$2,000 to $250,000
3.00% to 27.00%
3% to 9% for 6-month loans
6% to 18% for 12-month loans
9% to 27% for 18-month loans
12% to 18% for 24-month loans
6, 12, 18 or 24 months
An American Express Business Line of Credit is an excellent option if you need a quick business loan for your company. With up to $250,000 of revolving funds, you can tackle immediate business needs as they arise, with enough to cover emergency expenses down the road. If approved, you can receive funds almost instantly. However, monthly fees vary based on the term you select.
Read our full American Express Business Line of Credit review.
In order to qualify, you’ll need to meet American Express’s criteria of:
$6,000 to $250,000
7.80%
6 or 12 months
With interest rates starting at just 7.80%, qualified businesses can take advantage of Bluevine’s business line of credit, which has no hidden fees and quick funding times. If approved, you could access up to $250,000 in as little as 24 hours — with no restrictions on how to spend the funds.
Still, Bluevine imposes some eligibility restrictions on its products. Its line of credit is not available to business owners who live in Nevada, North Dakota, South Dakota or any U.S. territories. Additionally, at $120,000, its annual revenue requirement is higher than some of the competition.
Read our full Bluevine Business Line of Credit review.
In order to qualify, you’ll need to meet Bluevine’s criteria of:
$6,000 to $100,000
39.90% This rate reflects the estimated starting APR offered to at least 5% of OnDeck customers. It doesn’t reflect the minimum APR offered by the company.
12, 18 or 24 months
If you need same-day funding, OnDeck offers an unsecured line of credit, worth up to $100,000. There are no added draw fees. However, while OnDeck doesn’t disclose its absolute minimum rates, the average rate given to borrowers is fairly high at 56%.
Read our full OnDeck Business Loan review.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
Up to $150,000
4.66% to 8.99%
4.66% (12 weeks)
8.99% (24 weeks)
12 or 24 weeks
If you have poor credit, Fundbox might be a good option. With a minimum credit score requirement of 600, low-credit borrowers can access revolving funds up to $150,000 to use toward various business expenses. Businesses must have an annual revenue of $100,000 or greater to qualify for Fundbox’s business credit lines. If approved, you can receive funds the next business day.
Read our full Fundbox review.
In order to qualify, you’ll need to meet Fundbox’s criteria of:
$5,000 to $50,000
12.5% 4.50% + the prime rate, which is currently 8.00%
60 months (no annual review)
Companies less than two years old can apply for startup business financing with the Wells Fargo Small Business Advantage unsecured line of credit. Backed by the Small Business Administration (SBA), this line of credit comes with no annual fees and undergoes a review once every five years. More established businesses may want to consider the Wells Fargo BusinessLine line of credit to access higher amounts at a lower rate.
Read our full Wells Fargo Business Loan review.
In order to qualify, you’ll need to meet Wells Fargo’s criteria of:
Lines of credit start at $25,000
9.00%
12 months
Bank of America’s secured line of credit comes with a high minimum borrowing amount and affordable interest rate for well-qualified borrowers. Plus, it offers plenty of opportunities to earn rate discounts. However, it may not be the best fit for every borrower. The company doesn’t disclose its minimum credit score requirements and, at $250,000, the annual revenue requirement is fairly high compared to the competition.
Read our Bank of America Business Loan review.
In order to qualify, you’ll need to meet Bank of America’s criteria of:
Up to $250,000
Not disclosed
60 months
If you need the ability to borrow money as you go and a longer repayment term, consider Truist’s line of credit. Its secured line of credit offers access to up to $250,000 with repayment terms of up to 60 months. As an added bonus, the company doesn’t impose minimum annual revenue or time in business requirements.
Yet, Truist doesn’t publicly share its credit score requirements or interest rate information, which can make it hard to tell if this line of credit is the right fit for you. Plus, their secured product can come with some hefty fees, including a title insurance premium and recording fees, among other charges.
Read our full Truist Business Loan review
In order to qualify, you’ll need to meet Truist’s criteria of:
A business line of credit is a type of small business financing that works fairly similarly to a credit card.
Once approved, you’ll have the option to borrow money up to a set limit and you’ll only pay interest on the amount you’ve borrowed. As you pay down your balance, you’ll be able to borrow against it again.
Lines of credit can help cover unexpected business expenses, such as inventory, payroll or seasonal fluctuations in revenue.
