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9 Best Easy Business Loans for 2024

By Randa Kriss
Last updated on February 12, 2024
Edited bySally Lauckner
Fact checked and reviewed

⏰ Estimated read time: 8 minutes

Easy business loans are fast to fund, with flexible requirements to qualify, but interest rates are typically higher than bank or SBA loans.

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Some business loans are easier to qualify for than others. And although the term “easy business loan" has no standard definition, these small-business loans typically offer flexible qualification requirements, streamlined applications and fast funding times.
Easy business loans are usually issued by online lenders and can be a good option for small businesses that can’t qualify for traditional bank or SBA financing.
Below, compare some of the best easy business loans and learn how to choose the right funding for your needs.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are 9 easy business loans

LenderNerdWallet RatingMax loan amountMin. credit scoreNext steps

Bluevine - Line of credit

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5.0/5

Best for Quick easy business loans

$250,000625

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OnDeck - Online term loan

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5.0/5

Best for Easy short-term business loans

$250,000625

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Fundbox - Line of credit

5.0/5

Best for Easy business loans for startups

$150,000600

Triton Capital - Equipment financing

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4.0/5

Best for Easy equipment loans

$250,000575

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Fora Financial - Online term loan

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4.5/5

Best for Easy business loans for bad credit

$1,500,000500

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National Funding - Online Term Loan

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4.0/5

Best for Easy unsecured business loans

$500,000600

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Headway Capital - Line of credit

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5.0/5

Best for Easy business lines of credit

$100,000625

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Accion Opportunity Fund - Small Business Working Capital Loan

4.0/5

Best for Easy business loans for women and minority groups

$250,000570

AltLINE - Invoice Factoring

4.5/5

Best for Easy invoice factoring

$10,000,000300

Here are 9 easy business loans

Best for Quick easy business loans

Bluevine

Max Amount

$250,000

Min. Credit Score

625

Best for Easy short-term business loans

OnDeck

Max Amount

$250,000

Min. Credit Score

625

Best for Easy business loans for startups

Fundbox

Max Amount

$150,000

Min. Credit Score

600

Best for Easy equipment loans

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

Best for Easy business loans for bad credit

Fora Financial

Max Amount

$1,500,000

Min. Credit Score

500

Best for Easy unsecured business loans

National Funding

Max Amount

$500,000

Min. Credit Score

600

Best for Easy business lines of credit

Headway Capital

Max Amount

$100,000

Min. Credit Score

625

Best for Easy business loans for women and minority groups

Accion

Max Amount

$250,000

Min. Credit Score

570

Best for Easy invoice factoring

AltLINE

Max Amount

$10,000,000

Min. Credit Score

300

I'M INTERESTED IN:

Our pick for

Quick easy business loans

Bluevine can provide funding as quickly as 12 to 24 hours. You may be able to qualify if you have a minimum credit score of 625.

Bluevine - Line of credit

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Bluevine's line of credit provides fast working capital for short-term borrowing needs.
May fund quickly

Max loan

$250,000

Min. Credit score

625

Apr range

20.00-50.00%

Bluevine's line of credit provides fast working capital for short-term borrowing needs.

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Our pick for

Easy short-term business loans

OnDeck can provide funding as fast as the same day your loan is finalized. You may be able to qualify with at least 12 months in business and a credit score of 625 or higher.

OnDeck - Online term loan

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OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
May fund quickly

Max loan

$250,000

Min. Credit score

625

Apr range

35.40-99.90%

OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.

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Our pick for

Easy business loans for startups

You may be able to qualify for one of these easy business loans if your startup has at least six months in business.

Fundbox - Line of credit

Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.
May fund quickly

Max loan

$150,000

Min. Credit score

600

Apr range

36.00-99.00%

Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.

Our pick for

Easy equipment loans

Triton Capital can finance equipment loans in one to two business days. Businesses with bad credit (FICO score below 630) may be able to qualify.

Triton Capital - Equipment financing

4.0
NerdWallet rating 

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Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
4.0
NerdWallet rating 

Max loan

$250,000

Min. Credit score

575

Apr range

5.99-34.99%

Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.

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Our pick for

Easy business loans for bad credit

You may be able to qualify for a short-term business loan from Fora Financial with a credit score of 500 or higher and at least six months in business. After your application is approved, you can receive financing in as little as 72 hours.

Fora Financial - Online term loan

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Fora Financial can be a good fit for borrowers who may fall short of qualifying for traditional bank financing or young but established small businesses looking for speedy financing.

Max loan

$1,500,000

Min. Credit score

500

Fora Financial can be a good fit for borrowers who may fall short of qualifying for traditional bank financing or young but established small businesses looking for speedy financing.

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Our pick for

Easy unsecured business loans

National Funding offers fast financing and flexible qualification requirements — plus, it doesn't require physical collateral to secure your loan.

National Funding - Online Term Loan

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Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

Max loan

$500,000

Min. Credit score

600

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

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Our pick for

Easy business lines of credit

Headway Capital’s line of credit is a great option for working capital needs. Loan amounts are available up to $100,000 and you may be able to receive funding within one day after your application is approved.

Headway Capital - Line of credit

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Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.

Max loan

$100,000

Min. Credit score

625

Apr range

35.00-80.00%

Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.

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Our pick for

Easy business loans for women and minority groups

You may be able to qualify for a loan from Accion Opportunity Fund with 12 months in business and a minimum credit score of 570. Accion says 90% of its borrowers are women, people of color, and/or low-to-moderate income.

Accion Opportunity Fund - Small Business Working Capital Loan

Accion is a good option for businesses that haven't been able to secure traditional financing. The lender targets its funding efforts toward minority, women and low-to-moderate-income entrepreneurs.

Max loan

$250,000

Min. Credit score

570

Apr range

8.49-29.67%

Accion is a good option for businesses that haven't been able to secure traditional financing. The lender targets its funding efforts toward minority, women and low-to-moderate-income entrepreneurs.

Our pick for

Easy invoice factoring

For business-to-business companies, AltLINE can offer fast cash within 24 to 48 hours for your unpaid invoices. AltLINE does not have a specific time in business or minimum credit score requirement.

AltLINE - Invoice Factoring

AltLINE offers fast invoice factoring with competitive factoring rates.

Max loan

$10,000,000

Min. Credit score

300

AltLINE offers fast invoice factoring with competitive factoring rates.

How Much Do You Need?

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What qualifies as an easy business loan?

Business loans issued by traditional lenders, like banks and credit unions, are typically considered the most difficult to obtain. To get a business loan from a bank, you’ll need strong credit, several years in business and excellent finances. These loans are also notoriously slow to fund and often require detailed, document-heavy applications.
So, although there is no definitive standard of what qualifies as an easy business loan, these funding options generally offer the speed and accessibility that more traditional financing lacks.
Here are the characteristics you can expect to see from easy business loans.

Flexible qualifications

Easy business loans typically have more lenient qualification requirements when it comes to standard underwriting guidelines, such as personal credit score, annual revenue and time in business. This can make it more likely that startups and businesses with bad credit can qualify for funding.
For example, two years in business is a common requirement for bank loans, but some online lenders require only six months in business. Additionally online lenders tend to have more lenient credit score requirements compared with large banks. Some online lenders may accept minimum credit scores starting at 500.
Lenders that offer these loans may also consider additional criteria when evaluating applications, including business financial accounts, bank statements and customer invoices. Also, unlike more traditional types of financing, you may not have to provide physical collateral to secure one of these business loans.

Quick to fund

Easy business loans are a good option if you need access to capital fast, as many lenders can approve and fund applications within a few days. Some lenders even leverage technology to underwrite your application in minutes, so that you can receive a same-day decision. If you’re approved, some of the fastest lenders can provide funding within 24 hours.

Simple applications

While bank and SBA loans are known for their long and tedious applications, easy business lenders tend to streamline the loan application process. You can apply for many easy business loans online in just minutes, with minimal paperwork.
To apply for one of these loans, you typically complete a simple form and upload a few financial documents. You may be asked to provide:
  • Business financial statements, such as a profit and loss statement.
  • Business and personal tax returns.
  • Business and personal bank statements.
In lieu of (or in addition to) this documentation, some lenders will have you connect your bank or other financial accounts directly to their system so that they can evaluate your business more quickly.

Issued by online lenders

Most easy business loans are issued by online, or alternative lenders. Although some traditional lenders may have specific types of loans that are easier to get than others (SBA microloans are usually easier to qualify for than SBA 7(a) loans, for example), online lenders generally offer the greatest flexibility.

Higher interest rates

Because easy business loans have flexible qualifications and fast funding times, they’re a greater risk to the lenders issuing the financing. As a result, these lenders will typically charge higher interest rates than banks and credit unions.
While bank loans have average business loan interest rates ranging from 5.89% to 12.23%, easy business loan rates can vary anywhere from 6% to 99%. And although the rates you receive will depend on a variety of factors, in general, the easier it is to get a business loan, the higher the cost of capital will be.

When to get an easy business loan

  • You can’t qualify for other types of financing. If you can’t qualify for a bank or SBA loan, an easy business loan from an online lender might be a good option. Although one of these loans will typically have higher interest rates than more traditional funding options, they can provide the money you need to cover a variety of expenses. And, taking a loan and making timely payments will likely help you qualify for more competitive types of business financing in the future.
  • You need cash fast. Bank and SBA loans can take several weeks to fund, sometimes longer. If you need capital fast — to cover emergency expenses or to take advantage of a new business opportunity, for example — you might be willing to pay a little more for the speed of an easy business loan.

When to consider alternatives

  • You can qualify for a bank or SBA loan. In general, the best loan for your business is the one with the most competitive rates and terms. If you can qualify for a bank or SBA loan, these loans will likely be the most affordable option for your business.
  • You can wait for financing. Although speed seems like a benefit of easy business loans, it often corresponds with higher interest rates. If your business doesn’t need cash immediately — and you can qualify and go through a longer application process — a bank or SBA loan will usually offer lower interest rates. Or, even if you can’t qualify for one of these loans just yet, you might be able to step back and improve your credit or increase your monthly revenue so that you can access more competitive rates and terms when you do apply for a loan in the future.

How to choose the right easy business loan

The best loan for your business will ultimately depend on your individual financing needs and how well you meet lenders’ eligibility requirements.
However, if you think an easy business loan might be a good option, here are some tips to help you choose the right one.

Understand your financing needs

  • Determine what type of funding is best for you. Several factors can help you decide which financing option will meet your needs. You can think about how much money you need and how you’re going to use it. You can also consider different types of business loans — business lines of credit, term loans, equipment financing, invoice factoring — and which might be the right fit.
  • Figure out how much debt you can afford. Easy business loans will likely have higher interest rates and fees than other types of financing. You’ll want to review your business financials to estimate how much additional debt you can manage before taking it on.

Do your research

  • Check your qualifications. Review common underwriting criteria — time in business, credit score, annual revenue — so you have a sense of where your business stands before applying.
  • Research several lenders and their requirements. Although easy business lenders typically don’t require physical collateral, you’ll likely have to sign a personal guarantee. The lender may also take out a general lien on your business assets.
  • Avoid predatory lenders. Stay away from lenders that promise guaranteed approval or business loans with no credit check. Although there are many reputable online lenders on the market, predatory lenders tend to target small businesses that are having trouble qualifying for financing. If you think a loan offer seems too good to be true, it probably is.

Review your options carefully

  • Compare multiple loan offers. You’ll want to make sure that you’re getting the best deal for your business, so consider factors like interest rates, repayment terms, fees and prepayment penalties.
  • Calculate the total cost of the loan. Certain online lenders quote interest rates in different ways; while some use annual percentage rates, others may use simple interest rates or factor rates. The best way to understand the total cost of your loan is to calculate any interest rate into an APR.
  • Read your business loan agreement thoroughly. It’s important to ensure that you understand all the terms associated with your loan including interest rates, fees, repayment terms, potential early payment penalties and any personal guarantee requirements that may apply. You can ask your lender for clarification if you have any questions.

Find the right business loan

The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.
Last updated on February 12, 2024

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from both traditional and online lenders. We collect over 30 data points on each lender, taking into account features we consider to be small-business friendly, including: transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to business credit bureaus and responsible lending practices.
Each small-business loan option on this list meets the following criteria:
- Maximum loan amount of at least $100,000. - Transparent rates and repayment terms. - Funding available within a week of applying. - Personal credit score requirements of 625 or below. - No more than two years in business required.

Wondering if you qualify?

It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.

Learn more

Frequently Asked Questions

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