Best Quick Business Loans in January 2024

The best quick business loans can fund your business in as little as 24 hours. Many online lenders offer fast business financing.

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Fast business loans for quick cash

By Jill A. Chafin | Edited by Kurt Adams and Janet Schaaf | December 18, 2023
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUser ratingsBest for…Max. loan amountTerm lengthMin. interest rateTime in business
User ratings coming soonLine of credit$250,0006 or 12 monthsNot disclosed24 months
Bad credit$1,500,000Up to 15 months1.10 to 1.40 factor rateSix months
User ratings coming soonSecured business loan$500,0006 to 84 months11.29%24 months
Working capital$100,00012, 18 or 24 monthsNot disclosedSix months
ondeck logo
(692)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Short-term loan$250,00018 to 24 monthsNot disclosed12 months
User ratings coming soonEquipment loan$500,0006 to 72 monthsNot disclosedNot disclosed
Fundbox logoStartups$150,0003 or 6 months4.66%Six months
(83)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Unsecured business loan$500,0004 to 24 months1.11 factor rateSix months
Learn more about how we chose our picks.

Quick business lenders at a glance

Bluevine: Best quick business loan for line of credit

Loan amounts$6,000 to $250,000
Starting interest rateNot disclosed
Term length6 or 12 months
Minimum credit score625
Minimum time in business24 months

Fora Financial: Best quick business loan for bad credit

Loan amounts$5,000 to $1,500,000
Starting interest rate1.10 to 1.40 factor rate
Term lengthUp to 15 months
Minimum credit score[mmps name='sbloan.69.credit_score'
Minimum time in businessSix months

Funding Circle: Best quick business loan for secured loan

Loan amounts$25,000 to $500,000
Starting interest rate11.29%
Term length6 to 84 months
Minimum credit score660
Minimum time in business24 months

Headway Capital: Best quick business loan for working capital

Loan amounts$5,000 to $100,000
Starting interest rateNot disclosed
Term length12, 18 or 24 months
Minimum credit scoreNot disclosed
Minimum time in businessSix months

OnDeck: Best quick business loan for short-term loan

Loan amounts$5,000 to $250,000
Starting interest rateNot disclosed
Term length18 or 24 months
Minimum credit score625
Minimum time in business12 months

CIT: Best quick business loan for equipment

Loan amountsUp to $500,000
Starting interest rate5.49%
Term length6 to 72 months
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed

Fundbox: Best quick business loan for startups

Loan amountsUp to $150,000
Starting interest rate4.66% for 3-month terms 8.99% for 6-month terms
Term length3 or 6 months
Minimum credit score600
Minimum time in businessSix months

National Funding: Best quick business loan for unsecured loan

Loan amounts$5,000 to $500,000
Starting interest rate1.11 factor rate
Term length4 to 24 months
Minimum credit score600
Minimum time in businessSix months
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What is a quick business loan?

A quick business loan is any type of business financing where the application and funding process can be completed within one to three business days.

Typically offered by online lenders, fast business loans use a streamlined application process to assess your eligibility.

Fast business loans tend to have flexible qualification requirements, making them an ideal choice for startups, bad credit borrowers or those who don’t qualify for traditional financing.

Quick business loan terms, rates and fees

The repayment period for a quick business loan varies by lender, with terms ranging from six to 84 months.

While rates can start as low as 4.66%, your actual quick business loan interest rate will depend on the loan type, credit score and other criteria. Note that quick business loan rates are typically higher than traditional bank business loans — a price you pay for the speedy convenience of fast business financing.

Some lenders may charge additional fees for quick business loans, including origination, maintenance, late and prepayment fees.

Requirements for quick business loans

Lenders typically review the following when determining your eligibility for quick capital funding:

  Credit score: Your personal FICO Score and business credit report are critical in determining your creditworthiness. While alternative lenders typically require a minimum credit score of 500 or higher, having a higher score can help you secure a lower interest rate.

  Time in business: Most lenders require a steady track record of one to two years in operation before approving your loan application. However, certain lenders will finance startups that have been in business for at least six months.

  Annual revenue: You must show reliable income to qualify for small business financing. Some quick business lenders accept annual revenues as low as $50,000, while others want to see $480,000.

Secured vs. unsecured quick business loans

Quick business loans can be secured or unsecured. A secured business loan requires collateral, such as equipment or a down payment. If you fail to repay the debt, the lender could seize your assets.

While an unsecured quick business loan doesn’t require collateral, some lenders may require you to sign a personal guarantee. This means you could lose certain assets if you default on your business loan.

Certified  Thing to knowYou might struggle to qualify for an unsecured vs. secured business loan if your business has not established a solid financial history. Since secured business loans use collateral to reduce lender risk, small business owners can potentially unlock more attractive rates and terms with this option.

Types of quick business loans

Line of credit

A business line of credit allows you to borrow up to a predetermined limit instead of borrowing a lump sum. Like a credit card, you can borrow, repay and then borrow up to your limit repeatedly. You only pay interest on the withdrawn amount, along with any maintenance, withdrawal or annual fees.

Short-term loans

Short-term business loans have shorter repayment terms of around three to 24 months. These loans are ideal for fulfilling short-term expenses, such as purchasing inventory or covering a seasonal lull. Depending on the lender, you can borrow anywhere from $2,000 to $1 million or more.

Equipment financing

Equipment financing helps business owners purchase or upgrade machinery or equipment necessary for running their businesses. Since equipment financing uses the equipment as collateral, they are more readily available than other types of business funding.

Merchant cash advance

A merchant cash advance (MCA) company typically partners with your credit card processor, giving you a cash advance while collecting a percentage of your daily credit card and debit card sales. While fast and convenient, this funding method tends to be quite costly.

Invoice factoring

Invoice factoring allows you to unlock money tied up in unpaid invoices. You can get an upfront payment of 70% to 90% of an invoice’s face value while a factoring company collects payments from your customers. After all outstanding invoices have been collected, the factoring company will pay you the remainder of the invoices minus a predetermined fee.

Who should get a fast business loan?

Fast business funding can help companies struggling with cash flow inconsistencies or anyone needing immediate help covering critical business expenses. Although you can likely secure lower interest rates and more favorable terms with a traditional bank or an SBA loan, not all businesses can qualify or wait for conventional forms of financing.

If you need an emergency business loan, consider one of our best quick business lenders to grow, expand or keep your business afloat.

How to get a quick business loan

Here is how to get a quick business loan in six steps.

1. Decide how much you need

Create a detailed business budget to determine how much you need to cover essential or ongoing expenses. Remember, quick business loans typically have higher interest rates. If you’re considering tackling long-term projects, it’s worth waiting until you qualify for an SBA or long-term business loan.

 Use our business loan calculator to estimate how much you could borrow.

 

2. Evaluate your qualifications

Most lenders will outline their basic business loan requirements on their website, such as minimum credit score, annual revenue, collateral and down payments and other criteria. Keep in mind that while online lenders tend to be more lenient with qualification requirements, they also charge higher fees than brick-and-mortar banks.

Check your credit scores before applying for fast small business loans to know your options.
Boosting your credit score now can help open the door for more competitive financing offers in the future.

3. Research quick business lenders

Once you’ve narrowed your best fast loan options, pay attention to each lender’s details. Some lenders advertise low interest rates, only to add extra fees later in the application process. Read business lender reviews to stay aware of any predatory lenders.

4. Gather required documents

If you want a speedy loan application process, gather general business documents in advance. These typically include a business plan, personal and business tax returns, financial statements and a balance sheet.

5. Apply for a quick business loan

The application and approval timeline for fast loans for business generally happens within a few business days. You may need to provide additional documents after hitting submit, but most online lenders make a final decision within minutes.

How to compare fast business loans

When selecting the best quick business loan for your company, you’ll want to compare the following details:

Interest rate: Is the rate variable or fixed? How much interest can you expect to pay over the loan’s duration?

Repayment term: Do repayments start immediately? Are they daily, weekly or monthly?

Time to fund: If you want a business loan with fast approval, check the lender’s timeline for when funds are typically deposited into your business bank account. Remember, the fastest business loans aren’t necessarily the most affordable.

Additional fees: Check the loan contract’s fine print for origination fees, late charges and business loan prepayment penalties. The leading lenders often don’t charge extra fees for quick business loans.

Beware of scamsDon’t work with any lender who tries to pressure you into borrowing more than necessary or those offering no-credit-check business loans. Always look for signs of predatory lending and report any suspicious behavior to the Better Business Bureau.

Pros and cons of quick business loans

ProsCons

  Get the funds you need within one to three business days

  Ideal for low-credit borrowers and startups

  Various types of loan products to tackle most business needs

  Typically have higher interest rates

  Smaller loan amounts

  Collateral is often required

Alternatives to fast business loans

Quick business loans can help in emergencies or when you can’t qualify for traditional financing. But if you can wait, here are some alternative financing options to consider.

  • Traditional bank loan: Banks and credit unions typically offer a range of small business products, including term loans, lines of credit and more. Rates may be much lower than what online lenders offer, but eligibility requirements can be more strict with longer funding times.
  • SBA loans: SBA loans are backed by the U.S. Small Business Administration, offering low-cost funding solutions for small business owners. Popular options include the SBA 7(a) loan and an SBA microloan. However, the application and approval process for SBA loans can take up to two months or longer.
  • Business credit cards: Business credit cards can finance everyday expenses, like low-cost supplies. They are typically easier to get than a small business loan. However, credit card interest rates tend to be higher than small business financing. Additionally, having a significant credit card balance could negatively impact your credit score.
  • Business grants: The federal, state and local government and private foundations offer a range of small business grants. While business grants can be competitive, it’s still worth pursuing them to access free money for your business.

How we chose the best quick business loans

We reviewed traditional and online lenders to determine the best eight quick business loans. In addition to application and funding times within one to three business days, lenders on our list must meet the following criteria:

  • Minimum time in business: Options available to companies in operation for six to 24 months.
  • Minimum credit score: Personal credit score requirements of 660 or lower.
  • Rates and terms: We prioritize lenders with competitive rates, limited fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: We consider each lender’s reputation and overall business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Best quick business loan summary

Frequently asked questions

Many online lenders provide fast funding within one to three business days. You can also check out our top picks for same-day business loans to get funds even quicker.

Most SBA loans have an extensive application process, with decisions taking up to 10 days or longer. However, the SBA Express loan is a speedier version of the popular SBA 7(a) loan, offering a turnaround time of 36 hours. Keep in mind that the SBA doesn’t enforce strict guidelines on when a lender needs to disburse funds, so your waiting time could still be significantly longer than our other quick business loan options.

Typically, you need a credit score in the mid-600s to qualify for small business loans. However, many lenders work with low-credit business owners, including those with scores as low as 500. Just remember that the higher your credit score, the more likely you will receive a better interest rate.