Fast business loans are usually available from online lenders, which offer streamlined applications and funding in as little as 24 hours. These small-business loans can be a good option for covering emergency expenses or taking advantage of a new growth opportunity when quick financing is a priority.
How much do you need?
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.
What is a fast business loan?
A fast business loan is financing that can be approved and funded quickly, often within one to three business days.
These loans are typically issued by online lenders, which use streamlined applications and automated technology to speed up the funding process.
When does a fast business loan make sense?
Here are some scenarios when a fast loan may make sense for your business:
- You need to cover an emergency expense, unexpected opportunity or temporary cash flow gap — and the cost of waiting outweighs the extra interest.
- You need bridge funding to hold you over until a long-term loan comes through, such as a commercial bridge loan while a bank or SBA loan application is pending.
- You’re a startup or have bad credit and can’t qualify for a bank or SBA loan. Online lenders have more flexible requirements, so you’ll have several options to compare even though rates will be higher.
Best fast business loan options
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| Product | Max Loan Amount | Min Credit | Min Time In Business | |
|---|---|---|---|---|
 AltLINE - Invoice factoring Nerdwallet Rating 4.4 with NerdWallet Small Business | $5,000,000 | 300 | N/A | with NerdWallet Small Business |
 Giggle Finance - Merchant cash advance with NerdWallet Small Business | $15,000 | 300 | 3 months | with NerdWallet Small Business |
 Fora Financial - Online term loan Nerdwallet Rating 4.7 with NerdWallet Small Business | $1,500,000 | 570 | 6 months | with NerdWallet Small Business |
 Bluevine - Line of credit Nerdwallet Rating 5.0 with NerdWallet Small Business | $200,000 | 625 | 12 months | with NerdWallet Small Business |
 altbanq - Online term loan Nerdwallet Rating 4.7 with NerdWallet Small Business | $10,000,000 | 650 | 12 months | with NerdWallet Small Business |
 Fundbox - Line of credit Nerdwallet Rating 4.7 with NerdWallet Small Business | $250,000 | 600 | 3 months | with NerdWallet Small Business |
 Headway Capital - Line of credit Nerdwallet Rating 4.8 with NerdWallet Small Business | $100,000 | 625 | 6 months | with NerdWallet Small Business |
 iBusiness Funding - Online term loan Nerdwallet Rating 4.0 with NerdWallet Small Business | $500,000 | 660 | 24 months | with NerdWallet Small Business |
 National Funding - Equipment financing Nerdwallet Rating 4.8 with NerdWallet Small Business | $150,000 | 600 | 6 months | with NerdWallet Small Business |
How to get a business loan faster
Some online lenders can fund loan applications as fast as the same or next business day. It may take longer to get funds, however, as your exact timeline varies based on several factors. While many factors are outside your control, there are a few things you can do to help speed up the process:
- Have your documents ready. You’ll likely need to provide documentation, for example financial statements or tax returns, as part of your loan application. Make sure you have those ready. And make sure they’re accurate. If you provide incorrect or outdated documents, the process can get delayed. "Incomplete paperwork is one of the most common reasons the lending process can slow down," says Elizabeth Magennis, president of ConnectOne Bank, a regional bank with locations in New York and New Jersey. "That's why it's important for business owners to work closely with their lender to make sure they understand what’s needed upfront and help them address any gaps, which can make the process smoother and more efficient."
- Appraise collateral ahead of time. If you’re providing collateral to secure your loan, doing the appraisal ahead of time and having the paperwork handy can help speed up your timeline.
- Respond to your lender quickly. If a lender has follow up questions or needs you to sign a loan agreement, the faster you respond to those inquiries, the faster you’ll get access to funding.
- Apply earlier in the week. The timing of your application can affect how quickly you get funds. Many online lenders that advertise same-day funding have daily cutoff times and don’t process applications on weekends or federal holidays. To get a same-day loan from OnDeck, for example, you’ll need to apply before 10:30 a.m. ET, Monday through Friday.
- Consider a wire transfer. After your lender sends your funds, it may take a few days for your bank to process and show that money in your account. Some online lenders, like Bluevine, may offer wire transfers for faster funding, but these usually come with an extra fee.
Types of quick business loans
These types of online business loans can offer fast funding:
Loan type | Best for | Funding speed | Average rates |
|---|---|---|---|
Specific purposes or business investments How it worksYou receive a lump sum of money that you repay over a set period of time, with interest. | 1 - 5 days | 14% to 99% APR | |
Working capital, cash flow gaps, emergency funding How it worksYou gain access to a set amount of money that you can borrow as needed. You only pay interest on the funds you withdraw — and as long as you make timely repayments and don’t exceed your credit limit, you can continue to borrow up to the limit. | 1 - 3 days | 10% to 99% APR | |
Buying equipment How it worksYou get a lump sum of money to buy machinery or equipment for your business. Because the equipment serves as collateral, lenders may focus less on traditional underwriting criteria, such as credit score or time in business. Equipment loans usually function like term loans — you repay them over time, with interest. | 1 - 7 days | 4% to 45% APR | |
B2B companies with cash tied up in unpaid invoices How it worksYou sell your unpaid invoices to a factoring company at a discount. You get a percentage of the invoice amount upfront and the company takes responsibility for collecting full repayment from your customers. | 1 - 3 days | 10% to 79% APR | |
Businesses with lots of card sales; last-resort option How it worksA merchant cash advance (MCA) company gives you a lump sum of money that you repay using a portion of your debit and credit card sales, plus a fee. You should consider all options before an MCA — they often have high APRs and can create a cycle of debt. | 1 - 3 days | 40% to 350% APR |
Pros and cons of quick business loans
Pros
Access to capital within a few business days.
Streamlined application processes; typically minimal paperwork 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.
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 business loan quickly.
1. Understand your financing needs
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, 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
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. They may work with you even if you’re a new business or have a rocky credit history. They usually don't require collateral — but they will likely ask for a personal guarantee or a lien 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
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.
🤓Nerdy Tip
Although there are many reputable online lenders out there, predatory lenders may try to take advantage of borrowers who are in a rush for funding. 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 paperwork. In some cases, you may even be able to connect your financial accounts to the lender’s system in order to speed up approval.
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.
How to compare quick business loans
When speed is a priority, use these criteria to evaluate offers before signing a loan agreement:
- ⏱️ Funding speed. Confirm the lender can deliver funds within your required timeframe. If a lender can’t meet your timeline, the other four criteria don’t matter.
- 📈 Interest rate. Fast funding often comes with higher rates and fees. Review both the interest rate and the annual percentage rate (APR), which includes fees and shows the loan’s actual yearly cost — this is what speed is costing you.
- 🗓️ Loan term. Shorter terms mean higher payments, but less interest overall. Longer terms lower your payment but raise your total cost. Weigh this against your repayment schedule below as the two determine whether the loan fits your cash flow.
- ✍️ Repayment schedule. Some lenders require weekly or daily payments rather than monthly. A shorter term with daily payments can strain your cash flow even if the total cost looks lower on paper.
- 🏠 Collateral. Check to see if the lender requires collateral. Offering it, even when optional, can help you qualify or lower your rate, which may be worth it if your rate is high.
🤓Nerdy Tip
Strapped for time? Online marketplaces like NerdWallet Small Business can help you gather and compare business loan options quickly. You can get approved in as little as 24 hours and receive funding as fast as the same day.Alternatives to fast business loans
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
Choose if: You can wait weeks, have good credit and at least two years in business.
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, it will likely be your most affordable option — and may be worth the longer funding process.
SBA loans
Choose if: You can’t qualify for a bank loan, but still have strong credentials.
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
Choose if: You’ve been denied elsewhere and need less than $50,000.
These small-dollar loans are available in amounts up to $50,000 and are 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
Choose if: You’re a startup and/or you need to pay for daily expenses.
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.
Small-business grants
Choose if: You’re willing to spend time on applications for the chance to get free funding.
Business grants involve time and planning. However, unlike other forms of financing, grants don’t require repayment. Federal government agencies, corporations, nonprofits and others offer business grants that can be used to start a business, buy supplies, hire staff and other purposes.
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.
To come up with our list of the best fast business loans, we selected lenders that can fund applications within 72 hours.
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.
- 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.
