Online small business lenders have changed the financing game for business owners. Instead of tucking and twisting your business to fit your local lender’s timeline and preferences, you have access to hundreds of different providers and business loans online.
While these lenders all aim to provide capital that supports your business, each follows its own process. Differences in application procedures, funding speed, borrowing costs, risk management, flexibility, and customer support can have a big impact on your experience. And choosing a lender whose process doesn’t align with your needs can lead to frustration, financial strain, or even difficulty repaying the loan.
Planning for a successful financing experience starts with finding a business loan provider whose process aligns with your business’s operations.
1. BlueVine: Simple and Transparent
BlueVine offers lines of credit and loans as part of its transparent and straightforward approach to all business finance needs.1 You complete a single application, either online or on your phone, without any impact on your personal credit score.2
You typically hear back from BlueVine within 24 hours through a financing offer with the terms and pricing clearly laid out.1 Even when your offer is for a term loan through BlueVine’s funding partners, you’ll know exactly what you’re agreeing to. If you agree to the terms, you can secure funds within one business day or faster if you have a BlueVine business checking account.2
2. Cardiff: Streamlined, Fast, and Personalized
Cardiff tailors their financing process to your specific situation through flexible requirements, a streamlined application, fast funding, multiple products, and personalized service.3
When you apply for Cardiff’s small business loan online, you connect your bank account via Plaid to speed the process and simplify the required paperwork.4 You learn how much funding you qualify for in less than five minutes and can secure the capital that same day.3
Cardiff makes their speed accessible to all kinds of small businesses by evaluating applications based on overall financial health and offering a wide range of options. If you have a less-than-perfect credit history, for example, they may direct you toward revenue-based financing that focuses on your sales and cash flow.5
And though Cardiff leverages technology for speed and simplicity, they prioritize human relationships. They assign a dedicated loan advisor to each applicant who provides support for the life of your funding.6 You’re not left alone to figure things out.
3. Fundbox: Technology-Powered and Focused
Fundbox stands out for its entirely automated application, underwriting, and funding processes that leverage machine learning.7 After connecting your bank or bookkeeping accounts, Fundbox will analyze your financial activity to determine whether you qualify. They approve businesses in minutes and transfer funds within two business days.8
As a direct lender, Fundbox focuses on flexible working capital products through a business line of credit.9 You may also be able to use their flexpay feature and invoice financing through a Fundbox credit line. They focus on connecting business owners to credit when they need it rather than extensive product options.7
4. National Funding: Personalized and Experienced
While some fintech platforms emphasize automation, National Funding leverages conversation and human experience.10 Their process starts with a quick online form, and then moves into a consultative approach as they assign a Funding Specialist to each application. This expert reaches out to you in as little as 24 hours regarding your financing options and approval.10
National Funding has been funding small businesses since 1999, and has built a strong range of solutions on its experience.11> They offer various loans designed to serve businesses in almost any industry.12 And your Funding Specialist is available to customize financing structures and answer questions throughout the process.10
5. OnDeck: Transparent, Strategic, and Streamlined
OnDeck delivers streamlined access to its strategically small product range. By offering only business lines of credit and short-term business loans, they can move more quickly and customize loan terms to your needs.13 You can complete OnDeck’s online application in as little as 10 minutes, and receive a decision and funds as fast as that same day.14
Once approved, they provide access to the OnDeck Loan Comparison Tool and to their dedicated team of loan advisors as part of their commitment to transparency.14 And since applying won’t impact your personal credit score, you can explore OnDeck’s financing options without pressure to commit.13
6. Lendio: Comprehensive and Efficient
Unlike these other providers, Lendio is a loan marketplace rather than a direct lender. You complete a single application online, and Lendio matches you with personalized offers from a network of more than 75 lenders.15 This saves you time when you want to compare multiple loans and providers.
Lendio offers almost every financing product through its partners, including SBA loans. commercial mortgages, business credit cards, working capital loans, and accounts receivable financing.16 Businesses in various industries and growth stages can find comprehensive options through Lendio as well.
The downside of working with a lending network rather than a direct provider is that the process is slower. Lendio’s application and matching process are speedy, but approval and funding speeds vary between lenders.15
What Are Your Priorities?
Every business is different, so the best lender for your business depends on your needs and goals. For example, top auto repair business loan companies often offer fast equipment financing based on more than credit history. But the best online lenders for tech startups provide automated working capital with customizable repayment schedules.
Here’s how top online lenders typically meet key business priorities:
- Flexible requirements: Some lenders adjust eligibility criteria beyond just credit history, making it easier for businesses with unique financial profiles to qualify.
- Fast funding: Many lenders offer quick approval and same-day or next-day funding, so you can seize opportunities or cover urgent expenses.
- Variety of loan options: Online lenders often provide multiple products, including equipment financing, working capital, and business lines of credit through a single application.
- Automation and technology: Some lenders leverage automated systems to simplify application, verification, and repayment, reducing manual work for you.
- Industry expertise: Certain lenders specialize in specific sectors and understand the cash-flow cycles, expenses, and risks unique to your business.
- Transparent terms: Clearly communicating of fees, interest rates, and repayment schedules helps you make informed decisions.
- Personal guidance: Dedicated customer service or loan advisors can walk you through the process and answer questions along the way.
- Simplicity: Streamlined applications and minimal documentation save time and reduce administrative hassle.
- Customized repayment terms: Lenders offering flexible schedules can align repayments with your cash flow, protecting your financial stability.
Match the Process to Your Priorities
The best lender for your business is the one whose process fits how you operate. Maybe you need hands-on support. Perhaps you’re after speed. Or maybe you want to compare your options.
Whatever your preference, you don’t have to settle for any old lender. Partner with a top online business loan provider whose process matches your priorities to keep the focus on your company.
Sources:
1https://www.bluevine.com/
2https://www.bluevine.com/business-loans
3https://cardiff.co/
4https://cardiff.co/learn/faq/
5https://cardiff.co/business-loans/products/revenue-based-business-loans/
6https://cardiff.co/about/
7https://help.fundbox.com/s/article/What-is-Fundbox
8https://fundbox.com/faq/
9https://fundbox.com/
10https://www.nationalfunding.com/
11https://www.nationalfunding.com/our-difference/
12https://www.nationalfunding.com/solutions/
13https://www.ondeck.com/
14https://www.ondeck.com/company
15https://www.lendio.com/
16https://www.lendio.com/loan-types