Fundbox offers fast, paperwork-free lines of credit (LOC) to businesses with as little as six months in business and a personal credit score as low as 600. It’s also in the process of launching a short-term loan. But rates can be high, starting at 4.66% per week — that’s equivalent to an APR over 240%. Its credit limits stop at $150,000, which is on the low end next to its competitors.
Many Fundbox alternatives also offer low-doc online applications, fast turnaround times and flexible requirements. And you’re not limited to traditional lenders or fintechs. You can also consider connection services to quickly narrow down your options or peer-to-peer lending platforms for an alternative lending option.
Lendio is an online business loan marketplace that partners with over 75 lenders, including many providers on this page. While it won't fund your loan, it allows you to prequalify with multiple providers by filling out a simple online form — at no cost. But while it has a wide range of partners, it doesn't work with every lender out there, and the application requires you to have quite a bit of information on hand.
Pros
Over 75 partner lenders
Compare lenders in 15 minutes
Wide variety of lending options
Cons
Application is hefty
Exact rates and terms vary by lender
Loan amount
$1,000 – $5,000,000
APR
Varies by lender
Min. Credit Score
500
Loan term
3 months to 25 years
Requirements
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue
FundThrough is one of the few fully-automated factoring companies that can transfer funds within 24 hours by connecting with your business accounting software. One of the biggest advantages of going with FundThrough is that there are no contracts — you aren't obligated to commit to a number of months.
While the financing fee range of 2.75% to 8.25% is average, it can provide as much as 100% of the funds upfront, minus the estimated fees. Most factoring companies only advance up to 90%.
Pros
No-doc application
Next-day funding available
Offers 100% advances
No contracts
Cons
Not all accounting software accepted
Financing fee 2.75% to 8.25%
Loan amount
$500 – $10,000,000
APR
Not applicable
Min. Credit Score
500
Loan term
1 to 3 months
Requirements
At least $100k in accounts receivable to one customer, invoice B2B or government agencies, invoices are for completed work, no construction or real estate, no explicit liens on receivables
BlueVine also offers business LOCs and invoice financing with credit score, time in business and revenue requirements similar to Fundbox. The main difference is the credit limit, which can reach $250,000. Instant funding is also available for a $15 fee, and rates start at 6.2% over a 26 week-term.
But it sets a $5,000 limit for first-time draws and doesn't offer information on rates for longer terms. Sole proprietors and partnerships may also have a more difficult time getting approved, as options for those are limited.
Pros
Higher credit limit than Fundbox
Invoice factoring with Fundthrough
Same-day funding available
Cons
Limited options for sole proprietors and partnerships
$5,000 minimum first draw
Loan amount
$5,000 – $250,000
APR
Starting at 6.2%
Min. Credit Score
625
Loan term
6 or 12 months
Requirements
24+ months in business, $40,000+ in monthly revenue, 625+ credit score
OnDeck is an online lender that offers business LOCs and short-term loans. It has similar credit requirements and low-doc application process to Fundbox. However, OnDeck advertises that it can transfer some draws within seconds or minutes. It also offers a credit limit of $250,000 — much higher than Fundbox's $150,000.
While its starting rates are high at 29.9% APR, it's less expensive than Fundbox — though still more costly than a traditional LOC. Quick funding can be great in tough spots, but watch out for those high rates.
Pros
Instant access to credit line funds
Credit limits as high as $250,000
Accepts fair credit
Cons
High starting APR of 29.9%
Repayment schedule depends on term
Loan amount
$5,000 – $250,000
APR
Average is 60.9%
Min. Credit Score
625
Loan term
3 to 24 months
Requirements
Companies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account
American Express Business Line of Credit also offers a business LOC higher than you may get with similar competitors. It has flat monthly fees based on your loan term. A 6-month line of credit ranges from 3% to 9%, 12-month terms are 6% to 18%, 18-month terms range from 9% to 27% and 24-month lines of credit can range from 12% to 18%. You can access your funds by making a request through the American Express Business Line of Credit app or your online portal.
However, American Express Business Line of Credit's credit score requirement is 660, which is higher than Fundbox at 570, so borrowers with less-than-ideal credit may have better chances with Fundbox.
Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000
The required FICO score may be higher based on your relationship with American Express, credit history, and other factors. All businesses are unique and are subject to review and approval.
Funding Circle is a peer-to-peer lender that offers a range of business financing, including LOCs and invoice factoring. The rates vary widely by product, with the LOC rates from 7% to 25% APR and the invoice factoring rates from 10% to 60% APR — competitive compared to Fundbox's fees.
Funding Circle offers instant or same-day draws on its LOC, though other types of financing can take longer. The APR also includes an origination fee of 4.49% to 8.49%. But it requires a 660 credit score and at least two years in business.
Pros
Competitive rates
Wide range of financing options
Instant or same-day draws
Few fees
Cons
High origination fee
Not for bad credit
Loan amount
$25,000 – $500,000
APR
starting at 7.49%
Min. Credit Score
660
Loan term
6 months to 7 years
Requirements
660+ credit score, 2+ years in business, operates in an approved industry, no bankruptcies in the past 7 years.
Fundbox is a low-fee provider with no application, maintenance or origination fees. And unlike many other business lenders, its time-in-business requirements are more lax, only requiring six months in business versus the typical 12. But its line of credit caps out at $150,000, whereas other lenders like OnDeck offer up to $250,000.
Fundbox shines in its simple, low-doc application, and it accepts credit scores as low as 600. So if your business has been active for less than 12 months and your credit score isn’t ideal, Fundbox might be the provider for you.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
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