6 alternatives to Fundbox business loans

OnDeck is an online lender that offers business lines of credit and short-term loans. It has similar credit requirements to fundbox, and a similar approval process. But it’s one of the few online lenders that can transfer funds within minutes after requesting a draw. It also has a higher credit limit and offers discounts to repeat borrowers. However, it’s starting rates tripled during the coronavirus outbreak — it might not offer much savings compared to a Fundbox line of credit.

BlueVine is an online lender that offers lines of credit and invoice factoring — which Fundbox also used to offer. Its credit, time in business and revenue requirements are similar to Fundbox. But its credit limits can reach $250,000 and it offers a lower starting rate of 4.8%. While you can receive funds within the same day you make a withdrawal request, BlueVine charges a $15 fee. Sole proprietors and partnerships might also have a more difficult time getting approved than other types of businesses.

Kabbage is another online lender that offers business lines of credit. It has a similar fee structure to Fundbox and minimizes paperwork by connecting with online business accounts. It’s one of the few providers that offers a debit card connected to your credit line, which you can swipe wherever Visa is accepted. You can also access your funds by making a request through the Kabbage app or through your online portal. But American Express acquired this lender in 2020 and may be rolling out new rates, fees and additional products in the near future.

Lendio is an online business loan marketplace that partners with over 75 lenders, including many of the 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. This makes it easier to make a more accurate comparison based on your business’s profile rather than a general range of rates and terms. But while it has a wide range of partners, it doesn’t work with every lender out there— you still might be able to find lower rates if you prequalify with providers on your own.

Funding Circle is one of the few peer-to-peer lenders that offers business loans. You can find term loans, lines of credit and a range of other financing options. Its term loans have much lower rates, starting at 4.99% plus an origination fee of 3.49% to 6.99% — though other products are generally more expensive. But you’ll need a credit score of at least 660 and must be in an eligible industry to qualify for the term loan. It also typically takes three days to fund your loan after you get started on the application — fast for a peer-to-peer lender but slower than Fundbox.