Editor's choice: First Down Funding business loans
- No prepayment penalties
- Competitive rates
- Works with bad credit and most industries
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Compare fast business loans — quick financing options
Find a lender that can get you money in just 1 business day.
Cash flow can be tricky, especially when you’re running a small business. If you’re in need of fast funds to fill orders or cover other business expenses, you have a few options to consider.
How fast can I get a business loan?
Turnaround times differ between lenders, but with many providers popping up in the online small business finance space, turnaround times have shortened significantly in recent years. Many online lenders can now process your application without physical paperwork. What used to take weeks to underwrite, approve and fund now only takes a few hours to days.
Turnaround times of top 6 online business loan providers
| Turnaround time | Maximum amount | Eligibility requirements | ||
|---|---|---|---|---|
| OnDeck | As soon as 1 business day | $250,000 | 600+ personal credit score, 3+ years in business, $100,000+ annual revenue | Learn more |
| Lendio | As soon as 1 business day | $5,000,000 | Operate business in US or Canada, have a business bank account, 560+ personal credit score | |
| Kabbage | As soon as 1 business day | $250,000 | 1+ years in business, $100,000+ annual revenue or $4,200+ monthly revenue over last 3 months | Learn more |
| Main Street Finance Group | 1 to 2 business days | $1,000,000 | 1+ years in business, $10,000+ monthly revenue | |
| LendingClub | As soon as 5 business days | $500,000 | 12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better | |
| SmartBiz | As soon as 7 business days | $5,000,000 | 650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years |
Affected by the coronavirus? Consider an SBA disaster loan
If your business has been affected by the coronavirus, it might qualify for an SBA disaster loan of up to $2 million — though The New York Times reports that they’re now capped at $15,000, plus a $10,000 advance. Rates are low, and businesses have the option to postpone repayments for a full year.
However, a disaster loan isn’t a quick way to get funds — the SBA takes time to process applications, and it may take up to five days to receive your funds after you sign the closing documents.
In the meantime, you may want to compare lenders with fast turnaround to improve cash flow while you wait for the results of your SBA application.
How much can I borrow with a fast small business loan?
For quick funding, you can usually borrow between $2,000 and $500,000. Anything more than that could take some time. The amount you can borrow depends on a variety of factors, including:
- The amount of cash flow your business has
- The reason your business needs the funds
- How long your business has been around
- The business owner’s credit history
What types of business loans can I get quickly?
You have several loan options if you need fast cash for your business, including:
| Type of financing | How it works | Average turnaround time |
|---|---|---|
| Business term loan | Borrow an amount of money and repay it plus interest over a fixed period of time. | 1 day to a few weeks |
| SBA Express loan | Small-dollar loans processed in just 36 hours by the SBA — but it will only guarantee 50% of the amount your business borrows. | 2 to 3 months |
| Line of credit | 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 |
| Business credit card | Similar to a personal credit card, except the funds are used for business expenses only. Business credit card accounts can also come with extra features such as additional cardholders or rewards points for the business. | 2 to 3 weeks |
| Invoice financing | Borrow against your outstanding invoices and receive 80% to 90% of the invoice amount from the lender. | 1 to 2 days |
| Equipment financing | Buy or lease equipment with long repayment terms and competitive rates. | A few days to a few weeks |
| 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. | 1 day to a few weeks |
Want a term loan fast? Consider a personal loan
If you’re looking for a business term loan, 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 and a low debt-to-income ratio.
What should I look for in a business loan besides speed?
When comparing business loans, you might want to look into a few other factors besides turnaround time. These include:
- Loan term. Terms for business loans differ and can be for as little as three months to up to 25 years. Other products such as line of credit products 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 the loan.
- Interest rates. Interest rates may be standard annual rates or factor rates that are calculated monthly.
- 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, which typically come with more competitive rates.
How can I make sure I get my funds quickly?
The first way to do this is choose a lender that has a quick turnaround time. Then it’s up to you to make sure you have everything in order before you start your application.
Go over your finances to figure out what type of funding you need and how much. Have all documents and information you might need on hand. These can include:
- Bank statements. It’s common for lenders to ask for three months of statements from your business’s bank account.
- Your business tax ID. Some lenders ask applicants to provide their tax ID. Also known as an employer identification number (EIN), you can usually find this on your business tax forms.
- Driver’s license. There’s a chance you’ll be asked to provide your driver’s license number when applying for a business loan.
- Login credentials for accounting software or bank accounts. Many speedier lenders use underwriting software, which sometimes requires access to your business’s accounting software or bank account to assess your eligibility.
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