7 fast business loans for quick financing

You can get a business loan as soon as the day you apply, mainly through online lenders. That’s because they can process your application without physical paperwork. But businesses that prioritize speed sometimes pay more in interest and fees. Save fast business loans for emergencies or when you have no other option.

Name	Turnaround Time	Best For...	What sets it apart	Loan amount
Lendio business loans Finder Rating: 4.75 / 5: ★★★★★	As soon as 1 business day	Quickly comparing multiple offers	A quick online application that lets you access its network of over 300 lenders to cut down on research time.	$500 – $5,000,000	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Go to site View details	Compare	loading Fetching your data...
LendingClub business loans Finder Rating: 4.5 / 5: ★★★★★	As soon as 5 business days	Peer-to-peer loans	Faster financing than a bank that excepts fair credit and revenue as low as $50,000.	$5,000 – $500,000	With loan terms that vary from 12 to 60 months, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.	View details	Compare	loading Fetching your data...
SmartBiz business loans Finder Rating: 4.5 / 5: ★★★★★	As soon as 7 business days	SBA loans	Broker and packaging services that help you find a bank and get funded in a matter of weeks instead of months.	$30,000 – $5,000,000	Get funding for your small business with a government-backed loan and extended repayment terms.	Go to site View details	Compare	loading Fetching your data...

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You can get a business loan as soon as the day you apply, mainly through online lenders. That’s because they can process your application without physical paperwork. But businesses that prioritize speed sometimes pay more in interest and fees. Save fast business loans for emergencies or when you have no other option.

7 business loans with a fast turnaround

These providers can get you money faster than your average lender — for the type of financing they offer.

	Turnaround time	Best for…	What sets it apart
OnDeck	As soon as 1 business day	Term loans	Few paperwork requirements and an algorithm that looks beyond your. credit score.	Learn more
Lendio	As soon as 1 business day	Quickly comparing multiple offers	A quick online application that lets you access its network of over 300 lenders to cut down on research time.	Go to site
Fundbox	As soon as 1 business day	Invoice financing	Up to 100% financing on unpaid invoices with minimal documents.	Go to site
First Down Funding	Varies	Alternative business loans	Relatively low rates for a lender with no credit check and high-risk industry lenders.
Rapid Finance	As fast as 1 business day	Merchant cash advances (MCA)	Low cost compared to other MCA providers and an offer within hours.
LendingClub	As soon as 5 business days	Peer-to-peer loans	Faster financing than a bank that excepts fair credit and revenue as low as $50,000.
SmartBiz	As soon as 7 business days	SBA loans	Broker and packaging services that help you find a bank and get funded in a matter of weeks instead of months.	Go to site

How to get a fast business loan during COVID-19

Online lenders are still your best bet when it comes to fast business financing. While many put their regular loan programs on hold to offer Paycheck Protection Program (PPP) loans, most have restarted operations again. But they might not be the best option. Some fast lenders can be inflexible about repayments if your business sees an unexpected dip in revenue.

While it might be slower than you’d like, low-interest or interest-free loan from your state or local government could be your best option while you try to keep your doors open. Read our guide to coronavirus business loans for more options.

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:


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 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 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.

Frequently asked questions

Thank you for your feedback!

Kyle Morgan

Kyle Morgan is a writer and editor for Finder who has worked for the USA Today network and Relix magazine, among other publications. He can be found writing about everything from the latest car loan stats to tips on saving money when traveling overseas. He lives in Asbury Park, where he loves exploring new places and sipping on hoppy beer. Oh, and he doesn't discriminate against buffalo wings — grilled or fried are just fine.

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