How much do you need?
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 online business loans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
OnDeck - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Same-day online business loans | $100,000 | 625 | with Fundera by NerdWallet |
American Express® Business Line of Credit | 4.5/5 Best for Online business loans for low-revenue businesses | $250,000 | 660 | Read Review |
Fora Financial - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Online business loans for bad credit | $1,500,000 | 500 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Short-term online business loans | $250,000 | 625 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | 5.0/5 Best for Long-term online business loans | $500,000 | 660 | with Fundera by NerdWallet |
Fundbox - Line of credit | 5.0/5 Best for Online business loans for startups | $150,000 | 600 | Read Review |
Headway Capital - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Quick online business loans | $100,000 | 600 | with Fundera by NerdWallet |
National Funding - Online Term Loan with Fundera by NerdWallet | 4.5/5 Best for Unsecured online business loans | $500,000 | 600 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for Online equipment loans | $250,000 | 600 | with Fundera by NerdWallet |
Here are 9 online business loans
Best for Same-day online business loans
Best for Online business loans for low-revenue businesses
Best for Online business loans for bad credit
Best for Short-term online business loans
Best for Long-term online business loans
Best for Online business loans for startups
Best for Quick online business loans
Best for Unsecured online business loans
Best for Online equipment loans
Curious if you qualify?
Input your small-business information* and compare your qualifications with our available partners below.
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Our pick for
Same-day online business loans
OnDeck offers a short-term line of credit of up to $100,000. The lender can fund applications as soon as the same day.
OnDeck - Line of credit
Here is what you will need to qualify:
Minimum annual revenue | $ 100,000 | |
Time in business | 12 months | |
Minimum credit score | 625 |
OnDeck - Line of credit
Our pick for
Online business loans for low-revenue businesses
Businesses with an average monthly revenue of at least $3,000 may be able to qualify for the American Express® Business Line of Credit.
American Express® Business Line of Credit
American Express® Business Line of Credit
Our pick for
Online business loans for bad credit
Fora Financial’s minimum credit score requirement is 500, lower than any other lender on our list.
Fora Financial - Online term loan
Here is what you will need to qualify:
Minimum annual revenue | $ 180,000 | |
Time in business | 6 months | |
Minimum credit score | 500 |
Fora Financial - Online term loan
Our pick for
Short-term online business loans
Bluevine offers up to $250,000 with repayment terms of six or 12 months.
Bluevine - Line of credit
Here is what you will need to qualify:
Minimum annual revenue | $ 480,000 | |
Time in business | 24 months | |
Minimum credit score | 625 |
Bluevine - Line of credit
Our pick for
Long-term online business loans
Funding Circle’s online business loans can have terms as long as seven years.
Funding Circle - Online term loan
Here is what you will need to qualify:
Minimum annual revenue | $ 0 | |
Time in business | 24 months | |
Minimum credit score | 660 |
Funding Circle - Online term loan
Our pick for
Online business loans for startups
Fundbox accepts applications from businesses with as little as six months in business.
Fundbox - Line of credit
Here is what you will need to qualify:
Minimum annual revenue | $ 100,000 | |
Time in business | 6 months | |
Minimum credit score | 600 |
Fundbox - Line of credit
Our pick for
Quick online business loans
Headway Capital allows you to apply for its line of credit in just minutes and receive funds within one business day of when you’re approved.
Headway Capital - Line of credit
with Fundera by NerdWallet
Here is what you will need to qualify:
Minimum annual revenue | $ 50,000 | |
Time in business | 12 months | |
Minimum credit score | 600 |
Headway Capital - Line of credit
with Fundera by NerdWallet
Our pick for
Unsecured online business loans
National Funding doesn’t require physical collateral or a down payment for its online term loans.
National Funding - Online Term Loan
Here is what you will need to qualify:
Minimum annual revenue | $ 250,000 | |
Time in business | 6 months | |
Minimum credit score | 600 |
National Funding - Online Term Loan
Our pick for
Online equipment loans
Triton Capital provides equipment loans to businesses in a variety of industries. The lender can fund applications in a matter of days.
Triton Capital - Equipment financing
with Fundera by NerdWallet
Here is what you will need to qualify:
Minimum annual revenue | $ 250,000 | |
Time in business | 24 months | |
Minimum credit score | 600 |
Triton Capital - Equipment financing
with Fundera by NerdWallet
What is an online business loan?
Types of online business loans
Business term loans
Business lines of credit
Equipment financing
Invoice financing and invoice factoring
Merchant cash advances
Pros and cons of online business loans
Pros
- Fast to fund. While bank and SBA loans can take weeks to fund, some online business loans can provide capital in as little as 24 hours. And even if you don’t receive a loan that quickly, many online lenders offer funding within days.
- Streamlined applications. Online business loans often offer streamlined application processes with minimal documentation. While traditional lenders tend to rely on a manual review system to evaluate loan applications, many online lenders leverage technology so that they can underwrite your business more quickly and provide a faster application decision.
- Variety of loan options. There are many different types of online business loans available — depending on your business size, funding needs, qualifications and more. Among these choices, small-business lenders offer a range of interest rates, repayment terms and loan amounts, so you can compare your options to find the right loan for your business.
- Flexible qualification requirements. To qualify for a business bank loan, you’ll generally need strong credit and several years in business. With online business loans, on the other hand, qualification requirements are typically more flexible. Lenders may consider factors other than your personal credit score, time in business and annual revenue when evaluating your application. Some lenders will also work with new businesses or those with bad credit.
Cons
- Can be expensive. Because online business loans are faster to fund and easier to qualify for — and therefore pose greater risk for lenders — they will generally be more expensive than bank and SBA loans. While the average business loan rate for banks ranges from about 5.26% to 11.32%, APRs for online loans can vary anywhere from 6% to 99%. And APRs for merchant cash advances can reach even higher — up to 350%.
- Limited person-to-person interaction. Although some online lenders offer phone-based customer support, you’ll typically complete the entire loan process online — meaning you may not interact with anyone from the lending company. If you’re looking to build a relationship with a lender or have someone address your questions one-on-one, an online business loan might not be the best option for you.
- Security risks. There are a multitude of reliable online lenders on the market, but there are also bad actors that are looking to take advantage of small-business owners. These predatory lenders are often trying to trap businesses with offers that seem too good to be true, especially if those businesses are having trouble finding financing elsewhere. You can avoid these business loan scams by thoroughly researching and vetting an online lender to make sure they are reliable and trustworthy.
How to apply for an online business loan
1. Understand your financing needs
2. Evaluate your qualifications
3. Compare lenders
4. Submit your application
- Business and personal tax returns.
- Business and personal bank statements.
- Business financial statements (e.g., profit and loss statement, balance sheet).
5. Review your loan agreement and receive funds
Find the right business loan
Methodology
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.