Fundera business loans
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You might assume one of the pioneers of online lending offers business loans, but it doesn’t. In fact, Quicken Loans officially changed its name to Rocket Mortgage in July of 2021 to align more closely with its parent firm, Rocket Companies, and it’s never offered business loans.
The Quicken Loans name is still around, but it’s now an online marketplace, not a direct lender, and it also doesn’t offer business loans. Luckily, there are many alternatives.
There’s no one right type of financing for all businesses — it varies based on your company’s specific needs and goals and the kind of business you’re in. Here are six providers that may be able to help.
9.6 Excellent
Lendio is a business loan marketplace that allows you to compare 11 loan types from 75+ lenders, including term loans, cash advances, lines of credit, equipment loans and more. It offers funding up to $5 million, and some loans can be funded within a day or two. Just fill out a single online form to view multiple options. Some lenders may even work with credit scores as low as 580, depending on the loan type. However, you may be required to submit more documentation than other online lenders, and marketplaces can lead to a large volume of marketing calls and emails.
| Loan amount | $1,000 – $5,000,000 |
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| APR | Varies by lender |
| Min. Credit Score | 580 |
| Loan amount | $1,000 – $5,000,000 |
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| APR | Varies by lender |
| Min. Credit Score | 580 |
8 Great
Newer businesses or those with lower revenues may want to consider an American Express Line of Credit because it only requires an average monthly revenue of at least $3,000 and one year in business. It also offers a straightforward application process, competitive fees and flexible loan terms. But you'll need a decent credit score to qualify — 660 or more. It also requires a personal guarantee and charges monthly fees that vary depending on the loan term.
| Loan amount | $2,000 – $250,000 |
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| APR | N/A |
| Min. Credit Score | 660 |
| Loan amount | $2,000 – $250,000 |
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| APR | N/A |
| Min. Credit Score | 660 |
9 Excellent
If your firm invoices business-to-business (B2B) or government agencies, no-doc invoice factoring from FundThrough could be a fast financing option. There is no minimum credit score or time-in-business requirements, and you could see funding as soon as the next business day. But it can be an expensive form of funding, and it's not suitable for many businesses.
| Loan Amount | Up to $10 million |
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| Fee for Terms | 2.2% to 3% per 30 days |
| Loan Amount | Up to $10 million |
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| Fee for Terms | 2.2% to 3% per 30 days |
8.5 Great
This online provider specializes in short-term loans for midsize businesses that need money quickly. Business owners can apply online and get funds as soon as the next business day. While its time-in-business and revenue requirements are fairly low, it doesn't specify a minimum credit score to qualify. LoanBuilder business loans require a personal guarantee and weekly repayments.
| Loan amount | $5,000 – $150,000 |
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| APR | 2.9% to 18.72% |
| Min. Credit Score | 680 |
| Loan amount | $5,000 – $150,000 |
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| APR | 2.9% to 18.72% |
| Min. Credit Score | 680 |
7.6 Great
This unsecured business loan provider specializes in cash flow financing for newer businesses, including working capital loans from $25,000 to $600,000. Instead of interest, it charges a fixed fee that requires daily or weekly repayments. While it can be expensive, it has relatively minimal requirements compared to traditional business loan providers and offers funding as soon as the same day you apply. Looking to fund a larger project? Credibly also offers long-term business loans up to $10 million with more selective requirements to qualify.
| Loan amount | $5,000 – $10,000,000 |
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| APR | Factor rates start at 1.11 |
| Min. Credit Score | 500 |
| Loan amount | $5,000 – $10,000,000 |
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| APR | Factor rates start at 1.11 |
| Min. Credit Score | 500 |
9.2 Excellent
This top online lender offers traditional term loans and lines of credit to small businesses that need funds to expand or cover daily expenses. OnDeck's term loans could be a good choice if you're looking for a lender to build a relationship with, as repeat borrowers can qualify for lower fees and extra services. But it may charge an origination fee of up to 4%. Plus, you might need to make daily or weekly repayments, which could be an issue if your business is struggling with cash flow.
| Loan amount | $5,000 – $400,000 |
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| APR | Average is 56.4% to 56.6%. |
| Min. Credit Score | 625 |
| Loan amount | $5,000 – $400,000 |
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| APR | Average is 56.4% to 56.6%. |
| Min. Credit Score | 625 |
As mentioned, Quicken Loans — now Rocket Mortgage — doesn’t offer business loans. But you may want to consider funding business expenses with a personal loan from Rocket Loans.
You can borrow up to $45,000 at rates running from 9.116% to 29.99%. However, rates and terms depend on your personal finances, so it might not be the best choice if you have weak credit. And if you’re looking for funds to start a business, you might want to apply before you quit your day job — you’ll need to show proof of income to qualify.
We currently don't have that product, but here are others to consider:
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.
While neither Quicken Loans nor Rocket Mortgage offers business loans, many other business lenders out there provide the kinds of services Quicken helped establish, such as easy-to-follow online applications and fast turnaround.
It’s unclear why Quicken Loans — now Rocket Mortgage — has never entered the business loans space. Currently, its main focus is mortgages.
One reason could be that business loans come with a higher risk for the lender. They typically have higher loan amounts, and there’s always the chance your business won’t make enough to repay it. Another reason could be that mortgages and business loans are simply too different, and Quicken/Rocket opted to excel in its chosen niche.
Many online providers offer fast funding in as little as 24 hours after approval. However, how long it takes to get approved depends on your specific application.
Quicken Loans was first founded in 1985 under the name Rock Financial. Over the past 40 years, it’s paved the way for online providers in the home loans space — earning 22 total J.D. Power awards, more than any other mortgage lender in history.
No, Quicken Loans was a mortgage provider, so it only offered home loans. However, Rocket Loans, a subsidiary of Rocket Companies, provides personal loans.
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We look at eligibility requirements, potential costs, SBA options and more.
Compare $50,000 no-doc business loans for an expedited lending process.
Compare $5,000 business loans and what you need to qualify.
Compare different lenders to secure a $400,000 business loan with favorable terms.
Find a $40,000 business loan for your business and calculate the cost before you apply.
Buy real estate, another business or expand your enterprise.
You’ll have an easier time qualifying if you have strong credit and high revenue.
Find financing to grow your business — or even buy another.
Stay away from big banks for a loan of this size.