Best Business Line of Credit Lenders 2019

ByTop10 StaffMar. 06, 2019
Compare the best business line of credit lenders
A business line of credit provides flexibility that a typical business loan doesn’t. Pay interest only on the money you use and withdraw funds when you need it.

Here is a short list of the top line of credit providers for your business funding needs. Compare them, and choose the one that’s best for your business. 

LenderAPRMin. Credit ScoreTime to Funding
BlueVine4.8% +600 1 day
Lendio8% +Varies1-2 weeks
LendingTreeVaries600Varies
LendingExpressVariesVaries3 hours +

1. BlueVine

  • Borrowing limits: $5,000  to $250,000
  • Credit score requirements: 600+
  • Minimum annual revenue: $100,000
  • Repayment terms: 6 or 12 months
  • APR: Starts from 4.8%
  • Fees: No origination fees or prepayment fees
  • Time until funding: 1 day

Bluevine has 2 business lending products: lines of credit and invoice factoring. It’s the best lender for business lines of credit for 2 main reasons: low rates and quick funding. With APRs starting at 4.8%, BlueVine is just about the best in the business. It promises to approve businesses within 24 hours, although in most cases it makes a decision in around 20 minutes. Once approved, your business can make a withdrawal with a single click and receive the funds within a few hours. In return for its low rates, BlueVine requires collateral. This takes the form of a general lien on the business’ assets, backed by a personal guarantee from the business owner. 

Read the full BlueVine review.

BlueVine BlueVine Get Rates

2. Lendio

  • Borrowing limits: $1,000 - $500,000
  • Credit score requirements: Varies
  • Minimum annual revenue: $100,000
  • Repayment terms: 1 or 2 years
  • APR: 8% – 24%
  • Fees: None
  • Time until funding: 1-2 weeks

Lendio is an online marketplace that connects users with the best small business lenders in the United States. Through its platform, users can find business lines of credit and other products like terms loans and SBA loans. The platform is easy to use. Just fill out info about yourself and your business and upload supporting documentation. Within a few minutes, you’ll see a list of the best lenders offering business line of credit needs. Lendio doesn’t charge a dime for using its service. Fees and conditions vary by partnering lender.

Read the full Lendio review.

Lendio Lendio Get Rates

3. LendingTree

  • Borrowing limits: $3,000 - $500,000
  • Credit score requirements: 600+
  • Minimum annual revenue: $24,000 - $144,000
  • Repayment terms: 1-5 years
  • APR: Not listed
  • Fees: None
  • Time until funding: Varies

LendingTree is the biggest lending marketplace in the business, partnering with hundreds of lenders around the US to connect borrowers with the best rates. It works with consumers and businesses, offering dozens of lending products, including business lines of credit. To access the best rates, simply fill out information about yourself and your business. LendingTree’s automated search tool will then reveal the best business lines of credit. Select your preferred lender to complete an application.

Read the full LendingTree business loans review.

LendingTree LendingTree Get Rates

4. LendingExpress

  • Borrowing limits: $5,000 - $500,000
  • Credit score requirements: Varies
  • Minimum annual revenue: $24,000 - $120,000
  • Repayment terms: 1-3 years
  • APR: Not listed
  • Fees: No origination fees or prepayment fees
  • Time until funding: 3 hours +

LendingExpress connects businesses with lines of credit, loans, and other lending products from top American lenders. It promises some of the quickest turnaround times in the businesses, with application to funding in as little as 3 hours. LendingExpress is free to use. It’s a marketplace, not a direct lender. Therefore, fees and conditions vary between LendingExpress’ various partnering lenders.

Read the full LendingExpress review.

Lending Express Lending Express Get Rates

How to Choose the Best Company for Your Business Line of Credit

Online lenders provide a simplified path to receiving a line of credit and are often willing to approve small businesses that may be rejected by traditional lenders. Funding is usually much quicker with online lenders than it is with banks. When choosing a lender or lending platform to provide you with a business line of credit, there are several key factors to consider.

  • Funding limits. 

The best thing about a business line of credit is you can borrow at any time, up to a maximum amount. A scan of online lenders shows credit limits ranging from as low as $2,000 to as high as $500,000.

  • Funding speed. 

With a line of credit, there are 2 things to consider: speed of approval, and speed of funding. Lenders can take anywhere from a couple of hours to a couple of weeks to approve applicants. The best ones stand out by getting funds to their customers within a few hours of a request for withdrawal.

  • APR.

As with a loan, comparing lines of credit will help you get the lowest APR for your business. The APR takes into account the annual cost of your line of credit, comprising interest rate plus fees.

  • Minimum Credit Requirements. 

Whenever you apply for a business line of credit, your lender will run a credit check. Many lenders publish the minimum credit requirement on their website. With lending marketplaces, the minimum score can vary. Most online lenders have a minimum credit score of 600 or 620, although a handful go even lower.

  • Reputation. 

While online lenders haven’t been around as long as the banks, many of them have built strong reputations among business customers. When selecting a lender, read expert reviews and customer feedback to find out about their level of service and reliability.

The Bottom Line 

If your business has trouble managing cash-flow or needs to cover a large, unscheduled expense, then a business line of credit might be your best option. Lines of credit offer greater flexibility than loans. They are useful when your business:

  • Is subject to seasonal variations in sales
  • Requires a short-term boost in working capital
  • Is unable to meet a payroll or invoice deadline
  • Needs to replenish inventory
  • Needs to hire temp workers during a busy period
  • Needs to boost marketing spend ahead of a special event