A business line of credit is a great form of flexible, renewable financing. And it’s even better if you can get it as soon as you need it. Consider these lenders that offer instant approval — or at least fast — and funding within a day.
Finder’s business loan experts analyzed dozens of lenders offering business lines of credit with fast approval and funding. We ultimately chose lenders that have streamlined application and approval processes to get funding to your business as quickly as possible. We also took into account other factors, such as rates and loan terms, fees and requirements needed to qualify.
The criteria we evaluate includes:
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Consider these factors when choosing the right instant approval business line of credit for your company:
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How we picked theseThe Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
A business line of credit is a revolving line of credit that works kind of like a credit card, although it gives you more affordable access to cash. But like a credit card, you only pay interest on the money you spend. The loans can be either secured or unsecured LOCs, and some may not require a personal guarantee.
If approved for a business line of credit, you’ll be offered a preset credit line up to $500,000 or more. Then, you can draw on those funds as often as you need to, as long as you don’t exceed the limit. As you pay down the balance, your funds are replenished.
In general, business lines of credit lenders have flexible repayment terms. Typically, you’re only required to make interest payments during the draw period, but you can always pay more if you like, which saves you on interest charges. Lines of credit generally have short loan terms of two years or less, although some may extend longer than that.
Consider the benefits and drawbacks of a business line of credit before deciding if it’s the right kind of funding for your business.
Most lenders that offer business lines of credit look at your credit score, how long you’ve been in business and how much revenue you make.
Applying for a business line of credit can vary by lender, but here are the basic steps:
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What is your primary need for a business loan?
If you don’t qualify for a business line of credit or want to explore other options, consider these alternatives:
Most lenders that offer business lines of credit are willing to work with LLCs. But if you’re new, you’ll need to search for lenders with lower minimum time in business requirements. Most, however, want to see at least six months in business.
For the most part, lenders require a credit score of at least 600, although some require 670 or higher to qualify. However, if you look around, a few lenders accept lower scores, but you should expect higher rates.
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