Best Fast Business Loans in June 2024

Find financing for your business in as little as 24 hours.

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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By Jill A. Chafin | Edited by Abigail Bassett and Janet Schaaf | May 29, 2024

Fast business lenders at a glance

Credibly: Best for same-day funding

Loan amounts$5,000 to $600,000
Starting interest rate1.11 factor rate
Term length 3 to 24 months
Minimum credit score500
Minimum time in businessSix months
Time to fundingSame-day funding available
ProsCons

 Low minimum credit score requirement

 Ideal for startups and well-established businesses

 Quick approval times

 High annual revenue requirement

 Charges a one-time 2.50% origination fee

 Most products provided by third-party partners

See Your Business Loan Offers

ondeck logo

OnDeck: Best for short-term loans

Loan amounts$5,000 to $250,000
Starting interest rate27.30%
Term length18 to 24 months
Minimum credit score625
Minimum time in business12 months
Time to fundingSame-day funding available
ProsCons

 Fair to low credit accepted

 Can help build business credit

 Funds can be available within same business day

 Requires daily or weekly repayments

 Doesn’t fund all industry types

 Not available in North Dakota

See Your Business Loan Offers

Headway Capital: Best for quick working capital loans

Loan amounts$5,000 to $100,000
Starting interest rateNot disclosed
Term length12, 18 or 24 months
Minimum credit scoreNot disclosed
Minimum time in businessSix months
Time to fundingNext business day
ProsCons

 Can use funds for any legitimate business purchase

 No prepayment penalties

 No annual or monthly service fee

 Not available in all states

 Only one product offered

 Lack of transparency regarding estimated interest rates

See Your Business Loan Offers

Bluevine: Best for lines of credit

Loan amounts$6,000 to $250,000
Starting interest rate6.20%
Term length6 or 12 months
Minimum credit score625
Minimum time in business24 months
Time to fundingSame-day funding available
ProsCons

 Credit decision made within minutes

 No monthly or maintenance fees

 Low minimum credit score

 High annual revenue requirement

 May require weekly repayments

 Not available in Nevada, North Dakota or South Dakota

See Your Business Loan Offers

Fora Financial: Best for borrowers with bad credit

Loan amounts$5,000 to $1,500,000
Starting interest rate1.10 to 1.40 factor rate
Term length Up to 18 months
Minimum credit score570
Minimum time in businessSix months
Time to funding24 to 48 hours
ProsCons

 Low minimum credit score

 Prepayment discounts

 Can increase loan amount after repaying 60% of original loan

 Only two funding products

 Factor rate makes it difficult to compare loan costs

 High monthly revenue to qualify

See Your Business Loan Offers

Fundbox logo

Fundbox: Best for startups

Loan amountsUp to $150,000
Starting interest rate
  • 4.66% for 3-month terms
  • 8.99% for 12-month terms
Term length3 or 12 months
Minimum credit score600
Minimum time in businessSix months
Time to fundingNext business day
ProsCons

 Short time-in-business requirement

 No prepayment penalties

 Available in all U.S. states

 Maximum borrowing amount is relatively low

 Offers only one product

 Short repayment terms

See Your Business Loan Offers

Funding Circle: Best for secured loans

Loan amounts$25,000 to $500,000
Starting interest rate15.22%
Term length6 to 84 months
Minimum credit score660
Minimum time in business24 months
Time to fundingTwo business days
ProsCons

 No prepayment penalty

 No hard credit check for most applicants

 Low annual revenue requirement

 Collateral and personal guarantee required

 Hard credit check for partnerships

 Doesn’t report payments to all credit bureaus

See Your Business Loan Offers

National Funding: Best for unsecured loans

Loan amounts$5,000 to $500,000
Starting interest rate1.11 factor rate
Term length4 to 18 months
Minimum credit score600
Minimum time in businessSix months
Time to fundingNext business day
ProsCons

 No down payment or collateral needed

 Early payoff discounts

 Personalized service with your own Funding Specialist

 High annual revenue requirement

 Factor rate makes it hard to compare to other lenders

 Misleading website marketing makes it appear like the lender offers more than two loan options

See Your Business Loan Offers

CIT: Best for equipment financing

Loan amountsUp to $500,000
Starting interest rate6.49%
Term length6 to 72 months
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed
Time to fundingOne business day
ProsCons

 Up to 100% financing for new and used equipment

 Flexible payment schedules

 Streamlined application process

 Lack of transparency about minimum credit score requirements

 Rates can vary based on your credit

 No minimum time in business specified

See Your Business Loan Offers

AltLINE: Best for invoice factoring

Loan amounts$30,000 to $5,000,000
Advance rateUp to 90% 
Invoice factoring fees0.75% to 3.50%
Minimum credit scoreNo minimum
Minimum time in businessNo minimum
Time to funding24 to 48 hours
ProsCons

 Ideal for startups and established businesses

 Backed by an established banking institution

 Factor rates start as low as 0.75%

 Charges origination and wire fees

 Requires client’s customers to be creditworthy

 Factor rate makes it hard to compare to other business loans

See Your Business Loan Offers

What is a fast business loan?

A fast business loan is a type of small business financing where the application and funding process is typically completed within one to three business days.Generally offered by online lenders, fast business loans use a streamlined application process to assess your eligibility quicker than traditional banks.

Fast business loans tend to have flexible qualification requirements, making them an excellent option for startups, bad credit borrowers or those who don’t qualify for traditional financing.

Pros and cons of quick business loans

ProsCons
  Get the funds you need within one to three business days

  Ideal for low-credit borrowers and startups

  Various types of loan products to tackle most business needs
  Typically have higher interest rates

  Smaller loan amounts

  Collateral is often required

Types of quick business loans

The following types of small business loans offer fast funding to help you start, grow or expand your business.

Line of credit

A business line of credit allows you to borrow up to a predetermined limit instead of a one-time lump sum. Like a credit card, you can borrow, repay and borrow again. You only pay interest on the withdrawn amount, along with any maintenance, withdrawal or annual fees.

Short-term loans

Short-term business loans have shorter repayment terms of around three to 24 months. They are ideal for fulfilling short-term expenses, such as purchasing inventory or covering seasonal dips in revenue. Depending on the lender and your qualifications, you can borrow anywhere from $1,500 to $1 million or more.

Equipment financing

Equipment financing helps business owners purchase or upgrade machinery or equipment necessary for running their businesses. Since equipment financing uses the equipment as collateral, they are more readily available than other types of business funding.

Merchant cash advance

A merchant cash advance(MCA) company typically partners with your credit card processor, giving you a cash advance while collecting a percentage of your daily credit card and debit card sales. While fast and convenient, this funding method tends to be quite costly.

Invoice factoring

Invoice factoring allows you to unlock money tied up in unpaid invoices. You can get an upfront payment of 70% to 90% of an invoice’s face value, leaving the factoring company to collect payments from your customers.

After the factoring company collects all outstanding payments, you will receive the remaining balance minus a predetermined fee.

When to consider a fast business loan

Fast business funding can help companies struggling with cash flow inconsistencies or needing immediate help covering critical business expenses. Although you can likely secure lower interest rates and more favorable terms with a traditional bank or an SBA loan, not all businesses can qualify or wait for conventional forms of financing.

If you need an emergency business loan, consider one of our best fast business lenders to access the capital you need to keep your business afloat.

How to get a quick business loan

If you’ve decided an instant business loan is right for you, here are the basic steps to get a fast business loan.

1. Decide how much you need

Create a detailed business budget to determine how much you need to cover essential or ongoing expenses. Remember, fast loans for businesses typically have higher interest rates and less favorable terms. If you need to tackle long-term projects, it could be worth waiting until you qualify for an SBA or long-term business loan.

  Use our business loan calculator to estimate how much you could borrow.

 

2. requirements for quick business loans

While business loan requirements vary by lender and loan type, most lenders will typically review the following criteria to determine your eligibility for quick capital funding:

  Credit score: Your personal FICO Score and business credit report are critical in determining your creditworthiness. While alternative lenders typically require a minimum credit score of 500 or higher, having a higher score can help you secure a lower interest rate.

  Time in business: Most lenders require a steady track record of one to two years in operation before approving your loan application — although some private business lenders finance startups after at least six months in operation.

  Annual revenue: You must show reliable income to qualify for small business financing. Some quick business lenders accept annual revenues as low as $50,000, while others require gross yearly sales of $480,000 or more.

You can use LendingTree Spring to check and monitor your credit score before applying for a fast small business loan to know your options. Boosting your credit score can help improve your chances of approval while potentially securing a lower interest rate.

3. Compare fast business lenders

Once you’ve narrowed down your best fast loan options, pay attention to each lender’s details. Some lenders advertise low interest rates, only to add extra fees later in the application process. Read business lender reviews to ensure a potential lender fits your current and future business needs.

Beware of scams
Don’t work with any lender who tries to pressure you into borrowing more than necessary or those offering no-credit-check business loans. Always look for signs of predatory lending and report any suspicious behavior to the Better Business Bureau.

4. Gather required documents

Gathering essential business documents in advance can help speed up the application process. While requirements will vary, it’s a good idea to have the following paperwork ready to go:

5. Apply for a fast business loan

The application and approval timeline for fast loans for business generally happens within a few business days. You may need to provide additional documents after hitting submit, but most online lenders make a final decision within minutes.

Make sure to thoroughly review the business loan agreement before signing on the dotted line. If you don’t understand some of the wording or the repayment schedule, ask for clarification before proceeding.

How to compare fast business loans

When selecting the fastest business loan for your company, it’s a good idea to compare the following details:

  Interest rate: While rates go as low as 4.66%, your actual business loan interest rate will depend on the loan type, your credit score and other criteria. Try to convert factor rates to annual percentage rates (APRs) to accurately compare offers. Also, understand that fast loans typically have higher rates than traditional financing — the price you pay for getting business loans quickly.

  Repayment term: The repayment period for a quick business loan varies by lender, with terms ranging from three to 84 months. Some lenders require daily or weekly payments. Make sure your budget can handle the repayment schedule.

  Time to fund: Check the lender’s timeline for how quickly funds could be deposited into your business bank account. Remember, the fastest business loans aren’t necessarily the most affordable.

  Additional fees: Review the loan contract for origination fees, late charges and business loan prepayment penalties. While leading lenders often don’t charge extra fees for quick business loans, there may be additional maintenance fees.

  Collateral: A secured business loan requires collateral, such as equipment or a down payment. If you fail to repay the debt, the lender could seize your assets. While an unsecured fast business loan doesn’t require collateral, some lenders may require you to sign a personal guarantee, which means you could lose certain assets if you default.

Thing to know
You might struggle to qualify for an unsecured versus secured business loan if your business has not established a solid financial history. Since secured business loans use collateral to reduce lender risk, small business owners can potentially unlock more attractive rates and terms with this option.

Alternatives to fast business loans

Quick loans for business can help in emergencies or when you can’t qualify for traditional financing. But if you can wait, here are some alternative financing options to consider.

Traditional bank loan

Banks and credit unions typically offer a range of small business products, including long-term business loans, lines of credit, commercial loans and more. While rates are generally lower than online speedy loans, eligibility requirements can be more strict with longer funding times.

SBA loans

Backed by the Small Business Administration (SBA), SBA loans can provide low-cost funding solutions for small business owners unable to qualify for traditional financing. Popular options include the SBA 7(a) loan and an SBA microloan.

While the application and approval process for SBA loans can take up to two months or longer, you can speed up the process by working with an SBA Preferred Lender.

Business credit cards

Business credit cards can finance everyday costs like low-cost supplies or business meals, with the potential to earn sign-up bonuses and travel rewards. While qualifications are typically more lenient than a small business loan, credit card interest rates tend to go much higher. Because of this, it’s best to pay the balance in full each month. However, you can claim any paid interest on a business credit card as a qualified business tax deduction.

Business grants

The federal, state and local governments and private corporations offer a range of small business grants. While business grants can be competitive, it’s still worth pursuing them to access free money for your business.

How we chose the best fast business loans

We reviewed traditional and online lenders to determine the ten best fast business loans. In addition to application and funding times within one to three business days, lenders on our list must meet the following criteria:

  • Minimum time in business: Options available to startups and those in operation for 24 months or longer.
  • Minimum credit score: Personal credit score requirements of 620 or lower.
  • Rates and terms: We prioritize lenders with competitive rates, limited fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: We consider each lender’s reputation and overall business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like early payoff discounts and free business coaching.

Frequently asked questions

While some online lenders offer same-day funding, you can typically expect to receive your fast business funds within one to three business days.

Most SBA loans have an extensive application process, with decisions taking up to 10 days or longer. However, the SBA Express loan is a speedier version of the popular SBA 7(a) loan, offering a turnaround time of 36 hours.

Keep in mind that the SBA doesn’t enforce strict guidelines on when a lender needs to disburse funds, so your waiting time could still be significantly longer than our other quick business loan options.

Typically, you need a good credit score in the mid-600s to qualify for small business loans. However, many lenders work with low-credit business owners, including those with scores as low as 500.

Just remember that the higher your credit score, the more likely you will receive a better interest rate.