Thanks to the digital revolution, you no longer need to walk into a bank to finance your company. Spending days filling out paperwork, weeks waiting for a response, and receiving impersonal and generic loan terms are all in the past. On a lender’s website or fintech app, you can apply for funding in minutes, obtain approval in hours, and secure customized financing in a day or two.
Each of the best online loans for business provides speed and simplicity, but focuses on different needs. Some serve small businesses, while others focus on tech-driven lending. Some companies even make a name for themselves as the best travel agency business loan providers. Whether you need capital to fund a marketing campaign for your vacation booking site or repayments personalized to your revenue cycle, you can find the right provider online.
Let’s explore how the following leading online lenders stand out and how their strengths affect your business financing.
OnDeck: Fast Funding with Personalized Support
OnDeck specializes in small business credit lines and term loans, offering personalized support from a dedicated loan advisor. This hybrid approach allows them to fund your business in as little as 24 hours while still customizing your financial journey by working with their team.1 If you want human consideration from an online lender, OnDeck is a good choice.
OnDeck offers clear and simple terms to business owners who need transparent and uncomplicated financing. However, if you have complicated funding needs, OnDeck may not be the best option. Their two products, a business line of credit and a term loan, are straightforward offerings to accommodate small companies too busy to mess with complex financing.
Cardiff: Industry-Specific Financing for Small Businesses
Cardiff leverages technology to offer fast funding solutions for small businesses and assigns each applicant an expert for personalized support and transparency.2 You’ll hear back on your application in minutes and secure funds in your account as fast as same day, while having access to a loan advisor whenever you have questions.
Cardiff stands out by offering industry-specific customization to its small business capital loans, like funding for dentists and restaurant loans.3 It offers working capital loans, business credit cards, merchant cash advances (MCAs), equipment financing, and business lines of credit with terms tailored to different sectors.
Cardiff loan experts have experience funding a variety of fields, and they adjust the approval requirements and their support to fit your needs. They have options for established businesses with excellent credit as well as young companies or those with low credit scores.
When you want quick and transparent funding for your small business and extra personalization for your industry, consider Cardiff.
Fundbox: AI-Driven Lending for New Businesses
If you haven’t been in business for very long or have a thin credit history, Fundbox is one of the most accessible online lending options. Their technology connects with your business accounts and accounting software to evaluate your financial health and quickly respond to your application.4 You receive an offer based on more than your credit score in a few minutes.
Fundbox provides flexible financing products designed for real business needs and uses a uniquely tech-driven approach to fund all kinds of businesses. It is not the lender for you if you value human interaction, industry-specific customization, or significant loan amounts.
Fora Financial: Large Funding for Business Growth
When you need financing to expand to a second location or develop a new product line, Fora Financial provides customized and quick financing for business growth. They respond to your online application in only four hours and offer working capital loans up to $1.5 million.5
To customize your online loan experience, Fora Financial offers financing products according to your company’s stage of growth. You can secure inventory financing or a business renovation loan with terms specific to your company’s next step.
Fora Financial might not be for you if you need simple financing options, human support, or loans for low credit scores. But when you need significant funding for significant growth, consider this online lender.
PayPal Working Capital: Platform-Based Financing
If you already use PayPal to process payments, you have access to their built-in lending programs. PayPal Working Capital uses your sales history to see if you qualify, and automatically deducts repayment as a percentage of your sales.6 These features adjust your financing to your specific business.
PayPal Working Capital is best suited for e-commerce and service businesses with consistent transaction volume on the platform. It offers customized, speedy financing with minimal effort.
Lendio: Loan Marketplace with Customized Offers
Lendio isn’t a lender—it’s a fintech-powered marketplace. You complete one form, and within 24–72 hours, you’ll receive personalized offers from the dozens of vetted lenders in their curated network.7
Suppose you’re unsure what kind of loan you need or want to compare multiple offers quickly, Lendio can connect you with reputable online lenders and financing offers that match your business’s needs.
Financing Within Your Reach
One-size-fits-all borrowing is as much in the past as physical paperwork. Your funding needs drive the financing world more than ever, empowering you to compare and choose the loan option suited to your business needs.
And with online business lenders like Cardiff, Lendio, Fora Financial, and more available through your smartphone or laptop, the quick and custom loan you’re looking for is well within your reach.
1https://www.ondeck.com/
2https://www.morningstar.com/news/accesswire/1042833msn/william-stern-leads-cardiffs-push-for-transparency-in-business-lending
3https://cardiff.co/industries/
4https://fundbox.com/faq/
5https://www.forafinancial.com/
6https://www.paypal.com/us/business/financial-services/working-capital-loan
7https://www.lendio.com/