$5,000 to $250,000
27.30%*
Up to 24 months
If you’re looking for a fast business loan, OnDeck can deliver funds up to $250,000 as soon as the same business day (criteria applies). You can check your eligibility without a hard credit check with a streamlined application that takes only a few minutes to complete.
OnDeck has a fairly low credit score and time in business requirement, but be prepared for high interest rates and additional fees.
Read our OnDeck review.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
Up to $5,000,000
Prime rate + 3.00% to 6.50%, depending on loan size and term length
120 months
The SBA CAPLine is a specific type of SBA 7(a) loan, but instead of paying out the loan in a lump sum like a traditional 7(a) term loan, it’s a line of credit you can draw upon to use for working capital expenses.
SBA loans are backed by the Small Business Administration, making them more accessible for newly established businesses, minority business owners or those who can’t qualify for traditional business financing. You must operate a for-profit business within the U.S. and be in good standing with other government business loans to qualify for an SBA small business loan or CAPLine.
Read more about SBA lines of credit.
In order to qualify, you’ll need to meet the SBA’s criteria of:
$5,000 to $1,500,000
Factor rates from 1.10 to 1.40
Up to 18 months
Fora Financial provides between $5,000 and $1,500,000 to be used for any business expense with no restrictions. With a minimum credit score requirement of only 570, it’s a great choice for borrowers looking for a bad credit business loan. However, your business must generate at least $15,000 in monthly revenue to qualify.
You can also enjoy fast funding with Fora Financial, receiving your funds within 24 to 48 hours. And while some lenders charge prepayment penalties, Fora Financial offers a discount for repaying your debt early.
Read our Fora Financial review.
In order to qualify, you’ll need to meet Fora Financial’s criteria of:
Up to $150,000
4.66% for 12 weeks 8.99% for 24 weeks
12 or 24 weeks
If you’re looking for a working capital loan for startups, Fundbox’s line of credit can provide up to $150,000 on a revolving basis — only charging interest on the funds you withdraw. It’s a great option for new companies with a limited credit profile, although you must generate at least $100,000 in annual revenue to qualify.
If approved, you can access funds as soon as the next business day.
Read our Fundbox review.
In order to qualify, you’ll need to meet Fundbox’s criteria of:
$6,000 to $250,000
6.20% simple interest
6 or 12 months
A Bluevine line of credit can fund up to $250,000 of business expenses, allowing you to withdraw, repay, then withdraw again. Your application may be approved in as little as five minutes, with funds hitting your business bank account as soon as 24 hours later.
However, your business must have been in operation for at least two years and generate a minimum of $40,000 in monthly revenue to qualify.
Read our Bluevine review.
In order to qualify, you’ll need to meet Bluevine’s criteria of:
$25,000 to $500,000
15.22%
6 to 84 months
Funding Circle is one of our top picks for a long-term business loan with funds up to $500,000, set monthly payments and terms as long as 84 months. With that time and money, you could tackle a range of ongoing projects for your business. Plus, you won’t get penalized for repaying your debt early.
Note that none of the business owners can have a history of personal bankruptcy within the past seven years. Furthermore, your business must operate within an approved industry to qualify for any Funding Circle small business loan.
Read our Funding Circle review.
In order to qualify, you’ll need to meet Funding Circle’s criteria of:
$5,000 to $250,000
8.49%
12, 24, 36 or 60 months
The Accion Opportunity Fund (AOF) is a nonprofit lender focused on helping diverse business owners access the capital they need to start, grow and expand their companies. In addition to prioritizing minority entrepreneurs and women-owned businesses, the AOF provides educational resources, business coaching and access to support networks in English and Spanish.
You must have at least 20% ownership in your company and operate within the U.S. to be eligible for an AOF loan — although not all states are eligible for funding.
In order to qualify, you’ll need to meet Accion Opportunity Fund’s criteria of:
| Pros | Cons |
|---|---|
| Flexible funding for a wide range of business purposes Quick funding from some online lenders Accessible to a wide range of businesses with varied minimum requirements | Interest rates can be high due to factor rates Some lenders require daily or weekly payments Collateral may be required |
The process for applying for working capital financing varies by loan type and lender. However, here are the steps you will likely need to take to get a small business loan:
1. Decide how much you need. Write a list of your company’s most urgent needs and estimated operating costs. Consider whether you need the funds upfront or prefer ongoing access to cash on an as-needed basis. Use our business loan calculator to estimate your borrowing power, making sure the weekly or monthly payments are within your budget.
2. Determine your eligibility. Lenders will typically list their business loan requirements on their website. Factors that determine your creditworthiness usually include your credit profile (your personal FICO Score and business credit score), time in business and annual revenue. Some working capital loans also require a personal guarantee or collateral, such as with secured business loans.
3. Compare small business lenders. You can apply for a working capital loan with a traditional bank, credit union or an online business lender. Compare interest rates, repayment terms and additional fees to find the best loan option for your business needs.
4. Gather required documents. Having essential documents ready can help speed up the application process. You will likely need a business plan, personal and business bank statements, personal and business tax returns and any applicable business licenses.
5. Submit your application. The application process is typically quick and automated, often done online. Your lender may reach out to you for additional information and next steps.
Ultimately, deciding whether a working capital loan makes sense for your business is a matter of personal choice. However, if you need short-term funding to cover unexpected expenses or to help your operations expand, this type of loan may be a smart option.
The rates on working capital loans can vary widely from lender. However, it’s possible to get a decent rate, especially if you have a strong financial profile. For example, Fundbox’s rates start at just 4.66% for its 12-week term.
Generally, when people talk about working capital loans, they’re referring to a short-term business loan. However, in some cases, it’s also possible to take out a line of credit to cover your working capital expenses.
