Lender | NerdWallet rating | Best For | Max loan amount | Min. time in business | Min. interest rate | Term length | Learn more |
---|---|---|---|---|---|---|---|
with Fundera by NerdWallet | Read expert review | Best for large line of credit | $250,000 | 12 months | 14% | Up to 6 months | with Fundera by NerdWallet |
with Fundera by NerdWallet | Read expert review | Best for fast ongoing access to money | $100,000 | 12 months | 40% | 12 to 24 months | with Fundera by NerdWallet |
with Fundera by NerdWallet | Read expert review | Best for flexible qualifications | $100,000 | 6 months | 35% | 12 to 24 months | with Fundera by NerdWallet |
with Fundera by NerdWallet | Read expert review | Best for repayment terms | $150,000 | 12 months | 20.21% | 12 to 24 months | with Fundera by NerdWallet |
with Fundera by NerdWallet | Read expert review | Best for startups or bad credit | $250,000 | 3 months | 36% | 3 to 6 months | with Fundera by NerdWallet |
American Express® Business Line of Credit competitors: More details
Bluevine: Best for large line of credit
Bluevine’s line of credit offers a maximum loan amount of $250,000, much larger than the maximum amounts offered by the other lenders on this list.
Bluevine - Line of credit
with Fundera by NerdWallet
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared with traditional lenders.
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared with traditional lenders.
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OnDeck: Best for fast ongoing access to money
After your first draw from an OnDeck line of credit, which may take up to three business days, subsequent draws can be instantly deposited to your debit card. This makes this line of credit especially useful for covering emergency or other unexpected expenses.
OnDeck - Line of credit
with Fundera by NerdWallet
Pros
- Fast access to working capital.
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Not available in North Dakota.
- May require frequent weekly payments.
- Interest rates can be high compared with traditional lenders.
Pros
- Fast access to working capital.
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Not available in North Dakota.
- May require frequent weekly payments.
- Interest rates can be high compared with traditional lenders.
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Headway Capital: Best for flexible qualifications
Headway Capital makes it easier for small business owners to qualify for a line of credit, with a straightforward approval process and flexible requirements. Borrowers may be able to qualify with just six months in business and $50,000 in annual revenue.
Headway Capital - Line of credit
with Fundera by NerdWallet
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
with Fundera by NerdWallet
Fundation: Best for repayment terms
With Fundation’s line of credit, borrowers may have up to two years to repay drawn funds, allowing for lower monthly payments. Payments are also made on a monthly basis, while some lenders on this list require weekly payments.
Fundation - Line of credit
with Fundera by NerdWallet
Pros
- Monthly payments (as opposed to daily or weekly required by some online lenders).
- No prepayment penalties.
- Can be used to build business credit.
Cons
- Relatively high minimum credit score requirement compared to other online lenders.
- Charges an origination fee and an inactivity fee.
- Not available in Hawaii, Massachusetts, Michigan, North Dakota, New Jersey, Nevada, New York, Ohio, Pennsylvania or Tennessee.
Pros
- Monthly payments (as opposed to daily or weekly required by some online lenders).
- No prepayment penalties.
- Can be used to build business credit.
Cons
- Relatively high minimum credit score requirement compared to other online lenders.
- Charges an origination fee and an inactivity fee.
- Not available in Hawaii, Massachusetts, Michigan, North Dakota, New Jersey, Nevada, New York, Ohio, Pennsylvania or Tennessee.
with Fundera by NerdWallet
Fundbox: Best for startups or bad credit
Fundbox’s line of credit requires a minimum of just three months in business, making it easier for new business owners to get funding early while still proving their business concept. It also has the lowest minimum credit score requirement on this list at 600.
Fundbox - Line of credit
with Fundera by NerdWallet
Pros
- Financing available within two business days after approval.
- Simple application with minimal documentation required.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- Weekly repayments required over a short term (maximum of 24 weeks).
Pros
- Financing available within two business days after approval.
- Simple application with minimal documentation required.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- Weekly repayments required over a short term (maximum of 24 weeks).
with Fundera by NerdWallet
What does American Express® Business Line of Credit offer?
- 3% to 9% for six-month loans.
- 6% to 18% for 12-month loans.
- 9% to 27% for 18-month loans.
- 12% to 18% for 24-month loans.
- A minimum FICO score of at least 660 at the time of application.
- To have started your business at least a year ago.
- Average monthly revenue of at least $3,000.
Alternatives to the American Express® Business Line of Credit
Bluevine
- Credit score: 625.
- Time in business: 12 months.
- Monthly revenue: $10,000.
OnDeck
- Credit score: 625.
- Time in business: 12 months.
- Monthly revenue: Approximately $8,333.
Headway Capital
- Credit score: 625.
- Time in business: 6 months.
- Monthly revenue: Approximately $4,166.
Fundation
- Credit score: 680.
- Time in business: 12 months.
- Monthly revenue: Approximately $4,166.
Fundbox
- Credit score: 600.
- Time in business: 3 months.
- Monthly revenue: $2,500.
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