The best easy business loans should have a simple application process with flexible qualification requirements. Many should also offer fast funding speeds and low documentation requirements.
Since the rates and terms you get will vary based on the strength of your application, we’ve selected lenders with a range of eligibility criteria. Business owners who have low credit scores, run newer companies, or have lower revenue earnings should be able to find financing options from this guide.
Based on our definition of the best easy small business loans, here are 10 recommendations:
- QuickBridge: Best overall for easy documentation requirements
- Clarify Capital: Best for personalized service
- SBG Funding: Best for custom payment options
- Lendio: Best for multiple loan options
- National Funding: Best for short-term loans
- Funding Circle: Best for borrowers with good credit
- 1West: Best for bad credit
- Creditfy: Best credit line for high credit limits
- Balboa Capital: Best for same-day approval and funding
- American Express: Best credit line for low revenue businesses
Best Easy Business Loans At a Glance
QuickBridge: Best Overall for Easy Documentation Requirements
Why We Like QuickBridge
Working with QuickBridge gives you a high probability of going through a simple application process with minimal paperwork required to get approved. For these reasons, it was also selected for our list of the best working capital loans.
Applications can be completed online in just a matter of minutes, after which you’ll be assigned a dedicated funding specialist to guide you through getting approved and funded. Initial credit decisions can usually be made in just a few hours.
QuickBridge provides a wide range of financing solutions. Some examples include working capital, receivable financing, short-term loans, and daily payment financing. Funding programs for more specific business uses are also available for things like tax debt, business expansions, inventory financing, marketing loans, payroll loans, and renovation financing.
The provider strives to be able to play a role in its business owner’s continued growth. This is evidenced by data collected from a 2022 analysis which found that 80% of returning customers subsequently saw an increase in business revenue. In addition, former customers have rated QuickBridge highly, as the provider currently has a 4.6 rating on Trustpilot[1] and an A rating with the Better Business Bureau[2].
To learn more or to submit a loan application, you can head over to the QuickBridge website.
Clarify Capital: Best for Personalized Service
Why We Like Clarify Capital
Clarify Capital is an excellent company if you’re looking to get a high level of service. By working with it, you’ll get personalized recommendations, guidance through the loan process, and even assistance with completing loan paperwork. Some of its standout accomplishments include a 4.8 rating on Trustpilot[3] and the fact that 97% of funded business owners that state Clarify Capital had the lowest rates.
In addition to offering a wide range of business loan products, Clarify Capital also has flexibility in the qualification requirements for some of its loan programs. For example, although some programs may have a minimum credit score, it’s possible to still get approved for financing if you don’t meet that criteria. This is possible as Clarify Capital is a broker with over 75 lenders that it can match you with.
Applications can be started from the Clarify Capital website. This is a process that can be completed in two minutes, after which you’ll be able to work with a dedicated loan advisor to find the loan best suited for your needs.
SBG Funding: Best for Custom Payment Options
Why We Like SBG Funding
If you have concerns about the affordability of a business loan, SBG Funding’s custom payment options may be able to help. This provider can structure loans to accommodate your cash flow needs by adjusting things like the payment terms and frequency of payments. Qualified businesses may even get deferred payments for up to three months.
In addition to this flexibility for payment options, SBG Funding has generous loan terms and qualification requirements. For instance, borrowers can get approved with as low as a 0% down payment for its equipment financing program, and eligible businesses can finance up to 90% of receivables for its invoice financing loan program.
SBG Funding boasts a high approval rate of 85%, but businesses that are weak in any area will likely need to display compensating factors elsewhere. To apply or learn more, visit the SBG Funding website.
Lendio: Best Broker for Multiple Loan Options
Why We Like Lendio
Lendio is a loan broker with over 75 lenders in its network. Working with a broker means that with a single loan application, a funding manager can match you with the best lender based on your business needs and qualifications. This can save you time and money from otherwise having to apply separately to different lenders yourself.
In addition to offering multiple types of loans, Lendio can offer referrals and recommendations for other business services. Some examples include business credit repair services, bookkeeping services, and legal assistance.
You can submit an online application on the Lendio website. This is a process that can be done in under 15 minutes, comes at no cost to you, and will not negatively impact your credit score. If you’re not ready to apply, you also have the option of calling the company with any questions you may have.
National Funding: Best for Short-term Loans
Why We Like National Funding
Although National Funding offers long-term equipment financing, much of its business centers around short-term loans. To incentivize faster payoffs, it offers early payment discounts, making this a good option for businesses looking to save money. You can get a discount of 7% on the remaining balance for loans paid off within the first 100 days, while equipment financing customers can get up to 6%.
When you work with National Funding, you’ll be assigned a dedicated funding specialist to answer questions and guide you through the loan process. This lender can also work with businesses in nearly any industry, including special interests—such as veterans, minorities, and women-owned companies.
To get started or to learn more about National Funding’s lending services, you can visit the provider’s website. There, you can also submit an online application. Depending on the details of your loan, approvals can be issued in as little as 24 hours, after which you’ll be able to review options with your dedicated funding specialist.
Funding Circle: Best for Borrowers with Good Credit
Why We Like Funding Circle
Funding Circle has the highest credit score requirement in our guide, but eligible borrowers can expect to get competitive rates and terms more easily than other lenders. It is also a good option for businesses seeking simple repayment terms, as its term loans all carry a fixed interest rate and fixed monthly payments.
The simplicity of its repayment terms also carries over to its fee structure. Funding Circle charges very few fees, typically limited to late fees, a one-time origination fee, and an annual servicing fee applicable only to investors. There are no prepayment penalties, maintenance fees, and other servicing fees.
Unlike some lenders, Funding Circle does require all of its loans to be personally guaranteed and secured with some form of collateral. This is done by placing a lien on business assets, which can include equipment, vehicles, and inventory. Additionally, while Funding Circle can issue funding within one business day, it states that most customers get loans within five days.
To apply, visit the Funding Circle website.
1West: Best for Bad Credit
Why We Like 1West
1West offers multiple types of loans with low credit score requirements and large funding amounts. Depending on the type of loan you’re trying to get, you may also qualify as a newer business.
It is another loan broker on our list with over 50 lenders in its network. It utilizes an automated system, called Automated Business Lending Engine (ABLE), to allow borrowers to apply online and get matched with multiple loan offers. This process can all be done electronically without the need to speak with a loan officer. This can speed up the process compared to many other traditional lenders.
Required documentation will vary based on the loan you apply for but generally involves the following:
- Three months of business bank statements
- Government-issued identification
- Voided check for your business bank account
You can visit the 1West website to learn more or to submit an online application.
Creditfy: Best Credit Line for High Credit Limits
Why We Like Creditfy
If your funding needs are large but you also want the flexibility of only drawing funds when you need to, a credit line with Creditfy could be your answer. The broker offers a small business line of credit with limits as high as $2.5 million and can fund startups and businesses with lower credit scores with a loan approval rate of 90%.
If a credit line is not right for you, consider its other loan products. These include SBA loans, bridge loans, invoice financing, term loans, and equipment financing.
Creditfy allows you to work with one of its loan specialists to match you with a loan best suited for your business needs. The company requires all of its lending representatives to have a minimum of two years of industry experience, increasing your odds of working with a knowledgeable representative to give you the best loan for your circumstances.
If you’re interested in Creditfy’s loan offerings, you can head over to the broker’s website to apply. Submitting an application can be done in under five minutes, does not negatively impact your credit score, and does not obligate you to accept any loan offers you might be pre-approved for.
Balboa Capital: Best for Same-day Approval and Funding
Why We Like Balboa Capital
If you need funding quickly, Balboa Capital is one of the few providers on our list that can issue an approval and funding as fast as the same day. It makes this possible with its application-only process, which allows for significantly reduced documentation.
Borrowers should keep in mind, however, that not all applications will be eligible for this application-only process. In general, this is only available for soft collateral loans up to $350,000 and hard collateral loans up to $500,000. Your ability to secure same-day funding will also be dependent on your responsiveness to the lender and how early in the day you apply.
Balboa Capital offers several different types of financing options, each with varying rates, terms, and qualification requirements. Meeting the minimum eligibility criteria listed also does not guarantee approval, which is the case with most lenders.
To learn more or to apply, visit the Balboa Capital website. There, you can get a free no-obligation rate quote.
American Express: Best Credit Line for Low Revenue Businesses
Why We Like American Express
Formerly marketed under Kabbage Funding, American Express offers a small business line of credit that has one of the lowest revenue requirements in our guide. Combined with a low time in business requirement, this credit line could be an ideal fit for newer businesses that have not yet developed large streams of revenue.
With an American Express small business line of credit, you’ll be charged a monthly fee instead of a traditional interest rate or factor rate. Other than this fee, there are no origination fees, annual fees, maintenance fees, application fees, or prepayment penalties.
American Express states that the minimum required credit score is 660, although this could vary based on its evaluation of other factors such as your relationship with the bank and specific items in your credit history. You must also have a valid business checking account to get approved for financing, and you can use the provider’s own checking account to qualify. Read more about it in our American Express business checking review.
How We Chose the Best Easy Small Business Loans
We considered the following items when choosing the best easy business loans:
- Speed of application, approval, and funding
- Amount of paperwork required for approval
- Qualification requirements such as credit score, time in business, and revenue
- Repayment terms and schedule
- Loan amounts offered
- Loan types offered
- Interest rates and estimated APRs
- Customer reviews and ratings
Alternatives To Easy Business Loans
Many of the providers on our list have easy qualification requirements, but this can come at the cost of higher rates and less favorable loan terms. You can read our guide on how to get a small business loan for tips to make the process even simpler, but if you’re looking for financing options with better rates and terms, here are a few options you can consider:
- Small business credit card: This is a good option for small and medium business expenses, and many offer 0% introductory rates and the ability to earn cash back rewards. Our list of the best small business credit cards can help you find one that fits the bill.
- SBA loan: SBA loans take longer to get but can offer low rates for businesses with good credit and solid financials. Visit Grasshopper for help with getting an SBA loan.
- Rollover for business startups (ROBS): A ROBS isn’t a loan, but it allows you to get access to your retirement funds tax- and penalty-free to be used for business expenses. You’ll typically need at least $50,000 in your retirement account to qualify, and we recommend using a ROBS provider. Visit Guidant for assistance with the process.
Frequently Asked Questions (FAQs)
The easiest place to get a business loan is through an online lender. Online lenders tend to have more lenient requirements than traditional brick-and-mortar lenders, and funding can be received sometimes as quickly as the same business day. QuickBridge is our choice for the best easy business loan provider.
You should first check to see if you meet the minimum qualification requirements for a particular lender. You should then consider the loan’s interest rate and terms such as applicable fees, repayment schedule, loan term, and monthly payments. Other factors to think about include whether the lender has physical branch locations, its hours of operation, and its customer reviews.
You should consider an easy business loan if you are unable to get approved elsewhere, need funds quickly, or want an easy loan process. This is because the best easy business loans typically have flexible qualification requirements, require minimal paperwork, and disburse funds quickly once you have been approved.
Bottom Line
The lenders we’ve selected make the loan approval process easy. This is done with easy documentation requirements, fast funding speeds, and flexible eligibility criteria. Be aware, though, that the best easy loans may come with higher rates and fees, and you should shop multiple lenders before choosing one.
User rating references:
[1]Trustpilot | QuickBridge
[2]BBB | QuickBridge
[3]Trustpilot | Clarify Capital
