You might assume one of the pioneers of online lending offers business loans, but it doesn’t. In fact, Quicken Loans officially changed its name to Rocket Mortgage in July of 2021 to align more closely with its parent firm, Rocket Companies, and it’s never offered business loans.
The Quicken Loans name is still around, but it’s now an online marketplace, not a direct lender, and it also doesn’t offer business loans. Luckily, there are many alternatives.
6 alternatives to Quicken business loans
There’s no one right type of financing for all businesses — it varies based on your company’s specific needs and goals and the kind of business you’re in. Here are six providers that may be able to help.
Lendio is a business loan marketplace that allows you to compare 11 loan types from 75+ lenders, including term loans, cash advances, lines of credit, equipment loans and more. It offers funding up to $5 million, and some loans can be funded within a day or two. Just fill out a single online form to view multiple options. Some lenders may even work with credit scores as low as 580, depending on the loan type. However, you may be required to submit more documentation than other online lenders, and marketplaces can lead to a large volume of marketing calls and emails.
Loan amount
$1,000 – $5,000,000
APR
Varies by lender
Min. Credit Score
580
Lendio is a business loan marketplace that allows you to compare 11 loan types from 75+ lenders, including term loans, cash advances, lines of credit, equipment loans and more. It offers funding up to $5 million, and some loans can be funded within a day or two. Just fill out a single online form to view multiple options. Some lenders may even work with credit scores as low as 580, depending on the loan type. However, you may be required to submit more documentation than other online lenders, and marketplaces can lead to a large volume of marketing calls and emails.
Pros
Wide range of lenders and loan types
Funding up to $5 million+
Accepts poor credit
Cons
Not a direct lender
Rates and fees vary by lender
May result in excessive solicitation
Loan amount
$1,000 – $5,000,000
APR
Varies by lender
Min. Credit Score
580
Loan term
3 months to 25 years
Requirements
Operate business in US for 6 months or more, have a business bank account, minimum 580 personal credit score, at least $8,000 in monthly revenue.
Newer businesses or those with lower revenues may want to consider an American Express Line of Credit because it only requires an average monthly revenue of at least $3,000 and one year in business. It also offers a straightforward application process, competitive fees and flexible loan terms. But you'll need a decent credit score to qualify — 660 or more. It also requires a personal guarantee and charges monthly fees that vary depending on the loan term.
Loan amount
$2,000 – $250,000
APR
N/A
Min. Credit Score
660
Newer businesses or those with lower revenues may want to consider an American Express Line of Credit because it only requires an average monthly revenue of at least $3,000 and one year in business. It also offers a straightforward application process, competitive fees and flexible loan terms. But you'll need a decent credit score to qualify — 660 or more. It also requires a personal guarantee and charges monthly fees that vary depending on the loan term.
Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000
This information was collected independently by Finder.
If your firm invoices business-to-business (B2B) or government agencies, no-doc invoice factoring from FundThrough could be a fast financing option. There is no minimum credit score or time-in-business requirements, and you could see funding as soon as the next business day. But it can be an expensive form of funding, and it's not suitable for many businesses.
Loan Amount
$500 to $10M
Fee for Terms
2.75% to 8.25%
If your firm invoices business-to-business (B2B) or government agencies, no-doc invoice factoring from FundThrough could be a fast financing option. There is no minimum credit score or time-in-business requirements, and you could see funding as soon as the next business day. But it can be an expensive form of funding, and it's not suitable for many businesses.
Pros
Funding as soon as next business day
No credit score or time in business requirements
Advances up to 100% of invoices
Cons
An expensive form of funding
Cost increases the longer your customer takes to pay
Must have at least $100,000 in invoices to qualify
Loan Amount
$500 to $10M
Fee for Terms
2.75% to 8.25%
Min. Credit Score
500
Loan Term
1 day - 61+ days
Requirements
At least $100k in accounts receivable to one customer, invoice B2B or government agencies, invoices are for completed work, no construction or real estate, no explicit liens on receivables
This online provider specializes in short-term loans for midsize businesses that need money quickly. Business owners can apply online and get funds as soon as the next business day. While its time-in-business and revenue requirements are fairly low, it doesn't specify a minimum credit score to qualify. LoanBuilder business loans require a personal guarantee and weekly repayments.
Loan amount
$5,000 – $150,000
APR
2.9% to 18.72%
Min. Credit Score
680
This online provider specializes in short-term loans for midsize businesses that need money quickly. Business owners can apply online and get funds as soon as the next business day. While its time-in-business and revenue requirements are fairly low, it doesn't specify a minimum credit score to qualify. LoanBuilder business loans require a personal guarantee and weekly repayments.
Pros
Loans up to $150,000 for repeat borrowers
Low annual revenue requirements
No processing, early repayment or late fees
Cons
Max 52-week loan term
Need a personal guarantee
Weekly payments required
Loan amount
$5,000 – $150,000
APR
2.9% to 18.72%
Min. Credit Score
680
Loan term
17 to 52 weeks
Requirements
Annual business revenue of $33,300+, 9+ months in business, 680+ personal credit score
This unsecured business loan provider specializes in cash flow financing for newer businesses, including working capital loans from $25,000 to $600,000. Instead of interest, it charges a fixed fee that requires daily or weekly repayments. While it can be expensive, it has relatively minimal requirements compared to traditional business loan providers and offers funding as soon as the same day you apply. Looking to fund a larger project? Credibly also offers long-term business loans up to $10 million with more selective requirements to qualify.
Loan amount
$5,000 – $600,000
APR
Factor rates start at 1.11
Min. Credit Score
500
This unsecured business loan provider specializes in cash flow financing for newer businesses, including working capital loans from $25,000 to $600,000. Instead of interest, it charges a fixed fee that requires daily or weekly repayments. While it can be expensive, it has relatively minimal requirements compared to traditional business loan providers and offers funding as soon as the same day you apply. Looking to fund a larger project? Credibly also offers long-term business loans up to $10 million with more selective requirements to qualify.
Pros
Same-day funding possible
Only requires 6 months in business
Low credit score requirement
Cons
More expensive than some business loans
Lowest rates require good credit
Daily or weekly payments required
Loan amount
$5,000 – $600,000
APR
Factor rates start at 1.11
Min. Credit Score
500
Loan term
3 to 24 months
Requirements
6+ months in business, $15K+ in monthly deposits, 500+ credit score, Need business bank account
This top online lender offers traditional term loans and lines of credit to small businesses that need funds to expand or cover daily expenses. OnDeck's term loans could be a good choice if you're looking for a lender to build a relationship with, as repeat borrowers can qualify for lower fees and extra services. But it may charge an origination fee of up to 4%. Plus, you might need to make daily or weekly repayments, which could be an issue if your business is struggling with cash flow.
Loan amount
$5,000 – $250,000
APR
Average is 55.9% to 56.1%.
Min. Credit Score
625
This top online lender offers traditional term loans and lines of credit to small businesses that need funds to expand or cover daily expenses. OnDeck's term loans could be a good choice if you're looking for a lender to build a relationship with, as repeat borrowers can qualify for lower fees and extra services. But it may charge an origination fee of up to 4%. Plus, you might need to make daily or weekly repayments, which could be an issue if your business is struggling with cash flow.
Pros
Same-day funding possible
Reduced fees for repeat borrowers
Term loans and LOCs
Cons
Potentially high rates
Requires minimum 625 credit score
Not available for all industries
Loan amount
$5,000 – $250,000
APR
Average is 55.9% to 56.1%.
Min. Credit Score
625
Loan term
3 to 24 months
Requirements
Companies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account
As mentioned, Quicken Loans — now Rocket Mortgage — doesn’t offer business loans. But you may want to consider funding business expenses with a personal loan from Rocket Loans.
You can borrow up to $45,000 at rates running from 9.116% to 29.99%. However, rates and terms depend on your personal finances, so it might not be the best choice if you have weak credit. And if you’re looking for funds to start a business, you might want to apply before you quit your day job — you’ll need to show proof of income to qualify.
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
While neither Quicken Loans nor Rocket Mortgage offers business loans, many other business lenders out there provide the kinds of services Quicken helped establish, such as easy-to-follow online applications and fast turnaround.
Frequently asked questions
Why doesn’t Quicken Loans offer small business loans?
It’s unclear why Quicken Loans — now Rocket Mortgage — has never entered the business loans space. Currently, its main focus is mortgages.
One reason could be that business loans come with a higher risk for the lender. They typically have higher loan amounts, and there’s always the chance your business won’t make enough to repay it. Another reason could be that mortgages and business loans are simply too different, and Quicken/Rocket opted to excel in its chosen niche.
What’s the fastest online business loan?
Many online providers offer fast funding in as little as 24 hours after approval. However, how long it takes to get approved depends on your specific application.
How long has Quicken Loans been in business?
Quicken Loans was first founded in 1985 under the name Rock Financial. Over the past 40 years, it’s paved the way for online providers in the home loans space — earning 22 total J.D. Power awards, more than any other mortgage lender in history.
Does Quicken Loans offer personal loans?
No, Quicken Loans was a mortgage provider, so it only offered home loans. However, Rocket Loans, a subsidiary of Rocket Companies, provides personal loans.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
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These are the business loans which offer the lowest starting rates and fees, good range of loan amounts, excellent customer service and plenty of features, giving the best overall value.
7+
Great
These business loans may have slightly higher interest rates, maybe a fee or two, or fewer features, but overall, a competitive offering.
5+
Standard
These business loans usually offer above average rates and may still include some competitive features, but they're not the best value for the overall cost.
0+
Basic
These business loans have higher costs and/or fewer features than other business loans on the market.
