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.
How to get a loan fast for your small business
Apply to an online lender. Online lenders have easier criteria and less paperwork than traditional banks.
Get a decision. The fastest lenders will contact you with financing solutions on the same day.
Get your loan. Get funds into your account by the end of the day or the next day.
Compare fast business loans you can get online
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How can I make sure I get my small business loan quickly?
Choose a lender with a quick turnaround time – from delivering decisions on your application to funding your loan. There are many business loan lenders online, like Journey Capital, that have relatively easy applications where you can pre-qualify within minutes after submitting your application. You can then receive your small business loan within one business day.
What documents will I need to apply for fast small business loans?
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 make its easier than ever to apply, you still need to provide some important personal and business information. Prepare these in advance to make the process as seamless as possible:
Bank statements
Business tax ID
Driver’s licence number
Accounting software
Profit and loss statements
Bank account information
Contact information of each business owner
The exact information lenders require will vary. For fast small business loans, expect to submit everything all at once for quick processing.
How much can I borrow with fast business loans?
For quick funding, 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:
Your monthly or annual revenue
The reason your business needs the funds
How long you’ve been in business
The personal credit history of the owner of the business
Whether you need collateral
Your current debts
Consider these factors before applying for fast small business loans to make sure you’re not wasting time applying for finacning 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.
What types of fast business loans can I get in Canada?
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.
What should I look for in a business loan aside from speed?
When comparing business financing options, it’s important to consider a few other factors besides turnaround time and how easy the business loan application is. You should also think about:
Loan term. Loan terms for business loans differ and can be anywhere from as little as six months up to 25 years. Other products, such as a line of credit, offer ongoing terms.
Upfront and ongoing fees. These can include application fees, loan origination fees, monthly fees and annual fees, which could greatly affect the total cost of a loan.
Interest rates. Interest rates could be fixed or variable, which can affect whether your loan repayments are consistent each month and how much you pay in total interest over the life of the loan.
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 less 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 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.
Bottom line
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.
Frequently asked questions about fast small business loans
Possibly – although you'll want to look into lenders that specifically offer startup loans. You could also look into alternative financing options such as invoice factoring that rely less on your business age and more on other factors such as your accounts receivables.
It may be possible to get a fast business loan with bad credit from specialized business lenders that offer bad credit loans. After compare your bad credit business financing options, you can compare the turnaround times to decide which can offer you the quickest option.
Many business lenders offer unsecured business loans, though the eligibility requirements may be stricter because there's more risk for the lender. You'll also likely need to borrow a smaller amount of money – most amounts over $50,000 require collateral.
Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University.
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