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 emergency business loans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
Headway Capital - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Emergency business loans for working capital | $100,000 | 625 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Same-day emergency business loans | $250,000 | 625 | with Fundera by NerdWallet |
Fundbox - Line of credit | 5.0/5 Best for Emergency business loans for startups | $150,000 | 600 | |
Funding Circle - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Emergency business loans for established businesses | $500,000 | 660 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 5.0/5 Best for Emergency short-term business loans | $250,000 | 625 | with Fundera by NerdWallet |
Fora Financial - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Emergency business loans for bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
National Funding - Equipment Financing with Fundera by NerdWallet | 4.5/5 Best for Emergency equipment financing | $150,000 | 600 | with Fundera by NerdWallet |
Here are 7 emergency business loans
Best for Emergency business loans for working capital
Best for Same-day emergency business loans
Best for Emergency business loans for startups
Max Amount
$150,000
Min. Credit Score
600
Best for Emergency business loans for established businesses
Best for Emergency short-term business loans
Best for Emergency business loans for bad credit
Best for Emergency equipment financing
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Our pick for
Emergency business loans for working capital
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
with Fundera by NerdWallet
Max loan
$100,000
Min. Credit score
625
Apr range
35.00-80.00%
with Fundera by NerdWallet
Our pick for
Same-day emergency business loans
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
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
20.00-50.00%
with Fundera by NerdWallet
Our pick for
Emergency business loans 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
Emergency business loans 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
with Fundera by NerdWallet
Max loan
$500,000
Min. Credit score
660
Apr range
15.22-45.00%
with Fundera by NerdWallet
Our pick for
Emergency short-term business loans
OnDeck offers business loans with repayment terms up to 24 months. You may be able to get same-day funding on loans up to $250,000.
OnDeck - Online term loan
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
27.20-99.90%
with Fundera by NerdWallet
Our pick for
Emergency business loans 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
with Fundera by NerdWallet
Max loan
$1,500,000
Min. Credit score
570
with Fundera by NerdWallet
Our pick for
Emergency 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
with Fundera by NerdWallet
Max loan
$150,000
Min. Credit score
600
with Fundera by NerdWallet
What is an emergency business loan?
Pros and cons of emergency business loans
Most emergency business loans can be approved and funded quickly, depending on the nature of the situation.
Federally backed disaster funding (available in declared disaster areas) offers competitive rates and terms.
High interest rates and fees, plus short terms can make emergency business loans expensive, which can potentially put your business into a cycle of debt.
Exploitative or predatory lenders may try to take advantage of businesses seeking emergency funding.
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
When to get an emergency business loan
- Pay for essential expenses during a slow down or change in operations.
- Replace broken or damaged equipment.
- Repair property damaged in a disaster.
- Take advantage of an unexpected opportunity.
🤓 Nerdy Tip
Be wary of any lenders that push the speed of their process without transparency, or that guarantee approval. These may be predatory lenders who are trying to take advantage of your need for emergency funds.How to apply for an emergency business loan
- Evaluate your financing needs. Start by thinking about how much financing you need, how much debt you can afford and consider what type of business loan would be best for your emergency situation. It may also be helpful to draft a plan that details exactly how you plan to use your capital — that way, you know how these funds will help address your immediate needs and how your business can grow in the future.
- Check your qualifications. The best type of emergency business loan for your business will also depend on what you can qualify for. Specific business loan requirements vary by lender, but you can consider common underwriting criteria — time in business, annual revenue, personal credit score — to know where you stand before applying. You might also think about your cash flow and available collateral. If you’re considering an SBA disaster loan, you should confirm that your business falls into a declared disaster area — and check that you meet any additional SBA loan qualifications.
- Research and compare lenders. As you research lenders, consider factors such as interest rates, repayment terms, loan amounts, funding speed, application process and lender reputation. It can be helpful to read reviews of lenders online or talk to former customers to verify a lender’s reputation. Keep in mind that fast business loans can often result in higher interest rates. You’ll want to make sure that you can afford any debt that you take on.
- Complete and submit your application. The application process varies based on the lender, but if you opt for an online lender, the process should be fairly straightforward. Along with a simple application, you’ll typically provide basic documentation, such as business and personal bank statements and tax returns, as well as business financial statements. The lender will likely require you to sign a personal guarantee as well.
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; however, it’s a good idea 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.
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.