Best Small Business Line of Credit 2024

A business line of credit is not an option that fits everyone. Some companies can claim that its lender is the best one, but this lender may refuse to cooperate with another company, that seems to be equally viable. To get the best business credit line, you have to apply through many lenders to check which of them will give you the lowest interest rate and the best terms of repayment.

Interest and terms vary. If you are asking yourself “How to get a business line of credit?“, evaluate your credit score, yearly income, and define your financial goals (why you are taking out new small business loans and how much money you want to borrow).

The lenders we are discussing in this guide are a good starting point. Their interest rates and terms of repayment are quite reasonable for those who meet their business line of credit requirements.

Depending on your business history, credit score and yearly income, one of these lenders can offer you the best business line of credit possible.

Top picks for business credit lines are LendingClub, StreetShares, OnDeck, Kabbage, and Lendio. Let’s review these companies one by one.


Lending Club

LendingClub proposes a multi-draw business line of credit for new business. You can visit the website of this company to check if you can qualify without hurting your credit score.


  • business must exist over two years;
  • the annual revenue should be over $75,000.


  • when drawing on the line, you pay a 1-2% fee;
  • the amount borrowed is $5,000 up to $300,000.


StreetShares logo

StreetShares is a lending marketplace that aims at connecting small business owners with accredited investors. In order to fund parts of the invested loan, investors organize an online auction. The lowest bids are combined by StreetShares into one loan. StreetShares combines traditional banking and has bonuses for veterans.


  • being in business for at least 2 years;
  • the annual revenue should be higher than $75,000;
  • to apply for business lines of credit, one must have a business guarantor with good credit;
  • the absence of bankruptcies in the past three years;
  • no current collections or tax liens.


  • in case of approval, the amount of small business credit line won’t exceed 20% of the yearly business revenue;
  • the APR ranges from 8.99% to 39.99%;
  • loan term is from 3 to 36 months;
  • the amount borrowed starts at $5,000 and can reach $100,000.



OnDeck is the largest U.S. small business lender. It serves over 700 industries and provides more than 80,000 businesses with small business line of credit or term loans.


  • the business must exist more than 1 year;
  • the business should have revenues of $100,000 annually;
  • a credit score of the majority stockholder must be over 600;
  • the amount will depend not only on the assessment of your business but on your personal credit as well.


  • the amount borrowed starts at $5,000 and can reach $100,000;
  • business line of credit rates as low as 13,99% APR, though the average APR is 32.1%;
  • fixed weekly payments will be deducted out of your bank account automatically;
  • $20 monthly fee, waived for the period of 6 months in case you draw over $5,000 in the first 5 days after the account’s opening;
  • no fees for drawing money.


Kabbage logo

This lender can give you an unsecured business line of credit. It works more like a credit card: you can use exceptionally what you need and pay fees for what you use.


  • to get the business unsecured line of credit, the company must exist over a year;
  • the gross annual revenue must be $50,000 or more;
  • the monthly revenue should be $4,200 a month over the last 3 months.


  • if you are given $20,000 and use only $10,000, the fees will be charged only on $10,000;
  • the amount borrowed can reach $150,000;
  • Kabbage is available in each U.S. state.


Lendio logo

Lendio is a loan-connecting provider. It cooperates with 75+ lenders. Its proprietary algorithm can help you save time. You will not have to walk around many banks to compare all the available fees.


  • the credit score required is 560 or higher;
  • other terms of the line of credit for business depend on a particular lender.


  • the loan amount is $1,000 – $500,000;
  • business line of credit interest rates range from 8% to 24%;
  • monthly payments;
  • the maturity date is 1-2 years.

How to Choose a New Business Line of Credit

When it comes to choosing a new business line of credit, we would recommend turning to alternative lenders. Banks are also a good option. This is the first place to start your search. Yet, many business owners don’t get the approval from a bank. They need an instant cash and have no time to go through a long application and approval processes.

To define which lenders offer the best commercial line of credit, pay attention to the following criteria:

  • Reputation of lender. Choose a lender, whose trustworthiness is proven by track records.
  • Limits of the amount funded. The best propositions will extend into the six-div range.
  • Minimum credit requirements. Lenders that don’t judge you only by your credit score may agree to cooperate.
  • Revenue/time in business requirements. The time in business and its profitability are important criteria for each borrower.
  • Speed of funding. Quality lenders won’t take more than 10 minutes of your precious time on filling out an application and will give you funds as fast as possible.
  • APR and fees. When comparing small business lines of credit, pay attention to the fees and APRs.
  • Terms of repayment. Check how long the term of repayment is. Look for the terms that fit the structure and the cash flow of your business.

Bottom Line

If you need an instant cash, your business credit is poor, or you don’t have the credit history, turn to StreetShares, Lending Club, Kabbage, OnDeck, or Lendio. Each of them offers reasonable repayment terms and interest rates.