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Fast business loans in Canada: Funds in 24-72 hours

Compare lenders that offer easy and fast small business loans online.

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By

Kyle Morgan

&

Emma Balmforth

Updated

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Managing cash flow can be tricky when you’re running a business. If you need fast small business loans, there are several easy business loans you can apply for online to help cover your expenses quickly.

Compare fast business loans

1 - 3 of 3
Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
OnDeck Business Loan
OnDeck Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$100,000/year
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.
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Merchant Growth Business Loan
Merchant Growth Business Loan
12.99% - 39.99%
$5,000 - $800,000
6 - 24 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.
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Loans Canada Business Loan
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.
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Can you get small business loans fast?

Yes, there are several options for fast small business loans in Canada that you can both apply for and receive funding within 24 hours to a few business days. Turnaround times vary between lenders, but with many easy business loans online, turnaround times have shortened significantly in recent years.

Many of these 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 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 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 small business loan fast?

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 OnDeck, that have relatively easy applications where you can pre-qualify within minutes after submitting your application. You can then receive your fast small business loan within one business day.

You can compare more fast small business loan options from online providers in our curated list here.

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. Documents you may need to provide 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 lenders require will vary. For fast small 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 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.
  • 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

How easy is it to get a business loan?

A business loan will be easy or difficult to get based on the type of lender, the type of loan and the amount of financing you’re applying for. Generally, banks have more rigid eligibility requirements compared to other lenders. Alternatively, online business loan lenders tend to be easier to qualify for.

It will also be easier to qualify for lower loan amounts 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

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