The Best Small Business Loans for Women Explained
Flexible terms can make a loan much more manageable for small and big businesses alike.
After applying for a loan, you will wait 24 hours before finding out if it was approved. Upon approval, the funds will be deposited into your business’ bank account within three days.
Your business must be operational for at least six months before applying for a loan. Your monthly gross sales income must be $12,000 or more to be considered.
Pros | Cons |
- Flexible payments
- Terms up to 15 months
- Can loan up to $500,000
- Quick payoff discount
| - Business must have operated six months prior to application
- Gross monthly sales income must be $12,000 or more
|
Fora Financial makes applying for a short-term loan easy and the requirements are not as strict as it is with big banks and other lenders. Read the full Fora review.
Credibly is an alternative online lender that has short-term financing in the form of merchant cash advances and business loans. Credibly has lenient and low qualification requirements. You might even qualify with a credit score of just 500 and six months business experience.
Pros | Cons |
- Lenient credit score requirements
- Fast and straightforward application process
- Discounts for early repayment
- Financing for your business growth requirements
| - Rates can be high
- A blanket lien is demanded
- Extra fees might be charged
|
Features
Credibly tailors its loans to small- to medium-size businesses. Credibly offers the following funding for your business requirements:
- Small business working capital loans
- Small business merchant cash advances
- Small business expansion loans
- Other kinds of small business funding including a business line of credit
Given that Credibly lending options are extensive you can also access additional types of longs including Small Business Association (SBA) loans via partner programs.
Our Thoughts
The SBA has a selection of loans available to small business owners, and Credibly offers a means of accessing these loans. Small Business Administration loans have many advantages including reasonable interest rates and advantageous terms.
Read our full Credibly review
Fundbox is an excellent online option for small business loans for women. They also have low credit score requirements, which can be as low as 500. They don’t have strict requirements about how long you have been in business either.
Borrowing limits range from $1,000 to $100,000, with a draw fee of 4.66%, and repayments occur on standard terms of 12 or 24 weeks. In the application, they’ll ask you to provide your business checking account. It’s necessary to estimate your annual revenue. Your credit is calculated based on this information.
| Pros | Cons |
- Quick and straightforward application process
- Perfect for solving cash flow issues
- Accessible borrower requirements
| - Low credit limits may not suffice for your business needs
- Expensive fees, when comparing with similar services
|
Fundbox is perfect if you need fast and uncomplicated cash loans. Credit limits are small, making it more suitable for quick fixes on cash flow and invoice factoring. Yet, fees can be pretty high. Read full Fundbox review.
BlueVine is an online lender that focuses on small businesses’ financing solutions. This company has less rigorous requirements and options for female business owners. For this reason, it might be a good option for borrowers with low credit scores.
BlueVine has many options for financing women business owners. The credit score requirement can be as low as 530 It also requires at least three months in business and annual revenue of $120,000 or more. Loan amounts range from $5,000 to $5 million. Here are the major pros and cons about this lender:
| Pros | Cons |
- Cash available in less than 24 hours
- Transparent interest rates and fees
- Outstanding customer reviews for its online services
| - Availability restricted to B2B companies
- Options don’t cover all states
- Services can be expensive
|
BlueVine offers convenient solutions if you need fast cash. Credit requirements tend to be low, but APR and fees are high, so bear this in mind when making your decision. Read full BlueVine review.
Kabbage offers accessible loans to borrowers with credit score issues. Eligibility criteria are one year in business and $50,000 of annual revenue, at least. Meeting this criteria will give you access to up to $100,000 in credit.
You can access more significant limits by proving an annual revenue of $500,000 and three years of activity. Your loan request can be granted within 24 hours, if you choose to receive it via PayPal. If you choose to receive it in your bank account, it can take up to three days.
| Pros | Cons |
- Flexible credit score requirements
- Credit is available in a matter of days or even on the same day
- Can connect to several online accounts, such as PayPal, Amazon, and eBay
| - High APRs and confusing rules about fees
- Lacks longer-term options
|
Kabbage loans are expensive but are an excellent option for borrowers with poor credit scores. They offer excellent connectivity with online accounts, but fees are comparably higher than similar services. Read full Kabbage review.
Funding Circle is a British online lender operating in the US. They offer term loans to be repaid between six months and five years. Requirements are demanding: two years in business and a 660 credit score.
They don’t specify a minimum yearly revenue and offer more significant limits: between $25,000 and $500,000. The interest rate ranges between 3.49% and 27.79%.
| Pros | Cons |
- Higher credit limits: up to $500,000
- No fees other than the interest rate (between 3.49% and 27.79%) and the origination fee (3.49% to 6.99%)
- The application process is faster than with most banks
| - Borrower requirements make it unfit for starting businesses
- Not available in all states
|
Funding Circle offers a considerably higher borrowing limit than most other lenders. Yet, they have rigid eligibility criteria. The bottom line is that you might also want to consider other options. Read full Funding Circle review.
