Getting the right small business loan -- with quick funding -- can help your business manage cash flow, cover payroll, buy inventory, purchase equipment, and make the financial moves your business needs, at the right moment.
Here are our top picks for the best loan issuers to help your business get fast small business loans for quick funding -- sometimes as fast as just a few hours after applying for your loan.
Best Fast Small Business Loans for Quick Funding 625 Up to $500,000 Depends on rate and amount of credit line used Normal credit approval applies $0 to millions Depends on loan type and term 500 or better, depending on the loan type $5,000 to $600,000 Factor rates starting at 1.11 for applicants with excellent credit only 625 Line of credit: $6,000 - $100,000, Term loan: $5,000 - $250,000 Line of credit: 55.9% APR average, Term loan: 56.1% APR average 660 $25,000 to $5 million Start at 7.9% for highly-qualified borrowers Best for smaller loan amounts: Bluevine
Loan Amounts
Up to $500,000
APR Range
Depends on rate and amount of credit line used
Term Length
Line of credit: 6-12 months, Term loan: 24 months
Bottom Line
Bluevine specializes in business lines of credit that are easy to apply for, and also offers term loans through banking partners. It can be a great choice for businesses that can meet Bluevine's income requirements and want access to working capital as needed.
Pros/Cons
Quick access to funds
Easy application process
Up to $250,000 in funding
Short repayment terms
High revenue requirement
Not for newer businesses
Best for SBA loans: First Citizens Bank
Minimum Credit Score
Normal credit approval applies
Loan Amounts
$0 to millions
APR Range
Depends on loan type and term
Term Length
Up to 25 years
Bottom Line
First Citizens Bank is an excellent small business lender with a wide variety of loan types, including all of the major SBA loans as well as some proprietary small business loan products. It has excellent customer service through its vast branch network, and could be a great fit for businesses located within the states where the bank operates.
Pros/Cons
Variety of loan products
Large branch network
Highly rated customer service
Application isn't fully online
Branches are available in fewer than half of U.S. States
Best for low credit scores: Credibly
Minimum Credit Score
500 or better, depending on the loan type
Loan Amounts
$5,000 to $600,000
APR Range
Factor rates starting at 1.11 for applicants with excellent credit only
Term Length
3 months to 24 months
Bottom Line
Credibly offers a variety of financing types to businesses that may not otherwise qualify with another lender. They offer the financing both directly and through a network of lending partners.
Pros/Cons
Loans available to business owners with less-than-perfect credit scores
Loan officers that emphasize the importance of only borrowing what you need
Five specific types of financing offered
Fast approval and funding
Daily, weekly, and monthly payment options
High annual income requirement
Startups typically don't qualify for funding
Risk of losing collateral
Best for fair credit scores: OnDeck
Loan Amounts
Line of credit: $6,000 - $100,000, Term loan: $5,000 - $250,000
APR Range
Line of credit: 55.9% APR average, Term loan: 56.1% APR average
Term Length
Up to 24 months
Bottom Line
OnDeck offers short-term loans to established business owners with at least average credit, provided they can meet the revenue requirement. Repayment terms cap at 24 months and APRs are very high, so these loans are best for owners without cheaper options who can repay the loan quickly.
Pros/Cons
Multiple loan types
Accepts average credit scores
No prepayment fee
APRs are extremely high
High revenue requirement
Personal guarantee required
Best for well-established businesses: Funding Circle
Loan Amounts
$25,000 to $5 million
APR Range
Start at 7.9% for highly-qualified borrowers
Term Length
Up to 25 years
Bottom Line
Funding Circle pairs businesses that have been in business for at least two years with individual investors for term loans, lines of credit, and SBA loans. Eligible business must have at least fair credit, with a minimum accepted credit score of 660.
Pros/Cons
Competitive rates for highly qualified borrowers
Funding in as little as two business days
Costly origination fees
Businesses must be in operation for a minimum of two years
Requires a lien on business
Minimum credit score may be higher than some competitors
What is a fast business loan?
Small business owners often need to make high-stakes business decisions and get access to cash fast. For the purposes of this article, we define "fast business loan" as any business loan where the business owner can receive cash within one to two business days.
Small business owners tend to face special challenges with getting approved for traditional bank loans. Many banks don't approve small business loans in the smaller amounts that many businesses require, don't recognize the creditworthiness of small businesses that earn revenue from online sales, or don't have flexible lending standards for newly established businesses or business owners who have less-than-perfect credit.
Another challenge with the traditional bank lending process, even if you have great credit, is that small business loans can take too long to get funded. If you have to wait weeks or months to get your loan approved and get money in your business bank account, you could miss out on big opportunities to invest in growth -- or even run the risk of going out of business. The best small business loans for quick funding should ideally put money in your business bank account within two business days, or sooner if you qualify.
Types of fast business loans
There are a few types of small business loans that offer quick funding, and different types of business financing can be better fits for certain business goals.
Small business line of credit
This is also sometimes called a "working capital loan." A small business line of credit can help your company get access to flexible cash, similarly to a credit card. With a small business line of credit, you can borrow as much or as little as you need, up to a certain approved limit.
You can then pay off the borrowed money as fast as you want (based on the agreement with the lender) and replenish your line of available credit.
Small business term loan
If you need a larger amount of cash for a longer-term business purpose, a small business term loan is often the best choice. Small business term loans typically are available in larger loan amounts than a business line of credit, and might have more favorable APRs. Some small business term loans will require collateral or a personal guarantee by the business owner.
SBA loan
SBA loans are some of the most sought-after types of small business loans, because they're backed by the federal government's Small Business Administration. This government backing means your SBA loan might have a lower interest rate (APR) than you would get from other types of business loans.
However, SBA loans are not always the best choice for quick funding. Some SBA loans might take two or three months before you can get approved and see money in your business bank account.
Equipment financing
If your business needs to invest in new business equipment, whether it's a skid loader for a construction business, commercial grade walk-in refrigerators for a restaurant, or deluxe espresso machines for your coffee shop, equipment financing can help. Some lenders will even let you use your newly purchased business equipment as collateral for the business loan.
Advantages of a quick business loan
If your business needs cash, or if you're ready to invest in an exciting new growth opportunity for your small business, time is of the essence. Here are a few reasons why choosing a quick business loan can be the best choice.
Get cash (almost) immediately
If you need to make a crucial financial move for your business in the next few weeks or days, the best small business loans can help you get the money ASAP. You don't have to wait for the longer-term approval process of a typical bank loan.
Use the cash for (almost) anything
Most of the best fast small business loans don't require you to use the money for any specific business purpose. You can use quick business loans for almost any business goals, including covering payroll, managing cash flow, paying off higher-interest debt (debt consolidation), buying equipment, purchasing inventory, expanding to a new location, or investing in new growth opportunities.
Get past the restrictions of traditional bank loans
Sometimes it's hard for small businesses to get approved for traditional bank loans. Non-bank lenders and online loan platforms often have more flexible approval standards, even if you have a low credit score.
For example, some non-bank lenders will look at different business metrics and see the total picture of your business, instead of fixating on a less-than-perfect credit score. If your business has big potential, you can often get approved for a quick business loan -- even if banks have said "no" in the past.
Disadvantages of a fast business loan
Getting quick business loans can have a few potential downsides, too. Sometimes there's a price to pay for the convenience and flexibility of a fast business loan. Watch out for these possible risks and costs.
Higher interest rates (APRs)
It's hard to name specific numbers, because the exact APR you'll qualify for with any business loan is based on your personal credit score, your business financial documents, your loan amount, and other factors. But in general, getting a fast business loan might require you to accept a higher APR on your loan than you could've gotten if you were approved for a traditional bank loan.
Of course, for many business owners, this tradeoff might be worth it! If you're struggling to get approved by a bank, or don't want to wait for a monthslong approval process, getting a fast business loan with money in your bank account today could be worth paying more interest.
Some non-bank lenders charge extra fees for business loans, such as origination fees. These fees can add thousands of dollars to the total balance of your business loan. Again, just like with higher APRs, this tradeoff could be worth it to you.
But make sure you understand what your monthly payment will be, and make a plan for paying off your business loan as fast as is desirable for your overall business cash flow and financial goals.
Smaller range of loan types
If you choose a quick business loan, you might be limited to a smaller range of business loan types and amounts. If you only want to borrow $250,000 (or less), this might be fine. But if you want a larger business loan, or a more complex and specialized type of loan (like certain types of SBA loans), getting a quick business loan is probably not the right fit for your business goals.
How to apply for a quick business loan
When you apply for a quick business loan, the exact process might be different for each specific lender. But here are a few steps that you should be ready to complete:
Share your personal Social Security number
Share your business Employer ID Number (EIN)
Agree to a soft credit pull (most lenders offer this -- it won't affect your credit score until you agree to receive a loan)
Share your business bank statements and tax returns (some lenders require at least two years of tax returns and several months of business bank statements)
Agree to offer collateral or a personal guarantee on the business loan (if required)
Most quick business loans have a quick application process, too -- it might only take a few minutes online.
And even if you have to talk to a loan officer or call a bank branch, the best small business loans for quick funding might be able to review your application (and send funds) within one or two business days.