Best Easy Business Loans | Bankrate

Small business loans provide you with the cash you need to make decisions and grow your company, but not all business loans are easy to get. In fact, it can be hardest for the businesses that need it most, like startups and those with bad credit. That’s because lenders may not want to take on the risk of lending to these groups.

However, some lenders understand the need small businesses have and offer lenient eligibility requirements and streamlined applications to make getting a business loan easy. To help you sort through lenders, we rounded up seven of the easiest business loans to get so that you can finally get the funding your business needs.

Compare the best easy business loans of 2024

Here’s a quick glance at seven easy small business loans based on their lower eligibility requirements and other factors that help make them accessible.

Lendio: Fast and easy business loans

Lendio operates as a loan marketplace with a sizable network of more than 75 lenders, making it a one-stop shop to explore multiple lenders. Lendio’s network also works to provide accessible requirements to small businesses to help them get approved for funding. Many of the lenders in the Lendio network will issue financing to business owners with:

• Less-than-stellar credit (a personal credit score of 500 or above)
• Minimal annual revenue ($50,000 or more)
• A short time in business (6 months or more)

The interest rates Lendio lenders charge will usually be higher than a traditional lending institution, ranging from 4.63 percent up to 60.00 percent. But if you’ve been rejected by banks and credit unions, this can give you a great place to start exploring your other options.

• How to get a Lendio business loan

  To get matched with business loan option(s), you’ll simply fill out the online application on Lendio’s website. You’ll provide basic information, such as your business industry, how much funding you need and information about the owner and ownership percentage of the business.You’ll also provide personal information (your name and contact info) to create an account. Once you get matched with a lender, the application process depends on their specific requirements. Generally, be ready to show any relevant business documents, from your business bank account statements to your payroll. Depending on the Lendio lender you work with, you may also need to show some personal information, like your own income.

OnDeck: Easy short-term lines of credit

OnDeck offers short-term lines of credit to provide easy access to funding when you need it. Once approved, you can receive instant funding from the credit line, a perk that keeps you from waiting on the funds to make a purchase. You can access funding up to your credit limit with a maximum limit of $100,000.

Then, you get flexible repayment terms of 12, 18 or 24 months to repay what you draw on either a weekly or monthly schedule, depending on the terms of your line of credit. Depending on your state, you may be required to withdraw $1,000 when opening your line of credit.

To get approved for this business line of credit, you’ll usually need at least one year in business and a personal credit score of at least 625. These are easier requirements to meet compared to traditional bank lenders that require two to three years in business and credit scores of 670 and above.

• How to get an OnDeck business loan

  To get an OnDeck business loan, you’ll need to appy online. The application process will involve a soft credit check, which means it won’t ding your credit when seeing if you qualify.OnDeck states that you can fill out the application in minutes and get funding within the same day if you’re approved. You’ll need to provide information about how much funding you need, what you intend to use the funds for, and business information such as your tax ID and annual gross revenue. OnDeck does not fund loans in North Dakota.

Fundible: Easy business loans for bad credit

While Fundible generally requires a personal credit score of 650 for its in-house financing, it also partners with a network of lenders. And some of those lenders will be willing to work with business owners with a credit score as low as 450, according to a Fundible spokesperson. In other words, if you’re looking for an easy-approval business loan for bad credit, this is a great place to start.

Fundible also offers a variety of business loans that you can choose from to serve your unique funding needs. While most bad credit lenders offer limited options, with Fundible, you can get everything from a business line of credit to term loan to equipment financing or invoice factoring. Most of its loans require you to have a personal credit score of 500, at least six months in business and $8,000 in monthly revenue to qualify.

• How to get a Fundible business loan

  The online application should take you just a few minutes, and if approved, you should receive funding within 24 hours. To apply, you’ll need your three most recent business bank account statements, information about yourself and any other owners and details on any real estate your business rents or owns.

Accion Opportunity Fund: Easy low-interest business loans

Accion Opportunity Fund (AOF) focuses on creating more equity in lending by financing loans for minority-owned businesses and those operating in low-income communities. Because of its mission, AOF offers term loans with relatively low interest rates starting at 8.49 percent simple interest, even to borrowers who don’t meet traditional lenders’ eligibility criteria.

Plus, this lender doesn’t just offer you money — it offers business mentorship and online learning resources to help your business succeed beyond the business loan.

AOF doesn’t state a minimum credit score requirement for its business loans, claiming to determine eligibility based on factors apart from credit. But you will still need at least 12 months in business and $50,000 in annual revenue to qualify.

• How to get an Accion Opportunity Fund business loan

  To get a business loan with Accion Opportunity Fund, you can start the application process online within mere minutes. Have information on your business revenue and expenses handy. AOF recommends using your past tax returns to provide the details they need. After you complete the application, AOF shows you a selection of loans for which you qualify.

Taycor Financial: Easy equipment loans for startups

Taycor Financial offers easy equipment loans or leases geared for startups since it doesn’t impose a time-in-business requirement for businesses seeking less than $250,000 in financing. You can also receive 100 percent financing, allowing your business to get funding with no down payment needed to pay upfront. Plus, you can choose between a loan or a lease with the option to buy out at the end of the lease, whichever suits your business best.

Taycor also has a wide range of financing sizes available. You can get a loan for as little as $500 (much lower than most lenders will go) all the way up to $2 million.

• How to get a Taycor Financial equipment loan

  To apply, you can start an online application, with no tax returns required for loans less than $400,000. You will need to give some business and personal details, though, like your tax ID number and time in business.

Kiva: Easy business loans with no annual revenue requirement

A lot of the other easy small business loans we’ve highlighted come with revenue requirements. A revenue requirement can be a big challenge to companies that are either just getting started or going through a rough patch. Fortunately, Kiva can help here.

This nonprofit crowdfunding platform has no minimum annual revenue requirement. It also doesn’t have time-in-business or credit score requirements. And the loan you get through Kiva comes with a 0 percent (yes, you read that right) interest rate. But there is one thing to note here: this option has a ceiling. Kiva loans cap out at $15,000.

• How to get a Kiva business loan

  While qualifying for a Kiva business loan is easy, you will need to put in some work to fund the loan. It starts with an application that will likely take you about half an hour. Then, you need to invite people in your network — whether that’s actual investors or friends and family — to lend to you through Kiva. Once you build enough of a base, you can go public on the Kiva network, opening your business up to more than 1.6 million lenders across the globe. From there, you have up to 35 days to fundraise what you can. You’ll then repay the loan in 36 months or less.

PayPal working capital: Easy business loans with no credit check

If your credit score is your biggest obstacle to getting the financing your company needs, explore PayPal. PayPal offers a working capital loan up to $200,000 for first-time borrowers and $300,000 for returning borrowers, and all without a credit check. Instead, this lender relies more on your PayPal sales history to determine if you are creditworthy and able to make good on the loan.

You’ll then repay the loan out of a percentage of your sales. PayPal does charge a one-time fixed fee, and you’ll have to apply to determine the amount of the fee. You’ll need at least $15,000 to $20,000 in PayPal sales per year to be eligible for this loan.

• How to get a PayPal working capital loan

  PayPal doesn’t issue these loans in Nevada, North Dakota or South Dakota. Assuming you’re operating elsewhere, getting approved for a PayPal working capital loan means meeting two requirements: 

  • You’ve had a PayPal Business or Premier account for at least 90 days
  • You process $15,000+ in annual PayPal sales if you have a PayPal Business account or $20,000+ in annual PayPal sales if you have a Premier account

  Assuming you meet that criteria, you just need to log into your PayPal account and apply online. It should only take a few minutes, and your working capital loan can fund just as quickly.

Who should get an easy business loan?

You may want to consider an easy-approval business loan if you’ve applied for conventional business loans and discovered that you can’t qualify. The reason not everyone should apply for an easy business loan is that they tend to come with higher lending costs than conventional loans. Online lenders like the above are willing to lower their eligibility requirements to appeal to a broader pool of borrowers, but that means they take on more risk. To make up for it, they charge more in interest.

As you move forward, you can crunch the numbers using a business loan calculator to understand the full cost of what you’re borrowing before you dive in.

Alternatives to small business loans

Easy small business loans can be attractive because they offer streamlined applications and quick funding approvals. Still, you’ll want to explore other options before you commit.

SBA loans

There are several types of SBA loans, all backed by the U.S. Small Business Administration (SBA), so they generally come with two big perks. First, SBA loans often have lower interest rates than loans from online lenders. They also can come with lower eligibility requirements than traditional lending institutions.

However, SBA loans come with a long application and long list of documentation requirements in order to apply for this type of loan. Loans also have to be approved by the lender and the SBA, drawing out the process longer than other business loans — often taking 30 to 90 days to finalize.

Despite all the paperwork, SBA loans can help you save thousands over the life of your loan. And lenders like Lendio do offer SBA loans with lower eligibility requirements, blending the convenience of an online loan application process with government backing for a lot of borrowers.

Easy SBA loans

SBA microloans are easy-approval SBA loans because they come with relatively relaxed eligibility requirements. Some SBA microlenders will work with startups or those with credit scores as low as 500, for example.

The SBA also offers the Community Advantage (CA) loan, which is a type of 7(a) loan reserved for small business owners in underserved communities. The initial CA pilot program has ended, but all lenders that participated in the pilot are now certified as Community Advantage Small Business Lending Companies (SBLC) to offer SBA loans.

Business grants

Aside from debt financing, you could get cash for your business that you don’t need to pay back. To do so, you’ll want to look into business grants. While free money sounds appealing, grants are highly competitive and can take time to hear back to see if you’re approved for the funding. You may also have to show the organization why they should choose your business and how the funding will help your business grow. If you’re interested, consider the following guides:

• Bankrate guides to small business grants

Business credit cards

Business credit cards can be even faster and easier to get than the best easy business loans mentioned above. Credit card companies tend to look less closely at your business financial statements than business lenders do.

Plus, just like the loans we’ve gone over, having a credit card and paying down the balance can help you build credit. So if your credit score is your biggest obstacle in getting a business loan, this could be a good place to start. Plus, most business credit cards let you earn rewards like points or travel miles that you can redeem later. Some cards also offer 0 percent intro APRs, helping you make a purchase that you can pay back before the offer period is over to avoid interest.

The best small business credit cards are usually reserved for business owners with good-to-excellent credit. However, you can find business credit cards geared for borrowers with fair or bad credit.

Bottom line

Thanks to the rise of online lenders, there are plenty of easy small business loans available today. Some of the easiest business loans to get have lower credit scores or time-in-business requirements, while others make it simple to apply and get approved in just minutes.

Don’t get lured in by the promise of ease, though. Before you dive in with any of these easy business loans, make sure you do the math on how much the loan will cost you. Many of the easier-to-procure options come with higher interest rates and fees in exchange for their convenience.

Frequently asked questions

• What is the easiest loan to get for a business?

  The easiest business loan to get will depend on your business’s finances and credit score. Often, online lenders offer the easiest business loans to get because they cater to startups or businesses with bad credit, and they have streamlined applications. However, if you have strong credit and finances, even a business loan from a bank can be easy to get. Secured loans can also be easier to get because they are backed by collateral, making them less of a risk for the lender to approve.

• Does a business loan lender check your credit?

  Most lenders check your credit report to make sure you have a history of on-time payments, low debt and no recent negative history. Some lenders may only use a soft credit pull rather than a hard one. This way, you won’t see a dip in your credit score.

• How easy is it to get an SBA loan?

  SBA loans aren’t the easiest business loans to get since they require you to fill out a long list of paperwork and provide a lot of documentation. But they can be easier to get than other loans if you don’t qualify for conventional business loans elsewhere. SBA Preferred Lenders can streamline the application process for you, taking less time than the usual 30- to 90-day processing time. You might also look into SBA Express loans for fast financing since these loans don’t require the lender to get approval from the SBA.