Short-term repayment terms

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Business operating time: Lenders may ask for proof of your business’s history such as the date you first opened and your business license. Some may also require you to be in business for a minimum of one to two years. Collateral/guarantor: Depending on the type of line of credit you’re applying for you may need to provide collateral e.g. equipment real estate vehicles or a guarantor someone or an entity that agrees to repay the loan if you default . Now that you know what lenders look for when approving a company for a business line of credit it’s time to review your options. Best business lines of credit for small businesses Business lines of credit are available through many different lenders including large national banks regional banks credit unions and even online lenders. Here’s a list of the top lenders for business lines of credit. .  

Fundbox Fundbox is one of the best options for businesses seeking an unsecured line Email Marketing List of credit. It offers smaller lines of credit ranging from k to k with interest rates starting at . . To qualify a business must be at least six months old and have a business checking account which you’ll connect with your Fundbox account to verify your income and speed up the process of determining whether you meet revenue requirements. Fundbox has an automated underwriting process to qualify you for a loan which means faster approvals sometimes within hours . Pros: Requires low minimum personal credit score of Fast decision Next-day funding Cons:  Must generate at least k in annual revenue .  



OnDeck OnDeck Capital offers unsecured lines of credit ranging from k to k with APRs starting at . . To qualify for an OnDeck line of credit businesses need a personal credit score of or higher be at least one year old and have an annual revenue of k or more. OnDeck’s short-term and revolving lines of credit make it an appealing option for businesses seeking quick financing options. Pros: Credit lines up to k Receive funds the same day even on nights and weekends Requires a low minimum credit score of -month repayment term that resets after each withdrawal Cons: Minimum annual revenue requirement of k Only for established businesses with at least one year of operation Not available to companies in North Dakota South Dakota or Nevada .