The 6 Best Alternatives To Fundbox Small Business Loans & Lines Of Credit

Shopping your options? Give Lendio a try. With just one application, you can receive offers from over 75 lenders, including Headway Capital, Fundation, and others, making it easy to find the best loan for your situation. Lendio’s network of lenders offers many different types of funding, including lines of credit.

You can receive up to $500,000 through Lendio’s network as a line of credit, which is significantly more than the limits of Fundbox’s financial product. Interest rates start at 8%, although some borrowers may receive interest rates as high as 24% based on a number of factors including, but not limited to, credit profile. Typical loan maturity for a line of credit obtained through Lendio is one to two years, significantly longer than Fundbox’s term.

Qualifying for a line of credit through Lendio’s network is simple. Minimum borrower requirements include at least $50,000 in annual revenue, a time in business of at least six months, and a personal credit score of at least 560. However, to get the highest borrowing amount and lowest interest rates, you must have a higher credit score and a solid business performance.

Kabbage, owned by American Express, is another popular Fundbox alternative. Kabbage has a similar service to Fundbox in Kabbage Funding, which is a line of credit up to $250,000, with a term of six, 12, or 18 months. You can qualify with fair credit (640 FICO), 12 months in business, and just $50,000 in annual revenues.

Unfortunately, these lines of credit are currently closed to new applicants who are not already Kabbage or American Express users. You can only join a waitlist to be notified when they start accepting new customers again.

If you have an existing Kabbage or American Express account, you may apply for Kabbage Funding line of credit. American Express Business Card Members might also consider applying for American Express Business Loans, which offers short- and medium-term loans up to $75,000.

OnDeck is similar to Fundbox in many ways. This alternative lender offers a quick and simple online application that can deliver a decision in just a few minutes, and you can receive your funds as soon as the same day.

OnDeck offers revolving lines of credit up to $100,000 with a 12-month repayment term that resets after each withdrawal. If you need more money, you may qualify for OnDeck’s short-term loans with maximum borrowing limits of $250,000 and terms up to 36 months. OnDeck has just one financing application and will determine which product best fits the needs of your business.

One thing that stands apart about OnDeck’s lines of credit is Instant Funding, which lets you withdraw funds and see them deposited in your account in just seconds. There is no extra fee for this feature.

OnDeck has pretty relaxed borrower requirements, but personal credit score is a factor for approval. All applicants must have a score of at least 600 to qualify for OnDeck’s term loans or lines of credit. Borrowers must also be in business for at least one year and have at least $100,000 in annual revenue.

Funding Circle can be a good Fundbox alternative for established businesses, as you will need at least two years in business, as well as a credit score of 650) to qualify for a Funding Circle line of credit.

Using a lending network (similar to Lendio), Funding Circle offers credit lines up to $100,000, with interest rates as low as 10.99%.

Because Funding Circle works with a lending network to offer its LOCs, similar to Lendio, your term length, repayment schedule, and other financing terms will vary depending on which lender they hook you up with. However, Funding Circle says that you can probably expect to pay draw fees.

If you want to borrow more money as a lump sum and pay it back over time, you might qualify for a term loan or an SBA loan through Funding Circle. These loans can be as large as $500,000, with term lengths up to 10 years.

Rapid Finance provides lines of credit to high-risk businesses with bad credit, as well as any business that wants fast funding. This alternative lender will accept credit scores as low as 550, and you can get funded as soon as 24 hours.

Compared to Fundbox, you can borrow more money from Rapid Finance, and you’ll also have longer to repay the funds you withdraw. In addition to merchant cash advances and business term loans, Rapid Finance offers business lines of credit up to $250,000, with term lengths ranging from three to 18 months. The term resets every time you draw capital and is repaid via fixed, automatic daily, weekly, or monthly payments.

Specific terms and fees are disclosed on Rapid Finance’s website, but some merchants who have used the service say that their loans can be expensive. Overall, though, Rapid Finance has a lot of positive customer testimonials and many repeat customers who have been using their services for years.

Like Fundbox, BlueVine offers a business line of credit with fast approvals — as quick as five minutes. One of the main differences, however, is that you can borrow up to $250,000 through BlueVine. BlueVine also offers longer repayment terms of six or 12 months. Repayments are made in 26 weekly installments with a six-month term or in 12 monthly installments with a 12-month term.

It is a little more difficult to qualify for a BlueVine line of credit compared to Fundbox. The minimum requirements include a personal credit score of at least 600, minimum annual revenues of at least $120,000, and at least six months in business.

In addition to its lines of credit, BlueVine also offers invoice factoring with lines up to $5 million and term loans up to $250,000.