10 Best Fast Business Loans for 2023
This article is part of a larger series onBusiness Financing.
The best fast business loans should be able to get you funded in no more than three days from the time you submit an application. They should also have a combination of low rates, good customer service, flexible loan terms, and an easy application and approval process.
我们的列表包括不同类型的贷款n be used for a variety of business purposes. This is because the best type of loan for your business must also suit your needs and goals. Different loan types include equipment financing, working capital, lines of credit, and merchant cash advances (MCAs).
Below is our updated list of the 10 best quick business loans for 2023.
Best Brokers for Fast Business Loans:
- SBG Funding:Best overall broker for easy qualification requirements for multiple types of loans
- Lendio:Best for long-term and large financing options
- Clarify Capital:Best for multiple short-term financing options
- Smarter Finance:Best for business vehicle and equipment financing
Best Providers for Fast Business Loans:
- Balboa Capital:Best overall provider for same-day approval and funding
- Credibly:Best provider for multiple types of loans
- OnDeck:Best line of credit for immediate access to funds drawn
- National Funding:Best for businesses seeking excellent customer service
- Bluevine:Best line of credit for well-qualified businesses seeking low rates
- Fundbox:Best small business line of credit for short-term financing needs
Best Fast Business Loans at a Glance
SBG Funding: Best Overall Broker for Easy Qualification Requirements for Multiple Types of Loans
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Rates & Terms
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Application Time
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10 minutes |
Approval Speed
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24 hours |
Funding Speed
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As fast as same day |
Loan Amount
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Starting Interest Rate
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Undisclosed |
Estimated APR
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Varies depending on loan product |
Origination Fee
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Varies |
Repayment Term
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Repayment Schedule
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Biweekly, weekly, and monthly |
Financing Type
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Term loan, line of credit, equipment financing, and invoice financing |
Qualifications
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Minimum Credit Score
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500 |
Minimum Time in Business
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6 months |
Minimum Annual Revenue
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$250,000 |
SBG Funding is our pick as the best overall company because of its combination of easy qualification requirements and multiple loan types to choose from. It requires a low minimum credit score of 500 and can also work with startups with at least six months’ time in business.
It offers several different types of loans depending on your business needs. Options include term loans, lines of credit, equipment financing, and invoice financing. Loan terms vary based on the product you apply for, but it’s possible to get as much as $5 million in funding with repayment terms of up to seven years.
小企业融资的一个潜在缺点是,requires $250,000 in annual revenue to qualify. However, if you meet the stated minimum requirements, you have a good chance of getting approved, as the company states that it has an 85% loan approval rate.
To apply, you can visit the SBG Funding website. Applications can be completed within 10 minutes, and you can get a loan decision within 24 hours. If approved, same-day funding is also available.
Lendio: Best for Long-term & Large Financing Options
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Rates & Terms
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Application Time
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15 minutes |
Approval Speed
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As fast as 24 to 48 hours |
Funding Speed
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24 hours |
Loan Amount
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Starting Interest Rate
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Estimated APR
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Varies depending on loan product |
Origination Fee
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Varies |
Repayment Term
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1 to 10 years |
Repayment Schedule
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Monthly |
Financing Type
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Accounts receivable (A/R), term loan, lines of credit, business cash advance, and equipment financing |
Qualifications
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Minimum Credit Score
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Minimum Time in Business
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Minimum Annual Revenue
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Lendio offers the second-highest amount of funding and the longest repayment terms available in our guide. For these reasons, it’s a good option if you want lower monthly payments or need a larger amount of funding that is unavailable with other lenders.
With that being said, it offers different types of loans, each with varying qualification requirements and available loan terms. Financing options include A/R financing, term loans, lines of credit, cash advances, and equipment financing. Depending on the type of loan you apply for, you could qualify with a credit score as low as 650, annual revenue of $50,000, and at least 12 months’ time in business.
Lendio has a network of more than 75 lenders. Like many other brokers, one of the downsides is that the exact qualification requirements and loan terms won’t be known until after you apply. However, a benefit of choosing a broker is that you can work with a loan specialist to find the loan best suited for your needs and business goals.
With Lendio, expect to be required to provide a personal guarantee as a condition of getting a loan. To apply, you can visit the Lendio website, where applications can be completed within 15 minutes, and decisions and disbursement of loan proceeds issued within 24 hours.
If you’re not in a hurry to get funding, Lendio also provides other types of loans, such as Small Business Administration (SBA) loans, startup business loans, and commercial real estate (CRE) loans.
Clarify Capital: Best for Multiple Short-term Financing Options
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Rates & Terms
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Application Time
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2 minutes |
Approval Speed
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As fast as same day |
Funding Speed
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Within 24 hours of approval |
Loan Amount
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$10,000 to $750,000 |
Estimated APR
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Varies by loan product |
Origination Fee
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Varies |
Repayment Term
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6 months to 2 years |
Repayment Schedule
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Varies |
Financing Type
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Short-term business loan, business line of credit, invoice financing, equipment loan, MCA, and SBA microloan |
Qualifications
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Minimum Credit Score
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550 |
Minimum Time in Business
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6 months |
Minimum Annual Revenue
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$120,000 |
Out of the brokers we’ve selected, Clarify Capital’s fast business loans have one of the shortest repayment terms available. However, it offers excellent service, competitive rates, flexible qualification requirements, and a wide variety of loan types. As a result, we consider it a good option if you intend to pay off your loan quickly.
It has six types of loans that meet our criteria for a fast business loan. You can choose from term loans, lines of credit, invoice financing, equipment loans, MCAs, and SBA microloans. Qualification requirements vary depending on what you apply for, but you’ll generally need a credit score of at least 550, an annual revenue of $120,000, and six months’ time in business.
With Clarify Capital’s fast business loans, you can get up to $750,000 in funds as fast as 24 hours. APRs are also competitive and start as low as 7%. No collateral is required, as these fast business loans are issued as unsecured financing.
To apply, you can submit an application on the Clarify Capital website. The process can be completed in as soon as 2 minutes, and applying will not hurt your credit score.
Smarter Finance: Best for Business Vehicle & Equipment Financing
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Rates & Terms
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Application Time
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5 minutes |
Approval Speed
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1 to 2 days |
Funding Speed
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1 to 4 days |
Loan Amount
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$10,000 to $1 million |
Estimated APR
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7% to 20% |
Origination Fee
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$399 documentation fee |
Repayment Term
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2 to 5 years |
Repayment Schedule
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每周、每月、季节性和deferred |
Financing Type
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Equipment financing |
Qualifications
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Minimum Credit Score
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None, but 600 is recommended |
Minimum Time in Business
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None |
Minimum Annual Revenue
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None |
Smarter Finance is a broker that can offer competitive rates along with easy qualification requirements. It specializes in equipment financing for business vehicles and has a network of nearly 40 lenders.
It evaluates applications on a case-by-case basis. This improves your chance of getting approved at the best available rate. Smarter Finance can issue funding for a variety of equipment, including trucks and vehicles in a number of industries, such as healthcare and foodservice businesses.
It has no minimum qualification requirements for credit score, time in business, or revenue. However, it can be especially difficult to get approval with a credit score below 600. You should also note that the best rates typically require a business to be well-qualified and have a combination of strong business finances and credit.
应用程序可以完成智能菲南ce website. The process can be done in less than 5 minutes, and you should hear back within 24 to 48 hours. If you are approved, funding can also occur as fast as 24 hours.
Balboa Capital: Best Overall Provider for Same-day Approval & Funding
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Rates & Terms
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Application Time
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5 minutes |
Approval Speed
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As fast as same day |
Funding Speed
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As fast as same day |
Loan Amount
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Up to $500,000 |
Estimated APR
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5% to 20%-plus |
Origination Fee
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Varies |
Repayment Term
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Typically 3 to 60 months |
Repayment Schedule
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Varies |
Financing Type
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Term loan, equipment financing, commercial financing, and equipment vendor financing |
Qualifications
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Minimum Credit Score
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620 |
Minimum Time in Business
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12 months |
Minimum Annual Revenue
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If you need funding quickly, you should look at Balboa Capital’s loan offerings—it can issue same-day funding. What sets it apart from the others in this guide is that it can also issue approvals on the same day. If you apply early enough in the day, it’s possible to get funds by the end of the business day.
This is made possible largely thanks to the provider’s streamlined application process. Depending on the type of loan you’re applying for, you could qualify for an application-only process with reduced documentation requirements—this process is available for equipment financing on hard collateral of up to $500,000 and for soft collateral of up to $350,000.
With Balboa Capital, you can apply for several different types of loans. This includes small business term loans, equipment financing, equipment vendor financing, and commercial financing. If you’re not in a hurry to get funding, you can also consider the provider’s SBA loans.
To get the process started, you can visit the Balboa Capital website. Minimum qualification requirements include a credit score of 620 and 12 months’ time in business. You’ll also need annual revenue of $100,000 for equipment financing, or $300,000 for a small business term loan.
Credibly: Best Provider for Multiple Types of Loans
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Rates & Terms
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Application Time
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10 minutes |
Approval Speed
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Typically 1 to 2 days |
Funding Speed
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As fast as same day |
Loan Amount
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Starting Rates
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Factor rates as low as 1.11x |
Estimated APR
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Varies by loan product |
Origination Fee
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Varies |
Repayment Term
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Repayment Schedule
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Varies by loan product |
Financing Type
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Working capital, MCA, line of credit, equipment financing, and invoice factoring |
Qualifications
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Minimum Credit Score
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Minimum Time in Business
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6 months, but 12 months is recommended |
Minimum Annual Revenue
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Credibly offers the widest range of loan types out of all the providers in our guide. If you have a business that needs fast funding for different areas of your company and wants to minimize the number of lenders you use, then it could be an excellent option.
Available loan options include working capital loans, MCAs, business expansion loans, business lines of credit, equipment financing, SBA loans, invoice factoring, and restaurant business loans. Minimum qualifications can vary based on the loan product. For example, MCAs require only a 500 credit score while a line of credit requires a 650. The same applies to the minimum amount of revenue your business must have.
One thing to note is that while this provider states you should have a minimum of six months’ time in business, it’s recommended that you have at least 12 months for a better chance of getting approved. Without this, your business will most likely need several compensating factors to get approved. To get started, you can submit an online application from the Credibly website.
OnDeck: Best Line of Credit for Immediate Access to Funds Drawn
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Rates & Terms
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Application Time
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15 minutes |
Approval Speed
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1 to 2 days |
Funding Speed
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As fast as same day |
Loan Amount
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Estimated APR
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29.9% and up |
Origination Fee
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0% to 4% |
Repayment Term
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Repayment Schedule
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Financing Type
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Term loan and line of credit |
Qualifications
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Minimum Credit Score
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625 |
Minimum Time in Business
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12 months |
Minimum Annual Revenue
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$100,000 |
OnDeck offers a small business line of credit that gives you the ability to have instant access to funds once your account has been set up. In comparison, many other line of credit providers require you to wait several hours or days to get access to funds.
However, the maximum credit limit is just $100,000. If this is insufficient for your business needs, OnDeck does also offer a small business term loan of up to $250,000. Besides that, while APRs can start as low as 29.9%, OnDeck states that the average APR it issues is around 62.1%. Those figures reflect the fees that can be charged as part of getting the loan, which includes an origination fee of up to 4%.
Also, it has a $20 monthly maintenance fee for the line of credit product—although this can be waived for the first six months if you make an initial draw of at least $5,000 within one week of account opening.
If you foresee a recurring need for more funding, OnDeck allows you to get additional funds once you have paid at least 50% of the loan. To learn more or to apply, visit the OnDeck website.
National Funding: Best for Businesses Seeking Excellent Customer Service
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Rates & Terms
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Application Time
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20 minutes |
Approval Speed
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As fast as 24 hours |
Funding Speed
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As fast as 24 hours |
Loan Amount
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Estimated APR
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Varies (Factor rates as low as 1.11x) |
Origination Fee
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1% to 3%, but can vary based on loan |
Repayment Term
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Repayment Schedule
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Financing Type
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Term loan, working capital, and equipment financing |
Qualifications
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Minimum Credit Score
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600 |
Minimum Time in Business
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6 months (2 years for equipment financing) |
Minimum Annual Revenue
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$250,000 |
国家资金提供者,分开from other lenders thanks to its dedication to providing a high level of service. It keeps most of its loans in-house and pairs borrowers with a loan specialist to make sure you get the loan best suited for your needs.
Besides that, you’ll be able to speak directly with a member of the team if you have any questions about your loan. This provider has consistently received high ratings from customers because of its dedicated service.
It offers a few different types of loans, including term loans, working capital loans, and equipment financing. Minimum qualification requirements include a credit score of 600 and annual revenue of $250,000. You’ll also need six months’ time in business, although you’ll need two years for equipment financing.
One thing to note is that although it will try to get every loan approved, meeting the minimum eligibility requirements does not guarantee you’ll get funding. Businesses that typically stand a greater likelihood of approval are those that have strong finances, are looking for short-term loans, and primarily just need funding to continue expanding the business.
To apply, you can visit the National Funding website. Applications can normally be completed in under 20 minutes, with approvals and funding that can occur as fast as 24 hours.
Bluevine: Best Line of Credit for Well-qualified Businesses Seeking Low Rates
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Rates & Terms
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Application Time
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5 minutes |
Approval Speed
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As fast as 5 minutes |
Funding Speed
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As fast as 24 hours |
Loan Amount
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Up to $250,000 |
Estimated APR
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6.2% to 78% |
Origination Fee
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None |
Repayment Term
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6 or 12 months |
Repayment Schedule
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Weekly and monthly |
Financing Type
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Small business line of credit |
Qualifications
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Minimum Credit Score
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625 |
Minimum Time in Business
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24 months |
Minimum Annual Revenue
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$480,000 |
Although Bluevine has the highest annual revenue requirement on our list, it can also offer one of the lowest rates in our guide. You’ll need $480,000 in annual revenue to be eligible, but well-qualified businesses can get rates as low as 6.2%. Other qualification requirements include 2 years’ time in business and a 625 credit score.
This provider offers a small business line of credit that charges a simple interest rate—making it great for businesses looking for short-term financing. Since simple interest only considers the loan’s principal balance, paying it off sooner can save you more money from interest charges. In other words, the rate you get is a worst-case scenario showing what you’d pay if you took the maximum draw on your line of credit and stretched out payments for as long as possible.
Repayment terms on Bluevine’s line of credit can be up to 12 months. The standard repayment schedule is made weekly, but a monthly plan is available for businesses that meet additional requirements. This includes a higher credit score of 650, 36 months’ time in business, and $960,000 in annual revenue.
You can submit an online application on the Bluevine website. This can be done in as little as five minutes, and it’s possible to get a decision on your loan in just minutes. If approved, funding can also be issued within 24 hours.
Fundbox: Best Small Business Line of Credit for Short-term Financing Needs
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Rates & Terms
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Application Time
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5 minutes |
Approval Speed
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3 minutes |
Funding Speed
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As fast as 24 hours |
Loan Amount
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Up to $150,000 |
Estimated APR
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10% to 79% |
Origination Fee
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None |
Repayment Term
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12 or 24 weeks |
Repayment Schedule
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Weekly |
Financing Type
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Small business line of credit |
Qualifications
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Minimum Credit Score
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600 |
Minimum Time in Business
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6 months |
Minimum Annual Revenue
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$100,000 |
Fundbox offers the shortest repayment terms out of all the companies here. However, it still made our list because of its competitive rates and fast funding speeds.
With it, you can get a small business line of credit for up to $150,000 and repayment terms of up to 24 weeks. Although this line of credit has many similarities to that of Bluevine, Fundbox has qualification requirements that are much easier to satisfy. You can qualify with a minimum credit score of 600, annual revenue of $100,000, and six months’ time in business.
You can also take advantage of its Flex Pay program, which gives you more time to pay business expenses. The program works by allowing your vendors to bill your account, allowing them to receive payment in a timely manner. When this is done, you’re given up to three additional business days to then repay the balance on the Flex account.
To apply, you can submit an application on the Fundbox website. If eligible, you can receive a loan decision within three minutes, with the disbursement of funds within 24 hours.
How We Chose the Best Quick Business Loans
We considered the following items when choosing the best fast business loans:
- Speed of application and approval process
- Funding speed
- Ease of application process and amount of required documentation
- Maximum loan amount
- Interest rates, fees, and estimated APR
- Repayment terms and schedule
- Minimum credit score, time in business, and annual revenue requirements
- Customer reviews and ratings
Types of Fast Business Loans
Fast business loans can involve many different types of loans. Some examples can include term loans, equipment financing, MCAs, lines of credit, and working capital loans.
- Term business loan:You’ll receive a single lump sum of funds to be repaid over a fixed period. This can be a good option if you do not have recurring needs for additional funding.
- Business line of credit:This is a revolving line of credit that allows you to draw funds on an as-needed basis. The flexibility and ease of access to additional funds can make it a good choice for emergencies or temporary cash flow shortages. See our recommendations for thetop small business line of credit providers.
- MCA:MCAs give you a lump-sum advance against your daily credit card receipts. You could be a good candidate for this type of financing if you process a large volume of credit card sales. Check out ourtop-recommended MCA providers.
- Working capital loan:This type of loan can be used to cover a wide variety of daily business expenses. Some examples include rent, payroll, and operational expenses. View our article covering thebest working capital loans.
- Equipment financing:If you need business equipment, you can choose between an equipment loan or a lease. With a loan, you retain ownership at the end of the loan term. With a lease, you’ll typically have to return the equipment to the vendor. Learn more about the differences through ourcomparison of equipment loans vs leases.
- Revenue-based financing:Monthly payments for this type of loan fluctuate based on your company’s monthly revenue. This can be a good option for businesses that have high gross margins or have a subscription-based revenue model.
Some loans have stricter qualification requirements than others. To improve your chances of getting approved, you can check out our article onhow to get a small business loan.
Alternatives to Fast Business Loans
A common tradeoff with fast business loans is that they can be more expensive than other financing options. If you don’t need funds quickly, here are some options which can be more cost-effective:
- Small business credit cards:Useful for small and medium-sized purchases, this gives you access to a revolving line of credit that can be used for recurring or daily expenses. Many also offer a rewards program to reduce the effective cost of business expenses. Check out our list of thebest small business credit cards.
- SBA loan:SBA loans can take 30 to 90 days to fund but often carry some of the most competitive rates available. If you have good credit and solid financials, head over to our recommendations for theleading SBA lenders.
- Rollover for business startups (ROBS):A ROBS is not a loan but is a way for you to access your retirement accounts tax- and penalty-free. You’ll usually need $50,000 in funds to qualify, and we recommend using a company from our list of thetop ROBS providersto walk you through the process.
Frequently Asked Questions (FAQs)
If you’re well-qualified for a loan, you can get a loan as fast as the same day. Lenders with fast business loans often have an easy application process that takes less than 10 minutes, and approvals that can be issued within several minutes.
Using an online provider is the best way to get money fast for your business. Compared to traditional brick-and-mortar banks, online providers also typically have more lenient qualification requirements and more streamlined processes for issuing loan decisions.
网上银行往往更具流线型的过程es for reviewing and issuing loan decisions. They also usually have more flexibility in the eligibility criteria. However, in exchange for getting a fast funding speed, you’ll usually be charged higher interest rates and fees.
Bottom Line
There are many different types of fast business loans, but the providers we’ve selected offer a wide variety, so you should be able to find a loan suited to your needs. With a fast business loan, you can get funds as fast as the same day—but you may have to pay higher rates and fees. As always, you should shop rates with multiple lenders to get the best rate possible.