$2,000 to $250,000
3.00% to 27.00% 3% to 9% for 6-month terms6% to 18% for 12-month terms9% to 27% for 18-month terms12% to 18% for 24-month terms
6 to 24 months
With terms as short as 6 months, the American Express Business Line of Credit is a convenient choice for those needing short-term funding. Its streamlined application process takes just minutes to complete, providing up to $250,000 in flexible funding. You only need to pay for the funds you withdraw — with no additional maintenance fees or prepayment penalties.
If you have an American Express business credit card, check your account to see if you’re eligible for a prequalification offer for the business line of credit. Note that you’ll be on the hook with a personal guarantee if your business fails to repay the debt.
In order to qualify, you’ll need to meet American Express Business Line of Credit’s criteria of:
$5,000 to $50,000
12.00% Based on the current prime rate of 7.50% + an added 4.50% from Wells Fargo
60 months (revolving)
Backed by the U.S. Small Business Administration (SBA), the Wells Fargo Small Business Advantage unsecured line of credit provides up to $50,000 to companies that have been operating for less than two years. With an SBA line of credit, you can enjoy capped interest rates and terms, as well as access to additional resources like SCORE mentoring.
Depending on your criteria and needs, you may be eligible for more funding with the Wells Fargo Business Line or Prime Line of credit. Additionally, you can consider its SBA 7(a) or SBA 504 loans for long-term projects or expansions.
In order to qualify for the Wells Fargo Small Business Advantage® line of credit, you’ll need to meet its criteria of:
$6,000 to $250,000
7.80%
6 or 12 months
If your business is registered as an LLC or corporation and generates at least $10,000 a month, Bluevine’s line of credit could be for you. With flexible terms, low starting interest rates and quick funding options, Bluevine can be a great option for businesses who qualify. You can access up to $250,000 on an as-needed basis to tackle a range of business expenses.
Bluevine also offers term loans up to $500,000 through financing partners, plus a high-yield checking account with competitive APYs.
Note that Bluevine’s financing isn’t available for sole proprietors or businesses located in Nevada, North Dakota or South Dakota.
In order to qualify, you’ll need to meet Bluevine’s criteria of:
$6,000 to $100,000
27.30% Minimum APR offered to at least 5% of customers (not the lowest rate offered)
12 to 24 months
As one of our top picks for fast business loans, OnDeck can help you access quick cash for your business — with options for same-day business financing. Its lenient eligibility criteria make it a solid choice for low-credit borrowers and early-stage businesses, though you must have a robust cash flow to qualify. Since OnDeck reports to the major credit bureaus, on-time payments can help boost your business credit profile.
But while OnDeck offers quick funding for a wide range of credit scores, that comes at a price, as rates tend to run on the high side.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
Up to $150,000
4.66% to 8.99%
4.66% for 12-week terms
8.99% for 24-week terms
3 or 6 months
Fundbox’s flexible line of credit is ideal for early-stage businesses and entrepreneurs needing startup financing to cover a range of startup expenses. With a speedy online application, funds could hit your bank account as soon as the next business day. You can choose your repayment plan with each withdrawal, although terms are relatively short compared to other lines of credit.
Note Fundbox’s credit limit caps at $150,000. While this may be enough for many startups, you may need to consider additional options to cover any funding gaps.
In order to qualify, you’ll need to meet Fundbox’s criteria of:
$3,500 to $250,000
Not publicly disclosed
12 to 60 months
With close to 2,000 branches nationwide, Truist can be a good fit for business owners wanting access to in-person support, local resources and a range of banking products. Unlike most traditional banks, Truist doesn’t impose minimum annual revenue or business history requirements — allowing companies of all sizes and stages the opportunity to apply for competitive financing.
However, Truist doesn’t list its minimum credit score requirements or estimated interest ranges, making it hard to compare against other traditional bank loans. Additionally, you’ll need to pledge collateral to take advantage of Truist’s longer terms and higher loan amounts.
In order to qualify, you’ll need to meet Truist’s criteria of:
$15,000 to $2,000,000
0.96 factor rate
6 to 60 months
While Taycor Financial is best known for its competitive equipment loans, its line of credit is an excellent choice for those needing bad credit business financing. With lenient eligibility requirements, low rates, flexible terms and no hidden fees, you could access between $15,000 to $2,000,000 within four to 24 hours. Funds can be used for a wide range of working capital expenses.
Note that origination fees may apply. Additionally, factor rates are listed instead of standard interest or APR, making it hard to compare Taycor Financial’s rates with competitors.
In order to qualify for a business line of credit, you’ll need to meet Taycor Financial’s criteria of:
The term “working capital” refers to the cash you have on hand to cover your business’s day-to-day operations. Having adequate working capital allows you to keep your business afloat, while a surplus can help you grow and expand your business or explore new opportunities.
A working capital line of credit is a type of business financing designed to cover short-term operating expenses, such as rent, utilities, inventory, supplies, payroll or seasonal fluctuations in revenue.
Typically, working capital lines of credit are not used to cover one-time purchases or more expensive projects. In that case, a long-term business loan may be a better fit.
If you are ready to apply for small business financing, here are five steps to help you open a working capital line of credit.
Start by creating a business budget, listing your company’s current operating expenses and any anticipated costs you need to cover in the near future. Then, use a business loan calculator to estimate your borrowing power. Make sure that you can afford to repay the debt.
While business loan requirements will vary by lender and loan type, you can expect to be evaluated based on your personal credit score and business credit score, how long your company has been operating and the amount of annual revenue you bring in each year.
Both traditional banks and online business lenders offer lines of credit. Be sure to research a few different options to find the lender that works best for you. Take some time to compare their interest rates, repayment terms and fees. You can browse our library of small business lender reviews to get started.
Having all your paperwork on hand can help speed along the application process. While the exact documents will vary, here’s a general idea of what you might need:
Applying for a working capital line of credit can usually be completed online, with a decision often made within minutes. In some cases, the lender may reach out to you to ask questions or request additional paperwork.
A working capital line of credit is a type of flexible funding meant to cover your business’s ongoing operating expenses, like inventory, supplies, utilities and payroll services. You can also use other types of business financing for working capital expenses, like an SBA 7(a) loan or a short-term business loan.
In general, lenders prefer for businesses to operate for one to two years before extending them credit. That said, many alternative lenders now work with startups after just several months of business history, with some even waiving the business history requirement altogether.
If you have an established business and a robust credit profile, you’ll have an easier time qualifying for a working capital line of credit. Startups and those with bad credit may need to choose their lenders carefully. Be sure to evaluate each lender’s requirements before applying to improve your chances of approval. You can also use LendingTree Spring to monitor and boost your credit score, which may help secure a more competitive rate.
For those who can’t qualify for a line of credit, here are a some alternatives to consider:
