Top 7 Best Online Business Loans

When you need a business loan it is usually something of immediate importance. Online business lenders have made quick lending decisions and providing capital fast part of their mission. Banks usually take more time to make lending decisions but are still worth talking to if you have time to spare.

As a result of the need for speed, many small businesses are turning to online lenders as sources of business loans. They can be a great source of credit for a small business that is looking to secure a loan of between $50,000 and $500,000, and do it in the shortest timeframe possible, and with the least hardship in terms of documentation.

For this reason, we have compiled our list of the top 7 best online business loans on the web.

LENDER RATES APR % TERMS LOAN TYPE MAX LOAN AMOUNT MIN CREDIT SCORE

Lending Club

8.00% – 32.00%

6.25% – 21.60%

1 to 5 years Term loans

Line of Credit

$300,000 660

Fundation

7.99% – 29.99% 1 to 4 years Term loans $500,000 600

Bond Street

6.00% – 22.00% 1 to 3 years Term loans $500,000 640

Funding Circle

5.49% – 27.79% 1 to 5 years Term loans $500,000 640

CAN Capital

Factor rate to 35% annual 4 months to 24 months Term loans

Merchant Cash Adv.

$150,000 N/A

On Deck

13.99% – 36%

5.99 to no maximum

3 – 36 mos. on term loans Variable rate

Term loans

$100,000 to $500,000 600/500

Kabbage

1.50% to 12.00% PER MONTH 6 or 12 months Revolving line of credit $100,000 N/A

Our List of the Top 7 Best Online Business Loans

1. Lending Club

  • Fixed rates from 8.00% APR to 32.00% (APR) on business loans
  • Variable rates from 6.25% APR to 21.60% (APR) on business lines of credit
  • Business loan terms from one to five years
  • Origination fee between 0.99% and 6.99%
  • No application fee or prepayment penalty
  • Borrow up to $300,000
  • Borrow up to $100,000 with no collateral
  • Minimum credit score: 660
  • Must be in business a minimum of 24 months
  • Must have minimum of $75,000 in annual sales for past two years
  • Borrow for any business purpose
Lending Club logo

Lending Club Business Loan

Borrow Up to $300,000
  • 8%-32% APR
  • 1-5 Year Term
  • 0.99%-6.99% Origination Fee On Loan Amount

2. Fundation

  • Fixed rates from 7.99% APR to 29.99% APR on business loans
  • Business loan terms from one to four years (twice monthly payments)
  • Origination fee 2.00% to 3.00% included in APR
  • No application fee or prepayment penalty
  • Borrow up to $500,000 ($20,000 minimum)
  • Collateral: personal guarantee plus general business lien
  • Minimum credit score: 600 (“good personal credit”)
  • Must be in business a minimum of 24 months
  • Must have at least three employees
  • Must have minimum of $100,000 in annual sales
  • Borrow for any business purpose
large_Fundation-logo__1_

Fundation Business Loan

Borrow Up To $500,000 (Minimum $20,000)
  • 7.99%-29.99% APR
  • 1-4 Year Term
  • 2.0%-3.0% Origination Fee On Loan Amount (included in APR)

3. Bond St

  • Fixed rates from 6.00% APR to 22.00% APR on business loans
  • Business loan terms from one to three years
  • Origination fee 3.00%
  • No application fee or prepayment penalty
  • Borrow up to $500,000 (minimum $50,000)
  • Collateral: personal guarantee and general business lien
  • Minimum credit score: 640
  • Must be in business a minimum of 24 months
  • Must have minimum of $200,000 in annual sales for past two years
  • Borrow for any business purpose
Bond Street

Bond Street Business Loan

Borrow Up to $500,000 (Minimum $50,000)
  • 6.0%-22.00% APR
  • 1-3 Year Term
  • 3.0% Origination Fee On Loan Amount

4. Funding Circle

  • Fixed rates from 5.49% APR to 27.79% APR on business loans
  • Business loan terms from one to five years
  • Origination fee between 1.49% and 4.99%
  • No application fee or prepayment penalty
  • Borrow up to $500,000
  • Collateral requirement: personal guarantees plus general business lien
  • Minimum credit score: 640
  • Must be in business a minimum of 24 months
  • Must have minimum of $150,000 in annual sales for past two years
  • Borrow for any business purpose
Funding Circle

Funding Circle Business Loan

Borrow Up to $500,000
  • 5.49%-27.79% APR
  • 1-5 Year Term
  • 1.49%-4.99% Origination Fee On Loan Amount

5. CAN Capital

  • Factor rates approximately 35% per year (rates not disclosed until application)
  • Short-term business loans and Merchant Cash Advances (MCA)
  • Business loan terms from four to 24 months; MCAs revolving
  • Borrow up to $150,000 on business term loans and MCAs
  • Collateral: MCA secured by future credit and debit card receivables; term loans require personal guarantee
  • Repayment: Daily on term loans (fixed daily payment) and Daily percentage of credit/debit card receivables on MCAs
  • Minimum credit score: Not applicable (based mainly on cash flow) but rumored to be 550
  • Must be in business a minimum of 4 months
  • Must have minimum of $4,500 in monthly sales
  • Borrow for any business purpose
CAN Capital

CAN Capital Business Loan

Borrow Up to $150,000
  • 5.49%-27.79% APR
  • 4 months-2 Year Term
  • 1.49%-4.99% Origination Fee On Loan Amount

6. On Deck

  • Variable rates from 13.99% APR to 36.00% APR
  • Short-term fixed rate loans from 9.00% APR to no maximum (“average rates of 19% Total Interest Percentage”); Long-term fixed rate loans from 5.99% APR to no maximum (“average rates of 30% Annual Interest Rate”)
  • Terms: Short-term loans 3 – 12 months; Long-term loans 15 – 36 months; lines of credit six months
  • Origination fee 2.5% on first loan
  • No application fee or prepayment penalty
  • Borrow up to $100,000 on lines of credit, $250,000 on short-term loans, $500,000 on long-term loans
  • Collateral – personal guarantee plus general lien on business
  • Minimum credit score: 600 on lines of credit, 500 on term loans
  • Must be in business a minimum of 12 months
  • Must have minimum annual sales of $100,000
  • Borrow for any business purpose
On Deck

On Deck Business Loan

Borrow Up to $500,000
  • 13.99%-36.00% APR
  • 3 months-3 Year Term
  • 2.5% Origination Fee On Loan Amount (On First Loan)

7. Kabbage

  • No interest – Total fees charged from 1.50% to 12.00% (maximum) PER MONTH
  • Terms of six months or 12 months – revolving line of credit
  • No application fee or prepayment penalty
  • Borrow up to $100,000
  • Minimum credit score: not applicable
  • Must be in business a minimum of 12 months
  • Must have minimum annual sales of $50,000
  • Borrow for any business purpose
Kabbage

Kabbage Business Loan

Borrow Up to $100,000
  • 1.50%-12.00% Per Month
  • 6 months-1 Year Term
  • n/a Origination Fee On Loan Amount