Easy Business Loans: Best Options to Consider in 2024

Unlike many small business loans on the market, easy business loans let you obtain the capital you need without the time or hassle. In most cases, you can apply online, within minutes from the comfort of your own home or office. Upon approval, you’ll likely receive the funds via direct deposit the same day you apply, within 24 hours, or in a few business days. To make your life easier and help you get funded, our team of financial experts reviewed and ranked the top easy business loans.

In this review we highlight the terms, rates and fees of eavh lender and explain what makes them a good option. We also share potential downsides of each lender, and provide a rating methodology you can use to select the best option for your needs.

Best Easy Businesses Loans for 2024 - Full Overview

How We Choose the Best Easy Business Loans?

Many lenders offer easy business loans, but how do you know which one is right for you? It all depends on your unique budget, needs, and preferences. As you compare your options, be sure to focus on the pros and cons of each one. While ranking the best easy business loans, our experts looked at these factors.

• Loan Features: Loan terms, loan amounts, and repayment schedules are all examples of loan features. Some lenders offer long terms, large amounts, and flexible repayment schedules, which are usually preferred by small business owners while others have shorter terms, smaller amounts, and limited repayment flexibility.
• Application process: Instead of lengthy, drawn out applications, we focused on lenders with fast, online applications that you can complete quickly from anywhere, with minimal to no documentation.
• Interest rates and fees: During our research, we discovered that minimum and maximum interest rates and fees vary significantly from lender to lender. Chances are you’re looking for low rates and minimal to no fees.
• Qualification process: Some lenders require good or excellent credit, substantial annual revenue, and at least a few years in business, others have more flexible criteria and may approve you as a startup with a low credit score, for example.
• Customer support: Customer support refers to how easy it is to get a hold of lenders any time you have questions or concerns about your business loan. Support options are usually through phone, email, and live chat.
• Online user reviews: Third-party reviews on sites like TrustPilot and Better Business Bureau (BBB) gives us a good idea on a lender’s reputation and customer service ratings. 
• Perks and Bonuses: Some lenders offer more than just capital and promote perks like mobile apps, free credit score monitoring, and hardship assistance. These extras can make certain loans stand out.

What is an Easy Business Loan?

Not all easy business loans are created. However, most of them are characterized by the following: 

• Simple applications: You can apply for an easy business loan online, from anywhere with internet connection. The application shouldn’t take you more than a few minutes and you don’t need to worry about submitting extensive documentation. 
• Quick approvals: With an easy business loan, you can get approved fairly quickly. Depending on the lender, this might be the same day you apply, within 24 hours, or in a few business days.
• Flexible requirements: Even if you don’t have the best credit scores, you may qualify for an easy business loan. Many lenders who offer these products are lenient and don’t require good or excellent credit. They may consider other factors like your annual revenue and time in business. 
• Fast funding: While funding times vary, most easy business loans pride themselves on quick funding via direct deposit. You may receive the funds immediately or within 24 hours. 
• Positive reviews: Easy business loans are admired by many borrowers. As a result, they often have stellar ratings and reviews that can give you some much needed peace of mind. 

When to Get an Easy Business Loan?

There are some situations in which easy business loans make sense, including:

• You have an emergency expense: If your business needs to cover a sudden expense, an easy business loan is worth exploring. 
• You’re a newer business: An easy business loan is a particularly good option if you’re a startup or newer business and want to get approved despite your credit situation.
• You’re busy: You may benefit from an easy business loan if you’re busy running your business and don’t have a lot of time and energy to commit to the application and funding process.

How to Get a Easy Business Loan

While the application process varies from lender to lender, here are some tips to help you get an easy business loan. 

• Collect financial documents: Some lenders will ask for financial documents when you apply for funding. These may include recent balance sheets, tax returns from the past few years, profit and loss statements, asset details, and escrow directions.
• Shop around: Check out our list of easy business loans to start your search. Compare applications, funding times, eligibility requirements, interest rates, and terms to hone in on the right option for your particular business. 
• Apply: Most lenders will let you apply online. Before you submit your application, make sure it’s thorough and accurate to avoid delays with approval and funding.
• Wait for approval: In most cases, you’ll get approved right away or fairly quickly. Once you do, you’ll receive the funds. 

Types of Easy Business Loans

There are a variety of easy business loans you may come across, such as:

• Lines of Credit: A business line of credit is similar to a credit card. You can pull funds as you need to, up to a set credit limit, which is based on factors like your credit score and annual revenue. 
• Equipment Loans: If you need funding to purchase or lease new or used equipment for your business, an equipment loan may be useful. Some lenders will let you borrow up to 100% of its cost. 
• Merchant Cash Advance: A merchant cash advance (MCA) is when you receive a lump sum of cash in exchange for a percentage of your future debit and credit card sales. If most of your customers pay you via cards, an MCA might be a solid option.
• Term Loans: Term loans are traditional loans. You receive a lump sum of money upfront and repay it via fixed payments over an agreed upon term.

When to Consider Alternatives

You might want to explore alternatives to easy business loans in these situations.

• You’re a startup: If you’re a newer business, you may not get approved for the easy business loan you’d like due to strict credit, revenue, and time in business requirements. 
• You can land a lower interest rate: A high interest rate can make your loan very expensive so it might be worthwhile to explore other options with lower rates. 
• You need additional funding: You might not qualify for the entire loan amount you request and therefore need to look elsewhere for additional funding.
• You’re eligible for an SBA loan: Small Business Administration (SBA) loans may be a better choice if you can get them as they come with low rates and lengthy repayment terms.

Alternatives to Easy Business Loans

Consider these alternative options if you decide an easy business loan isn’t right for you.

• Business credit cards: Business credit cards can help you cover everyday expenses like office supplies and utilities. Plus many of them offer rewards like cash back and travel points.
• Crowdfunding: Crowdfunding lets you secure capital from people who support your business. You can use a crowdfunding platform like Kickstarter or GoFundMe to get started.
• Friends and family: You might have a generous friend or family member who will offer you a loan with low credit or no credit. If you accept a loan from them, be sure you repay it as you promised to or you might ruin your relationship.
• Grants: Small business grants are often offered by governments and nonprofit organizations. Even though they’re hard to get, you don’t have to pay them back.

Conclusion

Easy business loans can reduce or eliminate the stress that often comes with securing business financing. While it may be tempting to go with the first option you find, it’s well worth your time and energy to shop around and compare loans. By doing so, you can discover the very best choice for your unique budget and goals. Best of luck with your search for an easy business loan.