How much do you need?
Certain business loans get funded faster than others. While there isn’t a set definition for what constitutes a “fast business loan,” these types of loans are typically provided by online lenders, who have simplified application processes and can fund the loan within one to three business days.
While speed and convenience are benefits, it’s important to consider the trade-offs. Small-business loans often come with higher interest rates and shorter repayment terms than other financing options such as bank or SBA loans.
How much do you need?
start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 10 fast business loans
Lender
Rating
Max Loan amount
Min.credit score
5.0/5
$100,000
625
5.0/5
$250,000
625
5.0/5
$250,000
625
5.0/5
$150,000
600
4.5/5
$1,500,000
500
5.0/5
$250,000
660
Fast business loans for working capital
With Headway Capital, you can receive funding just one business day after approval. This line of credit is an excellent choice for business owners who require working capital.
- Minimum credit score: 625.
- Minimum time in business: Six months.
- Minimum annual revenue: $50,000.
Fast short-term business loans
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.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
- Business bank account.
Fast business lines of credit
Bluevine provides a versatile credit line that can go up to $250,000. You have the convenience of receiving funds within 24 hours, or even on the same day for an additional fee.
- Minimum credit score: 625.
- Minimum time in business: 24 months.
- Minimum annual revenue: $480,000.
- No bankruptcies in the past three years.
Fast business loans for startups
If you have been in business for at least six months, you could potentially qualify for a line of credit from Fundbox. Once approved, Fundbox can provide funding as early as the next business day.
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $100,000.
What is a fast business loan?
A fast business loan is generally a form of financing that can be approved and funded within one to three business days. These loans are commonly provided by online lenders, who provide straightforward and efficient application procedures.
Fast business loans often come with flexible eligibility criteria and can be accessible to both startups and borrowers with poor credit scores.
While there isn’t a set definition for a fast loan, these business loans typically provide the efficiency and convenience that may be missing from traditional financing options like bank and SBA loans.
Types of fast business loans
Online term loans
Business term loans provide you with a lump sum of capital that you can borrow from a lender and pay back over a fixed period, along with interest. They can be a great choice for certain projects or needs.
Business lines of credit
A line of credit works just like a credit card, allowing you to access a specific amount of funds whenever you need them. The best part is that you only pay interest on the funds you actually use. As long as you make your payments on time and stay within your credit limit, you can keep using the line of credit whenever you need it.
Business lines of credit are versatile financial tools that can help with working capital, cash flow gaps, seasonal slowdowns, and unexpected emergencies.
Invoice financing or factoring
Utilize your outstanding invoices to secure capital with invoice financing, or opt for invoice factoring by selling your invoices to a factoring company at a reduced rate. Both are beneficial for B2B companies with funds stuck in unpaid invoices.
Equipment financing
Equipment financing is designed for acquiring machinery or equipment for your business. You can borrow up to 100% of the equipment’s value, using the equipment itself as collateral. Repayment of equipment loans is done gradually, along with interest payments.
Merchant cash advances
When you opt for a merchant cash advance (MCA), a business provides you with an initial amount of money that you pay back through a portion of your credit and debit card transactions, along with a fee. MCAs are ideal for companies with significant credit and debit card sales, but it’s important to explore alternative solutions before committing. Keep in mind that MCAs typically come with high APRs and may lead to a debt cycle.
When to get a fast business loan
If you’re facing unexpected expenses, need to bridge a financial gap, or want to seize a sudden opportunity, these business loans can provide you with the necessary capital quickly.
Some rapid business loans can provide funding within just 24 hours. In such cases, you might be willing to pay a slightly higher cost for immediate access to the funds you require.
When to consider alternatives
The ideal loan for your business is usually the one that offers the most competitive interest rates and repayment terms. If you meet the requirements for a bank or SBA loan, these options are likely to be the most cost-effective, despite the longer funding process.
Speed can prove advantageous in business financing, although it frequently leads to elevated interest rates. However, if you are not in immediate need of a same-day business loan and can afford to wait a bit longer for capital, there is a possibility of discovering alternatives with more favorable rates and terms.
How to get a fast business loan
Your small business‘s ideal loan will ultimately be determined by your unique funding requirements and your business’s qualifications. Nevertheless, if you’re looking for a quick solution, here are some steps you can take to secure a fast business loan.
1. Understand your financing needs
It’s important to assess your capital requirements, the purpose of the funds, and the most suitable loan option. Depending on your financial needs, it’s crucial to determine the urgency of accessing financing. Keep in mind that fast business loans usually come with shorter repayment terms and higher interest rates, so it’s essential to calculate your debt affordability as well.
2. Evaluate your qualifications
Make sure to assess the standard business loan prerequisites, such as personal credit score, time in business, and annual revenue, to have a clear understanding of your eligibility before submitting your application.
Online lenders often have adaptable eligibility requirements and are open to collaborating with you, regardless of whether you’re a new business or have a less-than-perfect credit history. While these lenders usually don’t require collateral, they may ask for a personal guarantee or place a lien on your business assets.
3. Research and compare lenders
Make sure to explore multiple lenders in order to discover the best choice for your requirements. It’s best to locate a lender who can supply the necessary funding, accommodate your schedule, and present attractive business loan rates.
When evaluating your options, take into account various factors like the types of loans available, interest rates, fees, and repayment terms. It’s also important to consider the lender’s application process, how quickly they can fund your loan, and the level of customer support they provide.
It’s important to be cautious of lenders who rush you through the loan process without providing clear loan terms and rates upfront. While there are trustworthy online lenders available, there are also predatory ones who may exploit borrowers seeking quick business loans. These lenders might even make false claims such as guaranteed approval or business loans without any credit checks.
4. Complete and submit your loan application
Fast business loans typically need very little paperwork. Sometimes, you can link your financial accounts to the lender’s system to speed up the approval process.
Typically, you might be requested to supply the following:
- Your personal and business details.
- Bank statements for both personal and business accounts.
- Tax returns for both personal and business finances.
Once your application is submitted, you could potentially get approved within a few hours, depending on the lender.
5. Review your options
Make sure to compare various loan offers to ensure you’re securing the most favorable deal for your business.
After you’ve finalized your decision, it’s important to thoroughly review your loan agreement. While you may be eager to secure your business loan quickly, it’s crucial to ensure that all the rates, terms, and fees are clearly stated and that you comprehend them fully. If you have any uncertainties, don’t hesitate to seek clarification from your lender.
Just a friendly reminder that you have the option to decline signing a business loan agreement. If you find the terms unfavorable or if the lender is unable to address your concerns adequately, feel free to walk away from the offer.
If everything looks good to you, feel free to sign the agreement and the lender will then send over your funds.
Find the right business loan
Finding the perfect business loan often comes down to finding the lowest rates and most favorable terms. However, it’s important to consider other factors such as how quickly the funds will be available and whether your business meets the qualifications. chequepay suggests comparing different small-business loans to discover the best match for your specific needs.
Frequently Asked Questions
SBA loans of the standard variety are usually given the green light and financed in a timeframe ranging from 30 to 90 days. Should you choose to collaborate with an SBA preferred or Express lender, the approval process can be hastened significantly, as these financial institutions have the authority to make conclusive credit decisions without the need to forward applications to the SBA.
Online lenders typically provide the most accessible business loans to qualify for, even though the interest rates may be higher compared to other loan choices. However, these loans are known for their speedy funding and simplified application procedures.
Getting a business loan quickly is often done through a merchant cash advance. These options can be funded on the same day and usually involve minimal documentation during the application process. While MCAs are costly, it’s important to explore other financing options before resorting to an MCA.
It’s important to be cautious of lenders who rush you through the loan process without providing clear loan terms and rates upfront. While there are trustworthy online lenders available, there are also predatory ones who may exploit borrowers seeking quick business loans. These lenders might even make false claims such as guaranteed approval or business loans without any credit checks.