6 Fast Business Loan Solutions For Small Businesses That Need Quick Cash
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WRITTEN & RESEARCHED BY
Editor & Senior Staff Writer
UPDATED
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Good things take time. Patience is a virtue. We all know the sayings. But let’s face it: when it comes to making critical business investments, time is of the essence. A quick loan or line of credit is often the best course to take your business to the next level (or to simply keep your company afloat).
In this post, we’ll look at the top lenders to consider for fast business funding. In addition to rounding up the best fast business loans, we’ll also offer tips for getting your loan approved and receiving funds in your bank account ASAP. Time’s ticking, so let’s get started.
Learn More About Our Top Picks
| Company | Best For | Next StepsBest For |
|---|---|---|
Lendio
 | Best overall for fast business funding | Best overall for fast business funding
|
LoanBuilder
 | Best for immediate approval | Best for immediate approval
|
Bluevine
 | Best for high borrowing limits | Best for high borrowing limits
|
Fundbox
 | Best for fast line of credit | Best for fast line of credit
|
Credibly
 | Best for fast financing if you have bad credit | Best for fast financing if you have bad credit
|
| Show More Options | ||
OnDeck
 | Best for fast funding backed by excellent customer service | Best for fast funding backed by excellent customer service
|
| Show Fewer Options |
Read more below to learn why we chose these options.
Table of Contents [hide][show]
- 6 Fast Loans For Small Businesses
- Lendio: Best Overall For Fast Business Funding
- LoanBuilder: Best For Immediate Approval
- Bluevine: Best For High Borrowing Limits
- Fundbox: Best For Fast Line Of Credit
- Credibly: Best For Fast Financing If You Have Bad Credit
- OnDeck: Best For Fast Funding Backed By Excellent Customer Service
- Tips For Fast Business Loan Approval
- Get Business Funding That Matches Your Timeline
- In Summary: 6 Fast Loans For Small Businesses
Table of Contents
6 Fast Loans For Small Businesses
When you need fast loans or even same-day funding options, don’t fall for a payday loan or the promises of predatory lenders. If you’re ready to get funded fast, start with these reputable lenders. These lenders offer fast funding, easy applications, and work with a variety of businesses to provide a financial boost when needed.
Lendio: Best Overall For Fast Business Funding
Lendio |
|---|
Lendio tops this list because it doesn't just offer one financial product.
Instead, this loan aggregator has partnered with 75+ lenders to connect small businesses with the fast and easy financing they need, regardless of loan purpose, credit history, or time in business. Through Lendio, you can apply for a variety of financial products including installment loans, short-term loans, equipment financing, lines of credit, and business credit cards.
The application process is easy and can be completed in 15 minutes or less. Once you've submitted an application, you'll be presented with offers from Lendio's funding partners. Compare your options and choose the one that's best for your business. Once approved by a lender, you could have funds in as little as 24 hours. One thing to note is that rates, terms, and borrower requirements vary by lender and product. Time to funding also varies, so make sure to carefully review all information before committing.
Pros
- Multiple types of financing available
- Long-term financing options available
- Applicants can quickly be pre-qualified
- Funds are disbursed quickly
Cons
- Rates can be expensive
LoanBuilder: Best For Immediate Approval
LoanBuilder |
|---|
With LoanBuilder, you can receive up to $500,000 for your business, whether it's to keep your doors open or to fund an expansion.
LoanBuilder provides fast short-term loans with repayment terms up to 52 weeks. Borrowing requirements are far less stringent than banks -- all you need is a US-based business that has been in operations for at least 9 months, at least $42,000/year in business revenue, and a personal credit score of 620. Some industries may be ineligible for funding.
True to its name, LoanBuilder allows you to "build" your own loan by adjusting your borrowing amount and repayment terms that best fit your needs. A one-time fee is added to the cost of your loan. There are no additional or hidden fees.
LoanBuilder is a great option for fast business funding because the application process is very quick and easy. You can receive instant loan estimates just by filling out a short questionnaire. If you find a loan that works for you, you can continue on with the loan process. Once you're approved, you can have funds in your bank account as soon as the next business day.
Pros
- No extra fees
- Applicants can quickly be pre-qualified
- Application process is fast & easy
- Funds are disbursed quickly
Cons
- Not available to businesses in some industries
- No long-term financing options available
Bluevine: Best For High Borrowing Limits
Bluevine |
|---|
If unpaid invoices are impacting your cash flow, Bluevine may have a solution for you.
With Bluevine's invoice factoring, you can get an advance of up to 90% of the value of your invoices. Once an invoice is paid, you'll receive the remaining balance minus Bluevine's fee. One of the best things about Bluevine's invoice factoring is that you can receive as much as $5 million. Qualifying is fast and easy, too. The lender only requires a FICO score of 530, a time in business of 3 months, and at least $10,000 in monthly revenue. Approvals may come as fast as 24 hours after submitting your application and any required documentation.
If you don't have unpaid invoices, don't worry -- Bluevine also offers business lines of credit up to $250,000 for qualified borrowers. One thing to note is that it is more difficult to qualify for a Bluevine line of credit. Requirements include a minimum credit score of 650, at least 2 years in business, and $40,000 in monthly revenue.
Pros
- High borrowing amounts
- Application process is fast & easy
- Funds are disbursed quickly
Cons
- Rates can be expensive
- Repayments are required frequently
Fundbox: Best For Fast Line Of Credit
Fundbox |
|---|
If you'd prefer a more flexible funding option, consider applying for a business line of credit.
And if speed is important to you, give Fundbox a try. Fundbox offers lines of credit up to $100,000 for qualified borrowers. Fundbox assigns you a credit limit based on the information you provide about your business. Then, you can make draws on that line of credit up to your set limit. Repayment terms up to 24 weeks are available.
As you repay your balance, funds are replenished, giving you access to funds when you need them. You may qualify for funding if you meet the minimum requirements of owning a US-based business that's been in operations for at least six months and bring in at least $100,000/year in revenue.
Fundbox makes receiving a line of credit fast and easy. Simply link your business bank account or supported accounting or invoicing software, provide some information about yourself and your business, and you can be approved instantly. Once approved, you may proceed to make draws on your line of credit and receive funds as soon as the next business day.
Pros
- Low credit score requirements
- The application process is fast & easy
- Funds are disbursed quickly
Cons
- Rates can be expensive
- Repayments are required frequently
Credibly: Best For Fast Financing If You Have Bad Credit
Credibly |
|---|
If you think that a poor credit score will prevent you from receiving a business loan, think again. In addition to some of the other lenders already mentioned, Credibly is a lender that is willing to work with borrowers with less-than-perfect credit to get you immediate business funding.
Through Credibly, you may qualify for a short-term loan or merchant cash advance to fund your business. Borrowing limits are also quite high, with loans up to $400,000 available to qualified borrowers. Repayment terms vary based on the product you select, but some products come with terms of two years or longer.
The best part about Credibly is that it's fast and easy to qualify. Borrowing requirements also vary by product, but Credibly's working capital loans only require a credit score of 500, a minimum of 6 months in business, and $15,000 or more in monthly deposits. Applying is fairly easy, and most loans are funded within two to five days of starting the process. It is important to note, however, that rates can get quite expensive and repayment terms may not quite be so favorable for those with lower credit scores. However, it may be worth the expense if you need a business loan quickly.
Pros
- Low credit score requirements
- Application process is fast & easy
- Funds are disbursed quickly
Cons
- Rates can be expensive
- Some additional fees are charged
OnDeck: Best For Fast Funding Backed By Excellent Customer Service
OnDeck |
|---|
Unfortunately, not all lenders offer the best customer service experience, but this isn't a problem you'll have when working with OnDeck. OnDeck has two financial products available for businesses. The first is term loans up to $250,000. Or you can apply for a flexible line of credit up to $100,000.
Borrower requirements for either product are simple: 12 months in business, a minimum credit score of 600, and at least $100,000 in annual revenue.
What sets OnDeck apart is its customer service. You'll be paired with a customer service representative that will work with you through the duration of your loan. This rep will answer questions, walk you through the loan process, and offer help when needed. This level of customer service has helped OnDeck earn multiple positive reviews across the web.
Pair that with an easy application process and funding that could potentially go through as quickly as the same business day, and it's easy to see why OnDeck is a top choice for fast funding.
Pros
- Multiple types of financing available
- Application process is fast & easy
- Funds are disbursed quickly
- Customers have an assigned account manager
Cons
- Not available to businesses in some industries
- Rates can be expensive
Tips For Fast Business Loan Approval
How fast your loan is approved and received depends in large part on you. Keep reading to learn more about how you can expedite the loan process … and be one step closer to getting the cash you need.
1. Check Your Credit Score
Knowing your credit score can help you determine which loans you’re eligible for, so you’re not wasting precious time applying for loans that aren’t a good fit.
To score the lowest rates and best terms, your credit score will need to be as high as possible. If you’re in a time crunch, taking steps now to raise your credit may not be in the cards. However, you should at least give your credit report a once-over to look for major issues or mistakes. In the future, consider doing a more thorough analysis of your credit report, dispute any errors, and pay off any debt if possible to boost your score.
To check your credit score before you start applying for fast loans, you can use one or more of these Best Free Credit Score Sites. If your score is low, don’t worry. There are still plenty quick financing options even if your credit score isn’t high enough to qualify for every loan.
2. Have Your Documents Ready
Having all your business documents ready and in one place will make for a speedier application process. Here are some examples of documentation the lender might ask for:
- Tax returns (personal and business)
- Seller’s permit
- EIN certificate
- Business license
- Balance sheets
- Bank statements
- Proof of ID
- Proof of address
- Incorporation paperwork
- Copy of business lease
Different lenders may require different and more/fewer documents. It’s a good idea to find out what paperwork the lender requires before you get pre-approved.
3. Prepare A Proposal
Many lenders require your loan application to include a detailed proposal and/or a business plan. This is often true even of “quick” loans. A proposal generally includes information such as how much money you need, what you will use the money for, and how you will repay the loan. As with all your important business documents, the loan application process will be speedier and smoother if you have this information prepared and ready to go before you apply.
4. Be Thorough On Your Application
The more relevant information you reveal about yourself and your business on your loan application, the better. The whole process will be faster and less painful if you provide everything upfront. That way, there will be less back and forth between you and the lender as they work with you to get the information you didn’t supply initially. You are also more likely to get approved for a loan if you have a more thorough application.
5. Consider All Your Options (Even Unconventional Ones)
Assuming you have all your ducks (and docs) in a row, it’s time to look at your best options in terms of financing. In some cases, you might not even want to get a “loan” in the traditional sense; a line of credit or cash advance might be a faster or better option for you, depending on your situation. If speed is of the essence, you should consider the following loan products, through which you can potentially get funds as soon as a day or two after applying:
- Short-term installment loan
- Short-term line of credit
- Merchant cash advance
- Equipment financing
- Invoice financing
You also might want to consider the following unconventional financing options:
All fast financing options have their own pros and cons, of course. Merchant cash advances, for example, tend to be some of the most expensive forms of capital, though they are usually the fastest. Of the unconventional options, peer-to-peer (P2P) loans and personal loans tend to be the fastest, but you’ll generally need to have good personal credit in order to qualify for these options.
6. Apply For Online-Only Loans
Bank loans are not only more difficult to qualify for, but fund disbursement takes a lot longer. When time isn’t on your side, choosing an online lender is the way to go. Banks tend to have lower interest rates, but it’s still possible to find a low-interest small business loan online, especially if you have good credit.
7. Don’t Forget About Your Business Credit Card
Taking out a business loan isn’t your only option if you need fast cash. You can also charge major expenses on your business credit card and pay them off later as you are able.
If you need a large sum of liquid cash, you might also consider a credit card cash advance. Check with your card issuer to see if you are eligible. The downside to credit card cash advances is that the APR and cash advance fees are usually quite high. Since you’re borrowing against your own credit limit, this can also temporarily lower your credit score by affecting your credit utilization ratio. Nevertheless, credit card advances are a fast and easy business loan alternative available to virtually anyone who has a credit card.
8. Don’t Be Too Hasty
Finally, when getting a fast business loan, it’s important to take your time and read the fine print. In many cases, the super-quick “next-day” loans you find online will have less than ideal terms. You’ll likely have to pay your loan back rapidly at a high rate of interest.
Ideally, of course, you will find a great lender that gives you a fair rate and terms. Check out our Small Business Loan Calculators to calculate your total repayment, financing cost, daily/weekly/monthly payments, APR, and cents on the dollar.
Get Business Funding That Matches Your Timeline
Fast business loans can be a lifesaver, whether you’re ready to grow your business or you need financial assistance to make it through the end of the month. If you don’t have time for a bank loan, consider working with an alternative online lender. Alternative lenders can put money in your account within a couple of days. But this speed comes at a price — specifically, higher interest rates and shorter repayment terms.
To avoid getting ripped off by a predatory lender or agreeing to a bad loan because you are desperate, be sure to compare multiple loan offers. It’s important to do your due diligence to ensure you get the best loan possible, i.e., the one with the lowest fee and repayments you can reasonably afford. Remember that you can pre-apply for multiple loans online without affecting your credit score.
Bear in mind that there are indeed some legitimate, quality lenders (like the ones on this list) that provide quick capital. What’s more, you can take certain actions to speed up your loan application process and time to funding. So what are you waiting for? It’s time to take the next step to fast funding! Good luck!
In Summary: 6 Fast Loans For Small Businesses
- Lendio: Best overall for fast business funding
- LoanBuilder: Best for immediate approval
- Bluevine: Best for high borrowing limits
- Fundbox: Best for fast line of credit
- Credibly: Best for fast financing if you have bad credit
- OnDeck: Best for fast funding backed by excellent customer service
Erica Seppala
Editor & Senior Staff Writer at Merchant Maverick
Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
View Erica Seppala's professional experience on LinkedIn.
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