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Best 6 Business Financing Services

Most businesses are now in the recovery phase, following the COVID-19 pandemic. As such, these businesses desperately need capital boosts for smooth operations. Therefore, if you’re in the market for a business loan, we have you covered. Considering all the financing options available today, comparing and arriving at the right business loan can be overwhelming. You can choose to go to traditional lenders like banks and credit unions for great deals, or you can borrow from online lenders for lower loan requirements. You get to decide which online lender gives the best policy in terms of loan terms, lines of credit, microloans, invoice financing and more.

Last Updated December 2022

BlueVine banner
  • Best for - Invoice factoring and lines of credit
  • Interest rates - 0.25% per week
  • Loan estimates - Loan amounts up to $5 million
  • Funding period - Same day
  • Credit score - 530
  • Funding - Funding as fast as same day
  • Min revenue - $10,000 per month
  • Min time in operation - 3 months or more

BlueVine is a financial tech company that provides business checks, loans and invoice factoring for small businesses. Bear in mind that BlueVine isn’t a bank. Moreover, the company’s attractive invoice factoring service can improve your business credit limits by giving you 85-90% funds upfront.

BlueVine gives its customers a whopping 5 million USD for invoice factoring with a 0.25% interest rate per week. However, you have to meet its minimum qualifications, including three months or more business operations, B2B model, 530 FICO score and at least $10,000 monthly revenue.

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BlueVine logo
OnDeck banner
  • Best for - Fast funding, loyalty, prepayment benefits
  • Interest rates - Starting at 35% Annual Percentage Rate (APR)
  • Loan amount - Starts at $100,000 up to $250,000
  • Funding period - Same day
  • Credit score - 600
  • Min revenue - $100,000 per year
  • Min time in operation - 1 year

OnDeck is a business loans lender that excels in terms of fast loans, loyalty and a ton prepayment benefits. It gets better when you already have a similar render, as OnDeck automatically waives any remaining interest rates if you take a new business loan. The best part, you also get a 0% original fee.

The prepayment benefits you get from OnDeck enable you to clear unpaid loans in full. You’ll also have all underlying interests waived without extra costs. However, there’s a catch, OnDeck retains the right to seize all business assets. OnDeck also demands that you sign a personal consent that lets them go after your personal assets if you don’t clear your loans as per set-policy.

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OnDeck logo
Rapid Finance banner
  • Best for - Merchant cash advances, fast funding, lines of credit, bridge loans, invoice factoring, asset-based loans, SBA loans, commercial and real estate loans
  • Interest rates - Starting at 9% to 31% of the borrowing amount (STL)
  • Loan amount - Starts at $5,000 up to $10 million
  • Approval time - 1 business day
  • Credit score - 550
  • Min revenue - $50,000 per year
  • Min time in operation - 2 years

Rapid Finance is a tech-powered financial service that offers business loans to small and medium-sized business in the US. The service provides fast funding at competitive rates and flexible terms. Case in point, if you’re to qualify for a loan, Rapid Finance requires a credit score of at least 550, $50,000 annual revenue and up to 2 years of active operations. Furthermore, the company gives merchant cash advances starting from $5,000 to $500,000 and approves your loan application in 1 business day.

We also learnt that Rapid Finance assigns you an expert advisor to help you select the best financial options from their products array. There’s also a user-friendly client portal that you can access around the clock. Thankfully, you can easily upload your business documents, view payment details and review funding options.

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Rapid Finance logo
Lending Tree banner
  • Best for - Merchant cash advances, fast funding, lines of credit, bridge loans, invoice factoring, asset-based loans, SBA loans, commercial and real estate loans

Lending Tree is a digital marketplace that lets you interact with multiple loan services to find the best loan terms for your business. The website asks that you answer a couple of questions before it can suggest a list of loan services to choose from. Moreover, the business loans section further offers multiple categories of loan lenders, including sole proprietor, partnerships, Limited Liability Company (LLC), S corporation and C corporation.

Worth mentioning, comparing various loan lenders on Lending Tree doesn’t affect your overall credit score. The whole process is also free, fast and efficient. You can also register with Lending Tree to check your credit score for free. And looking at the website, Lending Tree also suggests numerous ways to raise your credit score and warns against loan options that can compromise your credit score in the long run. What’s more, you also get multiple loan calculators to help you navigate through other financial decisions.

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Lending Tree logo
Credible banner
  • Best for - Merchant cash advances, fast funding, lines of credit, bridge loans, invoice factoring, asset-based loans, SBA loans, commercial and real estate loans

Credible is another excellent online marketplace for loan lenders with competitive, and tailored loan offers. The online platform stands out with its real-time vetting of all loan lenders listed on its site – at zero cost. As such, you can trust Credible as the best platform to compare various loan lenders for your business. Best part, once you pass a streamlined pre-qualification process, Credible will recommend a list of loan lenders with rates seamlessly.

Credible also provides educative material on lending and borrowing subjects. The company’s vast knowledge base plays a major role to its superiority against its competitors.

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Credible logo
National Funding banner
  • APR Range - 15% - 30%
  • Repayment Option - Daily, Weekly
  • Funding Period - 24 Hours
  • Credit Score - 500
  • Best For - Small and Medium Sized Businesses
  • Min Revenue - $100,,000 Anually
  • Min Time In Operation - One Year Or More
  • Loan Estimates - Up to $500,000
  • Loan Term - Four To 60 Months
  • Interest Rates - 15% - 35%

National funding is based in San Diego. This lending company has been operating since 1999, providing loans to small and medium-sized businesses. The company offers services in all the states all over the country and lends to different borrowers in different industries. The company is reputable for its subsidiary and fast approval and funding of loans with no collateral requirements.

National funding does not deal with third-party platforms and brokers. Instead, clients can access their loans directly. The company has lenient requirements for loan approvals. Borrowers with a lower credit score are guaranteed loan approval through an easy-to-follow process. However, borrowers must sign a personal guarantee should they fail to pay the loan.

National funding offers discounts of 7% for an early loan payment to cushion borrowers from their high-interest rates. The company reports repayment to credit bureaus. This means clearing loans before time improves your credit score. You are given a window of four to sixty months to repay the loan on either a weekly or daily basis.

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National Funding logo
Top 6 Business Financing Providers

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