Fast business loans provide companies with quick cash-flow injections, often within 24 hours of the initial application.While these loans can prove helpful in certain circumstances, the loans come fraught with hidden dangers like high interest rates and short repayment schedules.That’s why business owners must understand how to identify the best fast business loan providers and products before beginning the application process.Keep reading to learn more about how fast business loans work, typical eligibility requirements, the affordability of fast business loans and how quickly you may receive funding.Our Top Picks for the Best Fast Business Loans The companies listed below are organized alphabetically.[Bluevine](#bluevine)- Best Unsecured Loans [Fundbox](#fundbox)- Best for Startups [Lendio](#lendio)- Best Rates [OnDeck](#ondeck)- Best Shorter-Term Option [QuickBridge](#quick)- Best Application Process [SBG Funding](#sgb)- Best for Fair Credit Best Fast Business Loans Reviews – Up to $250,000 business line of credit – Application decision may be as quick as a few minutes – Credit line increase possible with on-time payments – No monthly maintenance fee – High annual revenue requirement compared to other companies we evaluated – Personal guarantee required – Line of credit may be frozen if you take on additional debt – 1.5% – 2.9% fee every time you withdraw funds – Term lengths – 6 or 12 months – Loan amounts – Up to $250,000 – APR – Not specified – Minimum credit score required – 625+ FICO – Annual revenue minimum – $480,000 Why we chose it: Bluevine stands out for providing businesses with fast access to lines of credit of up to $250,000, an amount greater than other companies we evaluated.
Bluevine offers business lines of credit of up to $250,000 with repayment terms of six or 12 months repayment terms.
According to the company site, its online loan application takes under two minutes to complete, and a decision could come as quick as five minutes.
Plus, there’s no hard credit pull to apply.Businesses must have been in operation for at least one year to qualify for a business line of credit.
However, businesses that don’t meet that requirement may be eligible for invoice factoring, which allows for a cash advance based on outstanding invoices.Bluevine doesn’t charge any fees for opening a business line of credit.
There’s no monthly maintenance fee either, which is required by many other companies we evaluated.You also won’t be charged for paying up your balance early.Customer complaints centered on software glitches, unclear policies and unresponsive service staff.Positive customer reviews noted a quick and painless application process buoyed by helpful support staff.See rates on Bluevine’s Secure Website >> – Simple and easy loan application – Low credit score cut-off – High ratings on the Better Business Bureau (BBB) – No origination or application fees – No prepayment penalty – $150,000 loan limit – Aggressive repayment schedule – Restrictions on business age and revenue – Only business lines of credit and term loans available – Term lengths – 12 or 24 weeks – Loan amounts – Up to $150,000 – Interest rates – Starting at 4.66% for 12-week repayment and 8.99% for 24-week repayment – Minimum credit score required – 600+ FICO – Annual revenue minimum – $100,000 Why we chose it: Fundbox tops our list as the best lender for startups because businesses only need to be in operation for six months with an annual revenue of $100,000, as opposed to the higher requirements set by other lenders we evaluated.Fundbox provides capital for small businesses through business lines of credit.
However, to be eligible for a business line of credit, borrowers need a minimum credit score of 600, and the business must be in operation for six months with at least $100,000 in annual revenue.Repayment terms are 12 or 24 weeks, and you can change these terms each time you draw funds.
Another Fundbox feature that may be helpful for startups is its Flex Pay account, which gives you three extra business days to pay expenses at no extra charge.You can swap your existing business bank account with your Flex Pay account and use it for debits.This includes ACH debits from vendors, payments made with peer-to-peer platforms such as Venmo or PayPal, online bill pay and payroll.Users generally hold a positive view of the lending platform.
On the BBB website it holds a 4.8/5 star rating with over 400 customer reviews.
Customers praise Fundbox for its quick, easy and trustworthy application process.Other reviews mentioned stellar customer service and automated payment reminders.See rates on Fundbox’s Secure Website >> – Competitive interest rates – Quick loan application process – No hard credit pull to apply – FTC warning concerning misleading claims – May take borrowers extra time to decide on the right lender – Variable revenue and credit requirements – Term lengths – Varies by lender – Loan amounts – $5,000 to $2 million – APR – Varies by lender – Minimum credit score required – Varies by lender – Annual revenue required – Varies by lender Why we chose it: Lendio works with more than 75 business lenders, so borrowers can compare interest rates and other loan specifics to find the best fit for their needs.
Lendio is an online lending marketplace with over 75 separate online lenders, such as OnDeck, Mulligan Funding, American Express, Bank of America and Headway Capital.Borrowers can compare financing options, including short-term loans, startup loans, Small Business Administration (SBA) loans, business lines of credit and cash advances, through the site or by calling a representative by phone.
Loan offer amounts may range from $5,000 to $2 million.However, because Lendio functions as a marketplace, specific rates and loan terms vary.Each lender will have its own eligibility criteria that you must meet to be considered for its available funding options.The online application takes less than 15 minutes to complete.Like most alternative lenders, Lendio offers fast-funding business loans, with a deposit to your account potentially made within 24 hours.
Customer reviews note friendly and personable customer service and a quick and easy loan application process.Note: In May 2020, the Federal Trade Commission ( FTC ) issued a warning letter to Lendio regarding misleading claims it had made to business owners about their ability to claim PPP loans and other COVID-19 relief funds.Consumers should keep this in mind as they shop for a loan.See rates on Lendio’s Secure Website >> – Can help build your business credit score – Same-day funding times available – Prepayment benefits – No hard credit pull to check eligibility – 625 minimum credit score – High interest rates – Requires frequent payments – Charges origination fee – Term lengths – 12 – 24 months – Loan amounts – $5,000 – $250,000 – Average Rates – Term loans 60.9% APR, lines of credit 52.6% APR – Minimum credit score required – 625 FICO – Annual revenue minimum – $100,000 Why we chose it: OnDeck beats out the competition by providing short-term loans for businesses that have been in operation for at least one year.Loan amounts for a line of credit with OnDeck start at $6,000 with a credit limit of $100,000.
Short-term loans range from $5,000 to $250,000.Once your application is reviewed, a company representative will call you to discuss your options.
You may be offered a short-term loan, business line of credit, or both.Same-day funding is possible on loans up to $25,000, so long as your loan is processed by 10:30 a.m.EST.With short-term loans, your repayment term may be as long as 24 months, and payments are either daily or weekly.OnDeck’s repayment terms on its business line of credit start at 12 months but reset each time you withdraw funds.Payments for this type of financing are weekly.
OnDeck charges a one-time origination on its term loans and a $20 maintenance fee for business lines of credit.Annual percentage rates vary depending on eligibility, and OnDeck doesn’t specify a starting rate.However, the company provides this sample loan scenario for a short-term loan with a weekly repayment schedule: – Loan amount: $75,000 – Origination fee: $1,875 – Disbursement amount: $73,125 – Interest rate: 24.20% – Interest payment total: $7,500 – Repayment amount: $82,500 – Weekly payment: $1,586.54 OnDeck reports to the three major credit monitoring bureaus, so on-time payments to your loan or business line of credit could help boost your business credit score.Regarding customer service, online reviews mention excellent service and friendly, knowledgeable representatives.
See rates on OnDeck’s Secure Website >> – Fast and easy application process – Early payoff discounts – Flexible payment options – High annual revenue requirements – Loan origination fees – Term lengths – Not specified – Loan amounts – Up to $500,000 – APR – Not specified – Minimum credit score required – All credit scores considered – Annual revenue minimum – Not specified Why we chose it: To apply for a loan with QuickBridge, you only need to submit your last three bank statements and your driver’s license.This, plus a fast response decision response time for loans under $200,000, makes Quickbridge our pick for best application process.You can apply even with bad credit, as Quickbridge considers other factors, such as average monthly revenue, in its determination process.However, your business must have been in operation for at least six months to be considered.
No collateral is required for a Quickbridge loan, which could be up to $500,000, depending on your business needs and eligibility.Decisions are typically made within 24 hours, although loan amounts greater than $200,000 may require additional time.Once approved, a lump sum is deposited into your business checking account as soon as the next day.Quickbridge holds an A+ rating with the Better Business Bureau, where they are accredited.
Reviews note helpful service from knowledgeable staff members.Borrowers can take advantage of flexible payment options and those who pay off their loans early may qualify for special discounts.See rates on Quickbridge’s Secure Website >> – Requires a 600+ credit score for approval – No hard credit check to apply – Term loans of up to $10 million available – Biweekly and monthly repayment options – APR can be high for borrowers with bad credit – High annual income requirement at $350K – Origination fee – Term lengths – 6 months to 7 years – Loan amounts – Up to $10 million – APR – Starting at 1.75% per month – Minimum credit score required – 600 FICO – Annual revenue minimum – $350,000 Why we chose it: SBG Funding provides quick business loans for borrowers with fair credit.A credit score of 600 may qualify you for a term loan of up to $10 million.With SBG Funding, the loan application process takes no more than 15 minutes, and fund disbursal can occur within 24 hours of completing the approval process.
The company offers bridge loans, short term loans, business lines of credit, equipment financing and invoice financing.Repayment schedules stretch up to five years, and borrowers can choose between biweekly and monthly payments.The FICO credit score requirement for SBG Funding’s small business term loan stands at 600, which is lower than many other companies we reviewed.
Additionally, businesses need only be in operation for six months to apply.However, SBG Funding requires an annual revenue of $350,000.At signup, you’ll be asked to provide your four most recent bank statements.No collateral is required for most loans at SBG Funding.
It’s important to note that it’s starting APR of 1.75% per month is offered to the most qualified applicants.For borrowers with bad credit, rates may be significantly higher.Reviews highlight SBG Funding’s friendly and knowledgeable staff.Borrowers also report a friendly, stress-free and transparent loan application process.See rates on SBG Funding’s Secure Website >> Other companies we considered Fora Financial – Only six months in business required – Funds typically disbursed within 48 hours – Poor credit borrowers can apply – No collateral required – Debt repayment with a portion of monthly sales revenue – Short repayment terms: four to 15 months – Lack of transparency in its fee structure – Charges 2.5% processing fee Fora Financial is a direct lender that offers short-term business loans and revenue advances to businesses that have been in operation for at least six months.The company also requires an annual gross income of $180,000.
Loan amounts start at $5,000 and go up to $1.4 million.If you meet the requirements, check your rates, as Fora Financial could still be an option for getting business loans fast.
Why Fora Financial didn’t make the cut: No information on interest rates or repayment structures (e.g.weekly, monthly) is publicly available.See rates on Fora Financial’s Secure Website >> Triton Capital – No early payment penalty – Flexible repayment options – Up to 60 months to repay – No minimum credit score information available – No minimum annual revenue information available – No information on time in business requirement Triton Capital works with banks to offer small business financing — working capital, equipment loans and SBA loans — ranging from $5,000 to $250,000.Funds may be disbursed as soon as two days from approval.Why Triton Capital didn’t make the cut: While Triton Capital is upfront about its loan terms and starting interest rates, the company doesn’t provide any information about eligibility requirements on its website.To find out more, you must call a Triton Capital representative by phone.See rates on Triton Capital’s Secure Website >> Balboa Capital – Fast decision process – Loans up to $250,000 – Quick funding process to get small business loans fast – $300,000 annual revenue requirement – May require a personal guarantee – Origination as high as 5% of the loan amount – Hard credit pull as part of the application process Balboa Capital, a division of Ameris Bank, offers short-term small business loans from $10,000 to $250,000.A FICO score of 620 is required to be eligible, and the business must be in operation for at least one year.
Repayment term lengths are three to 24 months.Why Balboa Capital didn’t make the cut: Balboa Capital does not publicly disclose any information about its interest rates or minimum annual revenue requirements.See rates on Balboa Capital’s Secure Website >> Funding Circle – Repayment terms up to ten years – Several loan types available – No prepayment penalties – Minimum two years in operation to qualify – Costly loan origination fees Funding Circle functions similarly to Lendio in that it connects borrowers to lenders.To qualify for a loan, the business must be in operation for at least two years.
Why Funding Circle didn’t make the cut: The company’s requirements for business funding eligibility (two years in business, FICO 660) are more rigid than those of other fast short-term business loan companies we evaluated.See rates on Funding Circle’s Secure Website >> Fast Business Loans Guide We’ve compiled the following guide to help you make an informed decision about the best fast cash loans for your business.Below you’ll find details on how fast business loans work, typical eligibility requirements, the affordability of fast business loans and how quickly you may receive funding.
What is a fast business loan? Fast business loans provide companies with financing within one to three business days.
No single definition exists for fast business loans; many loan programs fall under this umbrella, including lines of credit, equipment financing and merchant cash advances (MCA).Unlike traditional loans, obtaining a fast small business loan is a relatively streamlined process.
Businesses with bad credit and startups may be eligible for fast business loans.How do fast business loans work? With a fast business loan, prospective borrowers fill out an online form listing key information about themselves and their businesses.Fast business loans may require a personal guarantee by the business owner, and it’s common to check the owner’s personal credit history before issuing a loan.However, lenders do not usually report loan payments to the major credit bureaus, meaning they won’t contribute to your credit history.Traditional brick-and-mortar banks typically don’t offer fast business loans.Compared to a traditional small business loan, fast business loans can take only a few days to secure.Lenders usually make an approval decision within one to two days, and sometimes funding can be just as fast.
Fast business loan requirements While fast business loans don’t subject applicants to the same scrutiny that traditional bank loans demand, certain metrics still apply.- Although there are no standard credit score requirements for fast business loans.Most lenders require a minimum credit score — though some work with borrowers with poor credit.Obviously those with scores north of 700 can expect more favorable terms.- Lenders often require that businesses be in operation for six months, a year or longer.- Many lenders require a minimum annual revenue amount.- Also, certain types of loans, such as unsecured loans, usually require collateral.
In such cases, the collateral will be specified in the loan contract along with the repayment terms.Types of fast business loans Below are some of the most common types of fast business loan products.Keep in mind that different loans and different lenders have different eligibility requirements, including time in business and minimum annual revenue.Business line of credit A business line of credit is similar to a credit card, as it allows a company to borrow funds up to a predetermined limit.
Unlike a business term loan, businesses can draw funds from the line of credit as needed and only pay interest on the amount borrowed.Lines of credit are good for managing cash flow fluctuations and covering unexpected business expenses.Online business term loans An online business term loan is a fixed amount a company borrows from an internet lender.
Like traditional term loans, they are repaid in regular installments over a specified period.Online term loan lenders often offer a quicker approval process and more competitive rates compared to traditional banks.Equipment financing A business uses equipment financing to purchase or lease equipment necessary to operations.This could include vehicles, machinery or tools.The equipment itself typically serves as collateral for the loan, allowing businesses to access financing that they may not have been able to qualify for.As such, this type of financing helps companies acquire the necessary equipment to operate without needing to pay the full purchase price upfront.Invoice financing With invoice financing, businesses can draw a loan from a lender using their unpaid invoices as collateral.
The amount the business receives is generally less than the full amount the customers owe.Also known as accounts receivable financing, this option provides businesses with quick access to a portion of capital they are owed.
Once the customer pays the invoice to the business, the lender receives the full invoice amount plus fees and interest.Merchant cash advances Merchant cash advances allow businesses that accept credit cards to borrow cash in exchange for a percentage of future credit card sales.They are commonly used by restaurants, retailers, and various other businesses to manage day-to-day operational expenses.Merchant cash advances often come with high fees and can result in significant costs over time.
Repayment is typically made daily or weekly through a portion of the business’s credit card sales.
When to consider fast business financing A fast short-term business loan may help if your business requires capital right away.As long as you meet the lender requirements, you’ll generally receive small business loan funding quickly.Here is a list of reasons why you might need fast business financing: Covering payroll If your business is facing temporary cash flow challenges and unable to pay payroll, fast business financing can offer a convenient solution.Ensuring employees are paid promptly maintains morale, productivity, and labor law compliance.Expansion costs Growth opportunities may not always come at convenient times.
Fast business loans offer a rapid infusion of funds which enable businesses to cover sudden expansion costs.Capital can be used to lease a new space, invest in additional inventory, or hire more staff.
Purchase equipment An equipment financing loan can allow businesses to lease or buy expensive equipment they might not be able to afford.This is because these loans use the equipment itself as collateral.The right equipment is necessary to improve efficiency, productivity, and competitiveness.Can’t get traditional small business loan Eligibility requirements for fast business loans are generally more lenient than traditional business loans.
This means they may be more favorable to those in bad credit situations.Additionally, fast business loans may have less stringent documentation requirements, making them accessible to businesses with limited credit history or collateral.Are fast business loans affordable? Interest rates on fast business loans are typically higher than that of traditional business loans, although excellent credit and a high annual revenue may help lower your rate.If you aren’t satisfied with the rate you’re offered, there are alternatives.For more small business loan options, consult our guides to the best LLC loans and best unsecured business loans .How to choose a fast business loan The company you do business with will tremendously impact loan requirements, how fast your loan gets approved and how quickly — and how much — you ultimately repay.Consider the following criteria before selecting a loan provider.- Interest rates – While you shouldn’t expect to see a massive variation in the rates offered, rates for fast business loans are usually high.
However, some fast business loan providers will look at your personal credit score as well as your business credit score when considering your application.As with all loans, maintaining a higher credit score will get you access to the best small business loan .- Funding speed – Fast business loans typically fund within one to three business days.
Larger loan amounts, such as $250,000 or higher, often take a few extra days.
Reviews and reputation – Much like payday lenders, fast business loan providers don’t always have the most stellar reputations.Be sure to scour online reviews, read the fine print in your contract, and ask your loan representative questions as needed before committing to a loan.Fast Business Loans FAQs How to get a startup business loan with no money For startups with no annual revenue yet, the U.S.Small Business Loan Association (SBA) offers microloans of up to $50,000 via approved lenders.
New businesses can also consider a startup line of credit .With either option, you might be asked about your business plan , so be sure to have this ready.
You can also consider funding methods that can be used for any purpose.Refer to our guides on the best business credit cards , best personal loans and best debt consolidation loans for additional options.Is it hard to get a business loan? If you’re still unsure whether a fast business loan is right for you, consult professional contacts you’ve acquired through business networking .You might find others who have also needed business loans fast, and you can learn from their experiences.How fast can you get a business loan? What is a good interest rate for a small business loan? Can you get a fast business loan for a startup? Yes, while traditional lenders may require startups to meet stringent standards or outright refuse them loans, fast business loan providers use lenient lending standards when evaluating startups.Loan providers still have requirements that might disqualify some startups, though.
Some factors that loan providers look at include the number of months the business has been active, the small business owner’s creditworthiness, debt payment capacity, available collateral business cash flow, credit card sales and bank statements.How We Chose the Best Fast Business Loans We evaluated each loan provider against the following five criteria.- Interest rates: Fast loan providers tend to be online-based.Freed from the cost of physical infrastructure, internet loan providers can offer more competitive interest rates than brick-and-mortar banks.
When compiling this list, we only accepted the lenders with the best interest rates.- Loan amounts: Loan limits typically vary by lender.We evaluated companies with loan amounts ranging from $150,000 to $500,000 for lines of credit.Other loan instruments like term loans stretched into the low millions of dollars.
– Application process: We only chose fast short-term small business loan lenders with simple and straightforward application processes.- Fees and other costs: We looked at the application fees, loan origination fees, monthly maintenance fees and other common costs associated with fast business loans and business lines of credit.- Online customer reviews: We looked at what customers had to say on review websites like the BBB.When evaluating customer reviews, we noted trends regarding customer service, interest rates, repayment flexibility and loan application simplicity.
We took note of rating aggregators and paid close attention to median ratings.Summary of Money’s Best Fast Business Loans for Quick Cash in 2024 The companies listed below are organized alphabetically.[Bluevine](#bluevine)- Best Unsecured Loans [Fundbox](#fundbox)- Best for Startups [Lendio](#lendio)- Best Rates [OnDeck](#ondeck)- Best Shorter-Term Option [QuickBridge](#quick)- Best Application Process [SBG Funding](#sgb)- Best for Fair Credit.
