Fast Business Loans: Best Options for Quick Cash

Below, compare our picks for the best fast business loans and find more information to help you choose the right funding for your needs.

Nevertheless, quick business loans can be a good option for covering emergency expenses or taking advantage of a new growth opportunity.

Speed and convenience come at a cost, however. These small-business loans typically have higher interest rates and shorter repayment terms compared to more traditional financing options, like bank or SBA loans.

Some business loans are quicker to fund than others. And although there may not be a standard definition for the term “fast business loan,” these loans are usually available from online lenders, who offer streamlined applications and funding within one to three business days.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

We’ll start with a brief questionnaire to better understand the unique needs of your business.

NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card’s rates, fees, rewards and other features.

Triton Capital can finance new and used equipment for businesses in a variety of industries. Typically, loans are approved within a few hours and funding is available within one to two business days.

Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.

Many term loans from Funding Circle will require some type of collateral. The lender offers approval and funding as fast as two days.

Fora Financial can be a good fit for borrowers who may fall short of qualifying for traditional bank financing or young but established small businesses looking for speedy financing.

Fora Financial can approve applications within 24 hours and provide funding just 72 hours later. You may be able to qualify for a loan with a minimum credit score of 500.

Fundbox offers a business line of credit to fill a cash-flow gap, and qualifying is easier than with other lenders.

You may be able to qualify for a Fundbox line of credit with a minimum of six months in business. Fundbox can provide funding as soon as the next business day after approval.

Bluevine does not require you to put up physical collateral to secure your line of credit. You can receive funds as quickly as the same day you apply.

OnDeck provides business loans with terms up to 24 months. You can apply for a loan in minutes and may be able to receive same-day funding.

American Express Business Blueprint™ loans are a good option for business owners with fair credit who want access to working capital.

American Express Business Blueprint™ offers faster access to cash compared to traditional lenders. These lines of credit are a good option for business owners in need of working capital.

Mục Lục

What is a fast business loan?

A fast business loan is typically a type of financing that can be funded within one to three business days. These loans are usually issued by online lenders , who offer simple, streamlined application processes.

Fast business loans tend to have flexible qualification requirements and may be available to startups or borrowers with bad credit. Although there is no definitive standard of what makes a loan fast, these types of business loans generally offer the speed and convenience that can be lacking from more traditional financing, such as bank and SBA loans.

Types of fast business loans

Common quick business loans include:

Online term loans

These loans are lump sums of capital that you borrow from a lender and repay over a set period of time, with interest. A business term loan can be a good option for specific projects or purposes.

Business lines of credit

Similar to a credit card, a line of credit gives you access to a set amount of funds from which you can draw from as needed. You only pay interest on the funds you draw — and as long as you make timely payments and don’t exceed your credit limit, you can continue to draw on the line.

Business lines of credit can be used for working capital, cash flow gaps, seasonal slows, as well as emergency funding.

Invoice financing or factoring

These types of financing allow you to use your unpaid invoices to access capital. Invoice financing allows you to borrow against your outstanding invoices, whereas factoring involves selling your invoices to a factoring company at a discount.

Invoice factoring and financing are good options for business-to-business companies that have cash tied up in unpaid invoices.

Equipment financing

Equipment loans are used specifically to purchase machinery or equipment for your business. These loans are available in amounts up to 100% of the value of the equipment you’re looking to purchase, and secured by that equipment. You repay equipment loans over time, with interest.

Merchant cash advances

With a merchant cash advance , or MCA, a company gives you an upfront sum of capital that you repay using a percentage of your debit and credit card sales, plus a fee.

MCAs can be well suited for businesses that have substantial debit and credit card sales — but should be used as a last resort. These products often have high APRs and can create a cycle of debt.

When to get a fast business loan

You need to pay for immediate expenses.

If you need to

If you need to cover emergency costs , fill a cash flow gap or take advantage of an unexpected opportunity, these business loans will be able to get you the capital you need — fast. Some quick business loans can offer funding in as little as 24 hours. In these types of situations, you may be willing to pay a little more for fast access to the money you need.
You can’t qualify for other types of financing.

If you can’t qualify for a bank or SBA loan, a fast business loan from an online lender may be a good option. Online lenders tend to have more flexible qualification requirements — and although interest rates are typically higher than conventional business loans, you’ll have a variety of options to compare and choose from. Plus, whereas bank and SBA loans can take anywhere from weeks to months to fund, you’ll be able to apply and receive funding in just a few days.

When to consider alternatives

You can qualify for an SBA or bank loan.

The best loan for your business is typically the one with the most competitive interest rates and repayment terms. If you can qualify for a bank or

The best loan for your business is typically the one with the most competitive interest rates and repayment terms. If you can qualify for a bank or SBA loan , these loans will likely be your most affordable option — and may be worth the longer funding process.
You can wait a little longer for financing.

Speed can be useful when it comes to business financing, but it often results in higher interest rates. If you don’t need a

Speed can be useful when it comes to business financing, but it often results in higher interest rates. If you don’t need a same-day business loan and can wait a little longer for capital, you may be able to find options with better rates and terms.

How to get a fast business loan

The best loan for your small business will ultimately depend on your specific funding needs and your business’s qualifications.

However, if speed is a priority in your search, here are some things to keep in mind when looking for a fast business loan.

Understand your financing needs

You’ll want to determine how much capital you need, what you’re going to use it for and what type of loan is the best option. Based on how you’re going to use your funds, you should figure out exactly how quickly you need access to financing.

Fast business loans tend to have shorter repayment terms and higher interest rates, so it’s also important to calculate how much debt you can afford.

Evaluate your qualifications

You should review standard business loan requirements — personal credit score, time in business and annual revenue — so you know where you stand before applying.

Online lenders typically have flexible eligibility criteria and may be willing to work with you even if you’re a new business or have a rocky credit history. These lenders don’t usually ask for collateral, although they likely will require a personal guarantee or take a lien out on your business assets.

Research and compare lenders

You’ll want to research several lenders in order to find the right option for your business. Ideally, you should find a lender that can provide the funding you need, support your timeline and offer competitive business loan rates

As you compare your choices, you should consider factors such as available loan types, interest rates, fees and repayment terms. You’ll also want to think about the lender’s application process, funding speed and customer support.

Be wary of any lenders that try to push you too quickly through the loan process without showing loan terms and rates upfront.

Although there are many reputable online lenders on the market, predatory lenders may try to take advantage of borrowers who are looking for fast business loans. These types of lenders may also try to make promises like guaranteed approval or business loans with no credit check

Review your options

It’s important to compare multiple loan offers to make sure you’re getting the best deal for your business. You should not only consider speed, but also interest rates, repayment terms and fees.

Once you’ve made a decision, you should review your business loan agreement thoroughly. You’ll want to make sure that the rates, terms and fees are clearly outlined — and if you have any questions you should ask your lender to clarify.

Find the right business loan

The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.