Top 10 Best Business Loans of 2020

  1. Business Loans
  2. Top 10 Best Business Loans of 2020

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

Expert Review By:

best business loans

Going into 2020, there are many alternative business lenders to choose from. To make things simple, we’ve compiled a list of the best business loans for you. You can browse the lenders on our list to compare different options. Alongside each lender, we will also specify which specific loan makes our list.

Top 10 Best Business Loans of 2020

OnDeck Business Loan

OnDeck offers a low-cost business term loan for borrowers with a credit score of 600 or more. Their business term loans are transparent and not as high as most of the other options on this list. As such, we can recommend them for a business owner with a stable, profitable business and a fair or better credit score.

OnDeck business loan requirements are:

  • A credit score of at least 600
  • Annual revenue of at least $100,000
  • At least one year in business
  • A personal guarantee
  • No bankruptcies in the last two years

Loanbuilder’s “Build Your Own” Business Loan

PayPal’s Loanbuilder is a simple and transparent business term loan provider. Loanbuilder only offers business term loans. 

The best part about Loanbuilder loans is how transparent and customizable they are. They offer a configurator that allows you to use sliding scales to build your own loan. You can set the loan amount, repayment term, and your qualifications to see what kind of loan you can get. Loanbuilder only charges one large borrowing fee, which works out to 6.49% to 19.31% of the value of the loan. The best business loans are always transparent and offer you more control over your borrowed funds. So, try playing around with Loanbuilder’s configurator and see what you can get.

The minimum requirements for a Loanbuilder loan are:

  • Minimum annual revenue of $42,000
  • At least 9 months in business
  • A credit score of at least 550

SkyBridge Bad Credit Business Funding

If you have at least $15,000 per month in revenue, SkyBridge is otherwise one of the most lenient business lenders. The company only offers merchant cash advances (MCAs). They can advance you anywhere from $5,000 to $500,000 in a matter of 24 hours. While other lenders are fast, SkyBridge goes one step further with a commitment to 24-hour service.

The only qualifications for SkyBridge Funding are:

  • $15,000 in monthly revenue
  • At least 6 months in business

Compare The Best Business Loans:

Lender Minimum Revenue Time in Business Minimum Credit Next Steps
$50,000/yr 1 year 560+ See if you qualify
$100,000/yr 1 year 600+ Request Intro
$25,000/yr 3 mo. 500+ See if you qualify
$42,000/yr 9 mo. 550+ See if you qualify
$75,000/yr 2 years 620+ Request Intro
$10,000/mo 3 mo. n/a See if you qualify
$10,000/mo 1 year n/a See if you qualify
$15,000/mo 6 mo. n/a See if you qualify
Varies Varies Varies See if you qualify
$100,000/yr 1 year 500+ See if you qualify
$100,000/yr 6 mo. 600+ See if you qualify
$10,000/mo 3 mo. n/a+ See if you qualify
$100K/year 1 year 600+ See if you qualify
$10,000/mo 6 mo. 500+ See if you qualify

Clearbanc Advance

Clearbanc offers highly specialized business funding. They only serve companies in a few modern industries:

  • Direct-to-consumer companies
  • Subscription box companies
  • Online retailers/ eCommerce
  • Mobile apps and games (with in-app purchases)
  • B2B SAAS companies

If your company falls under one of the above categories, you have access to great deals with Clearbanc. Their only financing product is a low-cost advance that resembles merchant cash advances. The thing is that if you qualify for their advances, you will get the best business cash advance rates available. 

Clearbanc advances come with a rate of 1%-20% of the value of the advance. Funding typically arrives in less than 24 hours. Like MCAs, these advances are paid back with repayments in the form of deductions of a portion of your future sales.

Qualifying for a Clearbanc advance is almost guaranteed if you are in the industries they serve. There are no minimum credit score requirements. But consistent revenues and a high credit score can get you better rates.

Main Street Finance’s Consolidation Advance

Main Street Finance Group offers a business cash advance very similar to an MCA. The company specializes in fast medium-large advances for somewhat established businesses. But they also offer one other advance we will be looking at: a debt consolidation cash advance.

You can take a consolidation cash advance from Main Street Finance Group to consolidate smaller debts from multiple MCAs. This allows you to repackage several pesky MCA debts into one debt with a longer term, and possibly a better rate. Their consolidation option comes with customization that can be quite useful. Specifically, you can opt for daily or weekly ACH repayments and terms of up to 18 months.

The only requirements for a Main Street Finance Group consolidation cash advance are:

  • At least one year in business
  • $10,000 or more in monthly revenue

Fundbox: The Best Line Of Credit

A Fundbox line of credit is a very liberal business financing option. It’s a simple, straightforward line of credit with no strings attached. So, you won’t face application fees or any other hidden fees when you go ahead and apply for one.

You only need to pay for Fundbox lines of credit when you draw funds. There are no fees for just having the line of credit, so you can just draw funds up to your credit limit during the draw period. This straightforward offer makes it one of the best business loans.

Fundbox is also a fast and simple lender, so you can expect your funds by the next business day. It’s also easy to qualify for one of their lines of credit. All you need is:

  • A credit score of at least 500
  • Annual revenue of at least $50,000

Services To Match You With The Best Business Loans

If you’re having trouble finding the right business loan on your own, you can use these platforms to make your job easier. Each of them can use the information you give them to match you with appropriate loans. So, in a way, they do much of your homework for you with matching algorithms:

Lender Minimum Revenue Time in Business Minimum Credit Next Steps
$100K/year 1 year 600+ See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$75,000/yr 24 mo. 620+ Request Intro
Varies Varies 560+ See if you qualify


LendingClub is a peer-to-peer business lending platform. In particular, LendingClub is good at matching business owners with fair or better credit with lenders. They charge low origination fees, but the APRs on loans you’re matched with can range widely. They charge origination fees of between 1.99% and 8.99%. The interest rates on their platform range from 5.99% to 29.99%. Repayment terms range almost as widely at 6 months to 60 months.

To qualify for LendingClub’s services, you need:

  • At least 12 months in business
  • At least $50,000 in annual revenue
  • No recent bankruptcies or tax liens


For the most highly qualified borrowers, Become can find Small Business Administration (SBA) loans. These loans offer the best terms you will find on the business loans market. SBA loans carry low rates and very long repayment terms. They give you the freedom to pay back in a manner that doesn’t bog your business down.

Even if you don’t qualify for their SBA loans, you can always try to get a fast business term loan from Become. They offer 24-hour business loans through their partner lenders.

To qualify for a loan on Become, you just need:

  • A minimum of $2,000 in monthly revenue
  • At least 3 months in business


Lastly, SuperMoney has a business lending marketplace that offers loans with APRs starting at 6.36%. They have a quick form for you to complete so they can prequalify you. Then, they will match you with their competing lending partners that would accept you. The process is fast and convenient, and they offer several different loan types.

Not sure where to go for a business loan? Read these quick & helpful guides:
Check out our preferred marketplace lenders.

Lender Minimum Revenue Time in Business Minimum Credit Next Steps
$100K/year 1 year 600+ See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$75,000/yr 24 mo. 620+ Request Intro
Varies Varies 560+ See if you qualify

Business articles from across the web:

Previous Post
Credit Karma: Sign Up Today for Free
Next Post
SkyBridge Business Funding: Fast & Flexible