However, the company claims their average customer has been in business for over 3 years, makes $300,000 in annual revenue and credit score of over 650. To qualify for a short-term loan with OnDeck, you must make at least $100,000 in annual revenue, have a personal FICO score of at least 600 and have been in business for at least one year - longer than other lenders require. This means that you would be liable to repay your businessвЂ™ debts if your company defaults on the loan. Moreover, the prepayment benefit comes with a higher interest rate, so you could end up paying more for what you borrow.ДЄnother important consideration is that OnDeck requires customers to sign a personal guarantee and agree to a blanket lien on their business assets. However, if you do not qualify for the prepayment benefit, you would still be responsible for 75% of the remaining interest. If you apply and are approved for this benefit, you could waive the remaining interest payments on a loan you have paid off before the end of its term. loan amount: $500,000 for term loans and $100,000 for lines of credit Fees: Monthly maintenance fee on lines of credit, no draw, opening, closing or prepayment feesД«esides perks for those who renew their funding contract with OnDeck, the company also offers a prepayment benefit for qualifying businesses. Types of loans: Short term business loans, business lines of credit Rates: Starting at 35% APR, but the average is 54.95% APR Terms: Up to 36 months for term loans and 12 months for lines of credit Min. To qualify for a line of credit with BlueVine, your business must be an LLC or corporation, have been in operation for at least 6 months (the minimum required by most online small business lenders), make at least $10,000 in monthly revenue (or $120,000 annually, about $20,000 more than what other competitors require) and have a personal credit score of at least 600. ACH transfers are free, but the funds may take up to three days to reflect in your account.

Some things to keep in mind about BlueVine lines of credit, however, are that annual percentage rates can be quite high - reaching over 70% according to some sources - and payments must be made weekly or monthly, so you may want to consider a different funding option if your income stream fluctuates month to month.ДЄnother important consideration for those interested in same-day funding is that BlueVine charges a $15 fee for direct wire transfers. A line of credit can provide your small businesses with quick funding you can continue to draw from as you repay. Line of credit: $250,000 Fees: 1.7% per week or 7% per month for line of credit draws, $15 for bank wires (same-day funding), no opening, closing or prepayment feesД«lueVine only offers business checking accounts and lines of credit. Types of loans: Lines of credit Rates: As low as 4.8% Terms: 6 or 12 months Min.

Origination fee for certain commercial real estate loans Closing or origination fee for most bank financing products Underwriting fee for most non-bank financing products Monthly maintenance fee for line of credit 1.7% per week or 7% per month for line of credit draws More than 10 types of funding options from over 75 lenders Lending options and resources customized to your business needsД¬omplete a simple funding application in just 4 minutes

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Best bank for online business loan