Best Business Loans - Key Details & Pricing [2020’s Reviews]

At a Glance

LoanBuilder is a Paypal-driven loan service for small businesses and is also known as PayPal Business Loans. Its subsidiary company, Swift Financial, which PayPal bought out in 2017, has a good online reputation and a history of quality customer care. It has an A+ rating on Better Business Bureau (BBB) and 9/10 on Trustpilot, as well as most other rating sites.

Services

LoanBuilder offers short-term fixed-fee loans with no variable interest. While they are not the cheapest loans available, they have low entry requirements.

• APR Range: 6% – 19% fixed
• Loan Amount: $5,000 – $500,000
• Term Length: 3 – 12 months
• Funding Time: Within 24 hours of approval (business day)

Requirements

• Min. credit score: 550
• Minimum time in business: 9 months
• Minimum annual revenue: $42,000
• Other: Lien: UCC 1 Filing

Benefits

• LoanBuilder is great for new business loans but doesn’t offer SBA-approved loans.

Fees and restrictions

$20 return payment fee.

Restricted businesses include agencies, political, religious, nonprofit, human rights, gambling, conservation, education, civic, and social organizations, amongst others.

Read The Full LoanBuilder Review

At a Glance

One Park Financial is a business loan comparison site that can find multiple loan offers from the best business loan companies for all types of businesses, even those with bad credit. The site aggregates business loan offers from multiple sources, finding the best loan to suit the borrower’s needs. Get up to $750,000 with variable rates and terms for businesses as young as 3 months old.

Services

• APR Range: Varies (comparison site)
• Loan Amount: $5,000 – $750,000
• Term Length: Variable
• Funding Time: ~ 72 Hours

Requirements

• Min. credit score: 450
• Minimum time in business: 3 months
• Minimum annual revenue: $30,000
• Other: Poor credit, bankruptcies, tax liens accepted

Benefits

• BBB accredited with A+ rating
• Accepts new customers

Fees

The service is free to use with no obligations but One Park Financial does charge a professional service fee when you choose a provider.

Read The Full One Park Financial Review

At a Glance

Fundera is a popular financial services comparison site that finds a wide variety of the best online business loans of all kinds. Customers can get quotes on Small Business Administration loans, cash advances, short and medium-term loans, credit lines, equipment loans, and invoice financing. The selection of lenders is restricted so the choice can be limited but there is something to fit everyone’s needs.

Services

• APR Range: Variable
• Loan Amount: $2,500 (cash advance) or $10,000-$1 million (credit line)
• Term Length: 6 months to 5 years
• Funding Time: 2 days to 2 weeks

Requirements

• Min. credit score: 550
• Minimum time in business: Depends on the lender
• Minimum annual revenue: N/A
• Other: Bank statements and tax returns
  • • Profit and loss statements
    • Verification of rental space

Benefits

• Fundera is a free-to-use service that supplies SBA-approved loans and first time business loans to new businesses with relatively low credit.

Fees and restrictions

Fundera does not charge fees for the service but each loan provider has its own fee structure. Restrictions regarding business activities may vary from lender to lender.

Read The Full Fundera Review

At a Glance

Lendio is a digital lender marketplace that provides quotes on a wide variety of loan types, including credit cards, large cash flow loans, term loans, merchant cash advances (MCA), Small Business Administration loans, equipment leasing, and real estate. It gets quotes from a range of big lenders from among its 300+ list of vendors, ensuring you get an offer that suits your needs.

Services

• APR Range: 4% – 30%
• Loan Amount: $1,000 – $2 million
• Term Length: 1 month – 5 years (25 years for real estate)
• Funding Time: 24 hours ~

Requirements

• Min. credit score: 550
• Minimum time in business: 12 months
• Minimum annual revenue: $10,000 / month
• Other: 6 months business bank account statements
  • • Mortgage or landlord verification

Benefits

Lendio uses the same 256-bit encryption used by banking apps. An approved loan is not guaranteed but the service is free to use until you have chosen a lender. Offers some of the best long term business loans for real estate.

Fees and restrictions

• Origination, prepayment, and admin fees may or may not be added. Interest fees vary between lenders and can be fixed or variable, quoted weekly, monthly, or yearly.
• Restrictions include commercial real estate, hunting, fishing, gambling, legal, nonprofit, mining, and insurance businesses.

Read The Full Lendio Review

At a Glance

OnDeck is an efficient loan provider for businesses struggling to get a loan from their banks and credit unions. However, it only offers a fixed-fee structure that could work out more expensive than a traditional loan and requires frequent repayments. The company provides SBA PPP loans, revolving credit lines, and term loans up to $500,000 with variable rates.

Services

• APR Range: 9% – 99%
• Loan Amount: $5,000 to $500,000
• Term Length: 3 to 36 months
• Funding Time: Same business day

Requirements

• Min. credit score: 600
• Minimum time in business: 3 years
• Minimum annual revenue: $100,000
• Other: Business lien and personal guarantee
  • • Daily or weekly repayments

Benefits

OnDeck allows you to receive funding quickly and has low entry requirements. They offer different types of loans and fixed-rate fees to keep things simple and transparent. It is also an SBA authorized lender.

Fees and restrictions

OnDeck charges a one-time origination fee between 2.5% and 4% that drops to 1.25% – 3% for regular customers. There is a $20 monthly maintenance fee for the lines of credit.
Customers can’t make early repayments and must not have filed for bankruptcy in the past 2 years. Restricted businesses: adult entertainment, drug dispensaries, firearms vendors, nonprofits, boarding houses, car dealers, government, horoscope, gambling, religious, and civic organizations.

Read The Full OnDeck Review

At a Glance

BlueVine is one of the fastest business loan providers available with some customers receiving cash within 10 minutes after approval. BlueVine also offers credit lines and SBA PPP loans. Get a 6 to 12-month loan or credit line of up to $250,000, or as much as $2 million on a PPP loan over 2 years with only 1% APR. Businesses with outstanding invoices can benefit from invoice factoring loans up to $5 million.

Services

• APR Range: 15% – 78% (1% for PPP)
• Loan Amount: $5,000 to $250,000 ($2 million for PPP)
• Term Length: 6 – 12 months (24 months for PPP)
• Funding Time: 10 mins (term loan) 12 to 24 hours (credit lines).

Requirements

• Min. credit score: 600
• Minimum time in business: 6 months
• Minimum annual revenue: $100,000

Benefits

BlueVine is also one of the few small business loan companies that offer invoice factoring loans up to $5 million over 13 weeks to cover losses from clients who are slow to pay.
Lines of credit, SBA PPP, and short-term loans are all available, with cash delivered in as little as 10 minutes on term loans and 12 hours on credit lines.

Fees and restrictions

Not available in North Dakota, South Dakota, or Vermont.

Read The Full BlueVine Review

At a Glance

Biz2Credit is a company that provides direct financial products in the form of working capital loans, merchant cash advances, Small Business Administration loans, and commercial real estate loans. In addition to this, Biz2Credit can secure term loans and lines of credit via its network of partner loan providers. It has a particularly high rating due to its excellent customer service but has been criticized for charging above-average interest on its loans.

Services

• APR Range: Varies according to lender
• Loan Amount: $5,000 – $5 million
• Term Length: 3-36 months
• Funding Time: 24-48 hours

Requirements

• Min. credit score: Variable, usually above 600
• Minimum time in business: 6 months
• Minimum annual revenue: Varies by lender ($100,000+)

Benefits

In addition to its direct services, Biz2Credit offers lines of credit and term loans via its network of partners. It has been praised as one of the best small business loan lenders for the high quality of its customer service.
Commercial real estate loans can be converted to SBA loans after an initial term which saves time and effort for your business.

Fees and restrictions

There are no fees for submission of application, but third-party providers may charge origination fees.

At a Glance

Reliant Funding provides various loans for businesses including short-term, merchant cash advances, and equipment financing. Your company only needs to have been in business for one year or more and low credit scores are not a problem, although they will affect the loan’s APR. Reliant Funding charges unspecified fees as a percentage or multiplier depending on your business situation.

Services

• APR Range: Variable
• Loan Amount: $5,000-$500,000
• Term Length: 6-18 months
• Funding Time: 24 hours

Requirements

• Min. credit score: N/A
• Minimum time in business: 1 year
• Minimum annual revenue: $120,000

Benefits

Reliant Funding provides secure business loans with comparatively high maximum borrowing amounts and no minimum credit score requirements.

Fees and restrictions

Reliant Funding charges an unspecified amount of origination and additional fees. There is a lack of information and transparency on its website when it comes to fees charged by the company.

Read The Full Reliant Funding Review

At a Glance

Fundbox provides loans based on certain evaluation criteria that involve creating an account and linking your third-party accounting software to its platform. It also requires companies to use one of its 12,000 compatible business bank accounts. Through this system, it provides loans based on its evaluation of the health of your business’ finances. The complex system is able to provide businesses with one of two products, a line of credit or a B2B trade credit loan.

Services

• APR Range: 10.10% – 79.80%
• Loan Amount: $1,000 – $100,000
• Term Length: 12 or 24 weeks
• Funding Time: ~ 24 hours

Requirements

• Min. credit score: 500
• Minimum time in business: No minimum
• Minimum annual revenue: $50,000
• Other: Connect your accounting software and bank
  account

Benefits

Businesses don’t need to provide collateral for loans. Customer service is rated as excellent and is available via multiple channels, including email, phone, and a support center.

Fees and restrictions

A minimum advance fee of 4.66%, with weekly payments. No prepayment penalty.

Read The Full Fundbox Review

At a Glance

National Funding is aimed at businesses looking for short-term business loans, merchant cash advances up to $500,000, or equipment financing between $5,000 and $150,000. Loans are payable over 15 months and equipment financing over up to 5 years. Collateral is not required but a personal guarantee is, along with a credit score of at least 600. Payments are fixed and must be made daily or weekly.

Services

• APR Range: 15% to 30%
• Loan Amount: $5,000 to $500,000
• Term Length: 6 to 15 months
• Funding Time: 24 hours

Requirements

• Min. credit score: 600
• Minimum time in business: 1 year
• Minimum annual revenue: $100,000
• Other: Three months of business bank statements
  • • Most recent tax return

Benefits

• National Funding is available to a broad range of different small businesses, including beauty salons, contractors, restaurants, construction, retail, and agriculture companies.
• National Funding is still accepting PPP loan applications.

Fees and restrictions

National Funding charges an origination fee of 2% on their short-term loans and offers a 7% discount for prepayment.
No UCC lien for loans under $250,000.

Read The Full National Funding Review