8 Best Easy Business Loans for 2022
This article is part of a larger series on Business Financing.
A lender or marketplace offering an easy business loan should provide you with a straightforward and rapid application and approval process, fast funding, and simple terms and qualifications requirements.
The eight lenders and brokers on this list are the best options for an easy business loan or line of credit for 2022:
- Fundbox: Best overall easy business loan for the lowest rates
- National Funding: Best for lower credit score borrowers
- Bluevine: Best business line of credit
- Lendio: Best for shopping multiple loan options at one time
- FundThrough: Best for invoice factoring
- Kabbage: Best for businesses with lower annual revenue
- OnDeck: Best for borrowers looking to pay loans off early
- LoanBuilder: Best for financing with flexible terms
8 Best Easy Business Loans At-a-Glance
Provider | Max Loan Amount | Estimated Annual Percentage Rate (APR) | Max Term | Funding Speed | Minimum Credit Score | Loan Type |
|---|---|---|---|---|---|---|
 | $150,000 | 10% to 79% | 52 weeks | One business day | 600 | Line of credit and term loan |
 | $500,000 | 10% to 136% | Five years | 24 hours | 600 | Term loan |
 | $250,000 | 4.8% to 78% | 12 months | Same business day | 600 | Line of credit |
 | $2 million | Varies | Five years | 24 hours | 560 | Varies |
 | Unlimited; based on invoice | 15% to 78% | As invoices are paid | 24 hours | 600 | Invoice factoring |
 | $150,000 | 3% to 42%* | 18 months | One business day | 640 | Line of credit |
 | $250,000 | 35% to 100% | 24 months | One business day | 600 | Line of credit and term loan |
 | $500,000 | 12% to 136% | 52 weeks | One business day | 550 | Term loan |
*Kabbage charges a monthly fee ranging from 0.25% to 3.5%, we have used these values to provide an estimated APR range.
Fundbox: Best Overall Easy Business Loan for the Lowest Rates
Fundbox is our best overall choice for easy business loans. It has the edge over National Funding as best overall due to the lower interest rate and lower minimum annual revenue required. In addition, Fundbox offers both term loans and lines of credit.
Borrowers with a credit score of at least 600, at least $100,000 in annual revenue, and at least six months in business can qualify. You can borrow up to $150,000 with either a term loan or line of credit. If you choose the line of credit product, you can take draws against it as funds are repaid. Term loans provide a lump sum of cash that is repaid for up to 52 weeks.
You can begin the application process on the Fundbox website or through a toll-free number. Fundbox promises a credit decision quickly with funding within one business day.
National Funding: Best for Lower Credit Score Borrowers
National Funding is an excellent choice for an easy business loan for many reasons but specifically due to credit availability to lower credit score borrowers. National Funding has been more willing to lend to lower credit borrowers than others on this list, including some providers that list a lower minimum credit score.
In addition, National Funding has an easy application process, quick decision and funding timeline, and early payoff discounts. Customers who pay off a working capital loan balance within the first 100 days receive a 7% discount on the total remaining balance.
Borrowers must have at least a 600 credit score, making this product available to subprime borrowers. The high-end of the APR range is one of the highest on the list, so borrowers with strong credit profiles will likely get better rates from Fundbox or Bluevine.
National Funding allows you to apply through its website or a toll-free number. The application process involves just a one-page application and three months of bank statements. A decision and funding are promised within 24 hours.
Bluevine: Best Business Line of Credit
Bluevine and its excellent line of credit product is a great choice for an easy business loan. While Fundbox has a slightly lower interest rate and a lower minimum monthly revenue requirement, Bluevine offers a higher line of credit to its borrowers.
Businesses only have to be in operation for a minimum of six months and make a minimum of $10,000 a month to qualify. Funding can be as soon as the same business day.
If your business is organized as a limited liability company (LLC) or corporation, Bluevine will not hard-pull your credit at any point in the process. If you are organized as a sole proprietorship or general partnership, Bluevine will only hard-pull your credit after receiving and accepting an offer.
Bluevine allows you to apply through its website. It even allows you to connect your QuickBooks Online directly as part of the application. The Bluevine application takes less than 2 minutes, with approvals within 5 minutes.
Lendio: Best for Shopping Multiple Loan Options at One Time
Lendio is an excellent choice if you are looking for a marketplace that will give you multiple loan types and lenders. Because it is a marketplace and has so many available options, it is hard to specify exact requirements, terms, and rates. However, in general, you will need at least $50,000 in annual revenue and a credit score of at least 560. However, rates will be higher if your credit score is below 600.
Lendio offers access to more than 75 lenders that provide business lines of credit, short-term loans, and equipment loans that would be considered easy business loans. There are other loan types available as well.
Lendio has a 15-minute application available on its website, or you can call a toll-free number to get the process started. Visit Lendio’s website to find an easy business loan.
FundThrough: Best for Invoice Factoring
FundThrough is the top invoice factoring company, offering two different invoice factoring programs. FundThrough’s express invoice factoring program works best for maximum funding amounts of less than $15,000 while its velocity invoice factoring product doesn’t have a stated maximum funding amount. You can either upload invoices or connect your QuickBooks to sync to your FundThrough account automatically.
With the velocity invoice factoring, the customer pays the invoice through FundThrough, based on the original terms of the invoice. With the express invoice factoring, the customer pays the invoice back to you, and then you make payments on the invoice advance.
You can start an application through FundThrough’s website to see if you qualify or reach out to them via a toll-free phone number, an online chat, or email. Visit FundThrough’s website to get the application process started.
Kabbage: Best for Businesses With Lower Annual Revenue
Kabbage has one of the lowest minimum annual revenue requirements on our list of providers, making it a great choice for an easy business loan. Your business must have at least $50,000 in annual revenue to qualify.
Kabbage has a line of credit product, and monthly advance fees vary, depending on the length of the term selected. Each draw is a separate installment loan, with no limit to the number of draws taken as long as credit is available.
One drawback to Kabbage is the higher minimum credit score requirement, with a 640 score required to qualify. However, the tradeoff is one of the lower estimated APR ranges of any provider listed.
Funding can occur in minutes if online verification is successful. However, it can take up to three days without that verification, one of the slowest funding rates on our list.
You can log in to your existing Kabbage account to get started or create an account on the website. Kabbage also offers a great mobile app where you can apply for a new line of credit or manage your existing account. Visit Kabbage for more information.
OnDeck: Best for Borrowers That Pay Loans off Early
OnDeck offers two great products that can provide you with an easy business loan: a line of credit and a term loan. If you have a term loan, you can borrow another term loan once the original loan has been paid halfway down.
OnDeck term loans also have a prepayment benefit. If you qualify, you can have all remaining interest waived if you pay the loan off early.
Multiple draws against your OnDeck line of credit will be consolidated into one payment, making managing repayment of your line of credit easier.
The drawback to OnDeck is high APR rates, with a minimum APR of 35%. Also, same-day funding is only available on term loans up to $100,000. OnDeck will reject borrowers that don’t meet the credit score, time in business, and annual revenue requirements. These factors give a slight advantage to Kabbage vs OnDeck in a head-to-head comparison.
You can apply for either lending product directly on OnDeck’s website, with funding within one business day.
LoanBuilder: Best for Financing With Flexible Terms
LoanBuilder is a good option for an easy business loan because it has one of the lowest minimum annual revenue requirements among online lenders. Businesses are only required to have a minimum annual revenue of $42,000 and a minimum time in business of just nine months.
However, with weekly payments and a maximum term of 52 weeks, LoanBuilder isn’t the best product for long-term or high-cost projects. In addition, there is no benefit to paying the loan off early as the loan fees charged to the borrower at payoff are the same.
You can start your application through its website or call a toll-free number to get the process started. Visit LoanBuilder’s website for information.
Alternatives to Easy Business Loans
While easy business loans can provide you with quick funding for your business needs, they don’t always provide you with the best rates and terms. If you don’t need funds quickly, the following alternative products can offer better rates and terms:
- Small business credit cards: Best used for small and medium business (SMB) expenses. Many have 0% introductory rates, and you can earn cashback rewards.
- Small Business Administration (SBA) loan: Optimal for businesses with good credit and a solid business plan that don’t need funds quickly. SmartBiz can also help you with SBA loans for startups.
- Rollover for business startups (ROBS): Ideal for businesses with owners willing to invest retirement funds of $50,000 or more. Check out the Guidant Financial website for more information on ROBS or to speak with a ROBS specialist.
How We Evaluated the Best Easy Business Loans
When considering the best easy business loans, we compared the ease of application and funding, minimum annual revenue requirements, minimum time in business requirements, minimum credit score, and maximum loan or line of credit amount. We selected the eight providers that have the best terms for small business owners looking for an easy business loan.
Bottom Line
All eight lenders or brokers listed here are excellent choices for a small business looking for an easy business loan. Consider your financial needs before choosing a lender from this list and compare the rates of several lenders to make sure you are getting the best deal. Also, check out our guide on how to get a small business loan for more information about the loan process.
We chose Fundbox as the best overall easy business loan for 2022 due to its lower interest rates and lower minimum annual revenue requirement. However, the margin between Fundbox, National Funding, and Bluevine is minimal. Lower credit borrowers should consider National Funding or Lendio while borrowers needing more available funds should choose Bluevine.
