BEST BUSINESS LINE OF CREDIT
JANUARY 2020

A line of credit loan is a great way to help your business thrive. Compare and review the top business line of credit providers that offer low rates, ideal repayment terms, and fast approval.

UPDATED FOR JANUARY 2020
SCORE
LOAN REQUIREMENTS
MAX LOAN
Funding Hero's Choice
9.9

  • Time in business: 12+ months
  • $20K in monthly revenue
  • Minimum credit score: 580

$1,000 - $5,000,000

9.8

  • Time in business: 9+ months
  • $3.5K in monthly revenue
  • Minimum credit score: 600

$5,000 - $500,000

9.5

  • Time in business: 12+ months
  • $15K in monthly revenue
  • Minimum credit score: 600

$5,000 - $5,000,000

9.3

  • Time in business: +12 months
  • $25K in monthly revenue
  • Minimum credit score: 500

$10,000 - $5,000,000

9.0

  • Time in business: 12+ months
  • $8K in monthly revenue
  • Minimum credit score: none

$2,000 - $1,000,000

8.7

  • Time in business: 12+ months
  • $4.2K in monthly revenue
  • Minimum credit score: none

$2,000 - $250,000

8.4

  • Time in business: 12+ months
  • $9K in monthly revenue
  • Minimum credit score: 500

$5,000 - $500,000

8.3

  • Time in business: 3+ months
  • $5K in monthly revenue
  • Minimum credit score: 500

$2,500 - $750,000

8.1

  • Time in business: no minimum
  • $15K in monthly revenue
  • Minimum credit score: none

$10,000 - $500,000

8.0

  • Time in business: 12+ months
  • $10k in monthly revenue
  • Minimum credit score: none

$5,000 - $500,000

Joe Schwartz

Business Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.

FAQ's About Business Loans

Financing your business has become easier than ever with the many the lenders and business loan providers available. From SBA loans to lines of credit, businesses can apply for many types of loans in the market. Get started with the most commonly asked questions about business loans services.

Business loans have a few advantages. By obtaining a loan, the lender does not have equity in the business. Instead, you simply need to repay principal plus interest. After repayment, you do not need to share profits with the lender. This also reduces administrative duties by eliminating the need for shareholder meetings and votes. In addition, loans do not require the same regulations on investments.
Lending requirements depend on the business loan service. Often, lenders expect good credit, collateral, and steady monthly revenue for approval. A commercial lender may also request a business plan to prove that a business can repay the loan.
The APR (annual percentage rate) refers to the annualized interest rate charged for your personal loan. Typical APRs range from about 5% up to 30%. The APR of the loan depends on the applicant’s financial history, assets, income, credit history, and other factors.
Repayment agreements depend on the terms negotiated between your business and the lender. Repayment periods can be as low as 6 months or less or for up to 5 years or more. When negotiating your loan, make sure to agree upon repayment terms that suit your current budget.
There are many options for financing your business. Below are a few of the most common types of business loans:
Business Lines of Credit: A line of credit that businesses can access when needed
Equipment Financing: Loans to finance equipment in which equipment serves as collateral
SBA Loan: Low-cost, flexible loans secured by the Small Business Administration
Short Term Loan: Small loans with short repayment terms between 3 to 18 months
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