.
Read our full Fora Financial review.
In order to qualify, you’ll need to meet Fora Financial’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Up to $150,000
4.66% for 12-week terms8.99% for 24-week terms
12 or 24 weeks
Many lenders require businesses to be in operation for a minimum of six months to a year before they can qualify for a business loan. But with Fundbox, businesses may be approved for a line of credit up to $150,000 after just three months in business. Revenue requirements are also relatively low, making this a viable option for startup companies.
However, borrowers may need to be prepared to make weekly payments on any funds they withdraw, and with relatively short repayment periods, you’ll need to be careful not to borrow more than you can afford to repay.
Read our full Fundbox review.
In order to qualify, you’ll need to meet Fundbox’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$5,000 to $600,000
1.11 factor rate
3 to 24 months
If you run a seasonal business with revenue that fluctuates throughout the year, fixed debt payments may put an additional strain on your business cash flow. Businesses with variable income may be better off with a merchant cash advance. Credibly offers cash advances up to $600,000.
Unlike with a business loan, you’ll repay your advance through a percentage of your future debit and credit card sales, meaning the size of your payments will fluctuate with your business income. However, merchant cash advances can be an expensive way to borrow money, so you’ll want to calculate the total cost of your loan before you accept an advance.
Read our full Credibly review.
In order to qualify, you’ll need to meet Credibly’s criteria of:
$30,000 to $5,000,000
75% to 90%
0.75% to 3.50%
If you’re sitting on a stack of unpaid invoices, you may be able to use them to obtain business financing from an invoice factoring company like altLINE. Invoice factoring is the process of selling your unpaid invoices to receive a cash advance. altLINE’s advance rate is typically between 75% and 90% of the invoice’s face value.
After selling an invoice to altLINE, the company will take care of collecting outstanding payments on your behalf. Once an invoice is paid in full, you’ll receive the remaining amount minus any applicable fees. Keep in mind that these fees increase the longer an invoice is left unpaid, so you’ll want to make sure you understand the fee structure ahead of time.
Learn more about altLINE.
Unlike traditional lenders, invoice factoring companies base eligibility on your invoice history. This means your business won’t need to meet minimum credit score, time in business or annual revenue requirements to qualify. Eligibility will depend on your outstanding invoices and the creditworthiness of your customers.
| Pros | Cons |
|---|---|
| Quick funding times Options for new and established businesses Borrowers with poor credit may be able to qualify | Typically requires a steady stream of monthly revenue Interest rates and fee structures can vary from lender to lender If the business doesn’t get to the source of its cash flow problems, these loans could create a repeating debt cycle |
