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Best Fast Business Loans for Quick Funding

By Randa Kriss
Last updated on April 15, 2024
Edited bySally Lauckner
Fact checked and reviewed

⏰ Estimated read time: 9 minutes

Fast business loans have a quick application process and can provide rapid funding within one to three business days.

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Fast business loans are usually available from online lenders, which offer streamlined applications and funding within one to three business days.
Speed and convenience come at a cost, however. These small-business loans typically have higher interest rates and shorter repayment terms compared to more traditional financing options, like bank or SBA loans.
Nevertheless, quick business loans can be a good option for covering emergency expenses or taking advantage of a new growth opportunity.

How much do you need?

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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 10 fast business loans

LenderNerdWallet RatingMax loan amountMin. credit scoreNext steps

Headway Capital - Line of credit

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5.0/5

Best for Fast business loans for working capital

$100,000625

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Bluevine - Line of credit

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5.0/5

Best for Fast business lines of credit

$250,000625

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Fundbox - Line of credit

5.0/5

Best for Fast business loans for startups

$150,000600

American Express® Business Line of Credit

5.0/5

Best for Fast business loans for American Express customers

$250,000660

OnDeck - Online term loan

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5.0/5

Best for Fast short-term business loans

$250,000625

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Fora Financial - Online term loan

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4.5/5

Best for Fast business loans for bad credit

$1,500,000500

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AltLINE - Invoice Factoring

4.5/5

Best for Fast invoice factoring

$10,000,000300

Funding Circle - Online term loan

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4.5/5

Best for Fast secured business loans

$500,000660

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National Funding - Online Term Loan

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4.0/5

Best for Fast unsecured business loans

$500,000600

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Triton Capital - Equipment financing

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4.0/5

Best for Fast equipment loans

$250,000575

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Here are 10 fast business loans

Best for Fast business loans for working capital

Headway Capital

Max Amount

$100,000

Min. Credit Score

625

Best for Fast business lines of credit

Bluevine

Max Amount

$250,000

Min. Credit Score

625

Best for Fast business loans for startups

Fundbox

Max Amount

$150,000

Min. Credit Score

600

Best for Fast business loans for American Express customers

American Express Business Blueprint™

Max Amount

$250,000

Min. Credit Score

660

Best for Fast short-term business loans

OnDeck

Max Amount

$250,000

Min. Credit Score

625

Best for Fast business loans for bad credit

Fora Financial

Max Amount

$1,500,000

Min. Credit Score

500

Best for Fast invoice factoring

AltLINE

Max Amount

$10,000,000

Min. Credit Score

300

Best for Fast secured business loans

Funding Circle

Max Amount

$500,000

Min. Credit Score

660

Best for Fast unsecured business loans

National Funding

Max Amount

$500,000

Min. Credit Score

600

Best for Fast equipment loans

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

I'M INTERESTED IN:

Our pick for

Fast business loans for working capital

Headway Capital can provide funding within one business day of approval. This line of credit is a good option for business owners in need of working capital.

Headway Capital - Line of credit

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Max Loan Amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.

Max loan

$100,000

Min. Credit score

625

Apr range

35.00-80.00%

Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.

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Our pick for

Fast 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.

Bluevine - Line of credit

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Max Loan Amount
$250,000
Min. credit score
625
Est. APR
20.00-50.00%
Bluevine's line of credit provides fast working capital for short-term borrowing needs.
May fund quickly

Max loan

$250,000

Min. Credit score

625

Apr range

20.00-50.00%

Bluevine's line of credit provides fast working capital for short-term borrowing needs.

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Our pick for

Fast business loans for startups

You may be able to qualify for a Fundbox line of credit with a minimum of six months in business. Fundbox can provide funding as soon as the next business day after approval.

Fundbox - Line of credit

Max Loan Amount
$150,000
Min. credit score
600
Est. APR
36.00-99.00%
Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.
May fund quickly

Max loan

$150,000

Min. Credit score

600

Apr range

36.00-99.00%

Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.

Our pick for

Fast business loans for American Express customers

American Express offers faster access to cash compared with traditional lenders. Existing customers can use their accounts to find out if they prequalify for this business credit line.

American Express® Business Line of Credit

Max Loan Amount
$250,000
Min. credit score
660
The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.

Max loan

$250,000

Min. Credit score

660

The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.

Our pick for

Fast short-term business loans

OnDeck provides business loans with terms up to 24 months. You can apply for a loan in minutes and may be able to receive same-day funding.

OnDeck - Online term loan

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Max Loan Amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
May fund quickly

Max loan

$250,000

Min. Credit score

625

Apr range

27.20-99.90%

OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.

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Our pick for

Fast business loans for bad credit

Fora Financial can approve applications within 24 hours and provide funding just 72 hours later. You may be able to qualify for a loan with a minimum credit score of 500.

Fora Financial - Online term loan

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Max Loan Amount
$1,500,000
Min. credit score
500
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.

Max loan

$1,500,000

Min. Credit score

500

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.

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Our pick for

Fast invoice factoring

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
$10,000,000
Min. credit score
300
AltLINE offers fast invoice factoring with competitive factoring rates.

Max loan

$10,000,000

Min. Credit score

300

AltLINE offers fast invoice factoring with competitive factoring rates.

Our pick for

Fast secured business loans

Many term loans from Funding Circle will require some type of collateral. The lender offers approval and funding as fast as two days.

Funding Circle - Online term loan

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Max Loan Amount
$500,000
Min. credit score
660
Est. APR
15.22-45.00%
Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.
May fund quickly

Max loan

$500,000

Min. Credit score

660

Apr range

15.22-45.00%

Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.

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Our pick for

Fast unsecured business loans

National Funding doesn’t require you to put up physical collateral to secure your loan. You can receive a decision and access funds in as little as 24 hours.

National Funding - Online Term Loan

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Max Loan Amount
$500,000
Min. credit score
600
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

Max loan

$500,000

Min. Credit score

600

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

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Our pick for

Fast equipment loans

Triton Capital can finance new and used equipment for businesses in a variety of industries. Typically, loans are approved within a few hours and funding is available within one to two business days.

Triton Capital - Equipment financing

4.0
NerdWallet rating 

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Max Loan Amount
$250,000
Min. credit score
575
Est. APR
5.99-34.99%
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
4.0
NerdWallet rating 

Max loan

$250,000

Min. Credit score

575

Apr range

5.99-34.99%

Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.

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How Much Do You Need?

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What is a fast business loan?

A fast business loan is typically a type of financing that can be funded within one to three business days. These loans are usually issued by online lenders, who offer simple, streamlined application processes.
Fast business loans tend to have flexible qualification requirements and may be available to startups or borrowers with bad credit.
Although there is no definitive standard of what makes a loan fast, these types of business loans generally offer the speed and convenience that can be lacking from more traditional financing, such as bank and SBA loans.

Types of fast business loans

Common quick business loans include:

Online term loans

These loans are lump sums of capital 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 specific projects or purposes.

Business lines of credit

Similar to a credit card, a line of credit gives you access to a set amount of funds from which you can draw from as needed. You only pay interest on the funds you draw — and as long as you make timely payments and don’t exceed your credit limit, you can continue to draw on the line.
Business lines of credit can be used for working capital, cash flow gaps, seasonal slows, as well as emergency funding.

Invoice financing or factoring

These types of financing allow you to use your unpaid invoices to access capital. Invoice financing allows you to borrow against your outstanding invoices, whereas 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.

Equipment financing

Equipment loans are used specifically to purchase machinery or equipment for your business. These loans are available in amounts up to 100% of the value of the equipment you’re looking to purchase, and secured by that equipment. You repay equipment loans over time, with interest.

Merchant cash advances

With a merchant cash advance, or MCA, a company gives you an upfront sum of capital that you repay using a percentage of your debit and credit card sales, plus a fee.
MCAs can be well suited for businesses that have substantial debit and credit card sales — but you’ll want to consider all other options first. These products often have high APRs and can create a cycle of debt.

Pros and cons of fast business 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).

When to get a fast business loan

You need to pay for immediate expenses

If you need to cover emergency costs, fill a cash flow gap or take advantage of an unexpected opportunity, these loans will be able to get you the business capital you need — fast.
Some quick business loans can 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 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 get a fast business loan

The right loan for your small business will ultimately depend on your specific funding needs and your business’s qualifications.
However, if speed is a priority in your search, here are steps you can follow to get a fast business loan.

1. Understand your financing needs

You’ll want to determine how much capital you need, what you’re going to use it for and what type of loan is the best option. Based on how you’re going to use your funds, you should figure out exactly how quickly you need access to financing.
Fast business loans tend to have shorter repayment terms and higher interest rates, so it’s also important to calculate how much debt you can afford.

2. Evaluate your qualifications

You should review standard business loan requirements — personal credit score, time in business and annual revenue — so you know where you stand before applying.
Online lenders typically have flexible eligibility criteria and may be willing to work with you even if you’re a new business or have a rocky credit history. These lenders don’t usually ask for collateral, although they likely will require a personal guarantee or take a lien out on your business assets.
If you do have physical collateral to offer up, however, doing so may strengthen your loan application and help you qualify for better interest rates and repayment terms.

3. Research and compare lenders

You’ll want to research several lenders in order to find the right option for your needs. Ideally, you should find a lender that can provide the funding you need, support your timeline and offer competitive business loan rates.
As you compare your choices, you should consider factors such as available loan types, interest rates, fees and repayment terms. You’ll also want to think about the lender’s application process, funding speed and customer support.

🤓 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.

4. Complete and submit your loan application

Most fast business loans will require minimal documentation. In some cases, you may even be able to connect your financial accounts to the lender’s system in order to expedite the underwriting process.
Generally, however, you may be asked to provide the following:
  • Basic information about you and your business.
  • Business and personal bank statements.
  • Business and personal tax returns.
  • Business financial statements.
After you’ve submitted your application, you may receive approval in just hours — depending on the lender.

5. Review your options and get funds

It’s important to review multiple loan offers to make sure you’re getting the best deal for your business.
Once you’ve made a decision, you should read through your loan agreement carefully. Although you may be looking to get your business loan as fast as possible, you’ll want to confirm that the rates, terms and fees are clearly outlined and make sure you understand them. If you have any questions, you should ask your lender to clarify.
Remember, you aren’t obligated to sign a business loan agreement. If the contract is disagreeable or the lender can’t provide satisfactory answers to your questions, you don’t have to accept the offer.
On the other hand, if everything seems acceptable, you can sign the agreement and the lender will transfer your funds.

Alternatives to fast business loans

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:
  • Bank business loans. 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.
  • SBA loans. 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.
  • Microloans. 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. 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.

Find the right business loan

The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.
Last updated on April 15, 2024

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including: transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to business credit bureaus and responsible lending practices. We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small-business loans and our editorial guidelines.

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.

Learn more

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