Best Business Loans For Lawyers

Get Started With BusinessLoans.com

Total Rating	4.0
Rates & Fees4.6 Pricing 4.3 Affordability 5.0
Services4.0
Eligibility Requirements4.1
Application3.0
Sales & Advertising Transparency3.6 Sales Practices 3.0 Web Presence 4.4
Customer Service4.1
User Reviews4.4

Pros

Multiple types of financing available
Apply to multiple loans with one application
No minimum credit score to apply

Cons

Slower than some online lenders
Rates can be expensive

Why We Chose BusinessLoans.com For Best Law Firm Financing Options

If you are new to business financing and/or don’t have the time to research and apply for different kinds of loans, BusinessLoans.com can help. With this online loan marketplace, you can apply for multiple business loans with a single application. BusinessLoans.com’s lending network includes numerous types of financing, such as short-term loans, SBA loans, lines of credit, and others.

BusinessLoans.com will take your loan requirements and your business’s credentials (credit score, time in business, revenues, etc.) and use that information to match you with business loan options that your firm qualifies for through its network of 75+ lenders.

BusinessLoans.com Services

BusinessLoans.com can provide law firms and other businesses with a variety of funding options, including:

Term loans
Short-term loans
Lines of credit
Merchant cash advances

BusinessLoans.com Rates & Fees

Terms and fees vary widely due to the multiple financing types and lenders that belong to the BusinessLoans.com network.

BusinessLoans.com Eligibility Requirements

There are no hard and fast lending requirements to apply to BusinessLoans.com. Generally, the higher your credit score is, and the longer you’ve been in business, the more loan options will be available to you.

Choose BusinessLoans.com If...

You want to easily compare loan options for your law firm with a single application
You want to receive up to $3 million through BusinessLoans.com’s network of lenders

SmartBiz: Best Small SBA Loans For Law Firms

SmartBiz

Get Started With SmartBiz

Total Rating	4.7
Rates & Fees4.8 Pricing 5.0 Affordability 4.5
Services4.8
Eligibility Requirements4.8
Application4.5
Sales & Advertising Transparency4.9 Sales Practices 5.0 Web Presence 4.7
Customer Service4.9
User Reviews3.5

Pros

Simplifies the SBA loan application process
Lower fees than other online SBA loans
Faster than other SBA loan providers
Also facilitates bank loans up to $350K

Cons

SBA loans are capped at $500K
Qualifications may be hard to meet

Why We Chose SmartBiz For Best Small SBA Loans

SmartBiz is a service that connects qualified businesses with SBA loans up to $500K, simplifying and speeding up the SBA loan application process. These SBA 7(a) loans are for established law firms that need a modest-sized loan for working capital or debt refinancing.

If you don’t qualify for an SBA loan or need faster financing, SmartBiz also makes it easy to apply for a bank term loan or business line of credit. Non-SBA SmartBiz loans are typically deposited within three to seven days, compared to two to six weeks with SBA loans (though some SBA loans are funded as quickly as seven days).

SmartBiz Services

SmartBiz offers the following funding products:

SBA loans up to $500,000
Bank term loans up to $350,000
Business lines of credit up to $150,000

SmartBiz Rates & Fees

SBA loans from banks in the SmartBiz network have interest rates of 11.75% to 13.75% (the Prime rate, plus 2.75-3.75%). Interest rates for other SmartBiz financing products start at 9.99% but could potentially be much higher.

SmartBiz Eligibility Requirements

To qualify for an SBA loan through SmartBiz, you’ll need to have:

Time in business of 2+ years
Personal credit score of 650+
A profitable business with good cash flow

Choose SmartBiz If...

You want to simplify the application process for an SBA loan
You want a loan with longer repayment terms up to 10 years

Live Oak Bank: Best For Large SBA Loans

Live Oak Bank

Get Started With Live Oak Bank

Total Rating	2.9
Rates & Fees2.1 Pricing 3.0 Affordability 1.2
Services4.4
Eligibility Requirements2.1
Application1.0
Sales & Advertising Transparency4.6 Sales Practices 5.0 Web Presence 4.0
Customer Service3.9
User Reviews3.9

Pros

SBA Preferred Lending Partner
Long term lengths up to 25 years
Accepts fair credit

Cons

Lengthy time-to-funding (45-60 days)
Requires 3 years in business

Why We Chose Live Oak Bank For Best Large SBA Loans For Lawyers

Live Oak Bank is a bank specializing in small business loans. Though Live Oak is a bank, it has a lot in common with alternative lenders, as it provides online lending services for small businesses and doesn’t require excellent credit.

Additionally, LOB is one of the largest originators of SBA loans, including large SBA loans up to $15 million, which are suitable for commercial construction or law firm acquisition. Non-SBA business loans are also available.

Live Oak Bank Services

Live Oak’s law firm business loan offerings include:

SBA 7(a) loans up to $5 million
SBA 504 loans up to $15 million
Non-SBA long-term loans ranging from $150,000 to $7.5 million

Live Oak Bank Rates & Fees

Rates and fees vary depending on the loan type and amount. They may be fixed or variable. Overall, these rates are lower than what you would pay with an online lender.

Live Oak Bank loans do include an origination fee of up to 2% on term loans (paid directly to Live Oak Bank) or 1.5 to 2.8% on an SBA loan (paid to the SBA).

Live Oak Bank Eligibility Requirements

Eligible applicants must have:

Time in business of 3+ years
Annual revenue of $250,000+
Personal credit score of 680+

Choose Live Oak Bank If...

You have good to excellent credit and want a long-term, low-cost SBA or bank loan
You need up to $25 million for to build or acquire a law firm

OnDeck: Best For Fast Law Firm Financing

OnDeck

Total Rating	3.9
Rates & Fees4.6 Pricing 5.0 Affordability 4.2
Services2.9
Eligibility Requirements3.8
Application4.5
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service4.1
User Reviews4.0

Pros

Funds are disbursed quickly
Builds business credit
Lower costs for repeat borrowers

Cons

Rates can be expensive
Not available in all states

Why We Chose OnDeck For Fast Law Firm Funding

OnDeck is one of the top online small business lenders, period. Though you can’t get a very large loan from OnDeck, it works great if you need a fast short-term loan or line of credit for your law firm. OnDeck loan might be the perfect option if your law firm needs a quick cash infusion for payroll or working capital purposes, as the application and funding process generally takes 24 hours or less.

This prolific lender is known for its transparency, simple application, and fast funding that can deliver funds into your account as quickly as the same business day that you’re approved (on loans or line of credit draws up to $25K). OnDeck line of credit holders also have an “instant funding” option on draws up to $10K. For its term loans, same-day funding is available to some borrowers.

OnDeck Services

OnDeck offers the following to eligible borrowers:

Short-term loans up to $250,000
Business lines of credit up to $100,000

OnDeck Rates & Fees

OnDeck APRs for OnDeck short-term loans start at 29.9%, but the average APR is 56.1%. Term lengths are up to 24 months, and payments are required on a daily or weekly basis.

With an OnDeck LOC, term lengths are 12 months per draw. There are no draw fees, but you will typically have a $20/month maintenance fee. LOC APRs start at 35.9%, but the average APR for OnDeck lines of credit is 55.9%.

OnDeck Eligibility Requirements

To qualify for an OnDeck loan, you’ll need:

Business bank account
Time in business of 12+ months
Personal credit score of 625+
Annual revenue of $100,000

Choose OnDeck If...

You need fast, same-day funding
You want to choose between a short-term loan or line of credit

Get Started With OnDeck

Credibly: Best Loans For Attorneys With Bad Credit

Credibly

Get Started With Credibly

Total Rating	3.6
Rates & Fees3.1 Pricing 3.7 Affordability 2.4
Services3.7
Eligibility Requirements3.3
Application4.0
Sales & Advertising Transparency3.6 Sales Practices 3.0 Web Presence 4.5
Customer Service4.3
User Reviews4.0

Pros

Bad credit-friendly
Many types of law firm financing to choose from
Discounts for repaying early

Cons

Rates can be expensive
Some additional fees

Why We Chose Credibly Loans For Attorneys With Bad Credit

Credibly is an online lender that offers loans for businesses with bad credit. Credibly has multiple types of short-term and medium-term business loans available, as well as merchant cash advances and invoice factoring, which can be a good financing solution for attorneys with unpaid invoices. You can even apply for an SBA loan with Credibly.

Credibly’s fees can be on the high side, but there are discounts for repaying early, as well as low credit score requirements and longer repayment terms compared to a lot of other short-term online lenders. Credibly is also known for its transparent pricing and fast service. The entire time-to-funding can be as quick as 48 hours after approval but can take as long as a few days.

Credibly Services

Credibly offers the following financial products to law firms and other businesses:

Term loans up to $250,000
Merchant cash advances up to $600,000
Lines of credit up to $300,000
Invoice factoring up to $400,000
Equipment financing
SBA loans

Credibly Rates & Fees

Credibly has numerous financing products available, so terms and fees vary by loan type. Generally speaking, maximum term lengths are 18 or 24 months, and factor/interest rates start at 1.11.

Credibly Eligibility Requirements

Depending on the loan type, Credibly will accept credit scores as low as 500. Most Credibly lending products require 6 months in business and business revenues of at least $15K/month. Business expansion loans and SBA loans require scores in the 600s and a lengthier time in business.

Choose Credibly If...

You have a low credit score (500+) and don’t qualify for funding elsewhere
You want to choose between a variety of products, including lines of credit, short-term loans, and SBA loans

Fundbox: Best Line Of Credit For Lawyers

Fundbox

Total Rating	3.8
Rates & Fees3.1 Pricing 2.3 Affordability 3.8
Services3.6
Eligibility Requirements4.5
Application4.8
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service3.0
User Reviews4.4

Pros

Apply and draw funds with easy-to-use mobile app
Funds available as soon as the next business day
Free business cash flow predictions (with connected bank account)

Cons

Not for bad credit or brand-new startups
Short repayment terms

Why We Chose Fundbox For Best Line Of Credit For Attorneys

Fundbox offers the most accessible lines of credit for attorneys, even newer law firms, and lawyers without excellent credit. If fast, easy, and ongoing access to cash is what you’re looking for, Fundbox is your answer. Fundbox also offers tools that make it easier to pay your vendors and predict your firm’s cash flow.

Fundbox has a quick, simple application on its website. The Fundbox application is fully automated, as the algorithm uses AI to determine your eligibility. If approved, you can start withdrawing funds within minutes, and they should hit your bank account the following business day. You can also apply to Fundbox and draw funds using the Fundbox app for iPhone or Android.

Note that Fundbox does not lend to lawyers collecting funds for any purpose other than to pay fees owed for services provided by the firm. For example, Fundbox won’t lend to lawyers involved in debt collection.

Fundbox Services

Fundbox offers small business lines of credit up to $150,000 for eligible businesses.

Fundbox Rates & Fees

Fundbox revolving lines of credit have a term of 12 or 24 weeks and a borrowing fee starting at 4.66% or 8.99%, depending on your term length (draws with 24-week terms have a higher fee).

You will be able to choose a term length and preview your weekly payment amount, including fees, before you make a draw.

Fundbox Eligibility Requirements

For its lines of credit, Fundbox required:

Personal credit score of 600+
Annual revenue of $100,000+
Ideally, 6+ months in business

Choose Fundbox If...

You want a flexible line of credit to cover your law firm’s expenses
You want fast approval and funding

Get Started With Fundbox

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

The Right Business Loan For Your Law Firm

Funding your law firm can be tricky and confusing due to a large number of available loan options and frequently complicated terms and fees. Here are some tips to help you navigate the world of law firm loans.

Choose The Right Type Of Loan For Your Law Firm

With so many financing options, you may not know the right one for your needs. If this applies to you, you should consider the purpose and amount of financing you need. For example, a short-term loan is best if you quickly need a lump sum, usually$250,000 or less, while a line of credit is better if you need ongoing access to working capital whenever you need it.

Learn about the different types of business loans for law firms to help figure out the one that will best suit your firm’s funding requirements.

Apply For Multiple Loans

The online nature of modern loan applications makes it easy to apply for multiple loans so that you can cast a wider net when looking for financing options and compare offers to make sure you choose the best one.

Furthermore, most online loans do not do a “hard” credit pull during the preapproval stage, so applying to multiple loans will not negatively affect your credit.

Understand The Fine Print Of Your Loan Contract

It’s important that you fully understand the costs and terms of your loan before accepting the final loan offer. For example, parsing the APR of a short-term loan can be tricky, so be sure to use a loan calculator to ensure you can afford the monthly payments. Additionally, make sure you find out if there is a prepayment penalty or a blanket lien.

Some online lenders may claim a right to the assets of your attorney trust account if you default on the loan. You should find this out before signing rather than down the line.

Consider An Industry-Specific Loan For Law Firms

While most online small business lenders lend to lawyers, others do not lend to attorneys as a rule. Also, some online small business lenders won’t lend to nonprofit law firms or firms operating within certain industries, such as bail bonds, debt collection, insurance, or real estate.

If you cannot find an SMB lender that will lend to your type of law firm, you might consider an industry-specific loan from a lender that specializes in loans for lawyers. Keep in mind, though, that these industry-specific law firm loans may cost a lot more than a standard small business loan.

The Bottom Line On Business Loans For Law Firms

Online loans are not the most affordable type of business capital for attorneys; firms with riskier profiles will pay handsomely for an online loan. However, this doesn’t mean that established businesses with good credit should avoid online loans.

When applying for online loans, firms with strong business credentials and good credit will qualify for much lower rates and higher quality online loans, such as online SBA loans. Rates may still be a bit higher than a traditional bank loan, but you’ll get the funds a lot quicker, which can make the added cost worth it for lawyers in need of fast capital — often within just a day or two. Online loans are particularly useful for smaller expenditures under $150,000.

Looking for a larger or traditional bank loan for your law firm? Check out the best banks for small business loans.

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Shannon Vissers

Lead Staff Writer at Merchant Maverick

Shannon has been writing for Merchant Maverick about small business software and financing since 2015. She started writing professionally about business topics in 2005. Shannon has been featured in the Washington Post, Reader's Digest, US News, MSN, Yahoo Finance, Business Insider, and other publications. She has a bachelor's degree in English from San Diego State University and currently resides in San Diego, California.

@ShannonVissers

View Shannon Vissers's professional experience on LinkedIn.

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1. BusinessLoans.com

❮ ❯

Best For: Exploring business loan options
Max. Borrowing Amount: $3 million
Minimum FICO: N/A

2. SmartBiz

❮ ❯

Best For: Smaller SBA loans
Max. Borrowing Amount: $500K
Minimum FICO: 650

3. Live Oak Bank

❮ ❯

Best For: Larger SBA loans
Max. Borrowing Amount: $15 million
Minimum FICO: 680

4. OnDeck

❮ ❯

Best For: Fast short-term loans
Max. Borrowing Amount: $250K
Minimum FICO: 625

5. Credibly

❮ ❯

Best For: Bad credit loans
Max. Borrowing Amount: $600K
Minimum FICO: 500

6. Fundbox

❮ ❯

Best For: Line of credit
Max. Borrowing Amount: $150K
Minimum FICO: 600