Best Quick Business Loans of April 2024

Best for Short-term Loans

OnDeck

Editor’s Take

We picked OnDeck because it offers a line of credit with a short 12-month repayment term that resets after each withdrawal. Credit limits range between $6,000 to $100,000. It also offers a term loan with a repayment schedule of up to 24 months from $5,000 to $250,000.

Pros & Cons

• Term loans from $5,000 to $250,000
• Lines of credit from $6,000 to $100,000
• Same-day funding
• Low minimum credit score requirement

• $100,000 minimum annual revenue requirement
• Must have been operating for at least one year
• Does not lend to businesses in North Dakota

Details

Eligibility

• Minimum credit score: 625
• Time in business: One year
• Minimum revenue: $100,000 per year

Turnaround time

You can apply and receive a decision from OnDeck on the same day.

Best for Flexible Lines of Credit

Bluevine

APR range

Simple interest starts at 5.9% or 7.8%

Simple interest starts at 5.9% or 7.8%

Editor’s Take

We picked Bluevine for its flexibility. It offers lines of credit from $5,000 to $250,000, as well as Flex 6 or Flex 12 payment structures. Flex 6 customers make weekly payments over 26 weeks while Flex 12 customers make monthly payments over 12 months. Plus, after 45 days of payment on Flex 6, or 90 days of payment on Flex 12, you may be eligible for a credit line increase.

Pros & Cons

• Receive a decision within five minutes and instant funding with a Bluevine business checking account, or receive funds within 24 hours
• Lines of credit up to $250,000
• Low credit score requirement

• No mobile app for its line of credit
• Monthly revenue requirement
• Not available to businesses in Nevada, North Dakota, South Dakota, Puerto Rico and other U.S. territories

Details

Eligibility

Eligibility varies on the specific program a business owner chooses.

Weekly plan

• Minimum credit score: 625
• Time in business: Two years
• Minimum revenue: $40,000 monthly or $480,000 annually
• Business type: Corporation or LLC
• Bankruptcies: No past bankruptcies

Monthly plan

• Minimum credit score: 650
• Time in business: Three years
• Minimum revenue: $80,000 per month or $960,000 annually
• Business type: Corporation or LLC

Turnaround time

After you submit your application, you can receive a decision in as quickly as five minutes and instant funding with a Bluevine business checking account. Borrowers who don’t have a Bluevine business checking account can receive funds within 24 hours.

Best for Fast Approvals

Fundbox

APR range

Interest rates start at 4.66%

Interest rates start at 4.66%

Editor’s Take

We picked Fundbox for its lightning-fast approvals, giving a decision within three minutes. Funds may be delivered as soon as the next business day. Business owners can apply for revolving business lines of credit up to $150,000 with repayment terms of 12 or 24 weeks.

Pros & Cons

• No prepayment penalty
• Low minimum annual revenue requirement
• Next-business-day funding

• Only short-term repayment terms are available
• Does not disclose APRs

Details

Eligibility

• Minimum credit score: 600
• Time in business: Six months
• Minimum revenue: $100,000 per year

Turnaround time

With a business line of credit from Fundbox, you can receive your funds as soon as the next business day.

Best for Small to Mid-sized Businesses

Credibly

APR range

Factor rates as low as 1.11

Factor rates as low as 1.11

Editor’s Take

We picked Credibly because it only requires small to mid-sized businesses to be in operation for at least six months. As a result, these businesses may find it easier to qualify. It offers a wide range of business loans for owners with bad credit, including working capital loans, business lines of credit and merchant cash advances.

Pros & Cons

• Wide variety of loan products
• Low credit score requirement
• Fast funding times

• Lowest loan amount is $5,000
• Requires daily or weekly payments

Details

Eligibility

• Minimum credit score: 500
• Time in business: At least six months
• Minimum revenue: At least $15,000 in average monthly bank deposits

Turnaround time

Credibly offers same-day approvals and same-day funding once approved.

Best for Established Businesses

Funding Circle

Learn More

From participating partners via businessloans.com’s website.

Editor’s Take

We picked Funding Circle as a strong option for established businesses that need loan amounts from $25,000 to $500,000 . Funding Circle requires that your business has been in operation for at least two years to qualify.

Pros & Cons

• Loans from $25,000 to $500,000
• Funding in as little as 48 hours
• No minimum annual revenue requirement for most loans

• One-time origination fee between 3.49% to 6.99% of the approved loan amount
• Requires two years in business, so it’s not ideal for startups
• Not available to Nevada businesses

Details

Eligibility

• Minimum credit score: 660 for most loans; 650 for SBA loans
• Time in business: Two years
• Minimum revenue: None for most loans; $400,000 per year for SBA loans

Turnaround time

Depending on the loan type, you can receive your funds within two days. However, SBA loan funding may take up to two weeks.

Best for Equipment Financing

Balboa Capital

Editor’s Take

We picked Balboa Capital because it offers equipment loans up to $500,000 for application-only hard collateral loans or up to $350,000 for soft collateral. You may get an approval decision in one hour and same-day funding.

Pros & Cons

• Loans from $5,000 to $250,000
• Online application with quick funding
• May qualify with just a year in business

• $300,000 annual revenue requirement
• Not suited for new businesses

Details

Eligibility

• Minimum credit score: 620
• Time in business: At least one year
• Minimum annual revenue: $300,000

Turnaround time

In some cases, you may be able to apply and get funding within the same day.

Have you considered OnDeck?

OnDeck is an online lending platform that has been helping small businesses gain access to financing since 2006. It offers two borrowing solutions that may work well for companies needing fast access to cash.

• Fast funding speed available

• Credit requirements are lenient

• Helps establish business credit

Summary: Best Quick Business Loans Of April 2024

Tips for Comparing 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. Many alternative lenders and financial institutions that specialize in fast funding utilize alternative credit data. This can make it easier to qualify for fast funding when it’s needed most. Before applying for a loan, compare lenders’ individual eligibility requirements and evaluate your approval odds to avoid an unnecessary ding on your credit report.
• Approval times. Traditional lenders can take weeks or months to approve a business borrower for a loan. In contrast, fast business loans from alternative lenders are often approved within minutes. If you’re on a tight timeline, compare lenders based on how quickly they review and approve applications.
• Funding speeds. Funding speeds vary by loan type, lender and the borrower’s financial institution. Lenders that offer quick funding can make cash available as soon as the same day. However, this can vary by lender and financing type so choose an option that provides cash when you need it.
• Interest rates and fees. Ultimately, interest rates depend on the lender, type of loan, loan amount, borrower qualifications and other factors. Fast business loans often come with higher interest rates than those from traditional lenders—up to about 100%. Compare lenders to find financing that works with your timeline while also offering competitive rates.
• Reputation and customer support. Read online reviews from current and former borrowers to evaluate each lender’s reputation. Likewise, review the lender’s website to evaluate customer support tools and resources.

Complete Guide To Fast 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 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.

Secured vs. Unsecured Fast Business Loans

Both secured business loans and unsecured business loans are good options to finance your business, but one may be better than the other depending on your specific situation.

How Does a Fast Business Loan Work?

There are many types of fast business loans and each one works differently. Nonetheless, these loans have quick funding times which sets them apart from many other business loans. Once you apply, you could receive funding the same day.

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.

If you default on a business loan, the lender can seek to recover its losses from you or your business if you took out a secured loan or signed a personal guarantee. 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.

Requirements for Quick Business Loans

Not all funding options have the same qualifications and lenders can look for specifics such as a robust business plan or type of industry when setting the requirements for business loans. Depending on the type of fast business loan you’re applying for, the 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%

Pros and Cons of Fast Business Loans

Getting fast access to cash may sound ideal—especially to business owners struggling to meet ends. However, fast funding speeds often come with some drawbacks. Familiarize yourself with the advantages and disadvantages of fast business loans before committing to financing.

Pros of Fast Business Loans

• 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, funds are disbursed 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 of Fast Business Loans

• 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 for business owners 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. For that reason, business owners should 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.

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:

When To Consider a Fast Business Loan

Fast business loans often come in handy for businesses 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 also can give business owners the ability to 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

While traditional lenders may take weeks or even months to approve a loan, many alternatives can provide the funds you need in much less time. Whether for covering a cash flow gap, financing a business expansion or investing in inventory, fast business loans can be a lifeline for many companies.

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 are suitable for businesses that have a high volume of credit card transactions and need 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

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 to check your personalized rates within minutes, and after submitting loan documents, you could get business loan funds as soon as the same day as approval.

That said, speed isn’t the only factor to look for when shopping for loans—you should also compare rates and fees to find the best deal. It might take you extra time to review offers, but this could save you money both monthly and long term.

Prequalifying for multiple business loans using a loan marketplace can help you compare many loan offers at once to find the right loan for your situation.

Related: How To Get A Business Loan

How To Get a Fast Business Loan With Bad Credit

The fastest business loans for bad credit often come from alternative small business lenders that have more flexible qualification requirements. Keep in mind, the rates offered for these types of loans can be much higher and as a result, could make the loan payments unaffordable.

Alternatives to Quick Business Loans

If you need cash quickly, business financing isn’t your only option. There are other options, but research each one carefully before going forward with any funding:

• 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 grants. 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. Your personal savings can support your business when it’s running short on cash, but depending on your savings long-term may not be sustainable.

Methodology

We reviewed 15 popular lenders based on 16 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:

• Application process. 25%
• Loan details. 25%
• Loan cost. 20%
• Customer experience. 20%
• Eligibility and accessibility. 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 Loans Rating & Review Methodology.

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

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