Expertise
Randa Kriss is a senior writer and NerdWallet authority on small business. She has nearly a decade of experience in digital content. Prior to joining NerdWallet in 2020, Randa worked as a writer at Fundera, covering a wide variety of small-business topics and specializing in the lending and banking spaces. Her work has been featured by The Washington Post, The Associated Press and Nasdaq, among others. Randa earned a bachelor's degree in English and Spanish at Iona University (formerly Iona College).
More about RandaWe’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Fora Financial - Online term loan
Best for borrowers with bad credit
with NerdWallet Small Business
Pros
Cons
Fora Financial stands out as a fast funding option for borrowers who may fall short of qualifying for traditional bank financing. The lender can work with startups and borrowers with bad credit — as long as they have strong revenue. Fora offers large maximum loan amounts and can provide prepayment discounts for those who repay early.
Giggle Finance - Merchant cash advance
Best for small funding needs
with NerdWallet Small Business
Pros
Cons
Giggle Finance is specifically designed to offer small amounts of capital to freelancers, contractors and self-employed individuals. The company provides same-day funding through a simple application process. Giggle is also a standout option for borrowers with bad credit — as the company does not check your credit and instead uses your bank information to underwrite your application.
Fundbox - Line of credit
Best for startups
with NerdWallet Small Business
Pros
Cons
Fundbox is one of the best online line of credit options for startups. Businesses with just three months in business may be able to qualify. Fundbox is also a good option for borrowers with bad credit and businesses with low revenue. The lender offers a flexible short-term line of credit that can fund within two business days after approval.
Bluevine - Line of credit
Best for lines of credit
with NerdWallet Small Business
Pros
Cons
Bluevine stands out for its fast funding speed and flexible qualification requirements. To get a line of credit, you can apply quickly online and receive funding in as little as 24 hours. Newer businesses and borrowers with bad credit may be able to qualify. Bluevine also offers a larger credit line maximum compared to some competitors and doesn’t charge draw or account maintenance fees.
OnDeck - Online term loan
Best for short-term loans
with NerdWallet Small Business
Pros
Cons
OnDeck’s short-term loan is a good option for making one-time investments in your business, such as opening a new location or renovating your space. This loan offers fast funding (sometimes as quickly as the same day) for borrowers who may not qualify for more traditional financing options. OnDeck’s short-term loan can also be used to establish and build business credit — as the lender reports your payment history to the three commercial credit bureaus.
Quantum Lending Solutions - Term loan
Best for long-term loans
with NerdWallet Small Business
Pros
Cons
If you’re looking for an online loan to fund larger purchases, Quantum Lending Solutions may be a good option. The lender offers larger loan maximums and longer repayment terms than some other online lenders. Quantum also works with borrowers with good credit, but provides faster funding than bank or SBA lenders.
Fora Financial’s term loan can be used for a wide variety of purposes. You may be able to qualify with a minimum personal credit score of 570.
Fora Financial - Online term loan
with NerdWallet Small Business
Pros
Cons
Giggle’s merchant cash advance (MCA) offers small-business owners quick access to funding up to $10,000. Its lenient qualification requirements make it a good option for startups and bad-credit borrowers.
Giggle Finance - Merchant cash advance
with NerdWallet Small Business
Pros
Cons
Fundbox offers lines of credit up to $250,000. You may be able to qualify with just three months in business.
May fund quickly
Fundbox - Line of credit
with NerdWallet Small Business
Pros
Cons
Bluevine’s revolving line of credit is available up to $250,000 with repayment terms of 26 or 52 weeks. You can receive approval and get funding in as fast as 12 hours.
May fund quickly
Bluevine - Line of credit
with NerdWallet Small Business
Pros
Cons
OnDeck’s term loan is available in amounts up to $400,000 with repayment terms up to 24 months. Same-day funding may be available for loans up to $200,000.
May fund quickly
OnDeck - Online term loan
with NerdWallet Small Business
Pros
Cons
Quantum’s term loan offers a repayment period of up to five years, the longest among the lenders on this list. Borrowers can receive loans of up to $500,000, with semimonthly payment requirements.
Quantum Lending Solutions - Term loan
with NerdWallet Small Business
Pros
Cons
Cash flow loan | Traditional small-business loan | |
|---|---|---|
Qualifications | Based on historical and projected performance, or cash flow, of your business. | Based on time in business, business and personal credit histories, revenue, collateral and debt service coverage ratio (DSCR). |
Collateral | Personal guarantee or Uniform Commercial Code (UCC) lien. | May also require physical collateral like cash deposits, vehicles or property. |
Terms | Typically short term loans – between one and two years. | Between two to 10 years, or up to 25 years for certain SBA loans or commercial real estate loans. |
Interest rates | Ranges from 20% to 99%. | Depending on lender and collateral, ranges from 4% to 99%. |
Pros
Cons
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