Easy business loans to qualify for

Compare lenders with minimal credit score, time-in-business and revenue requirements.

Last updated:

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Not sure your business is eligible for a loan? Generally, you may have better luck with online lenders and local financial institutions than with big banks. You also might want to look beyond the traditional term loan or line of credit. But beware: Loans that have minimal requirements are often more expensive.

Our top pick: LoanBuilder, A PayPal Service Business Loans

  • Min. Loan Amount: $5,000
  • Max. Loan Amount: $500,000
  • Requirements: Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
  • Simple online application
  • Quick approval decisions
  • Fast funding
  • No origination fee

Our top pick: LoanBuilder, A PayPal Service Business Loans

Customizable loans with no origination fee for business owners in a hurry.

  • Min. Loan Amount: $5,000
  • Max. Loan Amount: $500,000
  • Requirements: Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.

Top 5 easy business loans to qualify for

LenderBest for …Types of financingEligibility requirementsLoan amountsCostTerms
CrediblyBusinesses in high-risk industries
  • Working capital term loans
  • Merchant cash advances
6+ months in business, $180K annual business revenue, 500+ credit $15K+ in monthly depositsWorking capital term loans: $5,000 to $250,000

Merchant cash advances: $5,000 to $150,000

Factor rates as low as 1.15%Working capital term loans: 0.5 years to 1.42 years

Merchant cash advances: 3 to 14 months

Go to site
OnDeckBusiness owners with bad credit
  • Term loans
  • Lines of credit
Term loans: 600+ personal credit score, 1+ years in business, $100,000+ annual revenue

Lines of credit: 600+ personal credit score, 1+ years in business, $100,000+ annual revenue

Term loans: $5,000 to $500,000

Lines of credit: $6,000 to $100,000

Term loans: As low as 9.99% AIR

Lines of credit: As low as 13.99% APR

Term loans: 3 to 36 months

Lines of credit: 12 months

Go to OnDeck Capital's site
BlueVineBusinesses that rely on invoices
  • Invoice factoring
  • Lines of credit
Invoice factoring: 530+ personal credit score, 3+ months in business, $100,000+ annual revenue

Lines of credit: 6+ months in business, $100,000+ annual revenue, 600+ credit score, not based in North Dakota or South Dakota

Invoice factoring: $5,000 to $5,000,000

Lines of credit: $5,000 to $250,000

Invoice factoring: Factor rates starting at 0.25% a week

Lines of credit: 4.8% As low as APR

Invoice factoring: Varies

Lines of credit: 0.5 years to 1 year

Go to BlueVine's site
Become (formerly Lending Express)New businesses
  • Term loans
  • Lines of credit
  • Merchant cash advances
  • SBA loans
  • Equipment and vehicle financing
3+ months in business and $10,000+ monthly revenue or 6+ months in business and $3,000+ monthly revenue$5,000 to $500,000Varies by lender0.08 years to 10 years
Go to Become's site
KabbageBusinesses with low monthly revenueLines of credit1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months$500 to $250,000Flat fee based on repayment term6 to 12 months
Go to Kabbage Inc.'s site

1. Credibly

Credibly is an alternative business loan provider with minimal eligibility requirements. For its working capital loans, it emphasizes your business’s cash flow: How much you deposit into your bank account each month and the number of negative cashflow days.

It’s also open to working with businesses in high-risk industries, including real estate companies and law firms. It takes just 24 hours to hear back about approval, and your funds can be disbursed as soon as the same day.

Read our review of Credibly

2. OnDeck

OnDeck is an online lender that looks beyond your credit history when evaluating your application for a loan. You only need a credit score of 500 to be eligible for its term loans, though you must be in business for at least one year. You’ll also have better luck if your business has a strong cash flow.

Applying is also easy: Complete an online application and wait a few minutes for OnDeck to make a decision. After you’ve submitted your documents and signed the contract, you could receive your funds in as little as one business day.

Read our review of OnDeck

3. BlueVine

BlueVine is best known for its invoice factoring, though your business can also apply for a line of credit. Because invoice factoring involves selling your business’s unpaid invoices at a discount, your credit and time in business aren’t as important as the value of your invoices.

While BlueVine doesn’t offer invoice factoring to businesses in the healthcare or medical industries, you might be eligible for a line of credit instead. This type of financing comes with stricter eligibility requirements and isn’t available in all states.

Applications are typically approved within 24 hours, and you may be able to receive your funds just a few hours later.

Read our review of BlueVine business loans

4. Become (formerly Lending Express)

Become is an online connection service that offers a wide range of financing options for businesses. It could be particularly useful to business owners who’ve never applied for a loan before: You can easily compare multiple offers that you might not have found on your own.

You only need to be in business three months to be eligible, though most lenders require at least six. Prequalifying through Become takes minutes. And if approved by one of its partners, you could get your money in as soon as 24 hours.

Read our review of Become

5. Kabbage

Kabbage lines of credit are simple to use and require a monthly revenue of $4,200 to qualify. Like OnDeck, Kabbage looks beyond revenue and credit scores when it considers your application. You can increase your chances of approval by linking your business accounts like PayPal and QuickBooks during the application process.

After you qualify for a loan, access your credit line by logging in to your account online, using the Kabbage app or swiping your Kabbage card. Each withdrawal turns into a six- or 12-month loan, which business owners repay plus a fee.

The application and approval process takes just 10 minutes. Plus, you could get your funds just a few minutes later, depending on the account you have them sent to.

Read our review of Kabbage lines of credit

How easy is it to get a small business loan?

It depends on your business and the type of financing you’re looking for. Generally, businesses that have been around for a few years, are cashflow positive and have owners with strong personal credit will see more options. Unsecured term loans and lines of credit are typically more difficult to qualify for than those that require collateral.

Other types of working capital financing, like merchant cash advances and invoice factoring, are also often easier to qualify for than a term loan.

High-risk industries can have a hard time qualifying

Businesses in some industries might still have trouble qualifying for a business loan, no matter how strong their finances.

These riskier industries include:

  • Trucking
  • Oil and gas
  • Law firms
  • Construction
  • Real estate
  • Insurance
  • Travel agencies
  • Moving companies
  • Sales agencies
  • Tobacco
  • Gambling
  • Cannabis
  • Adult entertainment

    Nonprofits and sole proprietorships also tend to have a harder time with business loan approval, regardless of the industry.

    How easy is it to get a startup business loan?

    Getting a business loan as a startup is often difficult, because you often can’t meet the minimum revenue and time-in-business requirements. Some alternative lenders offer business financing based on your financial projections, but it can be expensive.

    If you’re employed and have strong personal finances, consider a personal loan instead. These loans typically have lower rates and more forgiving terms than startup loans.

    Or look into investor funding. You’ll lose some equity in your business, but you won’t be on the hook for repayments, and you don’t need to meet the same requirements as a business loan.

    How to fund a startup

    Where can I find a business loan that’s easy to qualify for?

    You might have better luck finding an easy business loan to qualify for online or at your local financial institutions. Borrowing from an online lender is often quick and simple, but it can be expensive. And while local banks and credit unions sometimes have lower rates, they can take much longer to process your application.

    To find the best rates and terms you’re eligible for, start your search with lenders designed to serve a broad range of borrowers and needs.

    Community development financial institutions

    Community development financial institutions (CDFIs) have the highest rate of approval among all business lenders, according to a 2017 Federal Reserve survey. A CDFI can be a bank, loan fund, credit union or even venture capital firm with a mission to empower underserved and underrepresented communities.

    CDFI loans might be best for businesses that’ve been around awhile but have low revenue because of the nature of their work — many accept applications from nonprofits. Business owners who are minorities, women or veterans could also have an easier time with approval, as could businesses that serve an economically disadvantaged community.

    Online connection services

    New business owners who don’t meet the eligibility requirements at their local bank might want to consider an online connection service. These services are often free to use and can give you an idea of the rates, terms and loan amounts your business is eligible for from multiple lenders. If you’re happy with one of the offers, you can typically go directly to the lender’s site to complete an application.

    A downside of using connection services is that they tend to operate on a pay-per-lead model, meaning that the pool of lenders can be limited. For the most options, try to find a service that works with at least 75 partners.

    Factoring companies

    Businesses that rely on invoices from other businesses or government agencies could have an easier time qualifying for invoice factoring than for other types of financing. That’s because your business might not have the cash flow to qualify for a traditional business loan or line of credit.

    Factoring companies also often work with businesses in high-risk industries like trucking companies. However, this option can be more expensive than traditional business financing. And you might get locked into a yearslong contract.

    Factoring companies buy your business’s invoices at a discount and give you between 85% to 95% of their value up front. After your clients fill their invoices, your business gets the rest of the value less a service fee.

    Merchant cash advance providers

    If you own a retail businesses with regular credit card sales, you might want to look at merchant cash advances if you’ve had trouble qualifying for a business loan. Merchant cash advances work like an advance on your company’s future sales, which you repay plus a fixed fee with a percentage of each credit card transaction.

    Typically, your business needs to meet monthly sales requirements to qualify. And like factoring, merchant cash advances can be more expensive than other financing options.

    How to make the application process easier

    Ready to apply for financing? Speed up the application process with these simple tips:

    • Ready your documents and information. That quick online application isn’t going to be helpful if you don’t have basic info on hand, like your business’s tax ID number and monthly revenue. You also usually need to provide at least three months of business bank statements as well as your personal and business tax returns.
    • Pay attention to the requirements. If your business can’t check off all of the lender’s basic requirements, you may not get approved. And you’ll have to start all over again.
    • Get in touch with customer service. If you’re not sure you’re eligible or have questions, ask a rep to walk you through the application process. It can save you time deciding if the lender is right for your business. You may be able to complete your entire application over the phone.

    Bottom line

    Going local or online is often the best way to find a business loan that’s easy to qualify for. However, easy business loans can sometimes be more expensive than other options, especially if they don’t require collateral.

    To learn more about your financing options and compare lenders, read our guide to business lending.

    Frequently asked questions

    Picture: Shutterstock

    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site