10 Best Small Business Loans 

Editor’s Take

Rapid Finance is a strong option for business owners with limited or damaged personal credit who need access to financing. With no minimum credit score requirement, it opens doors for borrowers who meet other qualifications, such as sufficient revenue, repayment ability, and time in business. Additionally, there are no late payment or prepayment penalty fees, which can help reduce overall borrowing costs.

However, eligibility comes with certain requirements. Businesses must earn at least $200,000 annually to qualify, and interest rates—ranging from 8% to 40%—can be higher than those of some competitors. This makes it better suited for established businesses with steady revenue rather than new or struggling ventures.

Pros & Cons

Pros:

• Fast funding, often within a few days
• Multiple business funding options (term loans, lines of credit, merchant cash advances)
• Simple online application process
• May accept lower credit scores than many banks
• Can approve newer businesses with limited time in operation

Cons:

• Interest rates may be higher than traditional banks
• Some fees can apply, including origination fees
• Shorter repayment terms on some products
• Not every product is available in all states
• May require daily or weekly repayments

Lender Details

Rapid Finance offers a range of business funding options, including term loans, lines of credit, and merchant cash advances. Loan amounts typically range from $5,000 to $1 million, with repayment terms from 3 to 60 months. Funding can be fast, sometimes available as soon as one business day after approval.

The lender is accessible to many businesses, often accepting credit scores as low as 550 and working with companies that have been operating for less than a year. Applications are completed entirely online with minimal paperwork and quick decisions. Fees may apply, including origination or administrative costs.

Designed to support both startups and established businesses, Rapid Finance’s flexible options make it a practical choice for those who need fast funding. Whether you’re covering operational expenses or investing in growth, the variety of loan types makes it easier to find a fit for your specific needs.

Editor’s Take

TD Bank offers a strong choice for business owners seeking competitive interest rates and generous loan amounts. With flexible eligibility requirements, it’s well-suited for growing businesses, even those with relatively low annual revenue. The absence of origination fees makes it an appealing option for borrowers trying to keep costs down.

However, there are a few drawbacks to consider. TD Bank charges prepayment penalties for early loan payoff, which could be a disadvantage if you plan to repay quickly. Additionally, any loan request over $250,000 must be completed in person, which can add extra steps to the process.

Pros & Cons

Pros:

• Wide loan amounts with $10,000 to $1 million term loans
• Loans and lines of credit for several business needs
• Apply online for up to $100,000
• Access to SBA loans for longer terms or lower rates
• Includes equipment and commercial mortgages

Cons:

• Only available in about 15 states and Washington, D.C.
• May require stronger credit and documentation
• You may need to wait for review and underwriting
• Not ideal if your business has poor credit history

Lender Details

TD Bank offers small business loans ranging from $10,000 to $1 million, with term lengths between 1 to 5 years. You can apply online for loans up to $100,000, while larger amounts may require an appointment. Loan options include term loans, SBA loans, equipment financing, lines of credit, and commercial mortgages.

The bank operates in 15 states and Washington, D.C., and may require collateral depending on the loan type. Interest rates vary and are determined during underwriting. SBA loans are also available for those who qualify.

Applicants should be prepared to provide documents related to business revenue and credit. While approval times can vary, funds are typically disbursed at closing if the application is approved.

Editor’s Take

QuickBridge provides financing in all 50 states, making it a versatile option no matter where your business is located. It caters to borrowers with low credit scores and offers flexible repayment schedules, including daily, weekly, bi-weekly, and monthly terms. Funding can be completed in as little as 24 hours after approval, adding convenience for businesses in need of quick capital.

One potential drawback is its factor rates, which start at 1.11 and can translate to APRs beginning around 20%. Since factor rate loans often bundle costs into the total loan amount, paying early may not significantly reduce your financing expenses, though QuickBridge may offer an early payoff discount.

This lender is ideal for borrowers with limited credit who need fast funding and flexible payment options. However, it’s important to consider fees and long-term repayment costs to ensure the loan remains affordable.

Pros & Cons

Pros:

• Fast online application process
• Funding possible in as little as 24 hours
• Open to businesses with fair credit
• Only 6 months in business required
• Revenue-based financing available

Cons:

• Must have $250,000 annual revenue to qualify
• Higher costs with factor rates starting at 1.10
• Short repayment terms (4–18 months)
• Maximum loan amounts often lower than some competitors (typically up to $400,000)
• Not the best fit for businesses looking for longer-term, low-interest loans

Details

QuickBridge offers short-term business loans and working capital loans. Most loan amounts range from $5,000 up to $400,000, and in some cases, funding up to $500,000 is possible. Repayment terms run from 4 to 18 months, and you often make daily or weekly payments instead of monthly payments.

To qualify, your business must be at least 6 months old and earn $250,000 or more per year. The application is fully online, and QuickBridge reviews your business cash flow, not just your credit score. This revenue-based financing can help startups or newer businesses.

QuickBridge uses factor rates starting at 1.10, which can make borrowing costs higher than loans with traditional interest rates. There are no restrictions on how you use the funds, so you can apply them to expansion, equipment, inventory, or other business expenses.

Editor’s Take

Bluevine stands out for eliminating origination fees, making it an attractive choice for cost-conscious borrowers. As a QuickBooks lending partner, Bluevine allows QuickBooks users to apply for loans directly through their profile using accounting data, which can help speed up the funding process.

This lender also helps borrowers save by avoiding costly processing fees. However, APRs for Bluevine term loans can be higher for applicants with weaker credit, so it’s best suited for those with solid credit histories. Bluevine term loans work especially well for QuickBooks users and borrowers with strong credit scores who want to avoid extra loan processing costs.

Pros & Cons

Pros:

• Fast online approval process
• Line of credit up to $250,000
• Interest rates start at 4.8%
• Accepts fair credit (minimum score around 600)
• Invoice factoring available for eligible businesses
• No impact on your personal credit for initial application

Cons:

• Not available to brand-new businesses
• Must have $120,000+ annual revenue
• Not the lowest rates for all credit types
• Only offers lines of credit and invoice factoring—not term loans
• Certain industries may be excluded
• Fees can apply for late payments or transfers

Details

Bluevine partners with Celtic Bank to provide its business lines of credit. Amounts range from $6,000 to $250,000 with repayment terms up to 12 months. Invoice factoring lets you get paid upfront for unpaid invoices, helping with your working capital needs.

To qualify, you need at least 12 months in business, $120,000 in yearly revenue, and a personal credit score of at least 600. Funds can be available as soon as the next business day if approved.

There are no prepayment penalties, so you can pay off your balance early. Fees and interest are transparent and depend on your credit profile and business performance. Bluevine’s entire process is online, making it convenient if you manage your finances digitally.

Editor’s Take

National Funding is a strong choice for borrowers looking to avoid long-term debt, offering loan terms as short as six months. This makes it ideal for those who need quick financing without being tied to lengthy repayment schedules.

The lender stands out for its high loan amounts and flexible credit requirements, along with customizable repayment terms, including daily, weekly, or monthly options. Borrowers who repay early may also qualify for discounts, adding extra value.

However, National Funding is less transparent about its interest rates and fees compared to other lenders, requiring applicants to apply before receiving an APR quote. These short-term business loans are best

Pros & Cons

Pros:

• Fast funding, often as quick as 24 to 48 hours
• Low eligibility requirements for credit score and time in business
• Flexible loan amounts up to $500,000
• Personal help from a funding specialist
• Short loan terms available (as little as a few months)
• Merchant cash advances available if you want repayments based on sales

Cons:

• Interest rates may be higher than traditional bank loans
• Terms are often short, usually up to 18 months
• Not available in all states
• May require daily or weekly repayment
• Best for established businesses with at least $250,000 in annual sales

Details

National Funding offers small business loans from $5,000 up to $500,000. Loan terms range from 4 to 18 months, which keeps payments manageable if your business needs short-term cash. Equipment financing is available up to $150,000 for new or used items.

Applications can be completed online, and approval is usually fast. You will need to provide business bank statements and proof of revenue. Funds can often be deposited just one or two days after approval.

Merchant cash advances are also an option. This allows you to get a lump sum now and repay it as a percentage of your daily sales, which can help manage cash flow. There are no restrictions on how funds must be used, giving you flexibility for different business needs.

Editor’s Take

OnDeck, which has funded over 150,000 businesses since 2006, is a reliable option for those seeking a lender with a strong track record in the business financing industry. Its longstanding presence offers reassurance to borrowers who value experience and stability.

One of its biggest advantages is that it doesn’t require a hard credit check, allowing borrowers to avoid a potential credit score hit. The revenue requirement is also relatively low, with eligibility starting at just $100,000 in annual income.

However, while initial APRs may be attractive, the lowest rates are reserved for the most creditworthy applicants, and average APRs for term loans can be as high as 57.9%. OnDeck is best suited for established business owners who can meet the criteria to secure its most competitive interest rates.

Pros & Cons

Pros

• Same-day funding available for eligible borrowers
• Online application takes about 10 minutes
• Loyalty discounts for repeat customers
• Transparent fee structure
• Good for working capital needs

Cons

• Requires a minimum credit score of 625
• Not ideal for startups with little revenue
• Higher interest rates than traditional banks
• Maximum loan amount is $250,000
• Not available in all states

Details

OnDeck provides two main products: term loans and lines of credit. Term loans go up to $250,000, while lines of credit max out at $100,000. Repayment terms for term loans range from 18 to 24 months.

You need at least one year in business and $100,000 in annual revenue to qualify. Personal credit score requirements start at 625. Rates can vary, so it’s important to check your specific offer.

Funds may be available the same day you’re approved, which is helpful if you have urgent expenses. OnDeck reports to business credit bureaus, so timely payments could help build your business credit. There are no prepayment penalties.

Editor’s Take

Chase small business loans are a strong choice for entrepreneurs who want to maximize the benefits of the bank’s full range of products and services. With potential interest rate discounts on large loans and no annual revenue requirement, Chase offers flexibility for qualifying borrowers.

The bank provides discounts of 0.4% to 1.2% on loans of at least $500,000 if you maintain a set deposit in business banking. However, loans of $250,000 or more come with early repayment penalties, and applications must be completed in person since there is no online option.

Chase small business loans work best for owners who also use Chase for business banking and credit cards, allowing them to unlock extra perks like rewards points and rate discounts. This makes it an attractive option for those seeking both financing and additional loyalty benefits.

Pros & Cons

Pros:

• Wide range of loan types (SBA 7(a), 504, Express, term loans, lines of credit)
• Multiple interest rate options (fixed or variable)
• Loans start as low as $5,000, up to $5 million for SBA loans
• Preferred SBA lender status offers faster SBA loan processing
• Nationwide presence and in-person support

Cons:

• Good to excellent credit usually required
• Application process can be lengthy and paperwork-heavy
• New businesses and startups may find it hard to qualify
• Some loan options may require collateral
• Loan funding speed may lag behind some online lenders

Loan Details

You can apply for several small business loan products from Chase. The SBA 7(a) and SBA 504 loans provide up to $5 million each, with repayment terms based on the type of loan and use of funds. SBA Express loans go up to $500,000 and typically close faster.

Interest rates can be fixed or variable, and depend on your business credit and the loan type. Term loans start as low as $5,000, making Chase accessible if you need a smaller loan. Use cases include equipment purchases, working capital, debt refinancing, or business expansion.

Most loans require a strong credit profile and detailed financial documentation. If you qualify, you get both flexibility and the support of a large financial institution. Chase also offers business lines of credit, which provide flexible access to funds as needed.

Editor’s Take

PayPal small business loans can be a practical financing option for online business owners with low revenue, providing accessible funding without excessive requirements. With no late, processing, or prepayment penalty fees, and a relatively low annual revenue requirement of $33,300, they offer a cost-friendly choice compared to many other lenders.

However, PayPal only allows weekly payments, which may not suit businesses with irregular cash flow. For example, if most client payments come at the end of the month, meeting mid-month obligations could become challenging.

These loans are best suited for newer online businesses, especially those already using PayPal for transactions. Existing PayPal users may benefit from a faster application process, making it easier to access funds quickly when needed.

Pros & Cons

Pros:

• Fast online application and approval process
• No minimum credit score required
• Flexible repayments tied to PayPal sales
• No hard credit check to pre-qualify
• Funding as soon as the next business day

Cons:

• Only available to merchants with PayPal Business accounts
• Fixed-fee structure means full cost is due even with early repayment
• Not a revolving line of credit—must reapply for more funds
• Lower maximum amounts than some other lenders
• Must meet minimum PayPal sales history to be eligible

Loan Details

You can request a loan amount based on your PayPal sales history, with typical amounts ranging from $1,000 to $150,000. PayPal’s minimum revenue requirement is usually lower than banks, making it accessible to more small businesses.

Repayment is flexible—PayPal automatically takes a percentage of your daily sales until the loan is paid off. There’s no monthly payment, but you’ll be required to meet a minimum payment every 90 days.

The loan uses a fixed fee instead of interest, so you’ll know exactly how much you owe up front. There’s no penalty for early payoff, but the fixed fee is still due in full. Unlike a business line of credit, you can’t draw

Editor’s Take

Kapitus is a strong option for business owners seeking large loan amounts, potentially reaching $1 million or more, with competitive interest rates and flexible repayment terms. Its structure is particularly appealing to those who prioritize cost savings and choice during the application process.

One advantage of Kapitus is its lack of prepayment penalties, along with low starting interest rates. Additionally, applicants can receive up to six different loan offers from a single application, allowing them to compare and choose the best fit before committing.

However, the loan terms are capped at two years, meaning large loan amounts can come with substantial monthly payments. Kapitus is best suited for established businesses with solid credit and several years of operational history that need significant funding to grow or expand.

Pros & Cons

Pros:

• Fast approval, sometimes within hours
• High loan amounts (up to $5 million)
• Multiple loan types: term loans, equipment loans, lines of credit, and franchise loans
• Flexible repayment schedules (daily, weekly, biweekly, or monthly)
• Equipment financing up to $150,000
• Simple fixed fee pricing, making costs more predictable

Cons:

• Not available for very new businesses (needs 2+ years in business)
• High minimum annual revenue requirement ($250,000)
• Minimum credit score of 625
• No true microloans or SBA microloan options
• Full details about fees and total costs not always listed upfront

Details

Kapitus offers a range of small business financing options, including term loans, equipment loans, lines of credit, and franchise loans. Term loans range from $10,000 to $5 million with terms up to 2 years, while equipment loans go up to $150,000 with terms up to 5 years. Lines of credit and franchise loans vary based on need and business type.

The company offers flexible repayment schedules—daily, weekly, bi-weekly, or monthly—and approvals can occur quickly, with funding available in as little as 24 hours. Equipment loans require an invoice or quote from a vendor, making them ideal for industries like construction or healthcare. Kapitus uses a fixed-fee repayment model, which can simplify budgeting but may lack the transparency of APR-based loans.

Kapitus does not provide traditional microloans but focuses on specialized financing needs. Franchise and equipment loans are particularly useful for businesses seeking tailored funding options. The company’s fast approvals and broad loan range make it suitable for businesses needing quick and customized capital.

Editor’s Take

Bank of America offers the advantages of a major bank, including competitive interest rates and nationwide branch access, making it a strong choice for customers with good credit seeking a reliable lender. Its broad availability and established reputation provide both convenience and credibility for borrowers.

One of its strengths is the flexibility of loan terms, which can extend up to five years, allowing for manageable repayment schedules. Additionally, borrowers can choose between online applications for convenience or in-person service for a more personalized experience.

However, the loan approval process at Bank of America can be slow, with turnaround times of up to a month. These loans are best suited for borrowers who value the bank’s exclusive benefits, interest rate discounts for preferred members, and the stability of working with a well-established financial institution.

Pros & Cons

Pros

• Wide range of loan products, including SBA loans and commercial real estate loans
• Competitive rates for qualified applicants
• Strong national branch network and online account access
• Secured and unsecured loan options available
• Experienced with established and mid-sized businesses

Cons

• Strict qualification standards for credit and annual revenue
• May not be suited for startups or newer businesses
• Fees and interest rates vary and can be higher for unsecured options
• Application process may require significant documentation

Details

Bank of America offers a wide range of business loan products, including SBA loans, term loans, business lines of credit, commercial real estate loans, and auto loans. SBA loans are ideal for businesses seeking lower interest rates and longer repayment terms, while term loans provide flexibility for general business needs.

Loan amounts typically start at $10,000 and can reach several million dollars, depending on the type of loan and your business’s financial profile. To qualify, businesses generally need strong credit, consistent revenue, and documentation such as tax returns, financial statements, and possibly a business plan.

These loans are best suited for purposes like buying property, refinancing, expanding operations, or purchasing equipment. For commercial real estate financing, Bank of America offers both fixed- and variable-rate terms to accommodate different business goals.