7
The Best ‘Fast’ Business Loans Options For Quick Funding
Featured Partner Offers
1
OnDeck
$5,000 to $250,000
Varies by loan
625
2
AdvancePoint Capital
$10,000 - $2 million
Lower than the national average
620
3
Biz2Credit
Up to $1 million
Revenue-based financing. Varies depending on product and qualifications
650*
*See website for details
12 months+*
*See website for details
Compare the Best Fast Business Loans
| COMPANY | FORBES ADVISOR RATING | LOAN AMOUNTS | APR RANGE | LEARN MORE |
|---|---|---|---|---|
|
$5,000 to $5 million
|
10.75% to 16%
|
Via Forbes Advisor
| |
|
|
$5,000 to $500,000
|
Not disclosed
|
Via Forbes Advisor
| |
|
|
25k-$1M
|
Not disclosed
|
On Biz2credit’s Website
| |
|
$10,000 to $500,000
|
8% to 30%
|
On Quickbridge's Website
| |
|
|
$50,000 to $10 million
|
7% to 20%
|
On Credibly's Website
| |
|
|
$5,000 to $500,000
|
10% to 30%
|
On National Funding's Website
|
Best Fast Business Loans for Quick Cash: A Closer Look
Best for Large Loans
Kapitus
APR range
10.75% to 16%
Minimum Credit Score
650
Loan amounts
$5,000 to $5 million
10.75% to 16%
650
$5,000 to $5 million
Kapitus stands out because of its high borrowing limits and fast approval times. Approval is available within four hours and, if qualified, you can receive up to six loan options. The lender’s credit score requirement is higher than that of some competitors, and you’ll also need at least in annual revenue and two years in business to qualify. Repayment terms are short and range from just six to 24 months with daily, weekly or monthly payments, so confirm there’s room in your budget before taking out a loan.
- Approval in as little as four hours
- High borrowing limits
- Ability to receive up to six loan options
- High annual revenue and time-in-business requirements
- Doesn’t publish interest rates online
- May require daily or weekly payments
Best for In-Person Borrowing
Chase Small Business Loan
APR range
Not disclosed
Loan amounts
$5,000 to $500,000
Minimum Credit Score
Not disclosed
Not disclosed
$5,000 to $500,000
Not disclosed
As a nationwide financial institution, Chase offers online business loans up to $500,000 and in-person loans up to $500,000. The bank has branches in all lower 48 states, making it an excellent option if you prefer an in-person borrowing experience. Chase doesn’t charge any origination fees on its small business loans, but the lender doesn’t disclose its APRs online, and prepayment penalties apply for loans over $250,000.
- No origination fee
- Relationship banking rate discounts
- Multiple loan types available
- Prepayment penalties for loans $250,000 or more
- Doesn’t disclose interest rates
- Highest loan amounts require in-person application
Lender Details
Eligibility
- Minimum credit score: Not disclosed
- Time in business: two years
- Minimum annual revenue: Not disclosed
Turnaround time
The funding turnaround time for a loan may range from a few days to a few weeks.
Best for Established Businesses
Biz2Credit
APR range
Not disclosed
Loan amounts
25k-$1M
See website for average amounts by product
Minimum Credit Score
650*
*See Website For Details
Not disclosed
25k-$1M
See website for average amounts by product
650*
*See Website For Details
Biz2Credit’s term loans range from $25,000 to $1 million, with repayment terms from 12 to 36 months —or one to three years. If you need to borrow more, the lender also offers revenue-based financing up to $6 million. Biz2Credit has higher borrowing limits than some lenders on our list and its minimum credit score is relatively low at 650*. Still, the high minimum loan amount, annual revenue requirement ($250,000) and time-in-business requirement (18 months) mean the lender is best for established businesses.
- Large loan amounts
- Loan terms ranging from 12 to 36 months
- Does not disclose loan costs
- Requires 18 months of business history
- Requires annual sales of $250,000
Short-Term Loans: Best for Low Credit
QuickBridge
APR range
8% to 30%
Loan amounts
$10,000 to $500,000
Minimum Credit Score
575
8% to 30%
$10,000 to $500,000
575
QuickBridge imposes a minimum credit score requirement of just 575, lower than many competitors. The lender’s short-term business loans are available from $10,000 to $500,000, and repayment terms range from six to 18 months, while its small business loan terms extend up to 120 months, or 10 years. QuickBridge also offers early payoff discounts that can help you save if you pay off your loan and terminate your contract early.
- Only requires six months in business to qualify
- High borrowing limit
- Early payoff discounts
- Higher minimum APR than some lenders
- $250,000 minimum annual revenue requirement
- May share your data with lending partners if you’re not approved
Long-Term Loans: Best for Long-Term Loans
Credibly
APR range
7% to 20%
Loan amounts
$50,000 to $10 million
Minimum Credit Score
700
7% to 20%
$50,000 to $10 million
700
In contrast to many lenders that offer fast business loans, Credibly features repayment terms up to 120 months, or 10 years. The maximum loan amount is also higher than available through many competitors, though the minimum borrowing amount is also high. Credibly offers fast approval and funding, but the lender’s qualification requirements are more robust than some lenders, and you’ll need at least $500,000 in annual deposits to qualify.
- Terms available up to 10 years
- Approval in as little as four hours
- Offers financing up to $600,000 with more accessible eligibility criteria
- High credit score, annual revenue and time-in-business requirements
- Doesn’t publish APRs online
- Loan offerings are somewhat confusing
Short-Term Loans: Best for Short-Term Loans
National Funding
APR range
10% to 30%
Loan amounts
$5,000 to $500,000
Minimum Credit Score
670
10% to 30%
$5,000 to $500,000
670
National Funding provides short-term working capital loans up to $500,000 to borrowers with a good FICO Score of 670 or better. The lender also offers early payoff discounts if you pay off your loan and terminate your contract early. Loan terms start at just six months, making National Funding a good option if you can comfortably afford the daily or weekly payments and prefer a shorter repayment period.
- Early payoff discounts available
- Financing available up to $500,000
- Only requires six months in business to qualify
- Minimum $250,000 annual revenue requirement
- Doesn’t publish interest rates online
- Requires daily or weekly payments
How To Compare Fast Business Loans
Some lenders speed up the borrowing process by imposing less rigorous application procedures and offering quick funding speeds. However, this convenience may come with higher interest rates, additional fees or less robust customer support resources. Consider these factors when comparing fast business loans:
Qualification requirements
Approval times
Funding speeds
Interest rates and fees
Reputation and customer support
Even if you need to access cash quickly, take time to understand and compare borrowing costs before committing to a loan. Always review the loan terms carefully and consider the impacts a new loan will have on your business’s cash flow. A clear understanding of these details can help you choose the most sustainable financing option and avoid financial strain on your business.
– Taylor Medine, Staff Writer, Personal & Business Loans
What Is a Fast Business Loan?
A fast business loan is a type of financing that can be applied for and funded quickly. These loans are generally offered by online or alternative lenders and have less rigorous qualification requirements than those imposed by traditional financial institutions. What’s more, these loans are often characterized by a streamlined online application process, fast approval and funding within one to two business days.
How Does a Fast Business Loan Work?
There are many types of fast business loans, and each works differently. Many are offered by online or alternative lenders with less rigorous qualification requirements than traditional financial institutions. These loans often come with a streamlined application process, fast approval and funding within one to two business days, setting them apart from many other business loans.
Fast business loans are often dispersed in a lump sum, but in the case of a business line of credit, you can access them as needed. Business loans are typically repaid through fixed daily, weekly or monthly payments, with interest.
Some lenders offer both secured business loans and unsecured business loans, so it’s best to understand the differences before choosing one over the other. If you default on a secured business loan—or if you signed a personal guarantee—the lender can seek to recover its losses from you or your business. Before backing a loan with collateral or a guarantee, it’s crucial to have a plan to repay the loan and to know the implications if you default.
Secured vs. Unsecured Fast Business Loans
| FEATURES | SECURED BUSINESS LOANS | UNSECURED BUSINESS LOANS |
|---|---|---|
|
Collateral
|
Required
|
Not required
|
|
Qualification Requirements
|
Less strict
|
More strict
|
|
Loan Costs
|
Lower cost
|
Higher cost
|
|
Funding Time
|
Longer underwriting process
|
Quicker turnaround
|
How Fast Can You Get a Business Loan?
How fast you can get a business loan depends largely on the lender and loan type, but other factors also impact timing. Traditional banks often have longer approval and funding times than online lenders, and it can take weeks or even months to receive your funds. This is typically due to more robust applications and documentation requirements. Many online lenders offer approval within 24 hours and some boast same- or next-day funding.
Organizing all of the necessary documentation—such as financing statements, tax returns and a clear business plan—before applying can significantly expedite the process. Respond to additional requests from the lender as quickly as possible to keep your application on track. Your bank’s policies can also affect how long it takes to receive your funds, so contact customer service to learn about possible delays.
Requirements for Fast Loan Approval
Requirements for fast loan approval vary by lender and loan type. Some lenders rely on credit history, revenue or time in business, while others may require a robust business plan. Many lenders also consider the borrower’s industry when setting the requirements for business loans. Depending on the type of fast business loan you’re applying for, qualification requirements may also include:
- Minimum credit score of 670
- Minimum annual revenue between $100,000 and $250,000
- At least six months to a year in business
- Debt-to-income ratio at or below 43%
Types of Fast Business Loans
Just as there are many forms of business financing, there are several types of fast business loans to choose from. These are some of the most common options:
1. Online Business Term Loans
2. Business Lines of Credit
3. Equipment Financing
4. Invoice Factoring and Financing
5. Merchant Cash Advances
Find the Best Small Business Loans
Pros and Cons of Taking Out a Fast Business Loan
Getting fast access to cash may sound ideal, especially if you’re struggling to cover operating costs. However, fast funding speeds often come with some drawbacks. Familiarize yourself with the advantages and disadvantages of fast business loans before committing to a loan.
Pros
- Easy application process. Many online lenders and alternative lenders have less rigorous qualification requirements and application processes than traditional banks and lenders.
- Fast approval and funding speeds. Lenders that specialize in quick business loans prioritize fast approval times and funding speeds. In general, lenders disburse funds within a few days of approval.
- Wide selection of financing options. Several types of loans and financing options may be available with fast funding speeds. That said, this varies by lender, loan amount, borrower qualifications and other factors.
Cons
- Short repayment terms. Fast business loans often come with shorter repayment terms, usually less than a year. This can translate into high monthly payments and may make it difficult to stay current.
- Higher cost of borrowing. Lenders that specialize in fast funding often offset this convenience by imposing higher interest rates and charging additional fees. Always consider the overall cost of a quick business loan before signing on the dotted line.
- May result in a cycle of debt. Due to the shorter repayment terms and higher borrowing costs, fast business loans can be difficult to pay off. Loans may require refinancing, which can result in a cycle of debt and extensive interest payments over time.
When Should You Consider a Fast Business Loan?
You may want to consider a fast business loan if your business is facing a cash shortage due to seasonal sales or unexpected circumstances. In this case, a loan can help cover operating costs like payroll services until revenue increases or cover the purchase or repair of vital equipment. Quick loans can also help you purchase businesses, real estate or other assets quickly without waiting for traditional financing to close. This makes it easier to take advantage of opportunities when they arise.
Where To Get a Fast Business Loan
Traditional lenders may take weeks or even months to approve a loan, but many alternatives can provide the funds you need in much less time. Whether you need to cover a cash flow gap, finance a business expansion or invest in inventory, fast business loans can be a lifeline.
Here are some of the best places where you can secure a fast business loan:
- Online lenders. Online lenders have simplified and streamlined the lending process. Their digital platforms mean you can apply for a loan online and get approved within minutes or hours. Often, funds can be in your account in as little as 24 hours.
- Invoice factoring companies. If your business operates on an invoice model, invoice factoring companies can offer a quick solution. They advance you a percentage of your outstanding invoices, turning your unpaid customer invoices into immediate cash.
- Merchant cash advance providers. These providers offer a lump sum of money in exchange for a share of future sales. Merchant cash advances may be suitable if your business has a high volume of credit card transactions and needs quick access to funds.
- Credit unions. While not as fast as online lenders, some credit unions can approve and disburse business loans faster than traditional banks. Plus, they often offer lower interest rates and more favorable terms.
How To Get a Fast Business Loan
If you need to get a business loan quickly, follow these steps to speed up your turnaround time:
- Find the right lender. The fastest way to get a business loan is to borrow from a lender that specializes in online applications, quick approvals and fast funding. Many online lenders let you prequalify online to check your personalized rates within minutes.
- Prepare your documentation. You’ll need to submit documentation as a part of your application, including tax returns, business plans and business bank account statements, among others. After submitting loan documents, you could get business loan funds as soon as the same day as approval.
- Watch for lender communication. A lender may reach out to you to get more information about your business. Prompt responses can help move the process along quickly.
- Compare your options. Take time to compare rates and fees to find the best deal. It might take you extra time to review offers, but this due diligence could save you significantly on borrowing costs.
Alternatives to Quick Business Loans
If you need cash quickly, business financing isn’t your only option. A popular business loan alternative may better address your borrowing needs, but research each option carefully before going forward with funding. These are some popular alternatives to quick business loans:
- Business or personal credit card. A personal or business credit card can be used to finance business expenses, but keep in mind that they often come with high annual percentage rates (APRs).
- Traditional business loan. A traditional business loan can take longer to fund than a fast business loan, but it can come with lower interest rates and more flexible repayment terms.
- SBA loan. There are several types of SBA loans, including traditional loans and lines of credit. These loans can be a good option for your business if you’re looking for competitive rates and long repayment terms.
- Emergency small business grant. If you can qualify, a small business grant can be a good option to keep your business operating—and you won’t have to repay it.
- Business partner or investor. Adding a business partner or investor to your business can bring financial support, but you’ll likely have to give up a portion of your ownership along with it.
- Borrowing from your personal savings. Depending on your financial situation, your personal savings may support your business when it’s running short on cash. However, this may not be sustainable in the long term.
Methodology
We reviewed more than 30 popular lenders based on 17 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders that offer fast funding based on the weighting assigned to each category:
- Loan cost: 43%
- Loan details. 20%
- Customer experience: 15%
- Eligibility and accessibility: 12%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Business Loans Rating & Review Methodology.
Frequently Asked Questions (FAQs)
How can I get an SBA loan approved fast?
Many U.S. Small Business Administration (SBA) loans take between five to 10 days for approval. However, SBA Express loans offer faster speeds of just 24 to 36 hours for approval. Even with these faster approval times, SBA loans generally take longer to fund than business loans from alternative lenders that specialize in fast funding. So, SBA Express loans still may not be a good fit for business owners who need to access cash quickly.
Can you get quick business loans for startups?
Startups that don’t have revenue yet may be able to qualify for U.S. Small Business Administration (SBA) loans. Online lenders may also be willing to approve your startup loan application after reviewing income projections and your business plan. However, if you cannot get a business loan, business credit cards could be another way to finance startup costs.
What is the minimum credit score for a fast business loan?
The minimum credit score needed for a fast business loan varies by lender. Some lenders accept credit scores as low as 500; however, most require a minimum credit score of at least 600.
What is the quickest way to get a business loan?
Online lenders are typically the quickest way to secure a business loan. They offer a simplified application process with approval within minutes or hours, and funds may be deposited into your account in as little as 24 hours. However, the exact speed may vary depending on the specifics of your business and loan requirements.