Are you in search of the easiest and the best business line of credit to get? Look no further! We’ve compiled a list of the top 15 Business Line of Credit Lenders in 2023, offering competitive rates, flexible repayment options and convenient applications. Here are the top-rated business line of credit lenders:
1 / Bank of America
Bank of America offers the best banking experience, with competitive interest rates and loan amounts ranging from $25,000 to over $250,000. so, To qualify, you must have a minimum annual revenue of $250,000 for secured loans or $100,000 for unsecured loans, and have been in business for at least two years. Their secured loans come with an interest rate of 8.00%, while unsecured loans carry a rate of 8.75%. Loan terms are revolving, with annual renewal. No minimum FICO score is disclosed.
2/ Wells Fargo
Wells Fargo offers competitive interest rates and flexible repayment options on lines of credit of up to $100,000. So, you can Easily manage your credit line with custom repayment plans that fit your budget and timeline to Get the financial flexibility you need and get approved in no time.
Lendio has been dubbed the best business line of credit overall in 2023 , It’s allow businesses access to a wide range of financing options.
The amount of credit available can range from $1000-$500,000, with a loan term of 1-2 years and an interest rate of 8-24% . It’s an unsecured line of credit, meaning businesses don’t need to provide collateral in order to access the funds Bank of America: Bank of America offers lines of credit up to $100,000 with competitive interest rates and flexible repayment options.
BlueVine is a financial services company that provides small business owners with access to a line of credit. BlueVine offers one of the most competitive interest rates available, with a simple interest rate starting at 6.2% calculated over 26 weeks. Business owners can apply for up to $250,000 in credit with BlueVine. The repayment term for the line of credit can range from 6 to 12 months, and the minimum credit score required to apply is 625. BlueVine claims to provide funding as fast as 24 hours after approval.
OnDeck is designed for businesses that are looking for fast and flexible funding options. It is a convenient and low-cost way to get access to the funds you need without a long-term commitment.
To qualify for OnDeck, businesses must have been operational for at least six months and have an annual revenue of at least $100,000. Additionally, you must have a personal credit score of at least 600.
Once approved, OnDeck offers a line of credit that you can draw upon as needed. The application process is quick and easy and you can get approved and funded in as fast as 24 hours. OnDeck also offers low rates and flexible terms, with repayment terms of up to 12 months.
Fundbox is an innovative line of credit that offers small businesses flexible financing options. With Fundbox, customers can access up to $150,000 at APR rates starting as low as 4.66% for 12 weeks or 8.99% for 24 weeks. The minimum credit score required is 600, and approval takes as little as 24 hours. Fundbox provides a convenient, secure, and customizable solution for businesses with short-term cash flow needs. With their competitive rates and fast approval process, Fundbox is the perfect choice for businesses looking for a simple and convenient way to manage their finances.
7 / Headway Capital
Headway Capital is a provider of flexible line of credit solutions to small businesses. Starting at 40% annually, businesses can secure up to $100,000 in funds with a repayment term of 12, 18, or 24 months. A minimum credit score of 620 is required, and approved businesses can receive funds as soon as 24 hours after approval.
Idea Financial offers customers a line of credit between $10,000 and $250,000 with an Annual Percentage Rate (APR) ranging from 0.0658% to 29.99%. The term of the loan can be up to 18 months and a minimum credit score of 650 is required to obtain funds.
Idea Financial’s line of credit is an ideal option for those looking for quick access to funds. Many businesses require short-term financing for certain expenses, such as inventory, payroll, or operating costs. With Idea Financial, customers can request funds same-day and access the money almost immediately.
Kabbage is the best choice for those looking for a secured line of credit. To qualify, you must have a minimum FICO credit score of 640, as well as an annual revenue of at least $36,000 ($3,000 per month). You must also have been in business for 12 months or longer.
Kabbage offers loans of up to $250,000 and terms of 6, 12, or 18 months. The fees range from 2.00%-9.00% for 6-month loans, 7.50%-18.00% for 12-month loans, and 15.75%-27.00% for 18-month loans.
All in all, Kabbage is the perfect solution for those who are looking for a secured line of credit with flexible terms. With the low minimum requirements, you can easily apply and get the loan you need – and fast!10/ PNC Bank
PNC Bank offers a line of credit with a maximum loan amount of $100,000. To qualify for this line of credit, you must have a minimum credit score of 720. The estimated APR is 14.99-16.99%. PNC Bank offers competitive rates and flexible terms, making it an ideal choice for those looking to access a line of credit.
Credibly is the perfect solution for businesses with bad credit. To take advantage of their services, you’ll need to meet some eligibility requirements: a minimum FICO credit score of 600, a minimum annual revenue of $180,000, and a minimum of six months in business. Credibly does not disclose their interest rates or term lengths, but they do offer loan amounts up to $300,000. With Credibly, businesses with bad credit can get the funding they need to keep their operations running.
12 /American Express:
With American Express, you can confidently enjoy the security, features, and rewards of up to $50,000 worth of credit, all with no collateral required. With no additional down payment and no surprises, you can feel secure with American Express, knowing that you are investing in your future with a reliable source. American Express offers also, a variety of features such as fraud protection, exclusive offers, and rewards that you can use to get the most out of your spending.
13 / Credibility Capital
Credibility Capital is the ideal choice for those who require a prolonged repayment period. The minimum FICO credit score to qualify is 625 and businesses must have been running for at least four years, with an annual revenue of at least $400,000. The loan amount offered ranges from $100,000 to $250,000 and the term length is 5 years, with a 2-year draw period and 3-year amortization period. Interest rates begin at 9.49%.
14 / Funding Circle
For established businesses looking for a loan, Funding Circle is a great option. With competitive rates starting at 10.99% APR and a minimum credit score of 660, Funding Circle is ideal for businesses with at least two years of operation and unlisted minimum revenue. With a diverse range of funding options and experienced lending professionals, Funding Circle provides flexible and tailored financing for businesses of all sizes. Whether you’re looking for a short-term loan to cover immediate needs or a long-term loan for larger investments, Funding Circle is the perfect choice for established businesses. With competitive rates and a streamlined loan application process, you can quickly and efficiently secure the funds you need to take your business to the next level.
Chase provides access to up to $100,000 in lines of credit, with competitive interest rates and flexible repayment plans. Those who open a savings account or Certificate of Deposit can take advantage of additional discounts and special offers based on the customer’s relationship with Chase (view interest rates for details).
Whether you’re looking to expand your business and increase working capital or finance a project, you’ll find a lender that meets your needs from this Top 15 Business Line of Credit Lenders LIST of 2023 .