Best business loans of November 2023

Unlike other lenders that require good to excellent credit, you could get approved by Credibly with a credit score as low as 501. This could make this lender a good option if you have poor credit (usually considered to be a score below 580).

With a Credibly business loan, you can borrow $5,000 to $400,000. Short-term loans come with repayment terms from three months to two years while long-term loans can range from three to 10 years. If you’re approved, you could get your funds as soon as the same day.

Credibly also offers a Quick Draw funding program. If you’re approved for a higher loan amount and choose to take less funding, you might be able to get the additional money you left on the table up to the offer expiry date.

Keep in mind that your business must have been in operation for at least six months with an average of $180,000 in revenue to be eligible for a Credibly loan. Additionally, your loan might come with an origination or monthly fee, which will increase your overall borrowing costs.

• Loan amounts: $5,000 to $400,000.
• Repayment terms: 3 months to 2 years (for short-term loans) or 3 to 10 years (for long-term loans).
• Discounts: None.
• Fees: Origination or monthly fee (if applicable, the amount will be listed in your loan agreement).
• Min. credit score: 501.
• Required time in operation: 6 months.
• Required annual revenue: $180,000.
• Time to fund: As soon as the same day after approval.

If you have a newer business with limited revenue, an American Express business line of credit — which ranges from $2,000 to $250,000 — might be a good option. You could qualify with an average monthly revenue of at least $3,000, which is minimal compared to several other lenders.

You’ll also need a credit score of at least 660* and to have been in business for a minimum of one year to be eligible — though keep in mind that all businesses are unique and are subject to approval and review. If you’re approved, you could have access to your funds within one to three business days.

Note that each draw on the credit line is processed as a separate installment loan with total monthly fees incurred over the loan term ranging from 3% to 9% for six-month loans, 6% to 18% for 12-month loans and 9% to 27% for 18-month loans. These loans must be secured by business assets as well as a personal guarantee, and each loan will come with a monthly fee for each month that you carry an outstanding balance. American Express also charges fees for late payments that can further increase your total costs.

• Loan amounts: $2,000 to $250,000.
• Repayment terms: 6, 12 and 18 months.
• Discounts: None.
• Fees: Monthly fees for outstanding balances (3% to 9% for 6-month loans, 6% to 18% for 12-month loans and 9% to 27% for 18-month loans).
• Min. credit score: 660*.
• Required time in operation: 1 year.
• Required average monthly revenue: At least $3,000 in monthly revenue.
• Time to fund: Within one to three business days after approval.

*The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.

With Fora Financial, you can borrow $5,000 to $1.5 million with repayment terms up to 15 months, and if you’re approved, you could get your funds within one to three business days. This could make this lender a good option if you need to borrow a large amount of working capital. You also have the option to increase your borrowing amount after you’ve paid off 60% of your original loan, giving you more flexibility than you’d have with a typical business installment loan.

Additionally, Fora Financial offers a discount to borrowers who choose to repay their loans early, which is relatively uncommon for business loans. This lender also accepts credit scores as low as 500, and its loans are unsecured, meaning you don’t have to worry about collateral — though your business must have been in operation for at least six months to be eligible.

Note that Fora Financial charges one-time fees for loan processing as well as for wire transfers, which could impact your overall borrowing costs.

• Loan amounts: $5,000 to $1.5 million.
• Repayment terms: 4 to 15 months.
• Discounts: Prepayment discount (amount not disclosed).
• Fees: Processing fee (at least 2.5%) and wire transfer fee (amount not disclosed).
• Min. credit score: 500.
• Required time in operation: 6 months.
• Required annual revenue: $180,000.
• Time to fund: Within 1 to 3 business days after approval.

In addition to offering customer support via phone and email, OnDeck provides each of its customers with a dedicated account manager to personally address any of their needs. This effort to serve its customers seems to have paid off as OnDeck has earned a Trustpilot rating of 4.7 out of 5 stars as of May 9, 2023, with many reviews highlighting excellent customer service from the lender’s team.

With an OnDeck term loan, you can borrow $5,000 to $250,000 with terms from 18 months to two years. You could qualify with a credit score as low as 625, and if you’re approved, you could get your funds as soon as the same day (two to three business days for loans over $100,000 or if your state isn’t eligible for same-day funding). You might also qualify for rate reductions if you opt to take out additional loans from OnDeck.

Keep in mind that while this lender doesn’t require specific collateral for a term loan, your loan will be secured by a general lien on your business assets as well as a personal guarantee. OnDeck also charges an origination fee, and it doesn’t specify its interest rates on its website.

• Loan amounts: $5,000 to $250,000.
• Repayment terms: 18 months to two years.
• Discounts: Repeat customer discount (amount not disclosed).
• Fees: Origination fee (0% to 4%) and prepayment penalty (75% of remaining interest if you don’t qualify for the 100% prepayment benefit option).
• Min. credit score: 625.
• Required time in operation: 1 year.
• Required annual revenue: $100,000.
• Time to fund: As soon as the same day (for loans up to $100,000) or within 2 to 3 business days (for loans over $100,000) after approval.

While many business loans come with short terms, National Funding offers both short- and long-term loans. Its short-term loans come with terms from four months to two years while you’ll have two to five years to repay a long-term equipment financing loan — providing you with more flexibility if you’d prefer more time to pay off a loan. You can also take advantage of an early payoff discount if you repay your loan ahead of schedule.

With National Funding, you can take out a short-term loan of $5,000 to $400,000 or an equipment financing loan of up to $150,000. This lender accepts credit scores as low as 600 and a time-in-operation minimum of six months, and if you’re approved, you could get your funds as soon as the next business day.

Keep in mind that to be eligible for a loan from National Funding, your business must generate an annual revenue of at least $250,000, which is higher compared to some lenders. Additionally, National Funding charges a factor rate instead of an interest rate — this essentially translates to a flat fee that you’ll pay upfront instead of interest that would be paid over time.

Note that this lender doesn’t disclose its maximum possible factor rate. If you’d like more information regarding what you might qualify for beforehand, you’ll need to apply and discuss your options with one of the lender’s funding specialists. National Funding also charges an origination fee that could increase your overall costs.

• Loan amounts: $5,000 to $400,000.
• Repayment terms: 4 months to 5 years (depending on loan type).
• Discounts: Early repayment discount (7% of remaining balance).
• Fees: Origination fee (1% to 5%).
• Min. credit score: 600.
• Required time in operation: 6 months.
• Required annual revenue: $250,000.
• Time to fund: As soon as the next business day after approval.

If you need access to funds quickly, an OnDeck business line of credit could be a good option. These unsecured credit lines range from $6,000 to $100,000 with one-year repayment terms, and if you’re approved, you could get access to your funds as soon as the same day.

To qualify for an OnDeck business line of credit, you’ll need a credit score of at least 625, and your business must have been in operation for at least one year with a minimum of $100,000 in annual revenue.

Note that this lender charges a monthly maintenance fee, and it doesn’t disclose its maximum rates. Additionally, OnDeck business lines of credit aren’t available in Nevada, North Dakota and South Dakota, and its same-day funding option is offered in every state.

• Loan amounts: $6,000 to $100,000.
• Repayment terms: 1 year.
• Discounts: None.
• Fees: Monthly maintenance fee ($20).
• Min. credit score: 625.
• Required time in operation: 1 year.
• Required annual revenue: $100,000.
• Time to fund: As soon as the same day after approval.

If you have an established small business and are looking for a short-term loan, Balboa Capital could be a good option. This lender’s standard short-term loans range from $20,000 to $250,000 with terms from three months to two years — but if your business has operated for a longer period of time, you might qualify for a larger loan. Higher loan amounts of up to $5 million are also available on other types of business loans available from this lender. If you’re approved, your loan could be funded as soon as the same day.

Note that to be eligible for a Balboa Capital loan, you’ll need a credit score of at least 620. Additionally, your business must have been in operation for a minimum of one year and generate at least $300,000 in annual revenue. This is a relatively high revenue requirement compared to some lenders, which means this lender might not be the best option if you have a startup or a business that is quite small.

Also keep in mind that Balboa Capital doesn’t disclose its interest rates or fees online. To see what your overall costs might be, you’ll need to reach out to the lender.

• Loan amounts: $20,000 to $250,000.
• Repayment terms: 3 months to 2 years.
• Discounts: None.
• Fees: Does not disclose.
• Min. credit score: 620.
• Required time in operation: 1 year.
• Required annual revenue: $300,000.
• Time to fund: As soon as the same day after approval.

If you’ve recently started your business and it’s growing quickly, a business line of credit from Fundbox could help you avoid cash flow hiccups. This lender’s credit lines range up to $150,000 with terms of 12 or 24 weeks.

You’ll need a credit score of at least 600 to qualify, and your business must have been in operation for at least six months with a minimum of $100,000 in annual revenue. If you’re approved, you could get access to your funds as soon as the next business day.

Note that this lender doesn’t disclose its interest rates online, and its standard business line of credit comes with weekly fees that can increase your overall borrowing costs. However, if you pay off your outstanding balance before your term ends, Fundbox will waive the fees from the remainder of the weeks you didn’t use. Additionally, if you sign up for a Fundbox Flex Account, you’ll get an extra three days to repay your balance, and you’ll be charged no fees for payments by automated clearing house (ACH) or debit card (a small processing fee will apply for credit card payments).

• Loan amounts: Up to $150,000.
• Repayment terms: 12 or 24 weeks.
• Discounts: Early repayment discount (amount equals the fees from the weeks you didn’t use) and Flex Account discount (no fees for ACH and debit card payments).
• Fees: Weekly fees (amount depends on term and your business profile).
• Min. credit score: 600.
• Required time in operation: 6 months.
• Required annual revenue: $100,000.
• Time to fund: As soon as the next business day after approval.

If your business has been in operation for at least two years, Kapitus could be worth considering. This lending platform offers business loans from $10,000 to $500,000 with repayment terms of up to five years, but some of its other products range even higher. For example, you might be able to borrow up to $5 million through Kapitus with a loan backed by the Small Business Administration (SBA).

To qualify for a small business loan from Kapitus, you’ll need a minimum credit score of 625 (higher credit score requirements apply for other types of loans). Your business must also generate a minimum of $250,000 in annual revenue. If you’re approved, you could get your funds as soon as the next business day.

Note that you might have to take out a larger loan to qualify for the longest repayment terms — for example, you must borrow a minimum of $50,000 to be eligible for a five-year term. Additionally, Kapitus doesn’t publish its interest rates online, so you’ll need to contact the lender to see what rate to expect. This lender also charges fees for late payments.

• Loan amounts: $10,000 to $5 million (depending on loan type).
• Repayment terms: Up to 5 years.
• Discounts: None.
• Fees: Late fees (amount not disclosed).
• Min. credit score: 625 (higher requirements for some loan types).
• Required time in operation: 2 years.
• Required annual revenue: $250,000.
• Time to fund: As soon as the next business day after approval.

Best known for its consumer and business payment services, PayPal also offers lending solutions for small business owners. Unlike with some lenders, you can go through the entire application process for a PayPal business loan online, making it even easier to get the funds you need.

This lender’s business loans range from $5,000 to $100,000 for first-time borrowers and up to $150,000 for returning customers with terms from 17 weeks to one year. While this maximum amount is lower compared to loans offered by some competitors, PayPal’s annual revenue requirement is only $33,300, which could make it ideal if your business hasn’t generated a high amount of earnings. You must also have been in business for at least nine months to be eligible, and if you’re approved, you could get your funds as soon as the next business day.

Keep in mind that PayPal charges a total loan fee that’s paid over the life of the loan. This lender also assesses fees for returned payments, though it doesn’t charge for late payments. Additionally, PayPal doesn’t disclose its rates or minimum credit score requirements.

• Loan amounts: $5,000 to $150,000 ($100,000 maximum for first-time borrowers).
• Repayment terms: 17 weeks to 1 year.
• Discounts: None.
• Fees: Total loan fee and returned payment fees (amounts not disclosed).
• Min. credit score: Does not disclose.
• Required time in operation: 9 months.
• Required annual revenue: $33,300.
• Time to fund: As soon as the next business day after approval.