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Fast Business Loans: Best Lenders for Quick Cash

Steve NicastroMay 4, 2020

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Online lenders provide fast business loans for immediate needs or a business opportunity. Compare your options.

Maybe a major piece of equipment at your store has failed or your pipes burst. Perhaps you don’t want to miss out on a business opportunity. Sometimes your small business needs funding in a matter of days, not weeks or months.

You need a fast business loan, which probably means you’re willing to pay more for the speed and convenience that online lenders offer but banks often don't.

Business loans from banks are great for keeping loan costs down, but the long application and underwriting process means it can take months to get your money. Below, we compare some of the best online business loans for fast cash.

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Our picks for

Fast business loans for immediate needs

Kabbage - Line of credit

Kabbage - Line of credit

Est. APR

24.00 - 99.00%

Min. Credit Score

560

Kabbage provides fast loans for business owners with bad personal credit, but rates can be high.

Pros

  • Financing up to $250,000 available within a few days.
  • Accepts low credit scores.

Cons

  • Rates are high compared to other online lenders.
  • Must have online checking or PayPal account to verify cash flow.
  • Fixed-fee structure means early repayment does not save interest.
Read full review

Qualifications

  • Minimum credit score: 560.
  • Minimum time in business: 1 year.
  • Minimum annual revenue: $50,000.
Fundbox - Line of credit

Fundbox - Line of credit

Est. APR

10.10 - 79.80%

Min. Credit Score

500

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

Pros

  • Cash can be available by the next day.
  • Low minimum credit score requirement.

Cons

  • Rates are high compared to traditional banks.
Read full review

Qualifications

  • Minimum credit score: 500.
  • Minimum time in business: 3 months.
  • Minimum annual revenue: $50,000.

Our pick for

Fast business loans for an opportunity

OnDeck - Online term loan

OnDeck - Online term loan

Est. APR

9.00 - 99.00%

Min. Credit Score

600

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

Pros

  • Cash can be available within the same business day.
  • Requires low minimum credit score.
  • Less paperwork than most lenders.

Cons

  • Fixed-fee structure means early repayment will not save interest.
  • Requires frequent (daily or weekly) repayments.
  • Requires business lien and personal guarantee.
Read full review

Qualifications

  • Minimum credit score: 600.
  • Minimum time in business: 3 years.
  • Minimum annual revenue: $250,000.
  • No bankruptcies in the past 2 years.

Our pick for

Fast business loans for lower rates

Credibility Capital - Online term loan

Credibility Capital - Online term loan

Est. APR

19.99 - 24.99%

Min. Credit Score

680

Credibility Capital offers low-cost business loans that work best for small-business owners with strong credit.

Pros

  • Competitive rates among online lenders.
  • No prepayment penalty.
  • Extra monthly payments can save interest cost.

Cons

  • Short repayment term results in higher payment amounts.
  • Requires high minimum credit score and revenue.
  • Requires business lien and may require personal guarantee.
  • Not available in Nevada, North Dakota, South Dakota, or Vermont.
Read full review

Qualifications

  • Minimum credit score: 680.
  • Minimum time in business: 2 years.
  • Minimum annual revenue: $250,000.
  • No bankruptcies in the past 5 years.

Easily get real, personalized small business loan rates to compare — not just ranges or estimates.

It’s free and won’t affect your credit.

Get Started

on Lendio's website

Summary of Fast Business Loans: Best Lenders for Quick Cash

LenderBest ForEst. APRMin. Credit Score
Kabbage - Line of credit

Kabbage - Line of credit

Best for Fast business loans for immediate needs

24.00 - 99.00%

560

Fundbox - Line of credit

Fundbox - Line of credit

Best for Fast business loans for immediate needs

10.10 - 79.80%

500

OnDeck - Online term loan

OnDeck - Online term loan

Best for Fast business loans for an opportunity

9.00 - 99.00%

600

Credibility Capital - Online term loan

Credibility Capital - Online term loan

Best for Fast business loans for lower rates

19.99 - 24.99%

680

Fast business loans for immediate needs

For newer businesses or those with recurring expenses

Business credit cards offer fast, flexible financing. They offer higher limits than personal cards, and they come with rewards such as cash back and travel miles for business and general expenses. They also come with the added potential bonus of helping you build up your business credit score.

Business credit cards typically have annual percentage rates ranging from 12% to 22% (plus other fees like annual fees, late fees and cash advance fees), though if you don’t carry a balance month to month, you won’t get hit with interest charges.

For businesses that need cash as fast as possible

Kabbage and Fundbox provide fast cash to deal with immediate needs, such as meeting payroll, buying inventory or fixing broken equipment.

Consider Kabbage if you need funding up to $250,000. You can complete Kabbage’s online application in minutes and get funding just as fast or within a few days. It requires a minimum credit score of 560, and your business needs two years of history and at least $50,000 in annual revenue to qualify.

Fundbox's line of credit is an option for financing up to $100,000. Funding is as fast as the next business day. Qualifying may be easier than Kabbage, as you’ll need a minimum of $50,000 in revenue and three months in business to qualify, with no minimum credit score requirements. Your rate may also be lower than Kabbage, with APRs starting around 10%.

Fast business loans for an opportunity

For businesses that are at least a year old

StreetShares and OnDeck provide fast business loans to finance growth opportunities, such as launching a marketing campaign or buying new equipment.

Consider StreetShares if your business is newer and you’re not seeking to borrow a lot of money. Funding is between one to five days. The company’s term loan requires a minimum of one year in business, a personal credit score starting at 600 and at least $75,000 in annual revenue.

OnDeck’s funding turnaround can be as fast as a single day, though more often it takes several days. However, your rates will likely be higher than at StreetShares. To qualify, you need at least a 600 credit score, a year in business and $100,000 in annual revenue. OnDeck requires daily or weekly repayments on its term loans, so your business would need steady cash flow to handle the repayment frequency.

If you have a strong business and want lower rates

Credibility Capital offers term loans that come with lower rates than OnDeck, and higher borrowing amounts than StreetShares. However, the lender has stricter qualifications and it may take a little bit longer to get funded.

The lender is also currently unavailable to borrowers in Nevada, North Dakota, South Dakota, and Vermont.

Compare small-business loans

NerdWallet has come up with a list of the best small-business loans to meet your needs and goals. We gauged lender trustworthiness and user experience, among other factors, and arranged lenders by categories that include your revenue and how long you’ve been in business.

Last updated on May 4, 2020

To recap our selections...

NerdWallet's Fast Business Loans: Best Lenders for Quick Cash