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Fast business loans in Canada

Compare lenders that offer fast business loans online.

Managing cash flow can be tricky when you’re running a small business. If you’re in need of a quick business loan to cover an expense, here are several options to consider.

Compare fast business loans

1 - 4 of 4
Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
5.49% - 22.79%
$1,000 - $300,000
6 - 120 months
$10,000 /month
100 days
Unsecured Term, Merchant Cash Advance, Invoice Factoring
To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
OnDeck Business Loan
9.99% – 29.00%
$5,000 - $300,000
6 - 18 months
6+ months
Secured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months with a minimum annual gross revenue of $100,000.

OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.
Loans Canada Business Loan
6.60% - 29.00%
$4,000 - $500,000
3 - 60 months
over $10,000/month
100 days
Unsecured Term
To be eligible, you must have been in business for at least 100 days, have a Canadian business bank account and show a minimum of $10,000 in monthly deposits ($120,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $500,000. Complete one simple online application and get matched with your loan options.
Merchant Growth Business Loan
12.99% - 39.99%
$5,000 - $500,000
3 - 12 months
$10,000 /month
6 months
Unsecured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months and have a minimum of $10,000 in monthly sales.

Merchant Growth offers financing tailored to business needs. It specializes in providing capital based on future cash flows, but it also offers fixed solutions. Fill out an application within 5 minutes and get your funds within 24 hours.

Compare up to 4 providers

What are fast business loans?

Fast business loans are received by the borrower within 24 hours to a few business days. Turnaround times vary between lenders, but with many online business financing providers, turnaround times have shortened significantly in recent years. Many online lenders can now process your entire application online without any physical paperwork – and what used to take weeks to underwrite, approve and fund now only takes a few hours to a few days.

How much can I borrow with fast small business loans?

For quick funding, you can usually borrow between $1,000 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

It’s ideal for you to think about these things before applying because they’re considered by lenders when deciding whether or not you and your business are eligible for the loan.

What types of business loans can I get quickly?

If you need fast small business loans, there are several different business loan types to choose from.

Type of financingHow it worksHow long it typically takes to receive funds
Unsecured term loanBorrow 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 creditGet 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 advanceGet 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 cardSimilar 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 financingBorrow against your outstanding invoices and receive 80-90% of the invoice amount from the lender.1–2 days
Equipment financingBuy or lease equipment with long repayment terms and competitive rates.A few days to a few weeks

How can I make sure I get my business loan fast?

The first way to do this is to choose a lender with a quick turnaround time, from delivering decisions on your application to funding your loan. There are online lenders, like Ondeck, that can pre-qualify you within minutes after submitting your application and fund your loan within one business day.

After that, it’s up to you to make sure you have everything in order before you start your application. Figure out what type of funding you need and how much. Have all the documents and information you might need on hand. These can include:

  • Bank statements
  • Business tax ID
  • Driver’s license number
  • Accounting software
  • Profit and loss statements
  • Bank account information
  • Contact information of each business owner

The exact information you need to provide will depend on the lender. For fast business loans, expect to submit everything all at once for quick processing.

What should I look for in a business loan aside from speed?

When comparing business loans, you might want to look into a few other factors besides turnaround time. These include:

  • 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.
  • Secured or unsecured loans. If you have business or personal assets to attach to the loan, you may want to consider a secured business loan as it can offer more competitive rates.

Want a term loan fast? Consider a personal 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 650 and a low debt-to-income ratio.

Read our guide to personal loans

Bottom line

If your business is in need of quick cash flow you have options. Compare online lenders to find a fast 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 process even quicker, make sure to have all your information and financial documents in order.

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