The Best Lenders in 2018 for Small Business Loans Online

The Best Lenders in 2018 for Small Business Loans Online
Eric Goldschein
on August 18, 2017
Read in 2 min

As a small business owner in 2018, it’s likely you’ve come across ads for business loans online from your current bank or financial institution.

But these interactions only tell part of the story.

Beyond the realm of old-school banking institutions, you’ll find a wealth of additional options for business loans online with direct lending companies that have looser underwriting criteria and streamlined processes.

Funding Options APR Do you qualify? Time in Business Annual Revenue
Funding Option
Get Started
APR
5-50%
Estimated Apr
Do you qualify?
500
MIN CREDIT SCORE
Time in Business
At least 6 months
Annual Revenue
At least $100K
Funding Option
Learn More
APR
1.5% - 10%
Monthly Fee Rate
Do you qualify?
N/A
MIN CREDIT SCORE
Time in Business
At least 1 year
Annual Revenue
At least $50,000

Finding business loans online is proving to be a viable option, especially for small business owners.

According to the Small Business Administration, while major financial institutions have reduced lending approvals of amounts of less than $1 million down to 31% since the recession, online lenders boast a 38% approval rate.

Online or alternative lenders are typically quick to offer approval, utilizing technology and algorithms to review applications that include factors such as credit history and industry, as well as other unique considerations.

If you’ve been in business for at least a year, you might want to explore your alternative lending options.

11 Lenders to Know When Searching for Business Loans Online

OnDeck Capital

OnDeck

One of the biggest names in online lending, OnDeck is good for those with strong revenue history and good personal credit.

They lend to over 700 industries, with only a few (typical) notable exceptions.

Lending Club - Small Business Funding

Lending Club

Lending Club has given out upwards of $26 billion in financing since its inception in 2007.

To work with Lending Club, you’ll need to be in business for at least two years and have good personal credit.

BlueVine Business Loans Online

BlueVine

BlueVine is best known for their FlexCredit line of credit and invoice factoring.

If you often find yourself waiting on unpaid invoices, these options can offer you some flexibility and assurance that you won’t fall behind paying your own bills.

Keep in mind however, BlueVine only funds B2B companies.Kabbage Capital

Kabbage

Kabbage is best known for giving applicants a nearly instantaneous answer on whether they could be approved for funding.

Their main financing option for you will be their business line of credit.

Swift Capital - Alternative Lender

Swift Capital

Swift Capital goes both low and high, with a minimum loan of $5,000 and a max of $500,000.

But their terms are short, with the longest repayment term lasting just a year.

They’ll also match offers from another lender or give you $500 as a Best-Price Guarantee. 

CAN Capital Online Lender

CAN Capital

CAN Capital has a reputation that spans decades, and they’ve helped hundreds of thousands of businesses in that time.

They do have something of a reputation for poor customer service, however, so tread carefully with this lender

SmartBiz - SBA Loans

SmartBiz

SmartBiz functions as as a platform for small business owners to obtain loans from the SBA.

Depending on your finanicial needs, you can choose between an SBA commercial real-estate loan or working capital, both of which are known for their low rates and long terms.

Bond Street Capital

Bond Street

As relatively new lender – Bond Street started in 2013 – this option offers some serious capital, with as much as $1 million available per loan.

Unlike SBA loans, however, these must be paid back within a few years.

Direct Capital - Small Business Loans Online

Direct Capital

A good choice for businesses looking to startup or expand, Direct Capital is best known for its strong social media presence and customer service.

Everything is very customer-friendly, including the fact that you can reapply after just 6 months (if you’ve been denied.)Fundation - Business Loans Online

Fundation

Fundation is a highly awarded alternative lender, winning “Best For Working Capital Loans” on multiple occasions.

This lender partners with traditional banks to improve the funding process for customers.StreetShares Affinity-Based Business Lending

StreetShares

StreetShares is a peer-to-peer lender that practices “affinity-based lending,” which means matching customers up with like-minded folks to provide them with capital.

This unique concept helps the company keep terms and rates friendly to both sides.

Thinking About Getting a Business Loan Online?

It’s important to find the right financing option for your business.

Try LendGenius.com for an easy online form that can connect you to a potential lender fast.

Getting a Small Business Loan Online

See Business Lenders

Eric Goldschein Finance Journalist

Eric Goldschein is a freelance journalist who covers entrepreneurship, small business trends, emerging technologies, culture and sports.

He was previously the managing editor of SportsGrid.com, and has written for Business Insider, Trep Life, the Huffington Post, Fundera and more.

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Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.