5 Best Business Loans for 2022

The 5 best easy business loans

Here are the fundamentals on the lenders that offer the easiest business loans to acquire. We’ll touch on the loan products they offer, their qualification standards and how much funding you can get from them. Keep in mind that sometimes, the easiest loans to get come with the highest rates because convenience can come at a cost.

Kabbage – Best for medium-term funding

Kabbage is a purveyor of business lines of credit. With a Kabbage line of credit, you can receive anywhere between $2,000 and $250,000 on a loan term of six, 12 or 18 months. Instead of traditional interest, Kabbage charges monthly fees of 0.25% to 3.5% depending on your loan’s term. These fees equal an estimated APR of 9% to 36%.

Kabbage offers a streamlined commercial business loan application with minimal paperwork involved. In many cases, you can receive funding in as little as 24 hours. All you have to do to get started is connect your business bank account and other business accounts to your Kabbage application.

Kabbage will then review your financial history via your accounts to make a decision. You will find out whether you are approved or denied within minutes, making this a very good lender to work with to get a business loan.

How to qualify

To qualify for a Kabbage line of credit, you’ll need to meet the following requirements:

• $3,000 in monthly revenue.

• 1 year of time in business.

• Minimum credit score of 640.

Repayment is monthly and debited directly from your business bank account.

Rapid Finance – Best for large funding needs

Rapid Finance (formerly Rapid Advance) is an alternative lender that offers short-term small business loans to grow your existing business.

The small business loans range in amount from $5,000 to $1 million, with loan terms ranging from three months to five years. The best part is there’s no impact on your credit in order to get a quote.

Rapid Finance also offers a merchant cash advance product with loan amounts between $5,000 and $500,000. The payback of this loan is determined by sales and not a fixed rate.

What makes Rapid Finance an easy business loan purveyor is right there in the name: they’re quick to fund. On average, you can receive funding in as little as one day, making this a great lender for those that need a large amount of financing quickly.

You also don’t have to put up collateral with Rapid Finance, which offers a prepayment discount. Keep in mind, though, that you’ll have to pay back the Rapid Finance business loan with daily, weekly or monthly payments, which could put a dent in your cash flow.

How to qualify

The qualifications for financing from Rapid Finance are:

• Minimum 550 credit score.

• 2+ years of business history.

• $120,000 in annual revenue.

Fundbox – Best for short-term funding needs.

Fundbox is a line-of-credit provider that’s similar to Kabbage, albeit with shorter terms. Through Fundbox, you can acquire between $1,000 and $150,000 on a 12-24 week term. Interest rates on the line-of-credit product start at 4.66% for a 12-week repayment plan. When you convert this into a weekly rate, it ends up costing 0.5% to 0.9% of the drawn amount per week.

For example, if you borrow $5,000 for 12 weeks, you’ll pay between $25 to $45 each week for 12 weeks. This amount will automatically be debited from your business bank account.

How to qualify

Qualification standards for financing from Fundbox are as follows:

• Minimum 600 credit score.

• $100,000 in annual revenue.

• 6 months of time in business.

Because of these minimum qualifications, Fundbox is one of the most accessible forms of financing for small business owners.

National Funding – Best for equipment financing

National Funding is our next recommendation for lenders that provide easy business loans. With National Funding, you can acquire up to $500,000 for a short-term loan or as equipment financing. Their business loans are designed for business owners who can’t get a loan from a bank, and their minimal qualification standards make them very accessible.

They also offer a variety of small business loans, like short-term loans, loans for bad credit, unsecured loans, working capital loans and small business loans for women.

To apply, you’ll simply have to fill out an online application. Once National Funding reviews your application, they will perform a soft credit pull on your personal credit score. They advertise that you can get a decision in as few as 24 hours. If you qualify, you’ll either have a daily or weekly repayment schedule.

The main benefit of National Funding is that they offer fast access to capital and an easy application process. Similar to Rapid Finance, the disadvantage with National Funding is that you will be subjected to daily or weekly payments. Their factor rates are also quite high.

How to qualify

The qualification requirements for National Funding are:

• 500 minimum credit score.

• $100,000 in annual revenue.

• 1 year of time in business.

To apply, you’ll also need three months of bank statements and a minimum bank balance of $1,500. National Funding also requires a personal guarantee from the borrower.

Bluevine – Best for lines of credit up to $250,000

Bluevine is our fifth and final option for an easy business loan. We recommend it because it offers lines of credit up to $250,000.

With a line of credit from Bluevine, you can secure terms of up to one year and interest rates as low as 4.8%.

Aside from flexibility, Bluevine can also fund in as little as two business days and there is no minimum bank balance requirement. What’s more, bankruptcy doesn’t disqualify you from qualifying for this loan.

For these reasons, Bluevine is an excellent lender for those looking for easy business loans.

How to qualify

The requirements for Bluevine’s lines of credit are:

• 600 minimum credit score.

• $120,000 in annual revenues.

• 6 months of business history.