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Here are 7 of the best fast business loans
| Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
|---|---|---|---|---|
Bluevine - Line of credit with Fundera by NerdWallet | 5.0/5 Best for business lines of credit | $250,000 | 625 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 4.7/5 Best for short-term business loans | $250,000 | 625 | with Fundera by NerdWallet |
Headway Capital - Line of credit with Fundera by NerdWallet | 4.7/5 Best for startups | $100,000 | 625 | with Fundera by NerdWallet |
Fora Financial - Online term loan with Fundera by NerdWallet | 4.5/5 Best for borrowers with bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
iBusiness Funding - Online term loan with Fundera by NerdWallet | 4.5/5 Best for secured business loans | $500,000 | 660 | with Fundera by NerdWallet |
AltLINE - Invoice Factoring | 4.4/5 Best for invoice factoring | $5,000,000 | 300 | Read Review |
National Funding - Equipment Financing with Fundera by NerdWallet | 4.2/5 Best for equipment loans | $150,000 | 600 | with Fundera by NerdWallet |
Here are 7 of the best fast business loans
Best for business lines of credit
Best for short-term business loans
Best for startups
Best for borrowers with bad credit
Best for secured business loans
Best for invoice factoring
Best for equipment loans
I'M INTERESTED IN:
Our pick for
business lines of credit
Bluevine offers a flexible line of credit in amounts up to $250,000. You can receive funds in as little as 24 hours — or as quickly as the same day, for an added fee. Like credit cards, a business line of credit allows you to tap into a reservoir of cash to meet short-term needs, up to a limit.
Bluevine - Line of credit
Max loan amount
$250,000
Min. credit score
625
Est. APR
20.00-50.00%
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Requires personal guarantee.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared to traditional lenders.
May fund quickly
Bluevine - Line of credit
Max loan amount
$250,000
Min. credit score
625
Est. APR
20.00-50.00%
Bluevine offers a flexible line of credit in amounts up to $250,000. You can receive funds in as little as 24 hours — or as quickly as the same day, for an added fee. Like credit cards, a business line of credit allows you to tap into a reservoir of cash to meet short-term needs, up to a limit.
Bluevine's 26-week line of credit provides fast working capital for short-term borrowing needs.
Pros
- Cash can be available within 12 to 24 hours.
- Can be used to build business credit.
- Low minimum credit score requirement.
Cons
- Requires weekly payments.
- Requires personal guarantee.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared to traditional lenders.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: 12 months.
- Minimum annual revenue: $120,000.
- No bankruptcies in the past year.
May fund quickly
Our pick for
short-term business loans
OnDeck provides fast short-term small-business loans up to 24 months. You can apply for a loan in minutes and may be able to receive same-day funding in certain states.
OnDeck - Online term loan
Max loan amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Requires business lien and personal guarantee.
May fund quickly
OnDeck - Online term loan
Max loan amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
OnDeck provides fast short-term small-business loans up to 24 months. You can apply for a loan in minutes and may be able to receive same-day funding in certain states.
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Requires business lien and personal guarantee.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
- Must have business bank account.
May fund quickly
Our pick for
startups
Headway Capital is a good choice for small-business owners with newer businesses. Many traditional lenders prefer to loan money to businesses that have been operating for at least two years. Headway Capital’s line of credit requires a minimum of just six months in business and can provide funding within one business day of approval.
Headway Capital - Line of credit
Max loan amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
Headway Capital - Line of credit
Max loan amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
Headway Capital is a good choice for small-business owners with newer businesses. Many traditional lenders prefer to loan money to businesses that have been operating for at least two years. Headway Capital’s line of credit requires a minimum of just six months in business and can provide funding within one business day of approval.
Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: Six months.
- Minimum annual revenue: $50,000.
Our pick for
borrowers with bad credit
Small-business lenders often look at a borrower’s personal credit score as an indicator of how likely they’ll pay back a loan. That’s why it can be tricky to get funding with bad credit. Fora Financial can approve applications within four hours and provide funding just 72 hours later. You may be able to qualify for a loan with a minimum credit score of 570.
Fora Financial - Online term loan
Max loan amount
$1,500,000
Min. credit score
570
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
Fora Financial - Online term loan
Max loan amount
$1,500,000
Min. credit score
570
Small-business lenders often look at a borrower’s personal credit score as an indicator of how likely they’ll pay back a loan. That’s why it can be tricky to get funding with bad credit. Fora Financial can approve applications within four hours and provide funding just 72 hours later. You may be able to qualify for a loan with a minimum credit score of 570.
Fora Financial can be a good fit for borrowers who may fall short of qualifying for traditional bank financing or young but established small businesses looking for speedy financing.
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
Qualifications:
- In business for at least six months.
- At least $20,000 per month in revenue.
- No open bankruptcies or dismissed bankruptcies within the past year.
Our pick for
secured business loans
Many term loans from iBusiness Funding (formerly Funding Circle) require you to secure them using some type of collateral in case you don’t repay your loan. The good news is that you may be able to get approval and funding in as fast as two days.
iBusiness Funding - Online term loan
Max loan amount
$500,000
Min. credit score
660
Est. APR
15.22-45.00%
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of two years.
- Minimum credit score is higher than some other lenders.
May fund quickly
iBusiness Funding - Online term loan
Max loan amount
$500,000
Min. credit score
660
Est. APR
15.22-45.00%
Many term loans from iBusiness Funding (formerly Funding Circle) require you to secure them using some type of collateral in case you don’t repay your loan. The good news is that you may be able to get approval and funding in as fast as two days.
iBusiness Funding acquired Funding Circle in 2024. Its online term loan is an option for established businesses that are financing an expansion or refinancing debt.
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of two years.
- Minimum credit score is higher than some other lenders.
Qualifications:
- Minimum credit score: 660.
- Minimum time in business: Two years.
- Minimum annual revenue: $50,000.
- No bankruptcies in the past seven years.
May fund quickly
Our pick for
invoice factoring
Invoice factoring allows B2B companies to sell unpaid invoices to a factoring company in exchange for cash. Because it doesn’t require you to have a certain credit score, invoice factoring may be a good option for borrowers with bad credit. AltLINE offers invoice factoring with competitive rates and flexible qualification requirements. Funding can be available within 24 to 48 hours.
AltLINE - Invoice Factoring
Max loan amount
$5,000,000
Min. credit score
300
Pros
- Capital available within 24 to 48 hours.
- No collateral required.
- Manages payment collection from your customers.
- Accepts startups and businesses with bad credit.
Cons
- Fees can become expensive the longer it takes your customers to pay.
- Difficult to compare factoring costs to other types of business loans.
AltLINE - Invoice Factoring
Max loan amount
$5,000,000
Min. credit score
300
Invoice factoring allows B2B companies to sell unpaid invoices to a factoring company in exchange for cash. Because it doesn’t require you to have a certain credit score, invoice factoring may be a good option for borrowers with bad credit. AltLINE offers invoice factoring with competitive rates and flexible qualification requirements. Funding can be available within 24 to 48 hours.
AltLINE offers fast invoice factoring with competitive factoring rates.
Pros
- Capital available within 24 to 48 hours.
- No collateral required.
- Manages payment collection from your customers.
- Accepts startups and businesses with bad credit.
Cons
- Fees can become expensive the longer it takes your customers to pay.
- Difficult to compare factoring costs to other types of business loans.
Qualifications:
- All credit scores may be accepted (ranging from 300 to 850).
- No minimum time in business requirement.
- No minimum annual revenue requirement.
- Must be a B2B business.
Our pick for
equipment loans
National Funding can let you borrow up to $150,000 for new or pre-owned equipment in as fast as 24 hours. This makes it a good option for business owners with at least six months in operation who need to cover the cost of expensive equipment, machinery or commercial vehicles quickly.
National Funding - Equipment Financing
Max loan amount
$150,000
Min. credit score
600
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
National Funding - Equipment Financing
Max loan amount
$150,000
Min. credit score
600
National Funding can let you borrow up to $150,000 for new or pre-owned equipment in as fast as 24 hours. This makes it a good option for business owners with at least six months in operation who need to cover the cost of expensive equipment, machinery or commercial vehicles quickly.
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
A fast business loan is typically a type of financing that can be funded within one to three business days. The quickest business loans are usually issued by online lenders, which offer simple, streamlined application processes and may utilize technology to speed up the funding process. Fast business loans tend to have flexible qualification requirements and may be available to startups or borrowers with bad credit.
Speed and convenience come at a cost, however. These loans typically have higher interest rates and shorter repayment terms compared to traditional financing options, such as bank and SBA loans.
Pros
Access to capital within a few business days.
Variety of loan types to choose from.
Streamlined application processes; typically minimal documentation required.
Startups and borrowers with bad credit may qualify.
Cons
Interest rates are often higher than other options.
Tend to have shorter repayment terms and smaller funding maximums.
May require more frequent payments (weekly or daily).
Common quick business loans include:
These loans offer lump sums of money that you borrow from a lender and repay over a set period of time, with interest. A business term loan can be a good option for a range of purposes including working capital, hiring new employees and large purchases.
Similar to a credit card, a line of credit gives you access to a set amount of money that you can borrow as needed. You only pay interest on the funds you withdraw — and as long as you make timely repayments and don’t exceed your credit limit, you can continue to borrow up to the limit.
Business lines of credit can be used for working capital, cash flow gaps, seasonally slow periods, as well as emergency funding.
Equipment loans are used specifically to buy machinery or equipment for your business and are secured by what you purchase. Loan amounts can reach up to 125% of the value of the equipment you’re looking to purchase — 100% for the equipment and 25% for soft costs. Soft costs can include delivery, installation, assembly, warranties and other one-time expenses. You repay equipment loans over time, with interest.
These types of financing allow you to use your unpaid invoices to access capital. Invoice financing allows you to borrow against your outstanding invoices, while factoring involves selling your invoices to a factoring company at a discount.
Invoice factoring and financing are good options for business-to-business companies that have cash tied up in unpaid invoices.
With a merchant cash advance, or MCA, a company gives you a lump sum of money that you repay using a portion of your debit and credit card sales, plus a fee.
MCAs can be useful for businesses that have substantial debit and credit card sales — but you should consider all other options first. MCAs often have high APRs and can create a cycle of debt.
You need to pay for immediate expenses
If you need to cover emergency costs, fill a temporary cash flow gap or take advantage of an unexpected opportunity, these loans can provide the business capital you need — fast.
Some quick business loans offer funding in as little as 24 hours. In these types of situations, you may be willing to pay a little more for fast access to the money you need.
You want fast business funding until you get a long-term loan
If you need quick business funding to hold you over temporarily until you secure a long-term loan, a quick business loan can be an option.
A fast business loan can be used as a commercial bridge loan to fund a project or opportunity while you submit an application and get approved for a more permanent loan with a longer term and better rates.
You can’t qualify for other types of financing
If you can’t qualify for a bank or SBA loan, a fast business loan from an online lender may be a good option. Online lenders tend to have more flexible qualification requirements — and although interest rates are typically higher than conventional business loans, you’ll have a variety of options to compare and choose from.
Plus, whereas bank and SBA loans can take anywhere from weeks to months to fund, you’ll be able to apply and receive funding in just a few days.
How to apply for a fast business loan
The right loan for your small business will ultimately depend on your specific funding needs and your business’s qualifications.
Learn more
🤓 Nerdy Tip
Although there are many reputable online lenders on the market, predatory lenders may try to take advantage of borrowers who are looking for fast business loans. Be wary of any lenders that try to push you too quickly through the loan process without showing loan terms and rates upfront. These types of lenders may also try to make promises like guaranteed approval or business loans with no credit check.» MORE: Best small-business lenders
While you may be in a hurry to get business financing, take some time to consider the following factors before accepting any loan agreement:
- Funding speed. While the loans on our list can provide funding in as little as three business days or faster, you’ll want to make sure any lender you’re considering can process and fund your loan within the timeframe you need it.
- Interest rate and APR. Lenders that offer the fastest funding may also have the highest rates and fees. Review the interest rates offered and the corresponding annual percentage rate. It’s important to look at the APR because it factors in loan fees and gives the actual yearly cost of a loan.
- Monthly payment amount. Before you commit to a loan agreement, compare the amount and frequency of payments to make sure they fit into your budget. A business loan calculator can help you estimate your payment amounts.
- Loan term. Fast business lenders may offer shorter repayment terms than traditional loans. Longer loan terms can mean smaller monthly payments, in some cases. A short loan term could mean that you’d pay less in interest.
- Collateral requirements. Check to see if the lender requires collateral or if offering it will improve your loan terms. In either case, review the assets you have available to back up the loan such as accounts receivable, equipment and real estate. Keep in mind that though collateral can improve your approval chances, appraisals and gathering other information can add to the processing time.
- Prepayment penalty. Look to see if any lenders you’re comparing have prepayment penalties that charge you a fee if you pay the loan off early. These types of fees have the potential to add to the cost of a loan and may prevent you from making the best long-term decision for your business.
- Check online forums and reviews. While individual experiences with small-business lenders vary, it can be a good idea to do a quick online search to see what other borrowers say about the lenders you’re considering. For example, you may be able to read customer reviews and anecdotes from other small-business owners on sites such as Trustpilot or Reddit.
Speed can be useful when it comes to business financing, but it often results in higher interest rates. If you don’t need a same-day business loan and can wait a little longer for capital, you might consider these alternatives:
The best loan for your business is typically the one with the most competitive interest rates and repayment terms. If you can meet the strict requirements to qualify for a business bank loan, these will likely be your most affordable option — and may be worth the longer funding process.
Like bank loans, SBA loans offer long repayment terms and competitive interest rates. Although you’ll need good credit and finances to qualify, it can be slightly easier to get an SBA loan compared to a bank loan. The funding process, however, may take anywhere from 30 to 90 days. Working with an SBA preferred lender or opting for an SBA Express loan can help expedite the process.
These small dollar loans are available in amounts up to $50,000 and issued by nonprofit and community-based lenders. Microloans are often designed to provide financing to borrowers in underserved communities. Although these loans may be slower to fund than online options, they can be a good choice for businesses that can’t qualify for bank or SBA funding.
Business credit cards can help you cover everyday expenses and allow you to earn rewards on your spending. You can usually apply for and get approved for a business credit card quickly — and qualifications are largely based on your personal credit history. Like a personal credit card, you’ll want to make sure you pay the balance on your business credit card each month, or you’ll be subject to fairly high interest rates.
Business grants involve time and planning. However, unlike other forms of financing, grants don’t require repayment. Federal government agencies, corporations, nonprofits and others offer business grants that can be used to start a business, buy supplies, hire staff and other purposes.
Here's the nerdy science behind how we picked the best fast business loans.
NerdWallet’s review process evaluates and rates small-business loans from reputable banks, online lenders and more. Because online lenders provide the fastest access to cash, we focused our selection on these options to help you find the best match. All the loans on our list can provide funding in as little as three business days.
We analyze over 800 data points across lenders using a combination of company websites, public documents, company representatives and by going through lenders’ initial application process ourselves.
NerdWallet writers and editors conduct a full fact check and update our top lists regularly to ensure accuracy and fairness.
Here’s how we evaluate each lender
Lenders that don’t charge origination fees or prepayment penalties rank higher in this category.
Lenders that make it easy for borrowers to understand loan rates, fees, terms, qualification requirements and more rank higher in this category.
Lenders that report timely payments to the commercial credit bureaus rank higher as that helps borrowers build business credit.
Lenders that have flexible underwriting and offer multiple payment terms rank higher in this category.
Lenders that offer fast funding and multiple ways to apply for a loan rank higher in this category.
Lenders that provide multiple ways to speak with a customer service representative and an online dashboard for loan management rank higher in this category.
A guide to our star ratings
Lenders that receive a NerdWallet rating of 5 stars are outstanding among their peers. They deliver excellent value and excel at each of our evaluation criteria.
Lenders that earn 4.0 to 4.9 stars are excellent. They provide loans that possess all the standard features you'd expect, but are lacking in one or two areas.
Lenders with a rating of 3.0 to 3.9 stars are a good choice, however, they may be lacking in a few areas.
Lenders that we rate below 3 stars are lacking in several key areas, and we won’t typically recommend them as a first choice to secure a loan.
Last updated on October 15, 2024
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.
See Your Loan Options
Frequently Asked Questions
Some online lenders can approve and fund business loans quickly, in 24 hours or less. Bank and SBA lenders, on the other hand, may take several weeks or months to fund applications.
In general, funding speed varies based on the lender, loan type and underwriting process, among other factors.
Standard SBA loans are typically approved and funded within 30 to 90 days. The process can be expedited if you work with an SBA preferred or Express lender, as these institutions can make final credit decisions without sending applications to the SBA.
Online lenders usually offer the easiest business loans to qualify for, although interest rates are higher than other loan options. These loans are generally fast to fund, with streamlined application processes.
The quickest way to get a business loan is usually through a merchant cash advance. These products can be funded within the same day and typically require little documentation as part of the application process. MCAs are also one of the most expensive types of financing, however, so you’ll want to consider all other options before turning to an MCA.