9 Best Fast Business Loans for 2023
Andrew has over a decade of experience in finance and mortgage lending. He shares his expertise in Fit Small Business’s financing content.
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
The best fast business loans should be able to get you funding within days of receiving a loan application. The providers should include a fast application process, a quick loan approval process, and disbursement of funds within one business day after approval—and the ones on our list offer a wide range of loans, so you should be able to find one well-suited for your business needs.
Here’s a list of the nine best fast business loans for 2023:
- SBG Funding: Best overall for easy qualification requirements
- Lendio: Best overall for multiple loan options
- Fundbox: Best small business line of credit for fast approvals
- National Funding: Best for businesses seeking excellent customer service
- Bluevine: Best line of credit for well-qualified businesses
- QuickBridge: Best for a simple application process
- OnDeck: Best line of credit for quick access to funds drawn
- Smarter Finance: Best for equipment financing
- Fora Financial: Best for merchant cash advances (MCAs)
Mục Lục
Best Fast Business Loans at a Glance
Businesses with bad credit or low revenue can still get a small business loan . However, you may not qualify for the lowest advertised rates, so it’s important to get quotes from several lenders before making a decision.
SBG Funding: Best Overall for Easy Qualification Requirements![SBG Funding logo]()
Application Time
10 minutes
Approval Time
24 hours
Funding Speed
Same day
Repayment Term
- Term loan: 12 months to 5 years
- Line of credit: 6 to 24 months
- Equipment financing: 1 to 7 years
Repayment Schedule
Biweekly, weekly, and monthly
Financing Type
Term loan, line of credit, equipment financing, and invoice financing
Starting Interest Rate
- Term loan & line of credit: 1.75% per month
- Equipment financing: 3.75% per month
- Invoice financing: 0.25% per week
Estimated APR
Varies depending on loan product
Origination Fee
Varies
Loan Amount
- Term loan: Up to $5 million
- Line of credit: Up to $150,000
- Equipment financing: Up to $5 million
- Invoice financing: Up to 90% of receivables
Minimum Credit Score
500
Minimum Time in Business
6 months
Minimum Annual Revenue
$120,000
PROS
CONS
Same-day funding is available
Origination fee not known until after you apply
Low credit score requirement
Interest rates can be much higher for borrowers with low credit scores
Start-up friendly as only six months’ time in business is required
Why We Like SBG Funding
SBG Funding offers many different types of loans along with one of the lowest credit score requirements out of all the providers on our list. It is also startup-friendly, making it our choice as the best overall provider for easy qualification requirements.
To be eligible for financing, SBG Funding requires a minimum credit score of 500. It also has a wide variety of loans that can be funded quickly, which include term loans, lines of credit, and equipment financing. Other requirements to be eligible for a loan include minimum annual revenue of $120,000 and six months’ time in business.
Loan terms will vary depending on the type of loan you get. Terms can range from 6 months to seven years, with up to $5 million in financing available. Rates also vary by product, from 0.25% per week on invoice financing up to 3.75% per month for equipment financing.
SBG Funding has an approval rate of 85%, so as long as you meet the minimum requirements, there is a good chance it can offer you some form of financing. Applications can be completed online in as little as 10 minutes, and decisions can be made as fast as 24 hours. Depending on the time of day, funding can also occur on the same day.
You can visit the SBG Funding website to learn more or to apply.
Lendio: Best Overall for Multiple Loan Options![Lendio logo that links to Lendio homepage.]()
Application Time
15 minutes
Approval Time
As fast as 24 to 48 hours
Funding Speed
24 hours
Repayment Term
1 to 10 years
Repayment Schedule
Monthly
Financing Type
Accounts receivable (A/R), term loan, business cash advance, and equipment financing
Starting Interest Rate
- A/R: 3%
- Term loan: 6%
- Equipment financing: 7.5%
- Cash advance: 18%
Estimated APR
Varies depending on loan type
Origination Fee
Varies depending on loan type
Loan Amount
- A/R: Up to 90% of receivables
- Term loan: $10,000 to $2 million
- Equipment financing: $5,000 to $5 million
- Cash advance: $5,000 to $2 million
Minimum Credit Score
- Equipment financing: 650
- Term loan: 680
Minimum Time in Business
- Term loan: 2 years
- Equipment financing: 1 year
Minimum Annual Revenue
- Term loan: $96,000
- Equipment financing: $50,000
PROS
CONS
Large network of lenders
Qualification requirements not known until after you apply
Multiple loan options
Personal guarantee may be required as a condition of loan approval
Fast approval process
Terms and fees vary based on loan program
Why We Like Lendio
Lendio offers a wide variety of loans and has a network of over 75 lenders. This makes it our pick as the best overall lender because you can get multiple loan options with just one application.
You can apply with Lendio in only 15 minutes. The provider offers several types of loans with fast funding, such as equipment financing, business cash advances, and term loans. Each has slightly different qualification requirements but can issue approvals and funding within 24 hours.
Depending on the type of loan you choose, rates can be as low as 3% with loan amounts as high as $5 million. Repayment terms generally are from one to 10 years. Lendio requires a personal guarantee as a condition of getting a loan.
Although one of the downsides is the fact that it can be difficult to know the exact qualification requirements and loan terms until after you apply, you do have more chances to get approved due to the number of lenders in the network. After applying, you can work with a loan specialist to help you find the loan best suited for your needs.
If you’re not in a rush to get funding, Lendio also offers other types of loans, including Small Business Administration (SBA) loans, startup business loans, and commercial real estate (CRE) loans.
To apply, you can visit the Lendio website.
Fundbox: Best Small Business Line of Credit for Fast Approvals![Fundbox logo.]()
Application Time
5 minutes
Approval Time
3 minutes
Funding Speed
24 hours
Repayment Term
12 or 24 weeks
Repayment Schedule
Weekly
Financing Type
Line of credit
Starting Interest Rate
4.66%
Estimated APR
10% to 79%
Origination Fee
None
Loan Amount
Up to $150,000
Minimum Credit Score
600
Minimum Time in Business
6 months
Minimum Annual Revenue
$100,000
PROS
CONS
Approval can be issued within minutes
Maximum loan amount is $150,000
Easy qualification requirements
Longest repayment term is 24 weeks
Low starting interest rates
Repayment scheduled limited to weekly payments
Why We Like Fundbox
Fundbox is an excellent choice to consider because it has easier qualification requirements than many other providers. It also has a fast application and approval process, and it can fund your loan within 24 hours.
It offers a small business line of credit that can be obtained by startups and borrowers with low credit scores. It requires a minimum credit score of 600 and six months’ time in business. You’ll also need annual revenue of $100,000 to get approved.
While the rate you qualify for can vary depending on your qualifications, Fundbox offers rates as low as 4.66%. The largest loan amount available is $150,000 with weekly repayments of up to 24 weeks.
Completing an online application with this provider can be done in under five minutes, and decisions for well-qualified applicants can be made within 3 minutes. If approved, you could get access to funds as soon as the next business day.
The provider is also currently running a limited program called Fundbox Plus. It is not available to all customers, but those selected for the program can get additional features for a monthly fee of $99. Some benefits of the program include a 20% discount on fees for draws, an added option for a 52-week repayment plan, and the flexibility to make payments once every four weeks.
To learn more or to submit an application, visit the Fundbox website.
National Funding: Best for Businesses Seeking Excellent Customer Service
Application Time
20 minutes
Approval Time
24 hours
Funding Speed
24 to 72 hours
Repayment Term
4 months to 5 years
Repayment Schedule
Daily, weekly, and monthly
Financing Type
Term loan, working capital, equipment financing, and leasing
Starting Interest Rate
Factor rate 1.1 to 1.3x
Estimated APR
Varies
Origination Fee
1% to 3% but may vary based on loan type
Loan Amount
$5,000 to $500,000
Minimum Credit Score
600
Minimum Time in Business
6 months
Minimum Annual Revenue
$250,000
PROS
CONS
Multiple options for repayment schedule
High annual revenue requirement of $250,000
Fast application and approval speed
Longer-term loans greater than one year may be more difficult to qualify for
Startup-friendly as only six months’ time in business is required
Best interest rates are typically only found on short-term loans
Why We Like National Funding
National Funding is another great choice for a fast business loan if you are looking for a company with excellent customer service. It has consistently received high ratings from customers and has a team of loan specialists that can personalize your experience to get you the best loan possible.
Many of the businesses National Funding works with are those that have been doing well and are primarily looking for funding to continue expanding. The provider’s fast loans include term loans, working capital loans, and equipment financing. Specific requirements may vary slightly among the programs, but in addition to the minimum credit score of 600, you’ll typically need at least six months’ time in business and annual revenue of $250,000.
Other providers may have lower credit score requirements; however, National Funding has demonstrated a willingness and ability to get loans to borrowers with lower credit scores, as it reviews loans on a case-by-case basis. Additionally, while some other lenders may offer longer repayment terms, those loans often come with higher rates and fees or have more strict qualification requirements.
National Funding also typically works with short-term loans that are repaid in under one year. Obtaining longer-term loans may be more difficult, come with higher interest rates, and have more strict qualification requirements.
Applying with National Funding is a quick process. The online application can be completed in under 20 minutes, with approvals and funding that can occur within 24 hours.
Bluevine: Best Line of Credit for Well-qualified Businesses![Bluevine Logo that links to Bluevine homepage.]()
Application Time
5 minutes
Approval Time
5 minutes
Funding Speed
24 hours
Repayment Term
Up to 12 months
Repayment Schedule
Weekly and monthly
Financing Type
Line of credit
Starting Interest Rate
6.2%
Estimated APR
6.2% to 78%
Origination Fee
None
Loan Amount
None
Minimum Credit Score
625
Minimum Time in Business
24 months
Minimum Annual Revenue
$480,000
PROS
CONS
Low starting interest rate
High annual revenue requirement of $480,000
Fast online application and approval process
Short repayment term of 12 months
Additional payment options available for well-qualified businesses
Only offers a line of credit product
Why We Like Bluevine
Bluevine offers a small business line of credit with qualification requirements that can be difficult to meet for some businesses. However, those that qualify can get a loan with competitive rates and fees, making this our pick as the best small business line of credit for well-qualified businesses.
In certain aspects, this provider’s line of credit is more competitive than that of Fundbox. It offers a higher maximum loan amount of $250,000 and lower APRs which start at 6.2%. However, the qualification requirements are higher as you’ll need a credit score of 625 and two years’ time in business. You’ll also need annual business revenue of $480,000, which is the highest out of all the providers on our list.
If approved for a line of credit, repayment terms can be as long as 12 months on a weekly or monthly payment plan. Most businesses are defaulted to Bluevine’s weekly payment plan, also known as Flex 6.
The monthly payment plan, Flex 12, has more strict qualification requirements. Bluevine states that new applicants on the Flex 12 plan typically have a credit score of 650, 36 months’ time in business, and $960,000 in annual revenue.
Applying with Bluevine is a quick process that can be completed online in under five minutes. Qualified businesses can receive an approval within minutes and funding within 24 hours.
QuickBridge: Best for a Simple Application Process![QuickBridge logo.]()
Application Time
20 minutes
Approval Time
24 hours
Funding Speed
24 hours
Repayment Term
Up to 24 months
Repayment Schedule
Daily, weekly
Financing Type
Term loan
Starting Interest Rate
5% (1.10x factor rate)
Estimated APR
5% and up
Origination Fee
1% to 3%
Loan Amount
$10,000 to $500,000
Minimum Credit Score
600
Minimum Time in Business
6 months
Minimum Annual Revenue
$250,000
PROS
CONS
Easy documentation requirements
Repayment options limited to daily and weekly terms
Fast application and approvals
Maximum loan term is 24 months
Ability to work with a funding specialist after applying
Origination fee can be high for some loan applications
Why We Like QuickBridge
If you’re looking for a simple application process with easy documentation requirements, QuickBridge is a good option to consider. After submitting an application, you’ll be paired with a funding specialist who will work with you to find the best type of loan depending on your business needs.
When applying, you’ll just need to ensure you have your driver’s license and your most recent three months of bank statements. However, depending on the details of your application and your business qualifications, you may need to provide additional items later in the process.
QuickBridge was acquired by National Funding several years ago, so the two providers share many things in common. However, there are some important differences. For example, QuickBridge has less flexibility in its loan terms as it does not offer a monthly payment option. It also has a shorter maximum term of 24 months, compared to National Funding’s five years.
The provider’s application process should take no more than 20 minutes. It can issue approvals within 24 hours, with funding to follow within another 24 hours. To apply, head over to the QuickBridge website.
OnDeck: Best Line of Credit for Quick Access to Funds Drawn![OnDeck logo that links to OnDeck homepage.]()
Application Time
15 minutes
Approval Time
1 to 3 days
Funding Speed
Same day
Repayment Term
- Term loan: 24 months
- Line of credit: 12 months
Repayment Schedule
- Term loan: Daily, weekly
- Line of credit: Weekly
Financing Type
Term loan and line of credit
Starting Interest Rate
9%
Estimated APR
29.9% and up
Origination Fee
0% to 4%, but can vary
Loan Amount
- Term loan: $5,000 to $250,000
- Line of credit: $6,000 to $100,000
Minimum Credit Score
625
Minimum Time in Business
1 year
Minimum Annual Revenue
$100,000
PROS
CONS
Provides instant access to funds drawn on a line of credit
Line of credit has a monthly maintenance fee
Can borrow additional funds once 50% of the original loan has been paid
High average APR
Fast application process
Maximum loan amount on line of credit is $100,000
Why We Like OnDeck
OnDeck offers a small business line of credit with the ability to give you instant access to funds drawn once your account has been established—many other providers do not give you access for several hours or days. Its maximum amount offered on a line of credit is one of the lowest of the providers on our list.
However, OnDeck also has a term loan with a maximum loan amount of $250,000. Minimum qualification requirements are the same as the line of credit product, and annual percentage rates (APRs) start at 29.9% for both types of loans.
One downside is that borrowers with lower scores can expect APRs higher than the stated minimum of 29.9%. According to OnDeck, it states that the average APR is around 62.1%. An origination charge of up to 4% may also be applied to your loan.
You’ll also want to check the terms of your loan for any additional fees. For instance, OnDeck’s line of credit charges a $20 monthly maintenance fee, although it is waived for your first six months if you withdraw $5,000 or more within one week of opening your line.
Borrowers who get approved for a term loan can also get additional funding once the loan is paid down by 50%. This can be useful if you expect to have recurring needs for more funding.
To apply, visit the OnDeck website.
Smarter Finance: Best for Equipment Financing![Smarter Finance USA logo.]()
Application Time
5 minutes
Approval Time
1 to 2 days
Funding Speed
1 to 4 days
Repayment Term
2 to 5 years
Repayment Schedule
Weekly, monthly, seasonal, and deferred
Financing Type
Equipment financing
Starting Interest Rate
7% and up
Estimated APR
7% and 20%
Origination Fee
$399 documentation fee
Loan Amount
$10,000 to $1 million
Minimum Credit Score
None
Minimum Time in Business
None
Minimum Annual Revenue
None
PROS
CONS
Easy qualification requirements
Can be difficult to qualify with a credit score below 600
Flexible repayment schedules
Rates and fees can be higher for borrowers with lower credit scores
Low starting rates
Down payment may be required for some applicants
Why We Like Smarter Finance
Smarter Finance specializes in equipment financing and can issue funding within 1 to 4 business days depending on the details of your loan. It also has easy qualification requirements, making it a great provider for businesses looking for an equipment loan or lease.
It offers financing solutions for various industries—including restaurants, healthcare, and construction. It can also provide funding for a variety of business equipment, such as trucks, excavators, cranes, and machinery.
This provider has a network of over 37 lenders within its network. Applications are reviewed on a case-by-case basis, and there are no minimum requirements for credit score, time in business, or revenue. While this can be good in the sense that it will attempt to find a lender regardless of your qualifications, it can also be difficult to pinpoint the exact requirements and loan terms until after you apply.
Although there is no minimum credit score requirement, getting approved with a score below 600 can be particularly challenging. If approved, rates and fees can be much higher than the lowest advertised rates.
Applications can be completed in under five minutes, and you should normally hear back within 24 to 48 hours. If approved, you could have a repayment term of up to five years with a flexible payment schedule to include weekly, monthly, seasonal, and deferred schedules.
You can complete an online application on the Smarter Finance website.
Fora Financial: Best for Merchant Cash Advances![Fora Financial logo.]()
Application Time
5 minutes
Approval Time
24 to 48 hours
Funding Speed
24 to 48 hours
Repayment Term
15 months (term loan)
Repayment Schedule
Daily, weekly, and monthly
Financing Type
MCA and term loan
Starting Interest Rate
Factors rates from 1.10x to 1.35x
Estimated APR
35% to 175%
Origination Fee
Varies
Loan Amount
$5,000 to $1.4 million
Minimum Credit Score
500
Minimum Time in Business
6 months
Minimum Annual Revenue
$144,000
PROS
CONS
Ability to borrow more money once 60% of the original loan balance is paid
Origination fee not known until after you apply
Startup-friendly requiring only six months’ time in business
Rates can be high for borrowers with lower credit scores
Prepayment discounts available
Longest repayment term offered is 15 months
Why We Like Fora Financial
Fora Financial offers large financing, easy qualification requirements, and the ability to fund within 24 to 48 hours, making it our best provider for those seeking a fast merchant cash advance. It also earned a spot on our list of the best MCA providers.
It currently offers up to $1.4 million in financing. You can meet the minimum requirements with a credit score of 500, six months’ time in business, and annual revenue of $144,000.
Applications can be completed online in less than 5 minutes, and you can receive a loan decision within 24 to 48 hours. Once approved, funding typically occurs within another 24 to 48 hours. Approved loans can have the option of making payments on a daily, weekly, or monthly basis.
With Fora Financial, you’ll also have the ability to get prepayment discounts and borrow more money after paying off 60% of the loan balance. This can save you time if you end up needing additional funds in the future.
To learn more, you can visit the Fora Financial website.
How We Chose the Best Fast Business Loan Providers
In selecting the best fast business loans, we considered the following criteria:
- Speed of application and approval process
- Funding speed
- Ease of application process and minimum required documentation
- Maximum loan amount
- Interest rates, fees, and estimated APR
- Repayment terms and schedule
- Minimum credit score, time in business, and annual revenue requirements
- Customer reviews
Types of Fast Business Loans
There are several different types of fast business loans you can get from each of the providers on this list. These loans include term loans, equipment financing, MCAs, lines of credit, and working capital loans.
If you’re thinking about getting a small business loan, you’ll want to choose the one that’s right for your situation:
- Term business loan: You’ll receive a single lump sum of funds to be repaid over a fixed period of time. This is a good option if you know exactly how much cash you need.
- Business line of credit: This is a revolving line of credit that allows you to draw funds on an as-needed basis. A line of credit can be helpful to cover cash flow shortages, emergencies, or unexpected expenses.
- MCA: This is a lump-sum advance against a percentage of your daily credit card receipts. You could be a good candidate for this type of financing if you process a large volume of credit card sales.
- Working capital loans: This type of loan can be used to help cover a variety of daily expenses such as rent, payroll, or other operational expenses.
- Equipment financing: This type of financing can be used to acquire business-related equipment such as vehicles, machinery, computer, or furniture. It can be structured as a loan where ownership will transfer to you at the end of the term. It can also be structured as a lease where you can have the option to purchase, return, or upgrade the equipment.
- Revenue-based financing: Monthly payments for this type of loan fluctuate based on your company’s monthly revenue. This can be a good option for many types of businesses, including those that have high gross margins or have a subscription-based revenue model.
Alternatives To Fast Business Loans
Fast business loans may not always have the lowest rates or fees. If you don’t need funds quickly or are looking for cheaper options, here are some alternatives you can consider:
- Small business credit cards: Useful for small and medium purchases, a credit card gives you a revolving credit line that can be used for recurring or daily expenses. Many credit cards also offer a rewards program.
- SBA loan: SBA loans can take one to two months to fund but come with competitive rates. If you’re a business owner with good credit and business financials, you should consider a lender like SBG Funding to walk you through getting an SBA loan.
- Rollover for business startups (ROBS): A ROBS isn’t a loan but is a way to access your retirement accounts tax- and penalty-free. You’ll usually need $50,000 in funds to qualify, and we recommend using a provider like Guidant Financial to walk you through the process.
Frequently Asked Questions (FAQs)
How fast can you get a business loan?
Depending on how well qualified you are for the loan, you can apply for a fast business loan in less than 15 minutes and receive funding either the same business day or the next day.
How can I get money fast for my business?
Using an online business loan provider is the best way to get money fast for your business. They often will have more lenient requirements than a traditional brick-and-mortar bank and faster loan underwriting. You can get funded in less than 24 hours. However, you’ll likely have to pay higher rates and fees.
Why choose an online lender for a fast business loan?
Online lenders usually have more lenient qualifications than traditional banks. They also typically have faster loan underwriting and processing. This means they can get you funded in as little as 24 hours. While this often means higher rates and fees, well-qualified borrowers might also find discounted rates, prepayment benefits, and account perks that might not exist with traditional banks.
Bottom Line
Business loans come in many different forms. However, you’ll be able to find a wide range of loan types with the providers we’ve selected including equipment financing, term loans, lines of credit, MCAs, and more. Each of the providers in our guide can provide funding for your business within 24 hours and offer quick application and approval processes. Keep in mind that the lowest advertised rates are often reserved for well-qualified applicants, so it’s important to shop lenders to get the best loan.
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