Need help finding the right small business loan?

Answer a few questions about your business and we'll show you some small business loan options to consider and why.

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SBA Loan

LOAN AMOUNT

$350,000

EST. APR

6 - 8%

LOAN REPAYMENT

Monthly

LOAN TERM

10 years

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Advantages

  • SBA 7a loans offer very favorable term and low rates.
  • Pre-qualify in 5 minutes with no impact to your credit score.
  • Get funds as fast as 7 days after application complete.
  • No prepayment penalties.

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Minimum Requirements

  • Minimum annual revenue : $50,000
  • Minimum credit score : 600
  • Minimum time in business : 2 years

Required Paperwork

  • Bank statements (last 6 months)
  • Business tax Returns (last 3 years)
  • Personal tax Returns (last 3 years)
  • Balance sheet
  • Interim P&L statement
  • Business debt schedule
  • Apply online
  • Funding next business Day
  • BBB accredited

Short Term Loan

LOAN AMOUNT

$500,000

EST. APR

10 - 96%

LOAN REPAYMENT

Daily

LOAN TERM

12 months

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Advantages

  • Fast approval : get approved in minutes for up to $500,000.
  • Easy to qualify : OnDeck has one of highest approval rate among major business lenders.
  • Fast funding : Money wired to your bank account within 24 hours.
  • Dedicated advisor : Available to answer all your questions.

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Minimum Requirements

  • Minimum annual revenue : $75,000
  • Minimum credit score : 500
  • Minimum time in business : 9 months

Required Paperwork

  • Bank statements (last 3 months)
  • Apply online
  • Funding next business Day
  • BBB accredited

Invoice Factoring

LOAN AMOUNT

$100,000

EST. APR

13 - 68%

LOAN REPAYMENT

Weekly

LOAN TERM

3 months

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Advantages

  • Very high likelihood of getting approved.
  • Money can be in your bank account within 24 hours.
  • Draw funds whenever you want, and pay only for what you use.
  • Can help improve your business creditworthiness.

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Minimum Requirements

  • Minimum annual revenue : $100,000
  • Minimum time in business : 6 months

  • Apply online
  • Funding next business Day
  • BBB accredited

Line Of Credit

LOAN AMOUNT

$100,000

EST. APR

14 - 40%

LOAN REPAYMENT

Weekly

LOAN TERM

6 months

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Advantages

  • Fast approval : get approved in minutes for up to $500,000.
  • Easy to qualify : Highest approval rate among major business lenders.
  • Fast funding : Money wired to your bank account within 24 hours.
  • Dedicated advisor : Available to answer all your questions.

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Minimum Requirements

  • Minimum annual revenue : $75,000
  • Minimum credit score : 600
  • Minimum time in business : 9 months

  • Apply online
  • SBA loan
  • No prepayment penalty

Line Of Credit

LOAN AMOUNT

$50,000

EST. APR

16 - 62%

LOAN REPAYMENT

Weekly

LOAN TERM

6 months

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Advantages

  • Receive up to $500,000 for your outstanding invoices.
  • No paperwork needed to get set-up.
  • Funds can be available in as little as 1 hour.
  • Great option if you have bad credit.

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Minimum Requirements

  • Minimum annual revenue : $60,000
  • Minimum credit score : 600
  • Minimum time in business : 6 months
  • Minimum daily balance : $1,000

  • Loan for bad credit
  • BBB accredited

Invoice Factoring

LOAN AMOUNT

$500,000

EST. APR

17 - 60%

LOAN REPAYMENT

Weekly

LOAN TERM

3 months

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Advantages

  • Very fast: takes 30 seconds to create account online.
  • Funds deposited to your bank account within 24 hours.
  • You receive an advance equal to 100% of invoice value.
  • No credit check / No paperwork required.
  • No collateral or personal guarantee required.

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Minimum Requirements

  • Minimum annual revenue : $70,000
  • Minimum credit score : 530
  • Minimum time in business : 3 months

  • No credit check
  • Loan for bad credit
  • Loans without collateral
  • BBB accredited

Medium Term Loan

LOAN AMOUNT

$500,000

EST. APR

6 - 36%

LOAN REPAYMENT

Weekly

LOAN TERM

3 years

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Advantages

  • Very affordable rates on business loans (As low as 7.99% APR).
  • Dedicated relationship manager to answer any questions you might have.
  • Payments structured just like a fixed rate mortgage.
  • No early pay-off / pre-payment penalties or hidden fees.

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Minimum Requirements

  • Minimum annual revenue : $75,000
  • Minimum credit score : 500
  • Minimum time in business : 9 months

  • No prepayment penalty
  • BBB accredited

Working Capital Loan

LOAN AMOUNT

$500,000

EST. APR

8 - 25%

LOAN REPAYMENT

Bi-monthly

LOAN TERM

4 years

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Advantages

  • No hard credit pulls until you accept offer.
  • Funding within 24 hours of application.
  • Same-day cash with wire transfer option.
  • Available credit replenishes with payments.

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Minimum Requirements

  • Minimum annual revenue : $250,000
  • Minimum credit score : 630
  • Minimum time in business : 2 years

Required Paperwork

  • Business bank statements (last 3 months)
  • Business tax returns (last 2 years)
  • Year-to-Date Financials
  • Business debt schedule
  • BBB accredited

Personal Loan

LOAN AMOUNT

$20,000

EST. APR

17 - 36%

LOAN REPAYMENT

Monthly

LOAN TERM

3 years

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Advantages

  • Access to funds in as little as 24 hours.
  • No collateral required.
  • No prepayment penalties.
  • Checking your rates will not impact your credit score.

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Minimum Requirements

  • Minimum credit score : 600

  • Funding next business Day
  • Personal loan for business
  • Apply online
  • BBB accredited

Q&AYour questions about small business loans, answered.

What is the average amount for a small business loan?
What are the most popular types of small business loans?
What are the best small business loans for bad credit?
What are the interest rates on SBA loans today?
How much will my loan really cost?
What documents do lenders require for a small business loan?

$25,514Average small business loan amount.*

$585.3 billion Total value of small business loans outstanding as of 2013.

22.9 million Number of small business loans outstanding as of 2013.

$376,537 Average amount of an SBA 7(a) small business loan in 2016.

$24 billion Total value of SBA 7(a) loans secured by small businesses in 2016.

* According to a 2013 report by the Small Business Administration. A small business loan is defined as a loan of $1 million of less.

Overview of small business loan types.

  • SBA loans : a government-backed lending program geared towards small businesses. It offers some of the most favorable financing terms with APRs as low as 5.25% and repayment stretched over a period of 10 years. To qualify however, your business should ideally have a solid foundation that does not need money to stay afloat, but rather a loan to nearly guarantee a boost in profits.
  • Business line of credit : Business lines of credit are similar to personal lines of credit, like home equity lines of credit and revolving credit card lines. Essentially, you will have access to a specified amount of credit that you can use over and over without penalty. These lines of credit can be secured or unsecured. If they are secured, they are often secured by your accounts receivables or inventory.
  • Merchant cash advance : A type of cash advance using your future business as collateral. The reason why this is such an appealing proposition is because businesses that have credit problems or can’t afford constrained loan terms with high interest rates. Instead, merchant cash advances are paid off by essentially taking a royalty from your credit card sales until all the money is paid back.
  • Invoice financing : It allows businesses in need of fast access to money to take their unpaid invoices and turn them into an instant cash injection. Unlike a small business loan, it does not operate on interest rates and credit ratings. This makes the entire process is much faster and with a higher success rate than others types of loan.
  • Equipment financing : In a nutshell, Equipment financing allows businesses to quickly receive the money they need to buy the equipment they need, which can be used as collateral to secure the financing. It is fairly common practice for businesses that go through a lot of expensive equipment, like restaurants and manufacturers.
Show Further reading about loan types
What is invoice factoring and how does it work?
What is the difference between a line of credit and a traditional business loan?
What is a revolving line of credit and how does it work?
How to consolidate your business debt.
What is a business debt schedule and why do you need it?

Best small business loans for bad credit.

If you are looking for a loan for your business and your credit is less than stellar, we recommend taking a look the following options. The lenders below offer easier qualification requirements and look at factors beyond your credit score when weighing the merits of your loan application. OnDeck for example, has a low minimum FICO score requirements of only 500; while Fundbox has no minimum credit score requirement.
Loan products Invoice Factoring Line of Credit
Invoice Factoring		 Short Term Loan
Medium Term Loan
Line Of Credit
Loan amount Up to $100,000 Up to $500,000 Up to $500,000
Estimated APR 13 - 68% 16 - 62% 10 - 96%
Time to Approval 30 mn 1 day 1 day
Time to Funding 1 day 1 day 1 day
Repayment term 3 months 6 months 12 months
Repayment Weekly Weekly Daily
Prepayment penalty NONE NONE YES
Minimum Requirements
Credit score None 530 or higher 500 or higher
Time in business 6 months 6 months 9 months
Annual revenue N/A $70,000 $75,000
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Calculate loan payments and cost.

Before agreeing to the terms of any loan, we recommend running your numbers using this calculator so you know how much the loan you plan on taking out will actually end up costing you. This way, you will be able to make an informed decision as to whether you can actually afford this loan. To help you get calculate this accurately, you can use our free small business loan calculator to figure out your monthly payments as well as the total amount you will be paying in interest.

Show amortization schedule

6.25% - 8.75%Current interest rates on SBA 7(a) loans. (April 2017)

Loan size Repaid in less than 7 years Repaid in over 7 years
$25,000 and under 8.25% 8.75%
$25,000 to $50,000 7.25% 7.75%
Over $50,000 6.25% 6.75%
Current rates for SBA 7(a) loans | April 2017
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Required documents.

  • Business bank statements : Most lenders will typically require you to submit the most recent bank statements for your business along with your loan application. While some lenders may only need to see bank statements for the previous 3 months, others may require up to 2 years.
  • Business tax returns : Banks and lenders will need to see your most recent business tax returns in order to verify your business revenues and income. This helps them accurately evaluate the creditworthiness of your business (and its ability to repay the loan).
  • Personal tax returns : In cases where a personal guarantee is required (e.g. SBA loans), you will be expected to provide your most recent personal tax return(s).
  • Balance sheet : Some lenders may need you to provide an updated balance sheet in order to get a better picture of your business' financial health. If you don't already have one, you can download a free template here.
  • Business debt schedule : Along with your business loan application, you may be asked to provide business debt schedule, which is basically a summary of your business' current debt obligations. You should list the current total debt amount, remaining balance as well the interest paid on each loan. You can download our business debt schedule template so you can provide this information in an easy-to-read format.

Expert advice and insights.

Tips and advice on small business related topics by small business advocates and thought leaders.