Top 6 Fast Small Business Loans In 2024

Total Rating	4.8
Rates & Fees5.0 Pricing 5.0 Affordability 5.0
Services5.0
Eligibility Requirements4.9
Application4.5
Sales & Advertising Transparency4.4 Sales Practices 4.0 Web Presence 5.0
Customer Service4.9
User Reviews4.9

Pros

Multiple types of financing available
Long-term funding options available
Quick & easy application process connects applicants to 75+ lenders
Funds are disbursed quickly (for some products)

Cons

Rates can be expensive

Why We Chose Lendio As The Best Loan Marketplace For Fast Funding

We like that the lending process through Lendio is fast from start to finish. Lendio is a loan aggregator, and with just one application, you can reach 75+ lenders in about 15 minutes.

After submitting your application, you can receive numerous offers to compare for the best rates and terms. Depending on the lender and loan product you choose, you could receive same-day funding after approval.

It is worth noting that funding timelines vary significantly. While products like lines of credit and equipment loans may be funded the same day or the next business day, SBA loans or startup loans may take several weeks to fund.

Lendio Rates & Fees

Because it is a loan marketplace that works with numerous lenders, rates and fees vary significantly. Lendio does offer a solid overview of the term lengths and lowest rates for its products, as outlined in this table. (For this article, we are only listing Lendio’s fastest funding options. Additional financial products are available.)

Loan Type	Rates	Repayment Terms	Time To Funding
Term Loan	Starts at 8.49%	6 months to 10 years	24+ hours
Short-Term Loan	Starts at 8%	6 months to 7 years	24+ hours
Line Of Credit	8%-60%	6-18 months	1-2 days
Equipment Financing	Starts at 7.5%	1-10 years	24+ hours
Accounts Receivable Financing	Starts at 3%	Up to 1 year	24+ hours
Merchant Cash Advance	Starts at 1.08	3-36 months	24+ hours

Lendio Eligibility Requirements

Because Lendio works with numerous lending partners, there are no set time in business, personal credit score, or revenue requirements. Lendio provides an overview of borrower requirements for specific loan products to certain lenders, but it is not guaranteed you will be approved even if you meet these requirements.

As with other lenders, borrowers with good to excellent credit, high revenues, and an established business will have the best chances of receiving the most favorable rates and terms.

Lendio Is Best For Businesses That:

Want to easily compare the best rates, terms, and loan options with just one application
Have credit, revenue, or time in business challenges and want to connect with one of Lendio's 75+ lending partners

Get Started With Lendio

LoanBuilder: Best For Fast Short-Term Loans

LoanBuilder

Get Started With LoanBuilder

Total Rating	3.5
Rates & Fees4.1 Pricing 4.4 Affordability 3.8
Services2.9
Eligibility Requirements3.4
Application3.8
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service2.8
User Reviews4.1

Pros

No extra fees
Fast & easy application process
Funds available as quickly as the next business day
Relaxed borrowing requirements

Cons

No long-term financing options
Not available to businesses in some industries

Why We Chose LoanBuilder For Fast Short Term-Loans

LoanBuilder specializes in short-term loans, a popular option for fast funding. The application process is fast and easy, borrower requirements are easy to meet, and you can see funds in your bank account as soon as the next business day following approval of your application.

Unlike some other short-term lenders, LoanBuilder makes it easy to understand the cost of your loan. You'll pay a single fixed fee that's disclosed upfront, with no processing fees, late fees, or early repayment fees driving up the cost of borrowing. You can find out if you're eligible in just minutes for up to $100,000 if you're a new customer or $150,000 if you've previously received a LoanBuilder loan.

LoanBuilder Rates & Fees

LoanBuilder charges a one-time flat fee between 2.9%-18.72% of the borrowing amount. Term lengths are 17 to 52 weeks. Automatic payments are deducted every week.

LoanBuilder Eligibility Requirements

LoanBuilder has the following minimum eligibility requirements:

US-based business
9+ months in business
Annual revenue of $33,000+
No bankruptcies

While your credit will be checked, LoanBuilder does not disclose a minimum credit score requirement. In the past, borrowers had to have a minimum score of 620 to qualify.

Your business must also be in an eligible industry. Ineligible industries include nonprofits, religious organizations, financial services, attorneys, and gambling-related businesses. If your business is in one of these or another ineligible industry, you can contact LoanBuilder directly to find out if you qualify.

LoanBuilder Is Best For Businesses That:

Need a fast, short-term loan up to $100,000 (or $150,000 if they are repeat borrowers)

Fundbox: Best For Fast Lines Of Credit

Fundbox

Total Rating	3.8
Rates & Fees3.1 Pricing 2.3 Affordability 3.8
Services3.6
Eligibility Requirements4.5
Application4.8
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service3.0
User Reviews4.4

Pros

Fast & easy application process
Instant credit decisions
Funds available as quickly as the next business day
Low credit score requirements

Cons

Frequent repayments are required
Rates can be expensive

Why We Chose Fundbox For Fast Lines Of Credit

If you want one of the best lines of credit fast, you can't go wrong with Fundbox. Fundbox simplifies and expedites the small business lending process to put funds in your account as quickly as the next business day.

Fundbox's application, approval, and funding process is quick from start to finish. Start with an easy application and receive your credit decision in just minutes. Once approved, you can initiate your first draw on your line of credit immediately for funding as soon as the next business day.

With relaxed borrower requirements, Fundbox also makes it easier for businesses that can't find credit elsewhere to access a revolving credit line up to $150,000.

Fundbox Rates & Fees

Borrowing fees start at 4.66% for 12-week terms and 8.99% for 24-week terms. Payments are made weekly. You can save on these fees by paying off your balance early. Fundbox does not charge draw fees or transfer fees, and there are no hidden fees.

Fundbox Eligibility Requirements

To qualify for a Fundbox line of credit, you must meet these minimum requirements:

Own a US-based business
Have a business bank account
At least 6 months in business
At least $100,000 in annual revenue
FICO score of 600+

Fundbox Is Best For Businesses That:

Want a flexible line of credit that allows them to make multiple draws as needed
Want consistent access to capital without having to apply over and over again

Get Started With Fundbox

Credibly: Best For Fast Bad-Credit Loans

Credibly

Get Started With Credibly

Total Rating	3.6
Rates & Fees3.1 Pricing 3.7 Affordability 2.4
Services3.7
Eligibility Requirements3.3
Application4.0
Sales & Advertising Transparency3.6 Sales Practices 3.0 Web Presence 4.5
Customer Service4.3
User Reviews4.0

Pros

Low credit score requirements
Multiple funding options available
Fast & easy application process
Funds available as quickly as the next business day

Cons

Rates can be expensive
Frequent repayments may be required
Some additional fees

Why We Chose Credibly For Best Fast Bad-Credit Loans

Bad-credit borrowers are limited in funding options, but Credibly offers loans for bad-credit borrowers that are funded in as little as one business day. Credibly requires a minimum credit score of just 500 to qualify for funding.

Credibly has a fast and easy application process, allowing borrowers to receive up to $400,000 through funding options like working capital loans, lines of credit, SBA loans, merchant cash advances, and invoice financing.

Credibly Rates & Fees

Credibly’s rates, fees, and repayment terms vary based on the product you select. Borrowers with low credit scores may qualify for invoice factoring, merchant cash advances, or working capital loans, all of which have factor rates starting at 1.1.

Most of Credibly’s options for bad-credit borrowers have repayment terms of two years or less. However, the company does offer long-term funding options for more established businesses and credit-worthy borrowers.

Credibly Eligibility Requirements

To qualify for a working capital loan, you must meet the following minimum requirements:

Personal credit score of 500+
Monthly revenue of $15,000+
Time in business of 6+ months

Requirements for other loan products vary. Startups, applicants with poor credit, or businesses with low revenues may not qualify for all funding options.

Credibly Is Best For Businesses That:

Have low credit scores and need fast funding.

OnDeck: Best For Fast Loans With Excellent Customer Support

OnDeck

Total Rating	3.9
Rates & Fees4.6 Pricing 5.0 Affordability 4.2
Services2.9
Eligibility Requirements3.8
Application4.5
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service4.1
User Reviews4.0

Pros

Fast & easy application process
Dedicated account managers
Excellent customer support
Borrower qualifications are lower than with banks

Cons

Rates can be expensive
Not available to businesses in some industries
Not available to borrowers in all states

Why We Chose OnDeck For Fast Loans Backed With Excellent Customer Support

While many lenders fall short on quality customer service, OnDeck bucks this trend by providing fast loans and excellent customer support.

With OnDeck, you have the choice of a term loan of up to $250,000 or a flexible line of credit of up to $100,000, with funds available as quickly as one business day after approval. You'll have a dedicated customer support rep to help you every step of the way. This level of customer service has helped OnDeck earn multiple positive reviews across the web.

OnDeck Rates & Fees

Rates and fees vary based on the product you select.

Here’s a breakdown of the rates, terms, and fees for OnDeck’s term loans:

Borrowing limits up to $250,000
Repayment terms up to 24 months
APR: 29.9%-98% (most borrowers will see rates around 62.1%)
Origination fee: 0%-5%

If you’re more interested in a line of credit, here’s what to expect:

Borrowing limits up to $100,000
Repayment terms of 12, 18, or 24 months
Monthly or weekly repayments
APR: 29.9%-65.9% (average APR is 52.6%)
Maintenance fee of $20/month (may be waived)

OnDeck Eligibility Requirements

To qualify for OnDeck term loans and lines of credit, you must meet these requirements:

Personal credit score of 625+
Time in business of at least 12 months
Annual revenue of $100,000+
Must have a business checking account

Additionally, OnDeck does not lend to businesses in some industries, including but not limited to adult entertainment, gambling, nonprofits, or car dealerships. OnDeck also does not lend to borrowers in the state of North Dakota.

OnDeck Is Best For Businesses That:

Want the option to choose between a term loan or a flexible line of credit
Are looking for a lender that offers exceptional customer service

Get Started With OnDeck

National Business Capital: Best For Fast Loans For High-Risk Businesses

National Business Capital

Get Started With National Business Capital

Total Rating	4.2
Rates & Fees4.0 Pricing 5.0 Affordability 3.0
Services3.5
Eligibility Requirements4.3
Application4.5
Sales & Advertising Transparency4.4 Sales Practices 5.0 Web Presence 3.5
Customer Service4.7
User Reviews4.9

Pros

Long-term funding options available
Loans available for businesses in the cannabis industry
Multiple types of financing available
Funds are disbursed quickly (for some products)

Cons

High annual revenue requirements
Rates can be expensive

Why We Chose National Business Capital For Fast Loans For High-Risk Businesses

National Business Capital can connect businesses with lines of credit, term loans, SBA loans, equipment funding, and other options through its 75+ lending partners. Borrower qualifications are easy to meet, multiple offers can be received with just one application, and applicants work with a dedicated support representative. Certain loans up to $250,000 can be funded within hours of approval.

But what stands out the most about National Business Capital is that it offers funding for businesses in the cannabis industry. While most lenders tend to avoid this high-risk industry, National Business Capital's CannaBusiness funding can provide up to $5 million for eligible businesses.

National Business Capital Rates & Fees

As National Business Capital works with various lenders and offers several funding options, rates and fees vary. The company does, however, provide some general guidelines:

SBA loans and equipment financing have an interest rate of around 6% to 8%
Accounts receivable and asset-based loans have high single-digit interest rates
Borrowers without collateral or B2B receivables will see APRS around 12% to 18%

Depending on the loan you select, you may have to repay daily, weekly, bi-weekly, or monthly. Term lengths vary by lender/product.

National Business Capital Eligibility Requirements

National Business Capital has a few basic eligibility requirements:

$500,000+ in annual business revenue
At least one year in business

Even if you don’t meet these requirements, you may qualify for other funding options through National Business Capital. Credit score requirements vary by product and lender.

National Business Capital Is Best For Businesses That:

Are in the cannabis industry and can't get funded elsewhere
Want to compare their options to find the best loan product for their situation

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

How To Get Small Business Loans Fast

While choosing the right lender is a major part of getting a fast small business loan, your preparation ahead of time can also expedite the loan process. Before you start filling out loan applications, make sure you’re prepared with these simple tips.

See If You Qualify For Fast Business Loans

The good news about fast business loans is that you may qualify even if you have bad credit or operate a new business. The bad news is that these challenges may bring shorter term lengths, more frequent repayments, higher rates, and lower borrowing limits.

Before you apply, there are a few steps you can take to make sure you get the best loan for your situation. You should:

Determine your loan purpose and how much you need to borrow
Determine what you can afford to borrow
Decide what type of loan best fits your needs
Check your free credit score and report

Gather The Documents Needed For Fast Business Loans

Documentation requirements vary by lender and funding product. Some products require little more than basic personal and business information, while others may require documents such as:

Personal & business tax returns
Business licenses & permits
Business bank statements
Financial documentation such as P&L statements, balance sheets, etc.
Your business plan (particularly for new businesses/startups)

Use A Marketplace To Compare Fast Business Loans

Using a loan marketplace like Lendio or BusinessLoans.com is a great way to easily compare business loans without filling out multiple applications.

With just one application, you can be connected with numerous lenders. You won’t take multiple hits on your credit report, and you’ll be able to easily compare multiple offers to find the most cost-efficient loan for your situation.

Follow Up With Your Lender

Failing to follow up with your lender is a sure way to delay your funds. Make sure to keep in contact with your lender, provide additional information and documentation that may be requested, and don’t hesitate to reach out directly to your lender to inquire about the status of your loan.

The Bottom Line On Fast Business Funding

If you don’t have time for a bank loan, online 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 — and some lenders are downright predatory. Bear in mind that there are indeed some legitimate, quality lenders (like the ones on this list) that provide quick capital — just make sure to do your research, prequalify, and compare options.

Looking for other fast funding options? Make sure to check out the best same-day small business loans. If you have more time to shop around, take a look at our picks for the best small business loans, which feature lenders that offer SBA loans, long-term funding options, and more.

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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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1. Lendio

❮ ❯

Term loans, short-term loans, LOCs, SBA loans, equipment financing, & MCAs
Time To Funding: 24+ hours
APR: Varies by lender

2. LoanBuilder

❮ ❯

Short-term loans
Time To Funding: 1 business day
Borrowing Fee: Starts at 2.9% of borrowing amount

3. Fundbox

❮ ❯

Lines of credit
Time To Funding: 1 business day
Borrowing Fee: Starts at 4.66%

4. Credibly

❮ ❯

Long-term loans, working capital loans, LOCs, MCAs, SBA loans, invoice factoring, & equipment financing
Time To Funding: 1 business day
APR: Varies by loan product

5. OnDeck

❮ ❯

Term loans & LOCs
Time To Funding: 24+ hours
APR: Starts at 29.9%

6. National Business Capital

❮ ❯

Term loans, equipment financing, SBA loans, LOCs, asset-based loans
Time To Funding: 24+ hours
APR: Varies by lender