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Small Business Loans: Compare Financing

Small business loans can be critical to your success as a business owner. Traditional banks are no longer your only option. From SBA loans to business lines of credit to invoice-based financing, you now have access to many options through online lenders. Find the business financing product that is best for you. Learn about loan/product types.

SBA loan

LenderLenderAPRAPRMin credit scoreMin credit score
SmartBiz
View details
8.5-9%
Estimated APR*
600
Min credit score
SBA loan
Pre-qualify with NerdWallet
View details
SmartBiz
View details
8.5-9%
Estimated APR*
650
Min credit score
SBA loan
Pre-qualify with NerdWallet
View details

Online term loan

LenderLenderAPRAPRMin credit scoreMin credit score
Credibility Capital
View details
10-25%
Estimated APR*
650
Min credit score
Online term loan
on Credibility Capital's secure website
View details
Funding Circle
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7.5-35.5%
Estimated APR*
620
Min credit score
Online term loan
Pre-qualify with NerdWallet
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Lending Club
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10-35.5%
Estimated APR*
600
Min credit score
Online term loan
Pre-qualify with NerdWallet
View details
StreetShares
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9-40%
Estimated APR*
600
Min credit score
Online term loan
on StreetShares’ secure website
View details
OnDeck
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8.5-99%
Estimated APR*
500
Min credit score
Online term loan
Pre-qualify with NerdWallet
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Quarterspot
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30-60%
Estimated APR*
550
Min credit score
Online term loan
on Quarterspot's secure website
View details

Equipment financing

LenderLenderAPRAPRMin credit scoreMin credit score
Currency Capital
View details
6-24%
Estimated APR*
585
Min credit score
Equipment financing
on Currency Capital's secure website
View details

Line of credit

LenderLenderAPRAPRMin credit scoreMin credit score
StreetShares
View details
9-40%
Estimated APR*
600
Min credit score
Line of credit
on StreetShares’ secure website
View details
OnDeck
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14-40%
Estimated APR*
600
Min credit score
Line of credit
Pre-qualify with NerdWallet
View details
BlueVine
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16-62%
Estimated APR*
600
Min credit score
Line of credit
Pre-qualify with NerdWallet
View details
FundBox
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15-59%
Estimated APR*
None
Min credit score
Line of credit
on Fundbox's secure website
View details
Kabbage
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24-99%
Estimated APR*
None
Min credit score
Line of credit
on Kabbage's secure website
View details

Invoice factoring

LenderLenderAPRAPRMin credit scoreMin credit score
FundBox
View details
16.5-76.5%
Estimated APR*
None
Min credit score
Invoice factoring
on Fundbox's secure website
View details
BlueVine
View details
17.5-60%
Estimated APR*
530
Min credit score
Invoice factoring
Pre-qualify with NerdWallet
View details

Also recommended

LenderLenderAPRAPRMin credit scoreMin credit score

Microloan

View details
8-13%
Estimated APR*
500
Min credit score
Microloan
on NerdWallet.com
View details

Personal loan

View details
4.08-36%
Estimated APR*
580
Min credit score
Personal loan
on NerdWallet.com
View details

Business credit card

View details
13.33-29.99%
Estimated APR*
630
Min credit score
Business credit card
on NerdWallet.com
View details

Loading your loans...

*Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.

SBA loan

The government-guaranteed SBA loan program works with banks to offer low interest rates and long-term repayment. But the process is time consuming and the requirements are strict. Only those with great personal credit (650 or higher, although some SBA lenders may have lower score requirements), strong business finances and the flexibility to wait for funding should apply.

- Loan amounts: $30,000 to $5 million
- APR range: 6.5% to 9%
- Good for large one-time and longer-term investments, purchasing real estate or equipment, buying existing businesses and refinancing debt


Business term loan

Online lenders offer term loans of up to $500,000. For a short-term loan, the repayment period typically ranges from six to 12 months, while a long-term loan repayment can extend up to 10 years or longer in some cases. Business owners can also find financing that can be used for specific items, like equipment or inventory.

- APR range: 6% to 99%
- Good for large one-time investments


Business line of credit

A business line of credit provides access to flexible cash. Lenders give you access to a specific amount of credit (say, $100,000), but you don’t make payments or get charged interest until you tap into the funds.

- Credit line range: $2,000 to $500,000
- APR range: 8% to 99%
- Good for managing cash flow, handling unexpected expenses and financing short-term business needs.


Invoice factoring

Invoice factoring allows your small business turn its invoices (the money owed by customers that has yet to be paid) into immediate cash. You sell the invoices to a factoring company, which is paid when it collects from your customers. If you would like to maintain control over your invoices, invoice financing is an alternative to factoring.

- Financing amounts: $500 to $500,000
- APR range: 16% to 77%
- Good for managing cash flow, short-term financing


Additional funding options

If you’re looking for business financing outside traditional loans or lines of credit, or you don’t qualify, you can also consider a personal loan for business or a business credit card. A personal loan for business is a good option if you need startup financing or your business is still young and you don’t quality for traditional financing. Personal loan providers look at your personal credit score and income instead of your business history. A business credit card offers revolving credit, making it a solid option for short-term expenses. It also can be easier to qualify for a business credit card than a small-business loan. While credit limits tend to be smaller than a line of credit, a business credit card offers rewards, such as cash back or travel points.


How do I get a business loan?

While every lender will have different underwriting guidelines, they generally consider similar metrics, including personal credit score, your time in business and annual revenue. Lenders will also consider your cash flow and whether you have the ability to repay the debt.

Depending on the lender, you'll be asked to submit specific documents, like tax returns, bank and cash flow statements directly to the lender, or to share them by logging into your bank account or bookkeeping software via a lender’s secure login portal.

Read more details on how to get a small-business loan.


Why these lenders?

Only about 1 in 5 businesses that apply for a loan from a big bank are approved. To solve that problem, we work with online lenders that specialize in making the loan application process simple and accessible to more small businesses. Also, they're faster to make loans and offer more-competitive rates than some banks.


How does NerdWallet make money?

We make money when you get the funding you need. Some of the loan providers on our site pay us a referral fee when customers like you get approved for a loan. We always try to find the best option for you, even if we don't have a paying relationship with that lender. We also actively turn down offers from lenders that we feel seek to take advantage of small business owners. Read more about how we make money.