| Loan amounts | Up to $250,000 |
| Starting interest rate | 6.20% for the 6-month term |
| Term length (months) | 6 or 12 months |
| Minimum credit score | 625 |
| Minimum time in business | 24 months |
| Pros | Cons |
|---|---|
Revolving funding Lower minimum credit score Decent funding cap | Longer time-in-business requirement Shorter repayment terms High annual revenue requirement ($40,000/month) |
If you need revolving funding, from which you can withdraw funds as needed, a business line of credit may be a smart choice. Bluevine is our pick for best emergency business line of credit because of its relatively high funding cap at $250,000 and relatively low minimum credit score requirement.
Still, its long time-in-business requirement and high annual revenue requirement means that it’s only a good fit for more established businesses.
| Loan amounts | $5,000 to $250,000 |
| Starting interest rate | 27.30%* |
| Term length (months) | Up to 24 months |
| Minimum credit score | 625 |
| Minimum time in business | 12 months |
*This rate reflects the estimated starting APR offered to at least 5% of OnDeck customers. It doesn’t reflect the minimum APR offered by the company.
| Pros | Cons |
|---|---|
Same-day funding available Shorter time-in-business requirement Lower annual revenue requirement ($100,000/year) | Doesn’t disclose minimum interest rate Higher minimum loan amount Shorter repayment term |
We chose OnDeck as the best emergency business loan for fast funding because this lender offers you the ability to access funding as soon as the same business day. In addition its lower annual revenue requirement and shorter time-in-business requirement make it accessible for more borrowers.
That said, OnDeck only offers short-term business loans, which means there is a quick repayment timeline. Plus, since they don’t disclose their minimum interest rate, it can be harder to tell how much you’ll pay for the privilege of borrowing.
| Loan amounts | Up to $150,000 |
| Starting interest rate | 4.66% for 12-week terms8.99% for 24-week terms |
| Term length | 12 or 24 weeks |
| Minimum credit score | 600 |
| Minimum time in business | 6 months |
| Pros | Cons |
|---|---|
Short time-in-business requirement Lower minimum credit score requirement Competitive interest rates | Low funding cap Shorter repayment terms Next-day funding |
With a time-in-business requirement of just six months and a minimum credit score of 600, it should come as no surprise that we’re calling Fundbox the best emergency loan for startups. Its attainable eligibility criteria and competitive interest rates are a big bonus to newer businesses.
However, with a funding cap of only $150,000, you won’t be able to borrow as much from Fundbox as you might from other lenders. Plus, the company only offers next-day funding, which may not be fast enough in some emergency situations.
| Loan amounts | $25,000 to $500,000 |
| Starting interest rate | 15.22% |
| Term length (months) | 6 to 84 months |
| Minimum credit score | 660 |
| Minimum time in business | 2+ years |
| Pros | Cons |
|---|---|
Longer loan terms Higher funding cap Provides a dedicated account manager | Charges an origination fee Offers a two-day funding window Requires collateral and a personal guarantee |
Funding Circle offers loan amounts up to $500,000 and loan terms as long as seven years, which can provide a bit more breathing room for those who need a substantial amount of emergency funds and a longer loan repayment term.
Yet, with its higher minimum credit score of 660 and multi-year time-in-business requirement, it’s likely a better fit for established businesses, who have sufficient resources to meet the collateral and personal guarantee requirements.
| Loan amounts | $5,000 to $1,500,000 |
| Starting interest rate | 1.10 to 1.40 factor rate |
| Term length (months) | 4 to 18 months |
| Minimum credit score | 570 |
| Minimum time in business | 6 months |
| Pros | Cons |
|---|---|
Low minimum credit score requirement Short time-in-business requirement High funding cap | Lists a factor rate instead of simple interest Charges an origination fee Higher annual revenue requirement ($180,000/year) |
Fora Financial’s minimum credit score of just 570 makes it a smart choice for borrowers who need access to bad credit business loans. Its short time-in-business requirement and high borrowing cap of $1,500,000 may make this option even more appealing.
However, borrowers should be aware that interest rates expressed as factor rates are often higher than those advertised as simple interest, so you may pay more for the privilege of borrowing. Plus, Fora charges an origination fee of $300 or 3.00% of the loan amount, whichever is higher. That fee is on the heftier side.
| Loan amounts | $2,000,000 |
| Starting interest rate | Not to exceed 4.00% |
| Term length (months) | Up to 360 months |
| Minimum credit score | Score must be considered “acceptable” by the SBA |
| Minimum time in business | N/A |
| Pros | Cons |
|---|---|
No formal time-in-business requirement Competitive interest rates High funding cap | Most loans require collateral Longer funding times SBA inspection required |
The U.S. Small Business Administration (SBA) offers a few different kinds of disaster loans in an effort to help small business owners in federally declared disaster areas. In particular, the Economic Injury Disaster Loan (EIDL) is meant to cover working capital expenses, such as rent, utilities or fixed debt payments.
This loan is meant to help those who may not otherwise qualify for funding and comes with some unique benefits, such as capped interest rates, the opportunity to defer interest charges for up to a year and loan amounts up to $2,000,000. At the same time, though, the funding times may be longer for SBA loans than other lenders and you may be subject to additional requirements, like an SBA inspection.
An emergency business loan is a form of small business loan that is meant to provide you with fast funding to cover unexpected expenses during periods of economic difficulty.
Many of these loans are offered by online lenders, who tend to have shorter funding timelines than more traditional financial institutions.
Notably, the federal government also provides its own form of emergency business funding. However, this funding is reserved for individuals whose businesses are located in federally declared disaster areas.
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The exact process you’ll follow to apply for a business loan can vary by lender. Here is a general overview of the process.
| Pros | Cons |
|---|---|
| Multiple types of business loans can be used to provide emergency funding. Many lenders offer same-day or next-day funding options. An SBA loan option is available for those who are in federally declared disaster areas. | Interest rates can be high with some lenders. Collateral may be required for a secured business loan. Some lenders may have eligibility requirements that make funding inaccessible for startups. |
Getting an emergency business loan involves following the same process you would when applying for any other type of business financing. You have to fill out an application, submit supporting documentation and wait for loan approval.
Fortunately, the approval process is automated for many online lenders, with funds disbursement sometimes as soon as the same business day.
The fastest way to get a business loan is to look for a lender who offers fast funding. If you don’t see what you need in the list above, our roundup of quick business loans may be of assistance.
It’s possible to get business funding in 24 hours or less. Online lenders are the most likely to offer this service, while banks and credit unions often take several days to grant loan approval. Even though SBA disaster loans have a quicker funding timeline than traditional SBA loans, the process can take a few weeks.
