Managing cash flow can be tricky when you’re running a business. If you need financing as soon as possible, there are several business loans you can apply for online that have easy approval and rapid funding to help cover your expenses quickly.
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 10+ business loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Here are established online lenders in Canada, plus their turnaround times.
| Lender | Speed |
|---|---|
| Journey Capital | Funds in as little as 24 hours |
| Advance Funds Network | As fast as 4 hours |
| Merchant Growth | Funds in as little as 6 hours |
| Driven | Funds in 24-48 hours |
Here are some tips to get your funds ASAP:
One easy way to speed up the process of getting a business loan is to ensure you have all of your documents on hand before starting the application. Although online business loan applications typically ask for minimal documents, prepare these just in case:
The exact information lenders require will vary. For fast small business loans, expect to provide basic details about you and your business, plus bank statements from the last six months.
For quick funding within a few days, you can usually borrow between $5,000 and $500,000 – anything more than that could take longer to apply for and fund. How much of a business loan you can get depends on a variety of factors, including:
Consider these factors before applying for fast small business loans to make sure you’re not wasting time applying for financing you won’t qualify for. No matter how easy an online business loan lender may be to qualify for, all lenders will want to consider some or all of these factors when deciding whether or not to approve your loan.
You can qualify for emergency business loans with banks, credit unions, online lenders and even the government, though online lenders send funds the fastest. Find out more about each loan type below.
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Government-backed funding for small businesses is provided through the Canada Small Business Financing Program (CSBFP). Available through banks and credit unions, the program offers two funding options:
Loans are available for small businesses and startups with annual revenues of $10 million or less. CSBFP loans come with low interest rates and flexible repayment terms and are well worth a look if you’re in need of funding. The downside is that you’ll need to meet strict eligibility requirements, and turnaround times can be slow. So this type of loan may not be suitable if you need money fast.
Depending on where you live, you might also be eligible for loans and grants from your provincial government or other regional economic development programs. Check your provincial government’s website for details of any financial assistance available for small businesses in your local area.
The Canada Emergency Business Account (CEBA) Program was a Government of Canada initiative to help small businesses and not-for-profits navigate the COVID-19 pandemic. It provided financial relief to almost 900,000 businesses in the form of interest-free loans of up to $60,000.
However, the deadline to apply for a CEBA loan was June 30, 2021, so the program is now closed.
If you need fast small business loans, there are several different types of business financing to choose from. Some of these are relatively easy business loans you can apply for entirely online.
| Type of financing | How it works | How long it typically takes to receive funds |
|---|---|---|
| Unsecured term loan | Borrow a set amount of money without collateral and repay it with interest over a fixed period of time. | A few hours to a few weeks |
| Line of credit | Get ongoing access to funds up to a specified credit limit. You can draw up to this limit when you need to and only repay the funds you use. | A few hours to a few days |
| Merchant cash advance | Get an advance on future sales with this type of business financing that you repay with a percentage of your sales revenue. | A few hours to a few weeks |
| Business credit card | Similar to a personal credit card except the funds are used for business purposes only. The card account can also come with extra features such as additional cardholders or rewards points for the business. | 2–3 weeks |
| Invoice financing | Borrow against your outstanding invoices and receive 80-90% of the invoice amount from the lender. | 1–2 days |
| Equipment financing | Buy or lease equipment with long repayment terms and competitive rates. | A few days to a few weeks |
Consider these factors before choosing a small business emergency loan.
Search for a lender that will give you the amount you need to pay for emergency expenses.
Compare lenders to find the one with the lowest interest rates. You may be able to find the best rates with loans offered under the Canada Small Business Financing Program.
Choose a short loan term if you want to pay less interest overall, or opt for a long term if you want lower monthly payments that make it easier to manage cash flow.
Keep an eye out for hidden fees, including origination or late payment fees.
Negotiate the repayment terms that work best for you. Find out what options are available if you end up struggling to repay your loan, and check whether you can pay back your loan early without penalty.
Check if there will be restrictions on how you can spend money. Consider a business credit card or line of credit if you need a steady cash flow.
If you’re looking for a business term loan and you only need to borrow a small amount (up to $35,000), you might get a quicker response if you apply for a personal loan instead. Lenders tend to process personal loans faster because they have fewer factors to consider — they don’t have to go over business plans or long financial records.
To qualify for most competitive personal loans, you’ll need to have a good personal credit score of at least 660 and a low debt-to-income ratio.
A business loan will be easy or difficult to get based on the type of lender, the type of loan, the amount of financing you’re applying for and the health of your business. Generally, online alternative lenders have less strict eligibility requirements than financial institutions.
It will also be easier to qualify for smaller loans compared to larger loans. The higher the loan amount, the more risk the lender takes on, so it is more difficult for your business to qualify.
You may be able to qualify for business loans with bad credit if your company has a high annual revenue or you can secure your loan against your business assets. Your lender will typically consider factors such as how established your business is, what type of loan you want and whether you have any other business debts. But be prepared to pay much higher interest rates if you apply with bad credit.
If your business is in need of quick cash flow you have options. Compare online lenders to find a fast small business loan. Make sure you know how much you need to borrow and compare lenders based on their turnaround times and application requirements. To make the online application process even easier, make sure to have all your information and financial documents in order.
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