Business loans for fast cash
More on qualifying.
More on qualifying.
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 just can’t afford to wait for funding. You need fast business loans, which probably means you’re willing to pay more for the speed and convenience that online lenders offer and that you won’t get working with a bank.
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.
HERE ARE OUR RECOMMENDATIONS FOR:
Fast business loans for immediate needs
Kabbage and Fundbox provide fast cash to deal with immediate needs, such as meeting payroll, buying inventory or fixing broken equipment. Both lenders are an option for bad credit borrowers, as no minimum credit score is required.
Consider Kabbage if you need funding up to $150,000. You can complete Kabbage’s online application in minutes and get funding just as fast or within a few days. Your business needs a year 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 $25,000 revenue and six months in business to qualify. Your rate may also be lower than Kabbage, with APRs ranging from 15% to 59%.
- Loan amount: $2,000 to $150,000
- APR: 24% to 99%
- Loan term: Six or 12 months
- Funding time: A few minutes to several days
- Read our Kabbage review
- Loan amount: $1,000 to $100,000
- APR: 15% to 59%
- Loan term: 12 weeks
- Funding time: As fast as next business day
- Read our Fundbox review
Fast business loans for an opportunity
For businesses that are at least a year old: StreetShares and OnDeck
Small businesses have many choices when looking to finance fast expansion or growth.
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 requires a minimum of one year in business, a personal credit score starting at 600 and at least $25,000 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 500 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.
- Loan amount: $2,000 to $100,000 (maximum 20% of your annual revenue)
- APR: 9% to 40%
- Loan term: Three to 36 months
- Funding time: One to five days
- Read our StreetShares review
- Loan amount: $5,000 to $500,000
- APR: 9% to 99%
- Loan term: Repaid daily or weekly for three to 36 months
- Funding time: As fast as 24 hours but typically a few days
- Read our OnDeck review
If you have a strong business and want lower rates: Lending Club and CREDIBILITY CAPITAL
Lending Club and Credibility Capital both offer term loans that come with lower rates than OnDeck, and higher borrowing amounts than StreetShares. However, these lenders also carry stricter qualifications and it may take a little bit longer to get funded.
At Lending Club, time to funding can be as fast as two days but typically takes one to two weeks. You’ll need at least a 600 personal credit score, $50,000 in annual revenue and one year in business to qualify.
Funding at Credibility Capital takes an average of seven days. Besides at least 18 months in business, you’ll also need a higher minimum credit score (650) and minimum annual revenue ($150,000) than at Lending Club. The lender is also currently unavailable to borrowers in Nevada, North Dakota, South Dakota, and Vermont.
- Loan amount: $5,000 to $300,000
- APR: 9.8% to 35.7%
- Loan term: One to five years
- Funding time: As fast as two days but typically one to two weeks
- Read our Lending Club review.
- Loan amount: $10,000 to $350,000
- APR: 10% to 25%
- Loan term: One, two or three years
- Funding time: Seven days on average
- Read our Credibility Capital review
Summary of options: Fast business loans
Want to compare more small-business loan options?
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.
Updated Nov. 15, 2017.