Pros

• Large borrowing maximums.
• Interest rates are capped.
• Long repayment terms available.

Cons

• Collateral is typically required.
• Longer processing times than online lenders.

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

• Weekly repayments required.

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

• Bank line of credit with competitive interest rates.
• Revolving credit line with no scheduled annual review.
• No collateral required; no prepayment penalties.

Cons

• Must have strong credit to qualify.
• May take longer to fund than online lenders.
• Annual fee and inactivity fees may apply.

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

• Loan amounts from $5,000 to $250,000.
• Customized loan terms.
• No prepayment penalty.

Cons

• Slower processing speed compared with online lenders.
• Charges an origination fee.
• Not available in all U.S. states.

Pros

• Cash can be available quickly.
• Get a discount for prepaying.
• No collateral required.
• Low minimum credit score requirement.

Cons

• Charges a factor rate that makes it more difficult to compare costs with other lenders.
• Can’t build business credit.
• Aggressive repayment schedule (daily or weekly).
• Charges an origination fee.

Pros

• Bank loan with competitive interest rates.
• No collateral required.
• Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.

Cons

• Can be slow to fund.
• Prepayment fees may apply to early repayments.
• Must be an existing Bank of America customer to apply online.
• Charges an origination fee.

Pros

• Funding in as little as 24 hours.
• Prepayment discounts available.
• Offers loans to startups and borrowers with bad fair credit.
• No collateral or down payment required.

Cons

• Charges a factor rate that makes it more difficult to compare costs with other lenders.
• Requires higher annual revenue than other online lenders.
• Can't be used to build business credit.
• Charges an origination fee.

Pros

• Cash can be available within the same business day (does not apply in California or Vermont).
• Accepts borrowers with a minimum credit score of 625.
• Streamlined application process with minimal documentation required.
• Can be used to build business credit.

Cons

• Cannot fund North Dakota-based businesses.
• Requires frequent (daily or weekly) repayments.
• Interest rates can be high compared with traditional lenders.
• Charges origination fee.

Pros

• Cash can be available within two to four business days.
• Competitive rates among online lenders.
• Terms up to five years.
• iBusiness Funding also offers SBA loans up to $5 million.

Cons

• Charges an origination fee.
• Must be in business for a minimum of 24 months.
• Minimum credit score is higher than some other lenders.

Pros

• Same-day funding available.
• Prepayment discounts available.
• Accessible to high-revenue startups.
• Accessible to startups.

Cons

• Higher credit score requirement than some online lenders.
• Repayment terms max out at 24 months.
• Minimum revenue requirement much higher than other online lenders.

Pros

• Capital available within 24 to 48 hours.
• No collateral required.
• Manages payment collection from your customers.
• Accepts startups and businesses with bad credit.

Cons

• Fees can become expensive the longer it takes your customers to pay.
• Difficult to compare factoring costs to other types of business loans.
• Charges an origination fee.