Full Review
iBusiness Funding, which acquired Funding Circle in 2024, is an online lender that offers small-business loans of up to $500,000. These term loans can be a good option for established business owners that want competitive rates, but also need fast funding. iBusiness Funding is known for its streamlined application process and multiple loan options. In addition to its business term loan, iBusiness Funding acts as a marketplace, connecting business owners to other lenders for business lines of credit. It also offers SBA 7(a) loans up to $5 million. This review will focus on iBusiness Funding's term loans.
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.
iBusiness Funding is best for borrowers who:
Are looking to expand your business or refinance costly debt: iBusiness Funding offers loans up to $500,000 at competitive rates. You can use the money to cover the costs of buying equipment, hiring employees or opening a new location.
Have good credit and an established business: You need to have been in business for at least 24
months. You’ll also need a credit score of at least 660
and no personal bankruptcies among your business owners in the last seven years. Are looking for fast cash: iBusiness Funding’s application process is quicker and easier than the process to qualify for a business bank loan, and borrowers can receive their money in two business days.
iBusiness Funding business loan features
iBusiness Funding offers business term loans of up to $500,000 with repayment terms ranging from six months to seven years.
Loan amount | $25,000 to $500,000. |
Estimated APR range | |
Fees | |
Terms | 6 months to 7 years. |
Repayment schedule | Monthly. |
Funding speed | As fast as three days. An underwriting decision can be delivered in 24 to 48 hours. Once you sign the loan agreement, you'll typically receive your funds the following business day. |
Where iBusiness Funding stands out
Competitive rates compared with other online lenders
iBusiness Funding’s annual percentage rates range from 15.22
% to 45
%. This lender doesn’t charge a prepayment penalty, and paying off your loan early can save interest costs. Faster processing than banks and the SBA
It can take just a few minutes to apply for a iBusiness Funding loan, and you could receive funds within three days. For comparison, it can take months to be approved for an SBA loan. Where iBusiness Funding falls short
Not for new businesses
iBusiness Funding requires at least 24
months of business history. On average, its borrowers have been in business for 11 years and have annual revenue of $1.4 million. High qualification standards
You’ll need a personal credit score of at least 660
to qualify for a iBusiness Funding loan. For comparison, some online lenders accept scores of 600 or lower. iBusiness Funding also requires a lien on your business assets, which may include equipment, vehicles or inventory. Like most other business lenders, it also requires a personal guarantee from the primary business owners, which gives the lender the right to pursue your personal assets if your business fails to repay the loan. Fast, but not the fastest, option
Although you can get a loan from iBusiness Funding in a matter of days, there are other online lenders, like OnDeck and Bluevine, with even faster funding times. iBusiness Funding loan requirements
iBusiness Funding’s minimum borrower eligibility requirements include:
Minimum credit score: 660
. Minimum time in business: 24
months. Annual revenue: $50,000.
Business owners cannot have a personal bankruptcy within the last seven years in order to qualify for a iBusiness Funding loan. Alternatives to iBusiness Funding
OnDeck
OnDeck offers business term loans up to $250,000 with repayment terms up to 24
months. Although interest rates will likely be higher with OnDeck than iBusiness Funding, they have more flexible qualification requirements and faster funding times. To qualify for a loan with OnDeck, you'll need at least 12
months in business, $100,000 in annual revenue and a credit score of 625
. These requirements may make OnDeck a better option for newer businesses and those with bad credit. Read our full OnDeck review. SBA loan
On the other hand, if you have strong credentials, like you'd need for a iBusiness Funding loan, and can wait longer for financing — you might consider opting for an SBA loan.
SBA 7(a) loans have long repayment terms, large loan amounts and competitive interest rates. Current rates range from 10.75
% to 14.25
%. Compared to iBusiness Funding and other online lenders, however, SBA loans are much slower to fund and require lengthy applications. Nevertheless, if you're willing to put in the time and patience — and can qualify — an SBA loan may offer some of the best terms on the market.
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.