Fast Business Loans: Best Options for Quick Cash

Small Business, Small Business Loans
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Business loans for fast cash
Here, compare speed of funding and minimum personal credit scores by lender. Scroll down to compare APRs, which can be high for some lenders, and other requirements to inform your decision.

Funding options
Speed of funding
Min. credit score
kabbageApply now
As fast as a few minutes.
None
More on qualifying.

Term loan
Apply now
OnDeck also has a
fast line of credit.
As fast as one day.
500
StreetShares loansApply now
As fast as one day.
600
Lending Club
Term loan
Apply now
Lending Club also has a
fast line of credit.

As fast as two days.
600

Apply now
As fast as three days.
640

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 cash, 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 cash for immediate needs

Fast cash for a business opportunity

Fast business loans: Summary of options

Fast cash for immediate needs

For businesses that need cash as fast as possible: Kabbage and OnDeck

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

If you have shaky credit, Kabbage could be a good option for funding up to $150,000. The lender doesn’t require a minimum credit score to qualify, but your business needs a year of history and at least $50,000 in annual revenue. You can complete the online application in minutes and get funding just as fast or within a few days. How long it takes to get your money depends on how quickly Kabbage can get your business data and verify your bank account. You’ll pay for that speed; Kabbage’s annual percentage rates range from 24% to 99%. Think of a Kabbage loan as a short-term solution that you can pay back quickly.

Qualifying at OnDeck may be a bit harder than at Kabbage, but your rate will likely be lower; the APRs for OnDeck’s line of credit range from 14% to 40%. You can complete the online application in about 10 minutes, with funding as fast as 24 hours but typically in a few days. To qualify, you need a minimum credit score of 600, plus $100,000 in annual revenue and at least a year in business. OnDeck also offers term loans with a quick application process.

kabbage
  • 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
Apply now at Kabbage
ondeck
  • Loan amount: Up to $100,000
  • APR: 14% to 40%
  • Loan term: Repaid weekly
  • Funding time: As quickly as 24 hours but typically a few days
  • Read our OnDeck review.
Apply now at OnDeck

If you want lower rates and can wait a little longer for funding: Lending Club

Lending Club offers a line of credit with low borrowing costs but a longer time to funding than Kabbage and OnDeck. The money typically is available in less than a week, but it may take up to two weeks. To qualify for a Lending Club line of credit, you’ll need a minimum of two years in business, a personal credit score starting at 600 and annual revenue of at least $75,000. APRs range from 8% to 35%. Lending Club also offers term loans with the same minimum qualifications.

LendingClub-box

Line of credit

  • Loan amount: $5,000 to $300,000
  • APR: 8% to 35%
  • Loan term: Repaid up to 25 months
  • Funding time: Less than a week
  • Read our Lending Club review
Apply now at Lending Club

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Fast cash for a business 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.

StreetShares is a good option for newer businesses that aren’t seeking to borrow a lot of money. 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. The company provides term loans of between $2,000 and $100,000. The maximum amount you can qualify for, however, is 20% of your annual revenue. For example, a business with $200,000 in revenue would qualify for only up to $40,000. Time to funding is one to five days.

OnDeck’s funding turnaround can be as fast as a single day, though more often it takes several days. However, with APRs ranging from 9% to 99%, your rates will likely be higher than at StreetShares. To qualify for an OnDeck term loan, you need at least a 500 credit score, a year in business and $100,000 in annual revenue. Unlike other lenders, OnDeck requires daily or weekly repayments on its term loans, so your business would need steady cash flow to handle the repayment frequency.

StreetShares-e1459274893272
  • 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
Apply now at StreetShares
ondeck
  • 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
Apply now at OnDeck

If you have a strong business and want lower rates: Lending Club and Bond Street

Lending Club and Bond Street both offer term loans that come with lower rates than OnDeck. They also offer higher borrowing amounts than StreetShares. Lending Club and Bond Street, however, have stricter qualifications than OnDeck and Streetshares, and it may take a little bit longer to get funded.

At Lending Club, you’ll need at least a 600 personal credit score, $75,000 in annual revenue and two years in business to qualify. Time to funding can be as fast as two days but typically takes one to two weeks. Loans range from $5,000 to $300,000 and are repaid monthly over one to five years, with APRs between 8% and 35%.

If you need to borrow more money, Bond Street offers loans between $10,000 and $1 million, with APRs ranging from 8% to 25%. Funding can be fast; money typically arrives in three to four days. To qualify, you’ll need a minimum credit score of 640, plus at least two years in business and $200,000 in annual revenue. The loans are repaid twice a month, so Bond Street may not be a fit for a business owner who prefers monthly payments.

LendingClub-box
  • Loan amount: $5,000 to $300,000
  • APR: 8% to 35%
  • Loan term: One to five years
  • Funding time: As fast as two days but typically one to two weeks
  • Read our Lending Club review.
Apply now at Lending Club
horizontal-black
  • Loan amount: $10,000 to $1 million
  • APR: 8% to 25%
  • Loan term: One to three years
  • Approval time: Average of three to four days
  • Read our Bond Street review
Apply now at Bond Street


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Summary of options: Fast business loans

Funding optionsSpeed of funding Do you qualify?Loan amount & APR
kabbage
Apply now at Kabbage
A few minutes to several days
  • No minimum credit score
  • At least one year in business
  • $50,000+ annual revenue
  • $2,000 to $150,000
  • 24% to 99%
ondeck

Line of credit


Apply now at OnDeck
As fast as 24 hours but typically in a few days to a week
  • 600+ personal credit score
  • At least a year in business
  • $100,000+ annual revenue
  • Up to $100,000
  • 14% to 40%
lending_club_logo_new-249x47

Line of credit

Apply now at Lending Club
Typically less than a week
  • 600+ personal credit score
  • At least two years in business
  • $75,000+ annual revenue
  • $5,000 to $300,000
  • 8% to 35%
Street Shares
Apply now at StreetShares
One to five days
  • 600+ personal credit score
  • At least one year in business
  • $25,000+ annual revenue
  • $2,000 to $100,000
  • 9% to 40%
ondeck

Term loan


Apply now at OnDeck
As fast as 24 hours but typically in a few days to a week
  • 500+ personal credit score
  • At least one year in business
  • $100,000+ annual revenue
  • $5,000 to $500,000
  • 9% to 99%
lending_club_logo_new-249x47

Term loan

Apply now at Lending Club
As fast as two days but typically one to two weeks
  • 600+ personal credit score
  • At least two years in business
  • $75,000+ annual revenue
  • $5,000 to $300,000
  • 8% to 35%

Apply now at Bond Street
As fast as three days
  • 640+ personal credit score
  • At least two years in business
  • $200,000+ annual revenue
  • $10,000 to $1 million
  • 8% to 25%

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.

Steve Nicastro is a staff writer at NerdWallet, a personal finance website. Email: Steven.N@nerdwallet.com. Twitter: @StevenNicastro.

Updated May 17, 2017.