Top 10 short-term business loans of 2024
Here are some of the best short-term business loan options for 2024, suitable for different business needs:
Bluevine:
Type: Line of Credit
Maximum Loan Amount: $250,000
Minimum Credit Score: 625
Best for: Fast access to funds with flexible usage.
Features: Bluevine offers a revolving line of credit with rates starting at 6.2% APR. It is ideal for businesses that need ongoing access to funds and only want to pay interest on the amount used (NerdWallet: Finance smarter) (finder.com).
Fundbox:
Type: Line of Credit
Maximum Loan Amount: $150,000
Minimum Credit Score: 600
Best for: Startups and businesses needing a short-term line of credit.
Features: Offers quick funding with transparent pricing. Requires a minimum of six months in business and at least $100,000 in annual revenue (Investopedia) (Merchant Maverick).
OnDeck:
Type: Term Loan and Line of Credit
Maximum Loan Amount: $250,000
Minimum Credit Score: 625
Best for: Working capital needs with fast approval.
Features: Provides a streamlined application process with same-day funding possible. However, it comes with relatively high APRs, averaging 60.9% (finder.com) (Merchant Maverick).
Fora Financial:
Type: Term Loan
Maximum Loan Amount: $1,500,000
Minimum Credit Score: 570
Best for: Businesses with bad credit.
Features: Offers high borrowing amounts with quick turnaround times. Suitable for businesses that have been operational for at least six months and generate $240,000 annually (NerdWallet: Finance smarter) (Merchant Maverick).
American Express Business Blueprint:
Type: Line of Credit
Maximum Loan Amount: $250,000
Minimum Credit Score: 660
Best for: Established businesses needing a flexible line of credit.
Features: Provides up to $250,000 with monthly repayment terms for businesses with at least three years in operation (NerdWallet: Finance smarter).
By George Tesfa - Commercial Partners of Texas - Loan Brokers.
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