An online application for a business loan can be completed entirely online, regardless of the kind of lender involved. Online financial technology companies, on the other hand, often offer business loans. With traditional banks, you can complete an application online, but these lenders usually require more rigorous qualifications and have streamlined underwriting processes.
If you cannot qualify with a bank or wish to pay for faster funding, an online business loan might be a good option for you.
There are completely online business loans you may apply for. Traditional banks are not the only financial technology companies that may offer these loans, but they are the most typical. Online business loans are usually offered by financial technology companies rather than banks.
THE BEST Obtain Business Loan
| Loan amount | $30,000 to $350,000 |
Shortens SBA funding process to as quickly as one week.
Down payment required.
Businesses must show at least two years of operating history.
These popular government-backed loans are available for most business uses, with terms up to 25 years and moderate interest rates. SBA loans are widely available through banks, though the application process can take anywhere from five days to two months or more.
| Term (months) | 120 to 300 months |
| Min. credit score | 650 |
| Fees | Up to 3.5% of guaranteed portion up to $1,000,000, plus 3.75% of guaranteed portion over $1,000,000 |
| Time to funding | As short as 7 days |
Continue How to Obtain business loans | 9 More online business loans!
Online business loans are usually available to applicants with more flexible qualification requirements and streamlined underwriting procedures, but who are willing to pay more for these benefits. These loans are a good choice if you are unable to qualify with a bank or would like to pay a premium for faster funding.
You can get a small business loan that suits your short-term needs and long-term goals. Our loan programs are specially tailored to your unique demands. We have a wide variety of loan programs to choose from. The dedicated loan officers of our company can assist you in comparing and applying for working capital loans and other financial products that meet your demands. Online Business Loans: Compare Fast Funding Options – NerdWallet
Whether you’re seeking a short-term or long-term loan, you’ll find a suitable option here. We’ve tailored a wide range of loan programs to match your short-term and long-term objectives. You can work with a dedicated loan officer if you apply for a small business loan. You may also get coaching when you apply for working capital loans and other financing options that suit your needs. Best for Online business loan for low-revenue businesses.
Ondeck
29.90-65.90%
Best for Online business line of credit
Max loan amount – $100000
Min. credit score – $625
- Step 1. Complete the application – Our application is pretty simple, and you can apply online or over the phone.
- Step 2. Get a decision – Your dedicated loan advisor will review your options with you.
- Step 3. Receive your funds – Complete the online checkout and receive your funds as soon as the same day.
Kabbage
Best for Online business loan for low-revenue businesses
Max loan amount – $250000
Min. credit score – $640
- Instant Funding: Get money in your account within seconds every time you make a withdrawal – 24/7, even on nights and weekends.
- Access more funds automatically: Receive automatic credit limit increases when we review credit profile. We do this on an ongoing basis, so the opportunity is often there.
Fundbox
Best for Online business loan for bad credit
Max loan amount – $150000
Min. credit score – $600
- Fundera by NerdWallet helps small business owners like you shop, compare, and understand your funding options.
- Enter your requested loan or pick a common amount.
- No cost to you. Your credit score won’t be impacted. Compare multiple lender options with one application.
Ondeck
Best for Short-term online business loan
Max loan amount – $250000
Min. credit score – $620
- Step 1. Complete the application – Our application is pretty simple, and you can apply online or over the phone.
- Step 2. Get a decision – Your dedicated loan advisor will review your options with you.
- Step 3. Receive your funds – Complete the online checkout and receive your funds as soon as the same day.
Lendio
Lendio offers the best loans for most small-business owners.
Max loan amount – $250000
Min. credit score – $640
- Instant Funding: Get money in your account within seconds every time you make a withdrawal – 24/7, even on nights and weekends.
- Access more funds automatically: Submit one application and be considered for 75 different loans through Lendio Marketplace.
- Join the 320,000 businesses who’ve been funded through Lendio.
Funding Circle
Funding Circle – Online term loan
Max loan amount – $500000
Min. credit score – $660
- Fundera by NerdWallet helps small business owners like you shop, compare, and understand your funding options.
- Minimum credit score: 660.
- Minimum time in business: Two years.
- Minimum annual revenue: None.
- No bankruptcies in the past seven years.
- Funding Circle’s online business loans can have terms as long as seven years.
Credibility Capital
Credibility Capital – Online term loan
Max loan amount – $500000
Min. credit score – $650
- Credibility Capital offers low-cost business loans that work best for small-business owners with strong credit.
- Competitive rates compared to other online lenders.
- Loans can be approved and funded within five business days.
- Requires higher annual revenue than other online lenders.
- No prepayment penalty.
- Requires business lien and personal guarantee.
Triton Capital
Triton Capital – Equipment financing
Max loan amount – $250000
Min. credit score – $600
- Triton Capital’s equipment loans can fund in a matter of days.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
- Can fund within one to two business days.
- No prepayment penalty.
- Requires high minimum annual revenue.
- Typically requires a personal guarantee and UCC lien.
Bluevine
Best for Short-term online business loan
EST. APR – 20.00-50.00%
Max loan amount – $250000
Min. credit score – $620
- Fundera by NerdWallet helps small business owners like you shop, compare, and understand your funding options.
- Bluevine’s line of credit provides fast working capital for short-term borrowing needs.
- Bluevine offers up to $250,000 with repayment terms of six or 12 months.
- Startup-friendly; accepts borrowers with a minimum of six months in business.