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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 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 | 4.9/5 Best for short-term business loans | $250,000 | 625 | with Fundera by NerdWallet |
Headway Capital - Line of credit | 4.7/5 Best for startups | $100,000 | 625 | with Fundera by NerdWallet |
Fora Financial - Online term loan | 4.8/5 Best for borrowers with bad credit | $1,500,000 | 570 | with Fundera by NerdWallet |
iBusiness Funding - Online term loan | 4.6/5 Best for secured business loans | $500,000 | 660 | with Fundera by NerdWallet |
AltLINE - Invoice Factoring Read Review | 4.7/5 Best for invoice factoring | $5,000,000 | 300 | Read Review |
National Funding - Equipment Financing | 4.5/5 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
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.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared with traditional lenders.
Bluevine - Line of credit
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.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared with traditional lenders.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: 12 months.
- Minimum annual revenue: $120,000.
- No bankruptcies in the past year.
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
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.
- Charges origination fee.
OnDeck - Online term loan
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.
- Charges origination fee.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: 12 months.
- Minimum annual revenue: $100,000.
- Must have business bank account.
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
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
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
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.
- Charges an origination fee.
Fora Financial - Online term loan
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.
- Charges an origination fee.
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
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 24 months.
- Minimum credit score is higher than some other lenders.
iBusiness Funding - Online term loan
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 24 months.
- Minimum credit score is higher than some other lenders.
Qualifications:
- Minimum credit score: 660.
- Minimum time in business: 24 months.
- Minimum annual revenue: $50,000.
- No bankruptcies in the past seven years.
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
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.
- Charges an origination fee.
AltLINE - Invoice Factoring
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.
- Charges an origination fee.
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
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 offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Equipment Financing
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 offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
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.
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).
You need to pay for immediate expenses
You want fast business funding until you get a long-term loan
You can’t qualify for other types of financing
How to apply for a fast business loan
🤓 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.- 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.
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.