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Easy Business Loans: Best Options to Consider in 2024
As a business owner, you have a lot on your plate. That’s why easy business loans are important. Easy loans are usually easy to qualify for. Plus they often come with streamlined applications and fast funding times.
Written by:Anna Baluch
Unlike many small business loans on the market, easy business loans let you obtain the capital you need without the time or hassle. In most cases, you can apply online, within minutes from the comfort of your own home or office. Upon approval, you’ll likely receive the funds via direct deposit the same day you apply, within 24 hours, or in a few business days. To make your life easier and help you get funded, our team of financial experts reviewed and ranked the top easy business loans.
Top Picks for Best Easy Businesses Loans
- Backd: Best for Cheapest Interest Rates
- Lendzi: Best for Businesses With High Revenue
- SMB Compass: Best for Fast Funding Times
- Bluevine: Best for Fast Funding
- National Funding: Best For Equipment Loans
- GoKapital: Best for Multiple Loan Options
In this review we highlight the terms, rates and fees of eavh lender and explain what makes them a good option. We also share potential downsides of each lender, and provide a rating methodology you can use to select the best option for your needs.
Best Easy Businesses Loans for 2024 - Full Overview
Best Overall
Backd - Best for Cheapest Interest Rates
Factor Rate
Starting at 1.10
Loan Amounts
Up to $2 million
Min. Annual Revenue
$200,000
Key Features
- Borrow up to $2 million
- Min. Credit Score: 640
- Min. Time in Business: 2 years
- Industry best factor rate for MCA - as low as 1.10
- APR for the Line of credit product starts at 35%
- Flexible repayment terms up to 16 months
- Get funding in as little as 24 hours
- Check your rate with a soft credit pull
Pros & Cons
- Easy application process
- Fast decision and funding times
- Large loan amounts
- Flexible payment options
- No collateral required
- Must be in business at least one year
- Must have $100,000 in annual revenue
- Not all industries will qualify
Overview
Backd was founded in 2018 with the goal of helping more small businesses gain much-needed access to funding. Since then, they’ve helped fund more than $1 billion to over 10,000 small businesses, and loan amounts can be as large as $2 million. The entire process is simple - fill out their easy, online application, receive a lending decision instantly, and choose whether or not you’d like to move forward with the loan. If so, you’ll receive funding within 24-48 hours.
Main Features
Backd offers working capital loans up to $2 million and business lines of credit up to $750,000. Working capital loans have terms up to 16 months; where business lines of credit have unlimited terms. Neither option requires collateral, but you do need to be in business for at least two years, have $200,000 or more in annual revenue, and a 640 or higher FICO score. The better your credit score, the better the rate you’ll receive.
If you need a large loan amount and don’t want to go through an invasive application process, Backd could be the lender for you. As long as you meet the minimum qualification requirements, Backd should be able to help you access the funding you need.
Lendzi - Best for Businesses With High Revenue
Factor Rate
Starting at 1.10
Loan Amounts
Up to $4 million
Min. Annual Revenue
$180,000
Key Features
- Borrow up to $4 million in working capital
- Min. credit score: at least 500
- Min. time in business: 6 months
- Equipment financing up to $2 million
- Business line of credit up to $250,000
- See your options without hurting your credit
- Flexible terms: 3 to 15 months
- Excellent customer reviews on independent review sites
- Get funding in as little as 24 hours
Pros & Cons
- Easy online application
- Representative helps you throughout the process
- Applying does not affect your credit score
- Bad credit is accepted
- Excellent customer reviews
- Startups may not qualify
- Income requirements may be high
Overview
Lendzi makes getting a loan easy for businesses with high revenue. To apply, simply fill out their online application. This takes just a few minutes and does not impact your credit score. From there, a representative will reach out to discuss your business further and review your loan options. The representative can answer any questions you have, help you pick the right loan for your business, and make the entire process as smooth and stress-free as possible.
Main Features
Lendzi is both a direct lender and a partner with more than 75 other lenders. Because of this, your odds of getting approved for a loan are greatly increased, even if you have bad credit. Easy bad credit loans offered by Lendzi include working capital loans (credit score of 500 or higher), merchant cash advances (credit score of 525 or higher), and equipment financing (credit score of 550 or higher). Working capital loans and merchant cash advances allow you to borrow up to $400,000 with factor rates starting at 1.10. Terms vary between three and 15 months. Equipment financing allows you to borrow up to $2 million, and because the equipment acts as collateral, rates start at just 3.49%. To qualify for any loan from Lendzi, you need to be in business for at least six months and have $180,000 or more in annual revenue.
Bad credit doesn’t have to make getting a loan complicated or difficult. Lendzi guides you throughout the entire process and has more than 2,000 5-star reviews to show for it. The company wants to see you get the loan you deserve - quickly and easily - so you can see success with your small business.
SMB Compass: Best for Fast Funding Times
Interest Rates
Starting at 7.99%
Loan Amounts
$10K - $10 million
Min. Monthly Revenue
$20,000
Key Features
- Loans up to $10 million
- Min. credit score: can go as low as 550 for certain loans
- Min. time in business: 1+ years in business, no startups
- Funding times: 5 to 7 days for term loans and 24 - 48 hours for line of credit
- Flexible terms: 2 – 10 years for term loans
- Interest Rates: starting at 8.99% for term loans
- Applying does not impact credit score
- Nine loan products to choose from
Pros & Cons
- Low, competitive rates
- Large loan amounts
- Loan terms up to 25 years
- Excellent customer service
- Poor credit not accepted
- Not available in all states
- Must be in business at least one year
- High revenue requirements
Overview
SMB Compass not only makes it easy to get a loan, they also offer multiple loan options and fast funding times. The lender understands it can be hard to get approved at a bank, so they have made it their goal to make business loans easier to acquire for the average small business. SMB Compass also ranks “excellent” in terms of customer service, with representatives available M-F to help you apply, answer your questions, and help you choose a loan product. To qualify for most loans from SMB Compass, you’ll need a credit score of 650 or higher, $20,000 or more in monthly revenue, and at least one year of business history.
Main Features
SMB Compass offers nine different types of easy small business loans to borrowers. Their mission is to make loans more accessible to small business borrowers by providing cost-effective and flexible lending solutions. SMB Compass business loans range from $10,000 to $10 million with terms up to 25 years. Rates start at 7.99% for qualified borrowers. The lender has currently provided more than 1,200 U.S. businesses with more than $250 million in financing. To apply, simply fill out their easy online application. It takes just a few minutes and will not impact your credit score. If approved, funding can be dispersed within 24 hours.
Whether you need a business line of credit to pay for unexpected expenses or you’re looking for a larger loan to purchase a new building, SMB Compass has easy loans that can meet your needs. Qualifications are stricter, but in return you’ll receive competitive rates, fast funding times on most products, flexible repayment terms, large loan amounts, and excellent customer service. Contact SMB Compass today or fill out their easy online application to get started!
Bluevine - Best for Fast Funding
Interest rates
Starting at 6.2%
Loan Amounts
Up to $250,000
Min. Annual Revenue
$480,000
Key Features
- Funding up to $250,000
- Min. credit score: 625
- Min. time in business: 6 months
- Interest rates as low as 4.8%
- Loan Repayment 6-12 months terms
- Quick and simple application
Pros & Cons
- Fast funding
- Flexible requirements
- Competitive rates
- Limited availability
- Short repayment terms
- Personal guarantee required
Overview
Bluevine is a financial technology company with a focus on lines of credit. With a line of credit, you can borrow as much or as little as you’d like, up to a set credit limit. You may withdraw funds as soon as you get approved.
Main Features
Lines of credit from Bluevine range from $5,000 to $250,000. Interest rates are 0.30% to 1.50% per week for the Flex6 loan and 1.50% to 6.50% per month for the Flex12 loan.While there are no origination fees or prepayment fees, you may be charged late payment fees of up to 5% of missed repayment plus the interest that has accrued. Bluevine looks for a minimum credit score of 600, at least $120,000 in annual revenue, and at least six months of business under your belt. Unfortunately, you won’t be eligible for a Bluevine line of credit if you’re in North or South Dakota. Note that if you do apply with Bluevine, the lender will perform a soft credit inquiry, which won’t impact your credit.
A Bluevine line of credit is worth considering if you can’t wait long for your money as it offers immediate withdrawals. Depending on your situation, you can receive a low interest rate that lowers your overall cost of borrowing.
National Funding - Best For Equipment Loans
Factor Rate
Starting at 1.10
Loan Amounts
Up to $500,000
Min. Annual Revenue
$250,000
Key Features
- Min. Time in Business: 6 months
- Min. Credit Score 600
- Borrow up to $500,000 in working capital
- Equipment financing up to $150,000
- Factor rate From 1.10
- Fast funding
- Early payment discounts
- Equipment financing repayment 2-5 years
- Working capital repayment 4 months - 2 years
Pros & Cons
- No down payment required
- Fast funding
- Positive reviews
- High annual revenue requirements
- Origination fee
- No mobile app
Overview
There’s a good chance your business depends on certain equipment to run smoothly. An equipment loan from National Funding can provide you with the capital you need to cover its cost. You can borrow up to $150,000 and won’t have to make a down payment.
Main Features
National Funding’s equipment loans cap out at $150,000 with monthly repayment terms between two and five years. The interest rate or pay rate starts at 1.10. There are also origination fees of 2% plus a one-time fee of between 17% to 36% of the loan total amount. To be eligible for an equipment loan, you’ll need a credit score of at least 600, at least two years of business history, and $250,000 or more in annual revenue. Even though approval might take longer, you don’t have to come up with a down down payment and can lock in a discount if you pay off your loan early. Note that you won’t qualify if you have a bankruptcy on your record within the last 12 months. Fortunately, a dedicated loan specialist can review your situation and help you increase your chances of getting approved.
If your business earns sufficient revenue and you need capital to pay for new or used equipment, National Funding can be a solid option.This particularly true if you think you can repay your loan early and land a discount.
GoKapital - Best for Multiple Loan Options
APR.
25% - 75%
Loan Amounts
$10K to $250K
Min. Annual Revenue
$240,000
Key Features
- Borrow up to $250,000
- Loan Terms 2 to 10 years
- Small business term loans APR. 25% - 75%
- Wide range of loan offers
- Simple application process
- Instant pre-approval
- Min, credit score: 500
- Min. time in business 2 years
Pros & Cons
- Easy online application
- Six loan types available
- Available in all 50 states
- Same day funding for certain loans
- Excellent customer service
- High annual revenue requirements
- Long funding times on certain loans
- High interest rates for those with poor credit
Overview
If you’re not sure what type of small business loan is right for you, look no further than GoKapital. Founded in 2013, GoKapital does not disqualify you because of your industry, state, or credit score. They offer six different types of loans with varying rates and requirements, making it easy for you to find and get approved for a loan.
Main Features
GoKapital loans range from $5,000 up to $5 million depending on the loan product you choose. If you’re looking for same-day funding, GoKapital merchant cash advances and business lines of credit provide that. However, if you need a large amount to fund a renovation or purchase a new building, an SBA loan or equipment financing loan may be best for you. Luckily, customer service is excellent at GoKapital. Representatives are available by phone, email, or chat to help you find the loan that’s right for you and answer any questions you may have. To qualify, you need a minimum credit score of 500, one year in business, and $240,000 in annual revenue. Certain products require higher credit scores, like SBA loans; whereas others have less stringent income requirements, like startup loans. All loans come with competitive rates, and those with the highest credit scores can expect to receive the lowest rates.
GoKapital offers an easy online application, fast decision and funding times, and six different types of loans to choose from. If you’re looking for an easy process the entire way through, we recommend GoKapital.
Main Features of the Best Easy Business Loans
Backd4.5
Lendzi4.5
Bluevine4
National Funding4.1
GoKapital4.1
- Min. Credit Score - N/A
- Min. Time in Business - 12 months
- Min. Annual Revenue - $100,000
- Loan Amount - $10,000 to $2 million
- Interest Rate - Not disclosed
How We Choose the Best Easy Business Loans?
Many lenders offer easy business loans, but how do you know which one is right for you? It all depends on your unique budget, needs, and preferences. As you compare your options, be sure to focus on the pros and cons of each one. While ranking the best easy business loans, our experts looked at these factors.
- Loan Features: Loan terms, loan amounts, and repayment schedules are all examples of loan features. Some lenders offer long terms, large amounts, and flexible repayment schedules, which are usually preferred by small business owners while others have shorter terms, smaller amounts, and limited repayment flexibility.
- Application process: Instead of lengthy, drawn out applications, we focused on lenders with fast, online applications that you can complete quickly from anywhere, with minimal to no documentation.
- Interest rates and fees: During our research, we discovered that minimum and maximum interest rates and fees vary significantly from lender to lender. Chances are you’re looking for low rates and minimal to no fees.
- Qualification process: Some lenders require good or excellent credit, substantial annual revenue, and at least a few years in business, others have more flexible criteria and may approve you as a startup with a low credit score, for example.
- Customer support: Customer support refers to how easy it is to get a hold of lenders any time you have questions or concerns about your business loan. Support options are usually through phone, email, and live chat.
- Online user reviews: Third-party reviews on sites like TrustPilot and Better Business Bureau (BBB) gives us a good idea on a lender’s reputation and customer service ratings.
- Perks and Bonuses: Some lenders offer more than just capital and promote perks like mobile apps, free credit score monitoring, and hardship assistance. These extras can make certain loans stand out.
What is an Easy Business Loan?
Not all easy business loans are created. However, most of them are characterized by the following:
- Simple applications: You can apply for an easy business loan online, from anywhere with internet connection. The application shouldn’t take you more than a few minutes and you don’t need to worry about submitting extensive documentation.
- Quick approvals: With an easy business loan, you can get approved fairly quickly. Depending on the lender, this might be the same day you apply, within 24 hours, or in a few business days.
- Flexible requirements: Even if you don’t have the best credit scores, you may qualify for an easy business loan. Many lenders who offer these products are lenient and don’t require good or excellent credit. They may consider other factors like your annual revenue and time in business.
- Fast funding: While funding times vary, most easy business loans pride themselves on quick funding via direct deposit. You may receive the funds immediately or within 24 hours.
- Positive reviews: Easy business loans are admired by many borrowers. As a result, they often have stellar ratings and reviews that can give you some much needed peace of mind.
When to Get an Easy Business Loan?
There are some situations in which easy business loans make sense, including:
- You have an emergency expense: If your business needs to cover a sudden expense, an easy business loan is worth exploring.
- You’re a newer business: An easy business loan is a particularly good option if you’re a startup or newer business and want to get approved despite your credit situation.
- You’re busy: You may benefit from an easy business loan if you’re busy running your business and don’t have a lot of time and energy to commit to the application and funding process.
How to Get a Easy Business Loan
While the application process varies from lender to lender, here are some tips to help you get an easy business loan.
- Collect financial documents: Some lenders will ask for financial documents when you apply for funding. These may include recent balance sheets, tax returns from the past few years, profit and loss statements, asset details, and escrow directions.
- Shop around: Check out our list of easy business loans to start your search. Compare applications, funding times, eligibility requirements, interest rates, and terms to hone in on the right option for your particular business.
- Apply: Most lenders will let you apply online. Before you submit your application, make sure it’s thorough and accurate to avoid delays with approval and funding.
- Wait for approval: In most cases, you’ll get approved right away or fairly quickly. Once you do, you’ll receive the funds.
Types of Easy Business Loans
There are a variety of easy business loans you may come across, such as:
- Lines of Credit: A business line of credit is similar to a credit card. You can pull funds as you need to, up to a set credit limit, which is based on factors like your credit score and annual revenue.
- Equipment Loans: If you need funding to purchase or lease new or used equipment for your business, an equipment loan may be useful. Some lenders will let you borrow up to 100% of its cost.
- Merchant Cash Advance: A merchant cash advance (MCA) is when you receive a lump sum of cash in exchange for a percentage of your future debit and credit card sales. If most of your customers pay you via cards, an MCA might be a solid option.
- Term Loans: Term loans are traditional loans. You receive a lump sum of money upfront and repay it via fixed payments over an agreed upon term.
When to Consider Alternatives
You might want to explore alternatives to easy business loans in these situations.
- You’re a startup: If you’re a newer business, you may not get approved for the easy business loan you’d like due to strict credit, revenue, and time in business requirements.
- You can land a lower interest rate: A high interest rate can make your loan very expensive so it might be worthwhile to explore other options with lower rates.
- You need additional funding: You might not qualify for the entire loan amount you request and therefore need to look elsewhere for additional funding.
- You’re eligible for an SBA loan: Small Business Administration (SBA) loans may be a better choice if you can get them as they come with low rates and lengthy repayment terms.
Alternatives to Easy Business Loans
Consider these alternative options if you decide an easy business loan isn’t right for you.
- Business credit cards: Business credit cards can help you cover everyday expenses like office supplies and utilities. Plus many of them offer rewards like cash back and travel points.
- Crowdfunding: Crowdfunding lets you secure capital from people who support your business. You can use a crowdfunding platform like Kickstarter or GoFundMe to get started.
- Friends and family: You might have a generous friend or family member who will offer you a loan with low credit or no credit. If you accept a loan from them, be sure you repay it as you promised to or you might ruin your relationship.
- Grants: Small business grants are often offered by governments and nonprofit organizations. Even though they’re hard to get, you don’t have to pay them back.
Conclusion
Easy business loans can reduce or eliminate the stress that often comes with securing business financing. While it may be tempting to go with the first option you find, it’s well worth your time and energy to shop around and compare loans. By doing so, you can discover the very best choice for your unique budget and goals. Best of luck with your search for an easy business loan.
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About the Author
Written by: Anna Baluch
Freelance copywriter who enjoys writing for large publications as well as startups, small to medium sized businesses.
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