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Picking a lender no longer requires a visit to the bank. A host of online lenders, marketplaces, banks, and credit unions all make it easy for you to apply in just a few minutes. But that doesn't mean there isn't still a lot of noise out there.
I've spent my career matching small and mid-sized business owners (SMBs) to financing and helping them make sense of the market. Comparing the hard numbers is the best way to make a decision.
| Lender | Loan types | Max amount | Funding speed | Minimum credit score |
|---|---|---|---|---|
| Clarify Capital | Term, line of credit, SBA, equipment, factoring, MCA, HELOC | $5M | As fast as same day | 500 for MCA |
| Lendio | SBA, short-term, equipment, MCA, line of credit, commercial real estate | $5M | As fast as same day | 500 (600+ for better terms) |
| OnDeck | Term loans, lines of credit | $400K term, $200K line | Same day | 625 |
| Bluevine | Lines of credit | $250K | As fast as same day | 625 |
| Fundbox | Lines of credit, term loans | $250K | Next business day | 600 |
| Live Oak Bank | SBA 7(a), SBA 504 | $5M (7a), $5.5M (504) | As few as 15 days for Express loans | 680 |
| Credibly | Working capital, MCA | $600K | Same day | 500 |
A Side-By-Side Comparison of 7 Lenders
Every lender fits a different situation. Below, I've outlined seven options across the marketplace so you can see how each compares.
Clarify Capital
Clarify Capital connects small- and midsize-businesses to a network of 75+ vetted, reputable lenders. Clarify's network provides financing that spans term loans, working capital, business lines of credit, equipment financing, merchant cash advances, invoice factoring, SBA loans, and a home equity line of credit.
For qualified borrowers, interest rates start at 6%, and you can borrow up to $5 million. You can receive funding as quickly as same day. At Clarify, you work with a U.S.-based lending advisor rather than a call center or a chatbot.
Clarify is a marketplace, so your rate comes from the lender that fits your profile the best. The minimum credit score to qualify at Clarify Capital is 500 for merchant cash advances.
Lendio
Lendio is also a marketplace. They connect you with more than 75 lenders across a variety of loans, ranging from SBA loans, short-term loans, equipment financing, business lines of credit, revenue-based financing, and more. Lendio has facilitated over $17 billion in total funding through over 520,000 small business loans since it was founded in 2011. Lendio offers some options to SMBs with credit scores in the 500s, but recommends a credit score of 600+ for better terms.
OnDeck
OnDeck is the first direct lender on this list. They provide business lines of credit and term loans. Term loans range from $5,000 to $400,000 with repayment terms up to 24 months. Business lines of credit are revolving and range from $6,000 to $200,000. To qualify for funding, you need a credit score of 625, a business checking account, and one year in business, along with $100,000 in annual revenue.
Funding can happen as fast as same day. OnDeck offers an average interest rate of 56.4% for term loans and 56.6% for lines of credit.
Bluevine
Bluevine offers lines of credit that range from $1,000 to $250,000. Once you're approved, you can receive funding in as quickly as 24 hours.
Bluevine offers repayment flexibility. This allows you to make payments in 26 weekly or 12 monthly installments, with no early repayment penalties.
To qualify, you'll need a minimum time in business of 12 months and a 625 credit score or $10,000 per month in gross sales. If you live in Nevada, North Dakota, or South Dakota, you won't be able to qualify for financing with Bluevine.
Fundbox
You'll need a minimum credit score of 600 and three months of operating history to qualify for a business line of credit with Fundbox. They also ask for $100,000 or more in annual revenue.
Fundbox approves financing up to $250,000. There are no fees for origination or prepayment penalties; terms last 12 or 24 weeks.
Live Oak Bank
Live Oak is a digital bank and has preferred lender status with the SBA (if you have more time on your hands, SBA loans often offer competitive rates). This lets them make credit decisions internally and speeds up the standard timelines for SBA. In 2025, Live Oak Bank was the most active SBA 7(a) lender. You'll need a credit score of 680 to qualify.
Standard 7(a) loans cap out at $5 million. Express loans from Live Oak cap at $350,000 and close in as few as 15 days. You'll need to have been in business for at least two years and have strong credit and full documentation to apply.
Credibly
Credibly finances working capital loans ranging from $5,000 to $600,000. They also offer merchant cash advances (MCAs). Credibly is one of the more flexible options on this list, with a starting credit score of 500. That said, to qualify, you'll need to have been in business for at least 6 months and generate at least $15,000 per month in revenue. Origination fees begin at 2.5%. A $50 monthly admin fee is also charged.
Minimum Qualifications
$10,000 in monthly revenue
Your business must earn at least $10K per month in a business bank account.
500+ credit score
You can get approved with any credit score. But the better your credit rating, the better interest rates lenders offer. Your FICO score should be above 500.
Minimum six months in business
Your company should be operational for a minimum of six months. This shows business lenders that your company is sustainable and won't go out of business.
Have a business bank account
Your Clarify advisor will need three or four months of your most recent bank statements to verify income. This is just to see you're actually making $10K+ month in revenue.
How To Pick the Right Small Business Lender
Picking the right small business lender is not an easy task. Here are the six things I tell my clients to consider before making a decision.
Eligibility requirements
Compare credit score floors, eligibility requirements, and time in business across lenders.
Loan amounts
The type of financing and lender you choose depends on how much money you need and what you need it for.
Application process
The application process varies. Traditional lenders typically ask for more documentation, while online lenders are more flexible.
Repayment structure
Think about how a daily, weekly, or monthly repayment structure might impact your cash flow.
Funding speed
How fast do you need money? Online lenders may be able to fund on the same day, while banks take longer.
Total cost
Look at origination fees, factor rates, and monthly fees to understand the total cost.
Compare Real Offers With a 2-Minute Application
The hard part isn't finding a lender. It's deciding which offer is the strongest based on your individual financial situation. Clarify Capital shows you options across our network of 75+ vetted, reputable lenders.
Apply today to see what you qualify for. Checking your options won't impact your credit score.
FAQs
Still have questions about the top small business lenders? Here are straight answers to the most common ones.
What Credit Score Is Needed for a Small Business Loan?
Most lenders want a credit score of 600 to 650, but some are more flexible. Clarify Capital starts at a 500 minimum credit score for some options, like merchant cash advances. Higher scores typically open up better rates.
How Fast Can I Get Approved?
This largely depends on the lender. Typically, online lenders can finance more quickly, sometimes in a few hours. Banks, credit unions, and SBA loans generally run longer because of the underwriting involved.
What Are the Pros and Cons of SBA Loans?
The pros include long repayment terms, high maximums, and capped rates. You can also borrow up to $10 million when you combine 7(a) and 504 loans. The trade-off with SBA loans is time. You'll have to complete a detailed application and wait longer for funding.
What's the Difference Between Short-Term and Long-Term Business Loans?
Short-term loans are best used for immediate cash flow needs, since they run over a shorter period of time. Long-term loans can stretch over years. Because of this, they typically offer lower interest rates and monthly payments compared to short-term loans.
Can Startups Qualify for Small Business Loans?
Small business loan options for startups are quite narrow. SBA Microloans can be a good option if you are a newer business. Community development lenders and personal asset-based lending are also solid places to start. Most lenders want to see a few months of operating history before they'll approve you for financing. Clarify Capital doesn't fund startups.
How Does Clarify Protect My Data?
We follow SOC 2 security principles. Your financial information stays encrypted during the entire application process.
Bryan Gerson
Co-founder, Clarify
Bryan has personally arranged over $900 million in funding for businesses across trucking, restaurants, retail, construction, and healthcare. Since graduating from the University of Arizona in 2011, Bryan has spent his entire career in alternative finance, helping business owners secure capital when traditional banks turn them away. He specializes in bad credit funding, no doc lending, invoice factoring, and working capital solutions. More about the Clarify team →
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