Can I use my EIN to get a loan?

Most lenders won't approve a loan using only your EIN, especially if your business is new or doesn't have strong business credit. While some lenders offer EIN-only business loans, they typically require established business credit, strong revenue and time in business. Learn more in our guide to business loans with EIN only .

Can you get a loan for an online business?

Yes. Online businesses can qualify for business loans as long as they meet a lender's requirements for revenue, time in business and credit. Some lenders may ask for additional documentation — such as bank statements or payment processor records — to verify online sales.

What's the easiest business loan to get approved for?

Merchant cash advances and short-term online loans are typically the easiest business financing options to qualify for. These lenders often accept lower credit scores and shorter time in business, but the tradeoff is usually higher costs and more frequent repayments.

What is the monthly payment on a $50,000 business loan?

The monthly payment on a $50,000 business loan depends on the interest rate and repayment term. For example, a $50,000 loan at 10% APR repaid over seven years would cost about $830 per month, while the same loan over three years would be closer to $1,615 per month — nearly twice as much.