How to Get an Easy Business Loan

Most small businesses can’t grow without funding. But getting a small business loan can be a time-consuming, frustrating process — especially for new businesses. When approved, it can still take days or even weeks actually to see the money in your business bank account.

For many businesses, traditional bank loans are too much of a hassle. Easy small business loans can be a viable solution instead. Easy business loans offer online applications, less stringent eligibility requirements, increased flexibility, and fast approvals that can see your business funded sometimes on the same day you apply.

In this article:

• Find out how easy it is to get a business loan.
• Explore some common types of easy business loan
• Learn about the easiest business loans and who provides them.

What is an Easy Business Loan?

An easy business loan, like the name implies, is a small business loan that is easier to get than a traditional loan. Typically offered by alternative lenders from banks and credit unions, easy business loans have a number of advantages over conventional business loans:

• Online applications
• Fast loan approval and payment processing
• Less paperwork and qualification requirements
• Flexible loan terms, like repayment schedules, no down payment, and a variety of funding options

Easy business loans are great options for startups and young businesses that need money to meet their business plan but may not meet time in business requirements mandated by many business lenders. The flexible repayment terms can also help businesses in the hospitality, food and beverage, and other seasonal industries get the working capital they need to keep operating through lean times of the year.

Types of Easy Business Loans

There are several types of easy business loans that can work for businesses in a variety of industries. Whether you need working capital to support a seasonal or contract-based business, microloans, or term loans to finance manufacturing or real estate needs, the easiest business loans can provide a major source of relief.

Some common easy business loans include:

• Short-term loans: Loans that typically have a repayment period of less than a year to 18 months.
• Working capital loans: Flexible loans that provide businesses funding to cover short-term expenses like day-to-day operational costs, payroll, and more.
• Business lines of credit: A cross between a loan and a credit card, business lines of credit have less strict qualification requirements than traditional loans and give you a maximum credit line to draw upon, only charging interest on what you use.
• Business credit cards: Although they’re not quite loans, business credit cards provide easy business funding without many hurdles to approval.
• Term loans: Small business loans with repayment terms longer than a couple of years are more traditional term loans you’d expect to get from banks, but many alternative lenders offer them, too.

Each of these loan programs is available from a variety of financial institutions. However, the easiest business loans to get are ones from online funding providers like Biz2Credit.

How to Get an Easy Business Loan

Many small business owners wonder how easy is it to get a business loan, and many are surprised to learn that the answer is… quite easy. Provided you have good credit, the process to get an easy business loan varies between lenders, but generally it’s as simple as:

1. Determine your business needs: Figure out how you will use a loan and how much funding you need to determine the best type of small business loan to pursue.
2. Shop lenders: Compare different lenders to find interest rates, repayment terms, and application processes that work for your business.
3. Gather paperwork: For most easy business loan applications, you’ll only need general information about the business owner and the business, like social security number (SSN) and employee identification number (EIN), and basic financial statements like monthly or annual revenue reports. The lender will use your SSN to pull your personal credit score.
4. Get approved and funded: Many online lenders can process short-term and other small business loans extremely quickly, sometimes with funding hitting your business bank account on the same day you apply.

Remember, just because these loans are easier doesn’t mean they’re guaranteed. Every lender has minimum credit score requirements, revenue requirements, and other considerations. Even if you meet minimum requirements, you may not be eligible to get the most favorable terms or refinance into new ones if you have bad credit or your business isn’t profitable. Generally, though, if your creditworthiness is in good shape or you have a good business credit score, you can lock in lower interest rates.

Comparing Easy Business Loan Lenders

There are many lenders offering easy business loans today. So many, in fact, that it can be hard to figure out who offers the best funding options for your business. Ultimately, the easiest business loan will depend on your specific situation. That said, these are some of the top online lenders on the market today.

Biz2Credit

Biz2Credit has helped tens of thousands of businesses access financing with a streamlined application process and attainable qualification requirements. Our most popular form of financing isn’t a loan at all. Revenue-based financing exchanges a lump sum payment now for a percentage of future business revenues up to a maximum amount. That way, you won’t have to pay exorbitant interest rates or stay in debt for years. Biz2Credit only succeeds when you succeed.

Types of loans offered:

• Term loans
• Commercial real estate loans
• Merchant cash advances (MCAs)
• Revenue-based financing

Maximum loan amount: $6M

Turnaround time: Same day possible

OnDeck

Offering term loans and business lines of credit, OnDeck markets itself on its fast turnaround times and comparatively long repayment terms. It’s a flexible lender that offers short-term loan repayment schedules up to two years and same-day funding. It can also approve borrowers without subjecting them to a hard pull on their credit history.

Types of loans offered:

• Term loans
• Business lines of credit

Maximum loan amount: $250k

Turnaround time: Same day possible

Lendio

Lendio is one of the most flexible alternative lenders. It offers a wide range of loan products, including business credit cards, startup and acquisition loans, and even U.S. Small Business Administration (SBA) loans. That wide range of financing options makes it appealing to businesses in many specific industries. Whether you’re a startup business or looking to grow aggressively, you can lock in small business financing to help you grow while making easy monthly payments.

Types of loans offered:

• Accounts receivable financing
• Business lines of credit
• SBA loans
• Term loans
• MCAs
• Equipment financing
• Commercial real estate loans
• Startup loans
• Business acquisition loans
• Business credit cards

Maximum loan amount: $5M

Turnaround time: As soon as 24 hours

Credibly

Like Lendio, Credibly offers a range of lending options beyond just term loans and business lines of credit. With funding amounts as high as $10 million, it’s a good option for rapidly growing businesses that need to meet growing demand, such as those in tech or consumer products. Despite the high funding maximums, Credibly still offers a streamlined application process and favorable terms.

Types of loans offered:

• Term loans
• Business lines of credit
• Working capital loans
• Merchant cash advances (MCAs)
• Equipment loans
• SBA loans
• Direct business lending

Maximum loan amount: $10M

Turnaround time: Same day possible

Conclusion

Getting funding for your small business doesn’t have to be a pain. There are many easy small business loans and lenders available to entrepreneurs. Whether you’re looking to increase cash flow to cover a short-term expenses or grow long-term, the best small business loans offer streamlined applications, light qualification requirements, and fast funding.

FAQs

What is an easy business loan to get for a small business?

There are many easy business loan options for small businesses. Some of the easiest are short-term loans and business lines of credit provided by online lenders.

How easy is it to get a business loan?

If you apply for funding from many online lenders (like Biz2Credit), getting a business loan may be as easy as applying with some basic information, getting a credit check, and being approved. You could get funding the same day you apply.

How do small business loans work?

There are many types of small business loans, each of which work in different ways. Generally, though, small business loans work just like personal loans. Once approved by a lender, you receive an infusion of upfront cash and have to pay it back in installments, plus interest, over time.

How can I qualify for a small business loan?

When applying for an easy business loan with an online lender, qualifying may be as simple as submitting an application and meeting the minimum credit score and business revenue requirements.

How can I get a small business loan?

To get a small business loan, determine how much funding you need and how you plan to use the money. Then, shop lenders to find the right match for you and your business, and apply online to get funding fast.