Compare other providers that offer invoice financing and lines of credit.
Fundbox offers fast, paperwork-free lines of credit 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 Fundbox isn't always the best option. Starting at 4.66% per week, Fundbox's fees translate into an APR that's much higher than your traditional line of credit — and may even be more costly than other online options. Its credit limit of $150,000 is also on the low end.
These Fundbox alternatives offer a similarly simple application and flexible requirements. They also offer higher limits and, in some cases, lower starting rates and fees.
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, its starting rates tripled during the coronavirus outbreak — it might not offer much savings compared to a Fundbox line of credit.
Pros
Instant access to credit line funds
Credit limits as high as $250,000
Accepts fair credit
Cons
High starting APR of 35%
Choice between higher rates and prepayment penalty
Weekly or daily repayments
Loan amount
$5,000 – $250,000
APR
As low as 35%
Min. Credit Score
600
Loan Term
3 to 24 months
Requirements
600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
Pros
Instant access to credit line funds
Credit limits as high as $250,000
Accepts fair credit
Cons
High starting APR of 35%
Choice between higher rates and prepayment penalty
Weekly or daily repayments
Loan amount
$5,000 – $250,000
APR
As low as 35%
Min. Credit Score
600
Loan Term
3 to 24 months
Requirements
600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
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.
Pros
Low starting rate of 4.8%
Credit limits as high as $250,000
Also offers invoice factoring
Cons
$15 fee for same-day funding
More requirements for sole proprietors and partnerships
$5,000 minimum first-time draw
Loan amount
$5,000 – $250,000
APR
Starting at 4.8%
Min. Credit Score
600
Loan Term
6 to 12 months
Requirements
6+ months in business, $10,000+ in monthly revenue, 600+ credit score
Pros
Low starting rate of 4.8%
Credit limits as high as $250,000
Also offers invoice factoring
Cons
$15 fee for same-day funding
More requirements for sole proprietors and partnerships
$5,000 minimum first-time draw
Loan amount
$5,000 – $250,000
APR
Starting at 4.8%
Min. Credit Score
600
Loan Term
6 to 12 months
Requirements
6+ months in business, $10,000+ in monthly revenue, 600+ credit score
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.
Pros
Network of over 75 partner lenders
Funding available within 24 hours
Offers a variety of financing options
Cons
Warning from FTC over charging fees on PPP loans
Some product may have high rates
Loan amount
$500 – $5,000,000
APR
Starting at 6%
Min. Credit Score
580
Loan Term
1 to 25 years
Requirements
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Pros
Network of over 75 partner lenders
Funding available within 24 hours
Offers a variety of financing options
Cons
Warning from FTC over charging fees on PPP loans
Some product may have high rates
Loan amount
$500 – $5,000,000
APR
Starting at 6%
Min. Credit Score
580
Loan Term
1 to 25 years
Requirements
Operate business in US or Canada, have a business bank account, 560+ personal credit score
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 11.29% plus an origination fee of 3.49% to 6.99% — though other products are generally more expensive. But you 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.
Pros
Low rates starting at 11.29%
Wide range of financing options
Funded by investors instead of a bank
Cons
Relatively high origination fees
Non-loan products are more costly
Limited industry eligibility
Loan amount
$5,000 – $500,000
APR
11.29% to 30.12%
Min. Credit Score
660
Loan Term
3 to 120 months
Requirements
660+ personal credit score, 2+ years in business, for-profit business in an approved industry, not located in Nevada
Pros
Low rates starting at 11.29%
Wide range of financing options
Funded by investors instead of a bank
Cons
Relatively high origination fees
Non-loan products are more costly
Limited industry eligibility
Loan amount
$5,000 – $500,000
APR
11.29% to 30.12%
Min. Credit Score
660
Loan Term
3 to 120 months
Requirements
660+ personal credit score, 2+ years in business, for-profit business in an approved industry, not located in Nevada
FundThrough is an online factoring company that offers advances on your business’s unpaid invoices from other businesses or government agencies. It’s one of the few fully-automated factoring companies that can transfer you the funds within 24 hours by connecting with your business accounting software. While the factoring fee range of 2.5% to 5% is average compared to other factoring companies, it can provide as much as 100% of the funds upfront, less the estimated fees. Most factoring companies only advance up to 90%.
Pros
Fully automated application
Funding within 24 hours
Up to 100% of advance upfront
Cons
Average factoring fees
May not work with all accounting software
Expensive compared to term loans
Loan amount
$500 – $10,000,000
APR
Not applicable
Loan Term
1 to 3 months
Requirements
Regularly receives invoices due within 30 to 90 days.
Pros
Fully automated application
Funding within 24 hours
Up to 100% of advance upfront
Cons
Average factoring fees
May not work with all accounting software
Expensive compared to term loans
Loan amount
$500 – $10,000,000
APR
Not applicable
Loan Term
1 to 3 months
Requirements
Regularly receives invoices due within 30 to 90 days.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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