Top 3 Online Business Lenders

Top 3 Online Business Lenders
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Looking for a business loan you can get without breaking your back? Traditional loans tend to include a long and at times complicated procedure you must endure before being approved. And even after giving all the proper documentation and waiting the required period, you’re not even guaranteed to be approved at all. 

Luckily, you no longer have to go down the traditional route of walking into a bank and handing over your entire credit history before you can secure a loan. With a series of lenders popping up all over the internet, it’s now super easy to get a business loan. 

Here’s the top three easiest-to-get:


There are now multiple small business lenders that take only ten minutes to apply for, and OnDeck is one of the best. They offer business lines of credit and short-term business loans with instant approval. It usually takes between 1-3 days for your business to be funded and you can expect an APR of 30-50%. Their loan amounts range from between $5,000 and $500,000 and their repayment terms start at 3 months and go all the way up to 3 years. And here’s the kicker: their minimum credit score is 500.   

In order to fill out their application, they require you to connect your bank account to their system, and give some basic personal information. You may also be prompted to provide them with three months of bank statements, but since you can sync your bank account with their service directly, there is no need to dig up and send them any paper copies.

Because of the speed of approval and the low credit score minimum, OnDeck is one of the best online lenders for small businesses .


A third contender for the fastest application process, Crediblyalso offers an application that takes only ten minutes to complete with same day approval. Credibly is known as one of the best merchant cash advance providers and can advance up to $250,000 based on future credit card sales. Their minimum requirements are quite favorable too, with a minimum credit score of 500. They also require you to have been in business for at least 6 months and make a minimum of $15,000 dollars in monthly revenue.

In terms of APR, credibly has one of the highest on the list with rates as high as 80-120%, but you can attribute the high rates to the fact that payback periods for their cash advances are variable. Another cool thing about Credibly is that repayments are taken directly out of your daily credit card sales, which is a great way to guarantee you aren’t making late payments.

All in all, Credibly is a quick and easy choice for small business who need capital or are looking to expand.


Much like OnDeck, Bluevine also has a ten-minute application process, but what sets BlueVine apart is that they also offer invoice factoring, which means you can use your outstanding invoices as collateral in exchange for a quick injection of cash for your business. These invoice factoring loans can range from $20,000 to $5,000,000 in value, money that can really help you out if you’re in a pinch.

APR’s from BlueVine can range anywhere between 15% and 78% with loan terms from 6 to 12 months, and they now accept applications from borrowers with credit scores below 600, however, you are not guaranteed approval.

BlueVine’s invoice factoring is an attractive financing alternative, but it’s important to point out that with invoice factoring you can be punished for having unreliable customers. Because you’re using your own invoices as leverage, if a customer fails to pay their invoice on time, BlueVine will begin penalizing you with a 3% late fee after two weeks, and if the customer fails to pay, you’ll be responsible for paying back the invoice to BlueVine yourself.

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