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.
$6,000 to $100,000
40.00% Minimum APR offered to at least 5% of customers (not the lowest rate offered)
24 to 24 months
When you need same-day funding, consider OnDeck. The company offers an “Instant Funding” feature that allows line of credit borrowers to have draws deposited into a supported business checking account in as little as 30 minutes.
Plus, OnDeck offers perks that make applying simple. For one, it’s transparent about its eligibility requirements, which helps you know if you’ll qualify. For another, applying only requires a soft credit check, so your score won’t be impacted.
Still, borrowing from OnDeck isn’t cheap. Its advertised starting rate for a line of credit is 40.00%, Minimum APR offered to at least 5% of customers (not the lowest rate offered) so you’ll need to plan for that added expense. In addition, the company limits how much money you can borrow through instant funding to one draw worth up to $10,000 per day. Depending on the size of your payroll, that may not be enough to keep your company afloat.
Read our full OnDeck review.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
In order to access instant funding for OnDeck’s line of credit, borrowers must also keep a working debit card on file with the company. The debit card’s information must also match the information provided for your OnDeck account.
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 $100,000
3.30% monthly
12 to 24 months
If you know you’ll need to borrow money for payroll on a regular basis, check out Headway Capital’s business line of credit. This line of credit works similarly to a credit card, allowing you to borrow against it as needed and make weekly or monthly payments against your cumulative balance, re-amortizing when you make a new draw.
Plus, with rates starting at just 3.30%, borrowing may be fairly affordable — though the rate you qualify for will depend on your personal and business financial history.
At the same time, funding from Headway Capital isn’t available in every state, specifically Arkansas, Connecticut, Michigan, Montana, Nevada, North Dakota, Rhode Island, South Dakota or Vermont. What’s more, a 2% draw fee is imposed in some states, which can add to your total costs. If you live in Colorado, Georgia, Indiana, New Jersey or Oklahoma, you won’t be subject to the draw fee.
Read our full Headway Capital review.
In order to qualify, you’ll need to meet Headway Capital’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 $1,500,000
13.00% Fora Financial's minimum rate is a 1.13 factor rate. This means you'd repay 13.00%, plus any additional fees, on top of the amount borrowed.
Varies based on sales volume
Businesses that have fluctuating revenue may want to think about using Fora Financial’s revenue advance. In this case, your repayment amount is based on a fixed percentage of your daily or weekly sales, meaning you’ll owe less when business is slow. As an added bonus, the company boasts a 24-hour funding time for this product and offers a discount if you’re able to pay off your advance early.
That said, Fora Financial charges a sizable 3.00% origination fee on its advances. Plus, since they advertise a factor rate rather than a simple interest rate, it can be much harder to estimate how much borrowing will cost in total.
Read our full Fora Financial review.
In order to qualify, you’ll need to meet Fora Financial’s criteria of:
75% to 90%
0.75% to 3.50% of each invoice
If your company does a lot of invoicing, you may want to work with altLINE. As an invoice factoring company, altLINE will advance you up to 90% of any unpaid invoices you factor with them and then work to collect payment from your customers on your behalf. Once payment is received, you’ll be given the remaining invoice amount, minus any fees.
Invoice factoring is a popular option, particularly for business owners with bad credit, because your customers’ creditworthiness matters more than your own when qualifying for an advance. However, factoring can get expensive, especially considering that altLINE charges an origination fee on top of the traditional initial service fee.
Learn more about altLINE.
As an invoice factoring company, altLINE doesn’t impose the traditional minimum credit score, annual revenue and time in business requirements. It will, however, run a background and credit check on you to look for financial felonies and review your invoices to determine your customers’ credit quality.
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.
Not disclosed
9.25%
12 months
Those who want to be able to do all their business banking in one place may want to consider Bank of America for their payroll needs. The banking giant offers tons of business products, but in particular, its unsecured business line of credit (LOC) doesn’t require collateral and boasts an affordable starting interest rate of just 9.25%.
Yet, this LOC’s strict qualifying criteria mean it’s likely the best fit for established businesses with long operating histories and decent annual revenues. Plus, this product is subject to an annual review and you’ll pay a $150 fee for the privilege after the first year.
Read our full Bank of America review.
In order to qualify, you’ll need to meet Bank of America’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 $250,000
4.66% for 12-week terms 8.99% for 24-week terms
12 or 24 weeks
Startup businesses may want to look into using Fundbox for their payroll financing. The company offers a line of credit of up to $250,000 with only a three-month time in business requirement. As an added bonus, its starting interest rate of 4.66% for the 12-week repayment plan is pretty affordable, and funding is available in all 50 states.
Be advised, however, that Fundbox financing has short repayment terms, only offering a choice between 12 or 24 weeks. In addition, payments must be auto-debited from your account on a weekly basis, unless you subscribe to Fundbox Plus. Funding can also take longer with Fundbox than with some competitors.
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 [mmps name='sbloan.165.max_loan'
11.00% Credibly's minimum rate is a 1.11 factor rate. This means you'd repay 11.00%, plus any additional fees, on top of the amount borrowed.
3 to 24 months
If your business takes in mostly credit card sales, consider Credibly’s merchant cash advance (MCA). An MCA lets you pay back what you’ve borrowed using a portion of your daily debit or credit card sales, which may explain why the company’s revenue requirements are on the higher side.
Beyond that, though, this type of financing is relatively easy to qualify for. Credibly requires just six months in business and a credit score of 500 or higher. While this type of financing is traditionally more expensive, it may be worth considering, especially if you need same-day funding.
Read our full Credibly review.
In order to qualify, you’ll need to meet Credibly’s criteria of:
