10 Best Fast Business Loans for Quick Cash in 2024
The best fast business loans should be able to issue funding within 72 hours of receiving a fully completed loan application. Lenders should also have a combination of easy documentation requirements and excellent customer service.
Since the best loan will vary depending on your company’s needs, we’ve selected lenders that offer different types of loans. These lenders will also have a wide range of qualification requirements. Although fast business loans typically have higher rates and fees than traditional loans, many of our picks in this guide will still offer competitive loan terms.
Here are our picks for the 10 best quick business loans:
- SBG Funding: Best overall for tailored repayment options
- Lendio: Best broker for startups and low-revenue businesses
- National Funding: Best for short-term loans
- QuickBridge: Best for minimal documentation requirements
- Bluevine: Best business credit line for established companies
- Creditfy: Best for easy qualification requirements and high approval rates
- Clarify Capital: Best broker for multiple loan options
- Funding Circle: Best for good credit and flexible repayment terms
- National Business Capital: Best for low loan amounts
- SMB Compass: Best for low rates
Best Fast Business Loans at a Glance
Varies
Varies
$50,000 to $96,000 • Line of credit: $50,000
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• Line of credit: $50,000
• Equipment financing: $50,000
• Startup business loan: $72,000
• Short-term loan: $96,000
• Term loan: $96,000
• Cash advance: $96,000
• Cash advance: 500
• Equipment financing: 520
• Line of credit: 600
• Short-term loan: 600
• Term loan: 600
• Startup business loan: 600
As fast as 24 hours
$500,000 • Equipment financing: Up to $150,000
“>
• Equipment financing: Up to $150,000
• Business loans: Up to $500,000
Varies
5 years • Business loans: Up to 16 months
“>
• Business loans: Up to 16 months
• Equipment financing: Up to 5 years
$250,000
600
24 hours
$500,000
Varies
16 months
$250,000
600
24 hours
$250,000
6.2% to 78%
12 months
$480,000
625
24 hours
• Equipment financing: Up to $5 million
• Line of credit: Up to $2.5 million
• Term loan: Up to $2.5 million
• Invoice financing: Up to $2 million
• Bridge loan: Up to $750,000
Varies
• Equipment financing: 3 to 7 years
• Term loan: 6 months to 5 years
• Line of credit: 6 months to 3 years
• Bridge loan: 3 months to 3 years
• Invoice financing: 1 to 2 years
$100,000 or $120,000 • Line of credit: $100,000
“>
• Line of credit: $100,000
• Invoice financing: $120,000
530 or 600 • Invoice financing: 530
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• Invoice financing: 530
• Line of credit: 600
As fast as 24 hours
$5 million
6%
2 years
$120,000
500
As fast as 24 hours
$500,000 • Term loan: $25,000 to $500,000
“>
• Term loan: $25,000 to $500,000
• Line of credit: Up to $250,000
Varies
7 years
Varies
660
48 to 72 hours
$250,000
6% to 18%
Varies
$500,000 recommended
As fast as same day
$10 million+
5.25%
10 years 6 to 36 months (up to 10 years for equipment financing)
$240,000
650
24 to 48 hours
SBG Funding: Best Overall for Tailored Repayment Options
Why We Like SBG Funding
SBG Funding is our pick as the best overall provider. In addition to its ability to provide fast approvals and fundings, it can give competitive rates with flexible repayment terms to suit a business owner’s cash flow needs. This flexibility extends beyond being able to offer varying payment schedules, as eligible businesses can get deferred payments for up to three months.
The company lists a high approval rate of 85%, but borrowers should note that meeting the minimum qualification requirements will not guarantee an approval. Instead, applicants may need to demonstrate strong compensating factors to offset any weak areas in their credit or finances.
To apply, you can visit the SBG Funding website. Submitting an application will not negatively impact your credit score, and it comes with no cost or obligation to accept a loan offer.
Lendio: Best Broker for Startups and Low-revenue Businesses
Why We Like Lendio
Lendio is a business loan broker with over 75 lenders in its network. As such, you’ll have plenty of loan options and improved approval odds. It’s a good option if you’re a newer business as many of Lendio’s loan options carry low revenue and time in business requirements.
While you may not know the exact qualification requirements until after you apply, you will be able to work with a dedicated funding specialist to help you choose the best type of loan for your business needs. Lendio can also help structure and present your loan application in the best manner possible to give you the best chances of being approved and paired with a lender that has competitive rates and loan terms.
To learn more or to apply, visit the Lendio website. Applications can be completed in under 15 minutes with no obligation to accept a loan offer, no impact on your credit score, and no upfront fees. Lendio also offers non-financing solutions. It can help connect you with small business credit repair, bookkeeping services, legal assistance, and more.
National Funding: Best for Short-term Loans
Why We Like National Funding
If you’re a business owner looking for short-term financing, National Funding is an excellent option. It can offer a high level of personalized service, competitive rates, and incentives for loans that are paid off early.
For example, borrowers who get a working capital loan can qualify for a 7% discount on the remaining balance if paid in full within the first 100 days. Equipment financing customers can also qualify for up to a 6% discount if the loan is paid off early.
Another standout feature of National Funding is the fact that over 70% of its customers are repeat clients. This is a testament to the quality of its service and loan products. By working with National Funding, you’ll be assigned a dedicated funding specialist who can help you identify the best type of loan for your business needs and walk you through the entire lending process.
To apply, you can head to the National Funding website. Applications can be completed within 10 to 15 minutes, and eligible businesses can receive funding in as little as 24 hours.
QuickBridge: Best for Minimal Documentation Requirements
Why We Like QuickBridge
If you’re looking for an easy application process with minimal paperwork, QuickBridge is a good option. It offers term loans for a variety of business purposes, with rates, terms, and qualification requirements that are nearly identical to that of National Funding.
A major difference, however, is the fact that National Funding has loan options with a monthly payment schedule, in addition to longer repayment terms. QuickBridge only offers daily and weekly repayment options, with loan terms of up to 16 months.
This provider has factor rates as low as 1.11x for businesses with excellent credit and also offers early payoff discounts. No collateral is required, but business owners will need to agree to a personal guarantee in exchange for funding. To learn more or to apply, head over to the QuickBridge website.
Bluevine: Best Business Credit Line for Established Businesses
Why We Like Bluevine
If you have a business that has been in operation for more than two years, you could be eligible for Bluevine’s small business line of credit. In addition to a quick application and approval process, you could get instant funding if you pair the credit line with the provider’s own checking account, something we cover in our Bluevine business checking review.
The provider is currently unable to offer financing in Nevada, North Dakota, South Dakota, and the US territories. You must also be structured as a corporation or LLC. Finally, some industries may be ineligible for any type of financing. You can review Bluevine’s list of ineligible industries.
While Bluevine’s rates typically start as low as 6.2%, you could effectively be paying less if you pay off the loan faster. Rates are calculated as a simple interest rate and assume you draw the full amount of the credit line, making only the minimum required payments for the longest amount of time allowed. Visit the Bluevine website to submit an application.
Creditfy: Best for Easy Qualification Requirements & High Approval Rates
Why We Like Creditfy
If you’re looking for easy qualification requirements and a good chance of getting approved, Creditfy is a good option. It can work with bad credit scores, low revenue, and startups. Depending on the type of loan you’re getting, you could qualify with a credit score as low as 530, annual revenue of $100,000, or three months’ time in business.
In addition to having easy qualification requirements, Creditfy states that it has a 90% loan approval rate across all of its loan products. This includes its business line of credit, equipment financing, and term loans. With such a high approval rate, it’s another good broker to consider if you’re concerned about your odds of approval.
Another benefit of working with Creditfy is that it requires all of its loan representatives to have a minimum of two years of industry experience. As a result, you can rest assured that you’ll be working with an experienced individual when it comes to matching you with a suitable loan. Creditfy has also developed partnerships with lenders that other brokers may not yet have, which can further improve your chances of getting funding.
You can complete an online application in just several minutes. If approved, loan proceeds could be disbursed in as little as 24 to 48 hours.
Clarify Capital: Best Broker for Multiple Loan Options
Why We Like Clarify Capital
Clarify Capital is a broker with over 75 lenders in its network. One of the advantages of working with a broker like this is the ability to get multiple loan options without having to apply separately to different companies. You’ll also be able to improve your chances of getting approved.
When you apply with Clarify Capital, you’ll work with a loan specialist who will match you with a lender based on your business qualifications and needs. The specialist can also provide guidance on which type of loan might be best for you. Clarify Capital offers different loan options, including term loans, lines of credit, equipment financing, and SBA loans.
One downside of working with a broker, however, is that you may not know the exact loan terms or eligibility criteria for financing until after you apply. Up to $5 million in funding is available for Clarify Capital’s fast business loans, and the company can work with startups and businesses with bad credit. Visit the Clarify Capital website to apply.
Funding Circle: Best for Good Credit & Flexible Repayment Terms
Why We Like Funding Circle
Funding Circle has the highest credit score requirement in our guide, making it a more ideal fit for businesses with good credit. However, eligible companies can get a business loan with one of the most flexible repayment terms on our list.
For example, you can get up to 7 years to repay a business term loan where funds can be used for any business purpose. Other providers, by comparison, restrict the use of the funds in order to provide more time to repay the loan in full. Funding Circle’s business term loan can also be structured to have no set monthly payment amounts.
Funding Circle’s business line of credit can also give you flexibility in drawing funds when needed, although rates can be a little higher. It carries no application fee, no monthly maintenance fee, and no prepayment penalties. One downside, however, is that draw fees do apply.
To learn more or to submit a loan application, visit the Funding Circle website. Applications can be completed in minutes, with no impact on your credit score. After applying, you’ll be contacted by a lending representative to determine what documents you’ll need to provide as part of the loan approval process.
National Business Capital: Best for Low Loan Amounts
Why We Like National Business Capital
If you’re looking to get funding quickly, National Funding can provide up to $250,000 within a matter of hours. This can be accomplished with as little as just six months of business bank statements and a completed online application. Higher loan amounts are available, although funding speeds would likely take a few days longer on average.
National Business Capital is another business loan broker with a network of over 75 lenders. This gives it the ability to match you with a lender you’re eligible for—and at the best available rates. The downside is that the specific requirements, rates, and terms won’t be known until after you apply. Most loans, however, will require a personal guarantee.
You can visit the National Business Capital website to learn more about its loan programs. There, you can also submit an application without any impact on your credit score.
SMB Compass: Best for Low Rates
Why We Like SMB Compass
SMB Compass offers one of the lowest starting rates in our guide. Like most lenders, however, you’ll need to exceed the minimum qualification requirements to get the best-advertised rates.
The company places an emphasis on low paperwork for its fast business loans. It’s possible to get funding with just three months of business bank statements and a completed one-page online application. Keep in mind, though, that this may vary depending on the type of loan you’re looking for and the complexity of your business.
SMB Compass offers a wide range of loans that can be used for nearly any business-related purpose. It commonly lends to businesses in transportation, restaurants, medical practices, manufacturing, hotels, construction, technology, and retail.
To apply, visit the SMB Compass website where you can complete an online application. You’ll then need to upload any required documents. If eligible for a loan, you’ll then be able to review and sign a formal loan agreement.
When to Get a Fast Business Loan
Getting a fast business loan usually means you’ll have to pay higher rates and fees. However, it can be a good option if your alternative is more costly to the business or if getting access to funds allows you to take advantage of a limited-time business opportunity.
Before you get a fast business loan, we recommend you do your due diligence to ensure the funds will provide you with a net positive benefit, such as an increase in sales or the reduction of fees and penalties.
Below are some other scenarios that could indicate a fast business loan is right for you:
- You require funds to avoid being late on business debt
- You need to restock on inventory to meet demand from customers
- You seek to repair or replace equipment critical to your business operations
- You have a limited-time opportunity to acquire real estate to expand your footprint
How We Chose the Best Fast Business Loans
Our selection of the best fast business loans took the following items into consideration:
- Speed of application, approval, and funding
- Ease of application process and amount of required documentation
- Maximum loan amount
- Interest rates, fees, and estimated APR
- Repayment terms
- Minimum credit score, time in business, and annual revenue requirements
- Customer reviews and ratings
Types of Fast Business Loans
Many different types of loans can meet the criteria for a fast business loan. Each loan type carries different terms and requirements that make it better suited for certain use cases. Below are common types of fast business loans:
- Term business loan: With a term loan, you’ll receive a single lump sum of funds. This can be a good option if you do not have recurring needs for additional funding.
- Business line of credit: This is a revolving line of credit that allows you to draw funds on an as-needed basis. This flexibility can make it a good choice for emergencies or temporary cash flow shortages. See our recommendations for the leading small business line of credit providers.
- MCA: With an MCA, you can get a cash advance in exchange for a percentage of your daily credit card receipts. You could be a good candidate for this type of financing if you process a large volume of credit card sales. This is an expensive form of financing and should only be used as a last resort. Check out our top-recommended MCA providers.
- Working capital loan: This type of loan can be used to cover a wide variety of daily business expenses. Common examples include rent, payroll, and operational expenses. View our article covering the best working capital loans.
- Equipment financing: If you need business equipment, you can choose between an equipment loan or a lease. With a loan, you retain ownership at the end of the loan term. With a lease, you’ll typically have to return the equipment to the vendor. Learn more about the differences through our comparison of equipment loans vs leases.
- Revenue-based financing: Monthly payments for this type of loan fluctuate based on your company’s monthly revenue. This can be a good option for businesses that have a consistent source of revenue or have cash flow concerns in the event that sales slow down temporarily. To learn more, read our guide on how a revenue-based loan works.
Alternatives to Fast Business Loans
A tradeoff with fast business loans is that rates and fees can be higher than other types of loan options. If you can afford to wait for funding, here are some alternatives:
- Small business credit cards: A business credit card can take 7 to 10 business days to arrive in the mail once you get approved. It can be useful for small or medium-sized purchases, as credit limits generally range from $5,000 to $50,000 or more. Many banks also provide a rewards program with options for cash back or travel redemptions. Check out our list of the best small business credit cards.
- SBA loan: SBA loans can take between 30 to 90 days to fund but can offer some of the lowest rates available. If you have good credit and strong business finances, check out our recommendations of the top SBA lenders.
- Rollover for business startups (ROBS): A ROBS is a way to access your retirement accounts tax- and penalty-free. However, it’s a complicated process that can result in fines and penalties if done incorrectly. For that reason, we recommend choosing a company from our list of the leading ROBS providers to walk you through the process.
Frequently Asked Questions (FAQs)
If you’re well-qualified for a loan, you can get a loan as fast as the same day. Lenders with fast business loans often have an easy application process that takes less than 10 minutes, and approvals that can be issued within several minutes.
Using an online provider is the best way to get money fast for your business. Compared to traditional brick-and-mortar banks, online providers also typically have more lenient qualification requirements and more streamlined processes for issuing loan decisions.
Online lenders often have more streamlined processes for reviewing and issuing loan decisions. They also usually have more flexibility in the eligibility criteria. However, in exchange for getting a fast funding speed, you’ll usually be charged higher interest rates and fees.
Bottom Line
If you need funding quickly, the lenders we’ve chosen can get you funded as fast as 24 to 48 hours. They issue a wide range of loan types, so you should be able to find one suitable for your needs and qualifications. Even the best quick business loans often carry higher rates in exchange for getting you funded more quickly, so it’s a good idea to shop rates with multiple lenders before making any final decisions.
