How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 7 of the best emergency 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 Same-day funding | $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 Business lines of credit | $100,000 | 625 | with Fundera by NerdWallet |
Fundbox - Line of credit | 4.9/5 Best for Startups | $150,000 | 600 | Read Review |
Fora Financial - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Established businesses | $500,000 | 660 | with Fundera by NerdWallet |
National Funding - Equipment Financing with Fundera by NerdWallet | 4.2/5 Best for Equipment financing | $150,000 | 600 | with Fundera by NerdWallet |
Here are 7 of the best emergency business loans
Best for Same-day funding
Best for Short-term business loans
Best for Business lines of credit
Best for Startups
Best for Bad credit
Best for Established businesses
Best for Equipment financing
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Our pick for
Same-day funding
When you apply for a Bluevine line of credit, you may be able to receive a decision and get funded within hours.
Bluevine - Line of credit
Max loan
$250,000
Min. Credit score
625
Apr range
20.00-50.00%
Our pick for
Short-term business loans
OnDeck offers business loans with repayment terms up to 24 months. You may be able to get fast funding on loans up to $250,000.
OnDeck - Online term loan
Max loan
$250,000
Min. Credit score
625
Apr range
27.20-99.90%
Our pick for
Business lines of credit
Headway’s line of credit is available in amounts up to $100,000. You may be able to get approved and receive funding in as little as 24 hours.
Headway Capital - Line of credit
Max loan
$100,000
Min. Credit score
625
Apr range
35.00-80.00%
Our pick for
Startups
If your new business needs capital quickly, Fundbox can offer funding as soon as the next business day. You may be able to qualify with only six months in business.
Fundbox - Line of credit
Max loan
$150,000
Min. Credit score
600
Apr range
36.00-99.00%
Our pick for
Bad credit
Fora Financial offers short-term loans that can be approved and funded in 24 to 48 hours. You may be able to qualify with a minimum credit score of 570.
Fora Financial - Online term loan
Max loan
$1,500,000
Min. Credit score
570
Our pick for
Established businesses
Funding Circle offers competitive interest rates and can fund applications in as fast as 48 hours. You’ll need at least two years in business to qualify.
Funding Circle - Online term loan
Max loan
$500,000
Min. Credit score
660
Apr range
15.22-45.00%
Our pick for
Equipment financing
If you need to replace business equipment, National Funding offers equipment loans up to $150,000. Funding can be available in as little as 24 hours.
National Funding - Equipment Financing
Max loan
$150,000
Min. Credit score
600
How to compare emergency business loans
- Loan type. The right type of loan will depend on the kind of emergency your business has experienced and why you need funding. If, for example, you need to cover daily expenses during a slow period, you might opt for a working capital line of credit. On the other hand, you might choose equipment financing to replace broken or damaged equipment.
- Interest rates. Business loan rates can vary based on the lender, loan type and your qualifications. Because emergency business loans are often fast to fund, however, interest rates may be higher than other loan options. Compare rates from multiple providers to find the best offer — and make sure you can afford any debt you take on.
- Funding speed. When your business experiences a disaster, you usually need capital quickly. Some online lenders can offer same-day business loans. As you explore different options, talk to lenders about their process and timeline, so you know when you can expect your funds.
- Repayment terms. Emergency business loans often have short repayment terms. You’ll want to make sure that you can manage potential payments (especially if they’re daily or weekly) based on your existing budget.
- Lender reputation. Reading online reviews can give you a better sense of a lender’s reputation and what it’s like to work for them. Be wary of predatory lenders that may try to take advantage of you when you’re in need of quick funding. These lenders may promise “guaranteed approval” or similar terms that seem too good to be true.
What is an emergency business loan?
Use cases for an emergency business loan
- Repair physical damage to your business location.
- Restore or restock damaged inventory.
- Replace broken or damaged equipment.
- Cover essential expenses when you experience a seasonal slow down, change in operations or have to close your business during an emergency.
- Cover loss of revenue or additional expenses associated with losing a key employee.
Types of emergency business loans
SBA disaster loans
- Home and personal property loans. Replace or repair your home or personal property after a disaster.
- Business physical disaster loans. Replace or repair business property, such as machinery, equipment, fixtures or inventory, after a disaster.
- Economic injury disaster loans. Help businesses meet financial obligations and operating expenses that they could typically meet if not for a disaster.
- Military reservist injury loans. Help businesses meet operating expenses because an essential employee was called to active duty.
Business term loans
Business lines of credit
Invoice factoring
Merchant cash advances
Pros and cons of emergency business loans
Can typically be approved and funded quickly, depending on the nature of the situation.
Federally backed funding (available in declared disaster areas) offers competitive rates and terms.
Can have high interest rates and short repayment terms, which can make it difficult for businesses to keep up with payments.
Exploitative or predatory lenders may try to take advantage of businesses seeking emergency funding.
How to get an emergency business loan
Emergency business loan alternatives
- Business credit cards. If you’re looking for a quick and revolving source of financing to cover cash flow gaps, business credit cards can be a good option. Many business credit cards require good credit — a score of 690 or higher — to qualify. They can provide benefits like flexibility and spending rewards, but business credit cards can also become expensive if you’re not diligent about making payments.
- Friends and family loans. Friends and family loans can help you save money on interest, and may give you fast access to capital because there’s no underwriting process. It’s a good idea, however, to put some sort of agreement in writing to avoid personal disputes.
- Self-funding. If you have a business emergency fund or other money in savings, this may be the time to use it. Just be sure you have a plan to build your savings back up so you’re not vulnerable in the event of future emergencies or opportunities.
Frequently asked questions
Methodology
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.
Frequently Asked Questions
- Repairing physical damage to your business location.
- Restoring or restocking damaged inventory.
- Replacing broken or damaged equipment.
- Covering essential expenses when you experience a seasonal slow down, change in operations or have to close your business during an emergency.
- Covering loss of revenue or additional expenses associated with losing a key employee.