Matthew Sexton

The best fast business loan providers should offer a fast and simple application process, a quick loan approval process, and funding within one business day. These providers should offer a variety of loan products with quick funding or one outstanding loan product. Fast business loans are often available to low credit borrowers as long as the business meets revenue and time-in-business requirements. They often come with high interest rates and fees, so borrowers should shop around to find the best terms for their loan. Here are the eight best fast business loan providers: : Best overall fast business loan website for multiple loan offers : Best fast business loans with the lowest rates : Best for longer-term loans for lower credit score borrowers : Best small business line of credit : Best for business owners with very low credit : Best for a simple application process : Best for borrowers looking for simple repayment terms : Best for invoice factoring Best Fast Business Loans At a Glance See fullscreen table × Lendio: Best Overall Fast Business Loan Website for Multiple Loan Offers Why We Like Lendio is our choice for the best fast business loan provider thanks to the ability to get multiple loan offers with just one application. With more than 75 lenders available in the Lendio marketplace, you can be sure to get the best rates and terms available with a 15-minute application. Because there are so many lenders in the Lendio network, specific qualification terms and rates are a little difficult to pin down. However, you should expect to need at least a 600 credit score, at least $8,000 in monthly revenue, and at least six months in business. There may be providers in the marketplace that will lend to sub-600 credit score borrowers, but rates and fees will be substantially higher. Lendio provides access to lines of credit, short-term business loans, and equipment loans. Other types of loans available in the marketplace wouldn’t necessarily be considered fast business loans but, if you have some time to wait for funding, you may get better rates and terms out of those loans. You can either fill out an application on the Lendio website or call them toll-free. Funding is promised within one business day once you are approved. Visit Lendio’s website to apply. Fundbox: Best Fast Business Loans With the Lowest Rates Why We Like Fundbox , which is our top choice for best easy business loan, is an excellent option for fast business loans as well thanks to its low starting interest rates. Interest rates start at just 4.66%, slightly lower than Bluevine’s lowest interest rate. While term loans and lines of credit are available through Fundbox, the company’s focus on its website is its line of credit product. Once you fill out a 10-minute application, you can get a credit decision almost immediately. Once approved, you can click on the website to draw funds from your Fundbox account as soon as the following business day. You can choose your repayment plan each time you draw funds with no prepayment penalty. You will need a credit score of at least 600, at least $100,000 in annual revenue, and at least six months in business to qualify. You can get a line of credit of up to $150,000 with draws repaid over a 12-week or 24-week period. Term loans of up to $150,000 can be repaid weekly over a 24-week or 52-week period. Drawbacks include potentially high APR depending on fees and repayment terms, and a weekly repayment schedule that can be challenging for some businesses to manage. Fundbox allows you to apply directly through its website, or you can call them to get started. Visit Fundbox for more information or to apply. National Funding: Best for Longer-term Loans for Lower Credit Score Borrowers Why We Like National Funding is another great choice for best quick business loans thanks to its fast application process. By filling out a one-page application and providing three months of business bank statements, you can apply in less than 30 minutes with funding in one business day. You can get up to $500,000 for up to five years. In addition, even though other providers have lower minimum credit scores, National Funding has shown a willingness to work with lower credit borrowers in the past. That’s why it is an excellent choice for subprime borrowers. However, lower credit score borrowers should expect higher fees and rates. You will need to be in business for at least six months, have a personal credit score of at least 600, and make $250,000 in annual revenue to qualify. National Funding provides repayment flexibility with daily, weekly, and monthly repayment options available. The company also offers early payoff discounts. Customers who pay off a working capital loan balance within the first 100 days receive a 7% discount on the total remaining balance. Drawbacks include potentially high APR for lower credit borrowers and a higher annual revenue requirement than most providers on this list. You can call National Funding or visit the company’s website to apply. Visit National Funding’s website for more information or to begin the application process. Bluevine: Best Small Business Line of Credit Why We Like Bluevine By filling out a two-minute application, can provide you access to the best small business line of credit on the market. With decisions in as fast as five minutes, Bluevine offers one of the fastest application and approval processes on this list. Bluevine offers just one lending product, but its small business line of credit is outstanding. You can get up to a $250,000 credit line. Interest is paid only on the amount used, and you can take multiple draws so long as you have available credit. Each draw is repaid over either a six-month or 12-month period. Funding for each draw is promised within 24 hours. You will need a personal credit score of at least 625, $40,000 in monthly revenue, and at least 24 months in business to qualify. You also need to be operating or incorporated in the United States. Bluevine requires basic information about your business, a bank connection, or three business bank statements, and for your business to be in good standing when applying. In addition, Bluevine has an outstanding free business checking product that earns a strong interest yield. Bluevine is our pick as the best free business checking account. You can apply directly through Bluevine’s website. Visit the company’s website for more information or to apply. SBG Funding: Best For Business Owners With Very Low Credit Why We Like SBG Funding For business owners with very low credit scores, is a good option for a fast business loan. As long as you have at least $120,000 in annual revenue and have been in business for at least six months, you can qualify for a term loan or line of credit with as low as a 500 credit score. The application process is fast, with the process taking about 15 minutes. Once approved, you can receive funding in as little as one business day. SBG Funding also has one of the highest loan amounts available on this list. You can get up to $5 million for up to five years. The biggest issue with SBG funding is the high interest rates and fees. As expected with lower credit borrowers, interest rates start at 23.1% and balloon from there. While an upper range of APR can’t be calculated due to varying fees and loan terms, expect it to be among the highest on this list. You can start the loan process on the company’s website or via phone. Visit SBG Funding’s website for more information or to apply. QuickBridge: Best for a Simple Application Process Why We Like QuickBridge With its simple application process, is a great choice for a fast business loan. You can apply directly through QuickBridge’s website. You’ll be connected to a funding specialist who will work with you to find the right lending product for your needs. Once finalized, funding will be completed within one business day. You will need your driver’s license and three bank statements to apply. You can get up to $500,000 for up to 24 months, with daily or weekly repayment. Starting interest rates are very competitive with rates as low as 5%. QuickBridge offers a similar product as National Funding. National Funding ends up slightly higher on our list thanks to a monthly repayment option and up to a five-year term. But both are excellent choices for fast business loans. As with most options on this list, lower credit borrowers may find high APRs due to high interest rates and short terms. QuickBridge gives you the option to apply through its website or via phone. Visit QuickBridge’s website for more information or to apply. OnDeck: Best for Borrowers Looking for Simple Repayment Terms Why We Like OnDeck is a great option for a fast business loan, thanks to the company's simple repayment process for its line of credit product. Separate draws are combined into one daily or weekly payment, making it much easier to manage your outstanding debt. In addition to its line of credit product, OnDeck offers a term loan product that allows you to borrow another term loan once your previous one is paid halfway down. There is also a prepayment benefit for borrowers who qualify. Loans paid off early can qualify for having the remaining interest waived. The application process takes about 30 minutes. If approved, funding can be received within one business day. You will need at least a 600 credit score, at least $100,000 in annual revenue, and at least one year in business to qualify. OnDeck loans can have very high APR rates. Rates start at 29.9%, and the average APR, according to OnDeck, is 62.1%. Other options on this list will likely provide rates much lower than OnDeck. In addition, OnDeck will reject borrowers that don’t meet the credit score, time in business, and annual revenue requirements. Borrowers who don’t meet those requirements may want to consider Fundbox or National Funding. You can go to OnDeck’s website to begin the application process for either loan product. Visit OnDeck for more information. FundThrough: Best for Invoice Factoring Why We Like FundThrough offers a different type of financing product for companies that invoice customers. For companies interested in invoice factoring or accounts receivable (A/R) financing, FundThrough is an excellent choice for a fast business loan of a different type. FundThrough is our choice as both the best invoice factoring company and best A/R financing company. The company’s two products offer both types of financing. Its Express Invoice Financing is an A/R financing product for funding amounts of $15,000 or less. Meanwhile, the company’s Velocity Invoice Factoring is an actual factoring product with no maximum size other than it is based on the invoice size and financials of the company. Both types can be applied for in 30 minutes or less, with funding within 24 hours. Rates tend to be a little lower with invoice factoring because the funding is backed by the unpaid invoice. FundThrough is a good choice for lower credit score borrowers that can leverage company invoices to get better rates than they might get with another provider. You will need at least a 600 credit score, six months in business, and at least $120,000 in annual revenue to qualify. You can apply on the company website, or you can reach out to them via phone, online chat, or email. Visit FundThrough’s website to get started. Types of Fast Business Loans There are several types of fast business loans available from each of the lenders above. Regardless of which type of loan you choose, the process of getting a small business loan will be similar with each loan type. The three types of fast business loans available include short-term business loans, business lines of credit, and invoice factoring: Short-term business loan: You receive a lump sum of funding, repaid over a fixed period of time. This works best for financing equipment or renovations. Business line of credit: This is a revolving credit line for ongoing (usually smaller) expenses. A line of credit helps with cash flow management. Invoice factoring: This allows you to get paid for outstanding invoices and helps with cash flow while you wait for invoices to get settled. Alternatives to Fast Business Loans Fast business loans are a great choice for quick funding for immediate business needs. However, other loan types provide better rates and terms. If you don’t need funds quickly, consider one of the following loan types that will have lower interest rates and better repayment terms: Small business credit cards: Best used for small and medium, often recurring expenses. Many have 0% introductory rates, and you can earn cashback rewards. Small Business Administration (SBA) loan: Best for businesses with good credit and a solid business plan that don’t need funds quickly. can also help you with SBA loans for startups. Rollover for business startups (ROBS): Ideal for businesses with owners willing to invest retirement funds of $50,000 or more. Check out the website for more information on ROBS or to speak with a ROBS specialist. How We Evaluated the Best Fast Business Loans When considering the best fast business loans, we compared the following criteria: Speed of application process and funding Ease of loan application and repayment process Maximum loan amount Interest rates and estimated APR Repayment terms and schedule Collateral and guarantee requirements Funding speed Minimum credit score, time-in-business, and annual revenue requirements Fees, and any potential fee discounts Customer reviews Frequently Asked Questions (FAQs) How fast can you get a business loan? Depending on how well qualified you are for the loan, you can apply for a fast business loan in less than 15 minutes and receive funding either the same business day or the next day. How can I get money fast for my business? Using an online business loan provider is the best way to get money fast for your business. They often will have more lenient requirements than a traditional brick-and-mortar bank and faster loan underwriting. You can get funded in less than 24 hours, however, you will likely have to pay higher rates and fees. Why choose an online lender for a fast business loan? Online lenders usually have more lenient qualifications than traditional banks. They also typically have faster loan underwriting and processing. This means they can get you funded in as little as 24 hours. While this often means higher rates and fees, well-qualified borrowers might also find discounted rates, prepayment benefits, and account perks that might not exist with traditional banks. Bottom Line Companies looking for fast business loans can find one from any of the providers in this guide. These providers offer a simple, fast application process, fast approvals, and funding within 24 hours. However, these loans can also come with higher rates and fees for lower credit borrowers. Before applying, shop around to multiple lenders and find the terms that best meet your business needs.

The best easy business loan providers should offer you a simple process to obtain funding for your business quickly. These loans typically have lenient credit requirements, making them available to even lower credit borrowers. In addition, companies that have been in operation for less than two years with lower annual revenue should be able to qualify for one of the best easy small business loans. While the loans available on this list are easy to apply for and obtain, they also come with higher interest rates, higher fees, and, sometimes, short repayment terms. These are the eight best easy business loan providers. Best Easy Business Loans At a Glance Fundbox: Best Overall Easy Business Loan for the Lowest Rates Why We Like Fundbox Thanks to the lowest starting interest rates and easy qualification requirements, is our choice for the best easy business loan. Its rates start as low as 4.66%, and it offers both lines of credit and term loans, although it’s the line of credit product the company heavily promotes on its website. Your business must be in operation for at least six months with at least $100,000 in minimum annual revenue. In addition, your company must be based in the United States and have a small business checking account. You must have at least a 600 personal credit score. You can get a line of credit of up to $150,000, with draws repaid over a 12-week or 24-week period. Term loans of up to $150,000 can be repaid weekly over either a 24-week or 52-week period. There’s no prepayment penalty, and you can set up your repayment plan with each draw against your line of credit. One drawback is the weekly repayment schedule, which can be challenging to business cash flow. You can begin the application process on Fundbox’s website or by calling toll-free. The company promises a quick credit decision and funding within one business day. National Funding: Best for Longer Loan Terms for Lower Credit Score Borrowers Why We Like National Funding is an excellent choice for an easy business loan for many reasons but specifically due to credit availability to lower credit score borrowers. It has been more willing to lend to lower credit borrowers than others on this list, including some providers that list a lower minimum credit score. In addition, you can get a loan of up to $500,000 for up to five years. The only standalone lender in this guide with a lower minimum credit score is LoanBuilder, and its loans max out at just 52 weeks. Meanwhile, Lendio is a marketplace, and poor credit borrowers will likely find worse terms than what National Funding will provide. It has an easy application process, quick decision and funding timeline, and early payoff discounts. Customers who pay off a working capital loan balance within the first 100 days receive a 7% discount on the total remaining balance. One drawback is potentially high annual percentage rates (APRs). Borrowers with strong credit profiles may want to consider Fundbox or Bluevine for better rates. National Funding allows you to apply through its website or a toll-free number. The application process involves just a one-page application and three months of bank statements, and a decision and funding are promised within 24 hours. Bluevine: Best Small Business Line of Credit Why We Like Bluevine not only has the best line of credit product of the providers listed here, but it’s our choice for the best small business line of credit on the market. You can get a line of credit of up to $250,000, with draws repaid over either a six- or 12-month term. Fundbox only slightly edges Bluevine in this guide due to its term loan product, slightly lower rates, and lower monthly minimum revenue requirements. Businesses need to be in business for 24 months and $480,000 in annual revenue to qualify. Bluevine does have the highest minimum credit score of providers on this list at 625. If your business is organized as a limited liability company (LLC) or corporation, Bluevine won’t hard-pull your credit at any point in the process. If you’re organized as a sole proprietorship or general partnership, it will only hard-pull your credit after receiving and accepting an offer. In addition, it has an outstanding free business checking product that earns a strong interest yield. As such, it’s our top free business checking account. It allows you to apply through its website and even lets you connect your QuickBooks Online account directly as part of the application. Application takes less than 2 minutes, with approvals within 5 minutes. Lendio: Best for Shopping Multiple Loan Options at One Time Why We Like Lendio If you want to compare multiple loan offers with just one application, is an excellent option. It’s a marketplace with more than 75 lenders, and because there are so many available options, it’s hard to specify exact requirements, terms, and rates. However, in general, you’ll need at least $96,000 in annual revenue and a credit score of at least 600. Some lenders in its network will have more stringent requirements, and while some might qualify borrowers with even lower credit scores, borrowers with sub-600 credit scores will have very high rates and fees. Not only can you receive multiple loan offers with Lendio, but you can also get multiple types of financing. Lendio has providers that offer business lines of credit, short-term loans, and equipment loans that would be considered easy business loans. It has a 15-minute application on its website, or you can call toll-free to start the application process. FundThrough: Best for Invoice Factoring Why We Like FundThrough is our top invoice factoring company, offering two excellent invoice factoring products: Express Invoice Financing for funding amounts of $15,000 or less and Velocity Invoice Factoring, which has no stated maximum funding amount. It will depend on the size of the invoice and your company’s financial strength. The two programs are similar but have slight differences. Express Invoice Financing is a form of accounts receivable (A/R) financing, which has the customer pay you directly for the outstanding invoice. Then, you pay back FundThrough, our best A/R financing company, for the advance. Velocity Invoice Factoring is a true invoice factoring product, where the customer pays FundThrough for the invoice based on the original terms of the invoice. With invoice factoring, the customer directly interacts with FundThrough, while with A/R financing, the customer is unaware of the FundThrough advance. Regardless of your choice, you’ll need to be in business for at least six months with at least $120,000 in annual revenue to qualify. You’ll also need a personal credit score of at least 600. You can start an application through FundThrough’s website to see if you qualify or by reaching out via a toll-free phone number, online chat, or email. QuickBridge: Best for a Simple Application Process Why We Like QuickBridge is a great choice for an easy business loan thanks to its simple, quick application process. You can apply via a toll-free number or through its website in a matter of minutes, connect with a funding specialist, and have funds sent to your account within a day of approval. When applying, you need just your driver’s license and three bank statements. From a product standpoint, it’s very similar to National Funding. You can get loans of up to $500,000 for up to 24 months. Repayment can be made either daily or weekly. Interest rates are very competitive, starting at just 5%. National Funding edges QuickBridge slightly thanks to the former’s monthly repayment option and up to a five-year term. However, both are outstanding provider options if you’re looking for small business loans, working capital loans, unsecured business loans, and short-term business loans. QuickBridge promises fast credit decisions with flexible payment options to fit your business needs. OnDeck: Best for Borrowers Who Want Simple Repayment Terms Why We Like OnDeck is a great choice for easy business loans because of its simple repayment terms. Specifically, if you get a line of credit and have multiple draws against the line open simultaneously, those will be combined into one payment. This makes managing the repayment of those draws easier. The company offers two great products that can provide you with an easy business loan: a line of credit and a term loan. If you have a term loan, you can borrow another term loan once the original loan has been paid halfway down. In addition, OnDeck offers a prepayment benefit for borrowers who qualify. If you pay your term loan early, all the remaining interest can be waived. You’ll need a business checking account and a credit score of at least 600, with at least one year in business and at least $100,000 in minimum annual revenue. OnDeck will reject borrowers that don’t meet the credit score, time in business, and annual revenue requirements. Borrowers who don’t meet those requirements may want to consider Fundbox or National Funding. Another drawback to OnDeck is high APRs, with a minimum APR of 29.9%. Also, the average APR of OnDeck loans is 62.1%, so strong credit borrowers may find better rates elsewhere. Also, same-day funding is only available on term loans up to $100,000. You can apply for either lending product directly on OnDeck’s website, with funding within one business day. LoanBuilder: Best for Financing With Flexible Terms Why We Like LoanBuilder is a good option for an easy business loan because it has one of the lowest minimum annual revenue requirements among online lenders—$42,000—and a minimum time in business of nine months. However, with weekly payments and a maximum term of 52 weeks, it isn’t the best product for long-term or high-cost projects. In addition, there’s no benefit to paying the loan off early as the loan fees charged to the borrower at payoff are the same. One positive is the lack of origination fees and no prepayment penalty. There’s only a single, fixed fee for its loans. The company offers a configurator tool on its website, allowing you to see your estimated options upfront before proceeding. However, there’s a lack of information on the company’s website. While other providers on this list have terms and rates available, LoanBuilder’s site is largely empty. Although the terms listed here should be used as a guideline, those may vary depending on the credit and financial strength of the borrower. To apply, you need to complete a 5- to 10-minute questionnaire on its website to determine eligibility. Once eligible, you can compare estimated loan terms to see the financing costs. Funds can be delivered in as little as one business day. Alternatives to Easy Business Loans Easy business loans are a great choice for fast funding for immediate business needs. However, other loan types provide better rates and terms. If you don’t need funds quickly, consider one of the following loan types that will have lower interest rates and better repayment terms: Small business credit cards: Best used for small and medium business expenses. Many have 0% introductory rates, and you can earn cash back rewards. Small Business Administration (SBA) loan: Optimal for businesses with good credit and a solid business plan that don’t need funds quickly. can also help you with SBA loans for startups. Rollover for business startups (ROBS): Ideal for businesses with owners willing to invest retirement funds of $50,000 or more. Check out the website for more information on ROBS or to speak with a ROBS specialist. Before applying for a business loan, check out our guide on how to get a small business loan. How We Evaluated the Best Easy Business Loans When considering the best easy business loans, we compared the following criteria: Ease of loan application and repayment process Maximum loan amount Interest rates and estimated APR Repayment terms and schedule Collateral and guarantee requirements Funding speed Minimum credit score and time-in-business and annual revenue requirements Fees and any potential fee discounts Customer reviews Best Easy Business Loans Frequently Asked Questions (FAQs) Where is the easiest place to get a business loan? The easiest place to get a business loan is through an online lender. Online lenders tend to have more lenient requirements than traditional brick-and-mortar lenders, and funding can be received sometimes as quickly as the same business day. Fundbox is our choice for the best easy business loan provider. Are small business loans easy to get? Even though online business loan providers have more lenient terms and requirements, it doesn’t mean that small business loans are easy to get. Most small business loan providers require you to be in operation for at least six months and have at least $100,000 in annual revenue. This makes funding for startup businesses a challenge, which is why you may want to consider alternative types of financing for startups. Do business loans look at personal credit? The smaller and newer your business is, the more likely a business loan provider will want to look at your personal credit. Businesses that have been in operation for more than two years with established business credit history and finances will likely have a Dun & Bradstreet credit score. Once your business has its own credit score, you likely won’t have your personal credit checked. However, if you put personal finances into a business, such as a home equity line of credit or home equity loan, you’ll need to have your personal credit and finances checked to qualify. Bottom Line All of the loan providers in this guide can offer easy business loans to help fund your business. Many easy business loans come with high interest rates and fees, which could end up damaging your business cash flow. Before applying for an easy business loan, consult your financial advisor to determine the best course of action for your business. If you proceed, shop around and find the best easy business loan with the best terms and rates for your business.

Before your business can begin operating, it needs to be registered with state and local agencies. Before registering your business, you’ll have to choose a business name and obtain an employee identification number (EIN) from your state. While this process will register your business as a legal entity, there are other benefits as well, such as your company getting business approval from local agencies and ensuring the security of your intellectual property. We have a one-page checklist with the basic steps to register your business, although some may not be required depending on the regulations of the state where you operate. Check your local regulations for specific state-by-state instructions. Download our free How to Register a Business checklist. Once your business is registered, you’ll need a business checking account. offers a digital-only, interest-bearing business checking product. You’ll earn 2.0% APY on balances up to and including $100,000. Visit Bluevine for more information. Step 1: Prepare To Register Your Business When starting a business, you should first register your business. The first steps involve choosing a business name, setting up an address to receive important documents, and obtaining an EIN. Here’s the process you should follow to prepare to register your business: Choose a business name: If you plan on operating as a sole proprietor, your business name might just be your full name. Otherwise, you’ll have to file a doing business as (DBA) with the state. If you plan to incorporate your company, you should choose a name that properly describes your business. Consider web domain availability when picking a name. Select a location to receive important documents: You’ll need an address to receive essential registration documents from local and state government agencies. You’ll also need an address before opening bank accounts or applying for loans. Obtain an EIN: You can get an EIN through the IRS, which will be used in all your financial transactions. It’s free and can be obtained in minutes online or by fax or mail. Step 2: Choose Your Business Legal Entity & Open a Business Bank Account We recommend all businesses register as a legal entity, such as a limited liability company (LLC), S corporation (S-corp), or C corporation (C-corp). This protects your personal assets in case of legal action against the business. You can register in some states for as little as $50 while others charge up to $2,000. The chart below shows the LLC costs in each state. Before choosing an entity, consider the differences between the three entity types: LLC: LLCs are the most common legal entity chosen by business owners. It requires the least documentation and the least amount of yearly maintenance and is the most affordable type of entity. The LLC can elect S-corp status for tax purposes, saving small businesses thousands of dollars in taxes each year. S-corp: An S-corp is a federal tax designation to give tax breaks to small businesses. To become an S-corp, you must set up payroll, have fewer than 100 shareholders, and issue only one class of stock. The business doesn’t pay taxes at the corporate level. Additionally, unlike an LLC, business ownership can be passed easily without triggering an expensive tax event. C-corp: This entity type is typically used by larger companies or those seeking investments. You’re required to organize this way if you have more than 100 shareholders. The C-corp has unlimited growth potential because it raises money through selling business shares, and another advantage is that even after the owner leaves, the business still exists. The major drawback is that a C-corp is taxed twice at both the corporate and individual levels. Once you have a business name, an EIN, and are incorporated, you can open a business bank account.  is an excellent choice for a digital-only business checking account. You earn 1.5% interest on balances of $100,000 or less, which is why Bluevine is one of our best small business checking accounts. Every bank will have different requirements for opening an account, which can vary depending on how your business is organized. Check out our guide on how to open a business bank account for more details. Step 3: Register Your Business With the State Once you have a legal entity and are registered with the IRS, you need to register with your state. There are two ways you can register your business with the state: Do it yourself through the state’s website: You can register your business directly through your state’s official business website. Fees will vary, starting as low as $40, and it usually takes up to 30 days. If unsure of your state’s website, you can go to the Small Business Administration’s website and use a drop-down menu to select your state. Use an online legal service: If you don’t want the hassle of trying to register your business through your state’s website, you can use an online legal service. It will walk you through the process step-by-step, collecting and submitting the necessary information to the state. is a great option that will register your business as an LLC for free, plus state fees. Once you register your business through the state, there are two more things you should do. These may be concurrent with registering your business with the state: Choose a registered agent: A registered agent is someone you designate to represent your business and who the state will contact if there are legal actions against your business. They’re also responsible for re-registering the business each year. Typically this is someone in the business, or it could be an online legal service such as IncFile. Get your state taxpayer identification number: If you’re in a state that collects a state income tax, you’ll need to register for a state taxpayer identification number (STIN). If you’re a sole proprietor, you’ll need your social security number to register for this number. If you’re a legal business entity, then you’ll need your EIN. Visit your state’s official department of revenue for more information. Step 4: Get State Licenses & Local Permits Here are some of the licenses you may need depending on your business type: State professional licenses: These licenses are typically for businesses that may pose a public health risk. Each state may require different professions to obtain a professional license. Common licensed businesses include martial arts, cosmetology, physical therapists, and pawn shops. Visit your state and city’s official business license website for more information. Local licenses and permits: Local licenses vary by state. If you plan to open a physical location, you may need a local building inspection to ensure the facility's safety. If you plan on selling food, you’ll need health-code inspections. Live music venues also require specific local licenses. Home-based business license: In the last couple of years, the amount of people running businesses from home has skyrocketed due to the COVID-19 pandemic. According to IncFile, approximately 19M small businesses are home-based. Most home-based businesses won’t need licensing. However, if you have employees, have customers, or create products at home, you might need this license. Consult your state and local government for regulations. Step 5: Secure Your Intellectual Property While it isn’t required to start your business, you may want to register a trademark, copyright, or patent for your business. Here are the three types of intellectual property licensing: Register a trademark: This provides increased legal protection for a word, phrase, symbol, and design. It protects your business branding, keeping others from using it. You can register your trademark on your own from the United States Patent and Trademark Office (USPTO). However, you may want to use an affordable online service like instead. If you file a patent or use a professional service, a trademark costs anywhere from $225 to $2,000. Obtain a copyright: Every piece of content you create has an automatic copyright. You can register your creative work with the US Copyright Office for additional legal protection. If you ever need to file a copyright infringement, you first need to register it with the US Copyright Office. File for a patent: This keeps others from making, using, and selling your invention for a limited number of years. Filing a patent can cost anywhere from $1,500 to more than $15,000. It can be complicated, so it’s best to hire a patent attorney to assist you. Bottom Line Before your business can get started, you need to do the five steps in this guide to put your company in a position to succeed right away. If you follow this process while registering your business, you can stop potential future problems before they arise. This will keep your company legal from day one and ensure you can focus on running and growing your business. Be sure to download the checklist to help you navigate the steps needed to get your business off to a successful start.

The best accounts receivable (A/R) financing companies should be able to assist companies by advancing a large percentage of unpaid invoices back to the company, allowing them to cover short-term cash flow gaps. Once the customer pays the invoices, the loan is satisfied. All of the providers listed here offer a variety of terms. Some provide short-term loans, while others offer A/R lines of credit. Fees, terms, and qualifications will vary depending on the provider, the credit strength, and the financial viability of the business and its owners. Here are the five best accounts receivable financing companies: : Best overall terms for A/R financing for small businesses : Best for businesses that want the highest percentage of largest advances : Best A/R financing for startup businesses : Best accounts receivables line of credit : Best for shopping multiple loan offers in lending marketplace Best Accounts Receivable Financing Companies At a Glance See fullscreen table × FundThrough: Best Overall Terms for A/R Financing for Small Business ff   Why We Like FundThrough is our best accounts receivable financing company thanks to fast application and funding times combined with the highest advance rate on this list: 100%. It requires a minimum time in business of only three months, with no stated personal credit score minimums and typically no personal guarantee required. The drawback to Express Invoice Financing—its A/R financing product—is a limit of $15,000 in invoices financed. However, FundThrough also has an invoice factoring product called Velocity Invoice Factoring, and its only limit is the invoice size. You can receive funding as soon as 24 hours after approval, which is why FundThrough is also our best invoice factoring company. Visit FundThrough’s website for more information or to start your application and see if you qualify. You can also reach the provider via a toll-free phone number, an online chat, or email. First Commercial Credit: Best for Businesses That Want Highest Percentage of Largest Advances Why We Like First Commercial Credit For businesses with large invoices wanting most of it advanced to them, is an excellent choice. It will provide funding of up to $10 million with an advance rate of 97%. Of the providers that will go up to $10 million, it has the highest advance rate. Rates and terms are very competitive. There’s no minimum revenue requirement, but the company’s revenue numbers must support the advance request. Because there are no fees listed, you should check your financing contract to clarify any fees before signing the agreement. You cannot apply for funding through the First Commercial Credit website. Instead, call a toll-free number or fill out a form, and a representative will call you back. See First Commercial Credit’s website for more information. Crestmark: Best A/R Financing for Startup Businesses Why We Like Crestmark For startup businesses looking for accounts receivable financing, is an excellent option. It offers up to $10 million in funding, with up to a 90% advance rate. Payments can be flexible, and rate solutions are customized for each borrower. As your business grows and your credit profile strengthens, you can get better terms and rates with Crestmark. This provider touts competitive pricing with proposal turnaround within one day. However, closing the loan takes seven to 10 days, with funding within a day after closing. This is the slowest loan funding process on our list. Like First Commercial Credit, you cannot apply directly through Crestmark’s website. You can either call the provider toll-free or fill out a form to have it reach out to you. Head over to Crestmark’s website for more information. Universal Funding Corporation: Best Accounts Receivable Line of Credit Why We Like Universal Funding Corporation provides an invoice line of credit as part of its accounts receivable financing. This line of credit can range from $25,000 to $5 million with a 95% advance rate. It doesn’t require access to your private banking and accounting information. It offers accounts receivable financing and invoice factoring products that seem very similar. While there may be more fees with Universal Funding Corporation, the fact that fees are clearly stated allows the borrower to understand the actual credit costs. Rates are competitive, and funding can be received in as little as two days. To start the application process, go to Universal Funding Corporation’s website and fill out an information form. You can also call the company toll-free. Lendio: Best for Shopping Multiple Loan Offers in Lending Marketplace Why We Like Lendio If you’re looking to shop around for many accounts receivable financing companies instead of only one, is the best choice, as it has a marketplace of more than 75 lenders. You can get multiple offers with only one application and choose the A/R financing company with the best rates and terms. It’s the best choice for more established startups with high revenue and business owners with solid credit profiles. It also gives you access to other business loans, including working capital loans and lines of credit. However, its qualifications are generally higher as a 680 personal credit score is required. You must also be in business for at least two years and have $1 million or more in annual revenue. You can apply directly through Lendio’s website. Once approved, you can be funded in less than 24 hours. Head over to Lendio’s website to begin the application process. Who A/R Financing Is Best For Many types of businesses can benefit from accounts receivable financing, including: Business owners with low credit scores: Accounts receivable financing companies rely on the creditworthiness of a borrower’s customers and offer lower credit score requirements than some other lending options. Small businesses that invoice customers: Businesses must invoice customers to qualify, and A/R financing can shorten their collection period and provide access to working capital. Companies with slow-paying customers: If customers take too long to pay, A/R financing can be an inexpensive, short-term funding solution. Independent contractors who bill clients for large projects: Long projects require contractors to cover expenses until the project is complete or a customer pays the invoice. A/R financing allows your business faster access to the amounts you have invoiced. How We Evaluated the Best Accounts Receivable Financing Companies There are several factors we considered when choosing the best accounts receivable financing companies. They include: Funding amount available Advance rate Repayment terms Discount rate Expected APR Origination, maintenance, prepayment, and termination fees Application length and funding speed Funding requirements, including credit score, personal guarantee, time in business, and revenue requirements Before choosing an accounts receivable financing company, check out our guide on how to get a small business loan for general guidelines and requirements. Best Accounts Receivable Financing Companies Frequently Asked Questions (FAQs) How do accounts receivable loans work? Accounts receivable loans allow businesses to address short-term cash flow gaps by borrowing against their unpaid invoices. The lender typically collects the invoice on behalf of the business and uses the proceeds to repay the loan. Unlike invoice factoring, customers are largely unaware of the third-party financing company. What is an account receivable loan? Accounts receivable loans are lending products where providers will advance up to 100% of the unpaid invoice amount to a business to help them with short-term cash flow. When the invoice is paid, the loan is paid off. How do you borrow against accounts receivable? Unpaid invoices are leveraged as collateral to a financing company, which will advance up to 100% of the invoice to allow the company to cover short-term costs. The loan is paid off once the invoice is paid. Bottom Line For businesses looking to cover short-term cash flow gaps caused by unpaid invoices, accounts receivable financing can assist them with advances of up to 100% of the invoice amount. Each provider on this list is a good option for covering those potential cash flow issues. Compare terms, rates, and qualifications of multiple providers and choose the one that best fits your business needs.

A solo 401(k), also known as a one-participant 401(k) plan, is a retirement plan allowing self-employed individuals to contribute up to $61,000 per year before taxes, including $20,500 of employee contributions. The business owner contributes as both the employer and employee in this type of retirement plan. Setting up a solo 401(k) requires five steps, ranging from understanding how a solo 401(k) works to funding the account. First, you need to make sure you’re eligible for a solo 401(k), which requires an employer identification number (EIN). Then, choose a solo 401(k) provider, which will give you a plan adoption agreement and an application. Once those are completed, you can open your account. The last step is to set up your contribution amounts and choose your investment options. If you’re looking for an excellent digital-only 401(k) provider, is a great choice. ShareBuilder offers low-cost retirement plans, making it easy and affordable for businesses of all sizes to open an account. The company also offers other types of 401(k) plans in the event your company expands in the future. Visit ShareBuilder 401k’s website for more information. Step 1. Understand the Eligibility Requirements for a Solo 401(k) Because the IRS limits solo 401(k) plans to only one participant, they’re a good choice for self-employed individuals and small business owners with no full-time employees. They can cover just a business owner with no employees or that person and their spouse. Solo 401(k) plans require a plan administrator, also known as an investment provider, to help with regulatory paperwork. If you plan to hire employees in the future, a solo 401(k) plan can convert to allow full-time employees within the company’s 401(k) plan. Solo 401(k) Contribution Limits for 2022 * A business owner employed by a second company and participating in its 401(k) plan should note limits on elective deferrals are by person, not by plan. Consider the limit for all elective deferrals you make during a year. Step 2. Find a Solo 401(k) Provider The most critical step in the setup process is finding the right solo 401(k) provider. The best solo 401(k) providers should provide a simple, straightforward, affordable plan. You should choose a provider that can also support your business as it grows and its needs change. When choosing a solo 401(k) provider, you should consider these three factors: Costs: Choose a provider with manageable and competitive fees. Be sure to compare the fees of multiple providers to find the most affordable plan that matches your business needs. Level of management: Some providers will offer hands-on management for a monthly or annual fee, assisting you with regulatory and compliance filings. However, not all providers actively administer solo 401(k) plans. Consider the level of management needed from your provider before choosing. Investment flexibility: Choose a provider that gives you access to the investment options you want in alignment with your financial needs. If you already have an investment account or IRA plan, ask your current provider if they offer solo 401(k) plans. Otherwise, choose a provider that offers factors that align with your personal needs. Step 3. Complete Plan Documents & Disclosures After selecting a provider, you’ll receive a collection of documents called an “employer kit” or “employer application.” These documents will help you set up your plan. Documents that need to be completed for your provider include: Client agreement External transfer form Participant application and designation of beneficiary Establishing a qualified retirement plan (QRP) Section 408(b)(2) disclosure Rates and fees QRP amendment kit ERISA 404(c) plan information Summary cash balance form Privacy statement QRP basic plan document Adoption agreement This is the stage in the process when you’ll make initial investment choices. Those initial choices can be changed at any point in the future. You’ll receive disclosures and instructions on how to remain compliant. These disclosures will include information on the plan and the benefits of tax-free savings. In addition, you’ll receive information regarding items that would go on IRS Form 5500 if you have over $250,000 in your account or have additional plan participants. If you eventually convert your solo 401(k) to a traditional 401(k) with more participants, those participants will also receive the same disclosures from the plan administrator. The primary disclosures for a solo 401(k) plan include: General 401(k) disclosure: This IRS-provided disclosure informs employees on how employer-sponsored retirement plans work, especially from a tax benefit perspective Details about your plan: This is the specific information on your plan, including where accounts are being held and the available investment options Employee rights and responsibilities: Employee disclosure needs to include the timeline for employer contributions and any applicable employer match, eligibility information, and vesting schedules you want to use Step 4. Open an Account With Your Provider Once you have chosen a provider and have obtained all required documents and disclosures, you can open your solo 401(k) account. This account should be opened before your tax-filing deadline and following guidelines in your plan documents. While you’re allowed to set up a Solo 401(k) account after the year ends and make prior-year contributions similar to IRA funding, it’s best to set up a new account in the year that it’ll be effective and make your first contributions in the same year. IRS-mandated funding deadlines: Employee contributions―Roth, catch-up, or regular―must be made within the business tax year Employer contributions (profit share) can be made by the tax deadline for the previous year (usually April 15) Step 5. Make Contributions to Your Solo 401(k) Once the account is opened, it can be funded. Most providers accept checks, wire transfers, or automated clearing house (ACH) payments to fund the solo 401(k). You can fund the account monthly or in a lump-sum payment. The IRS allows you to contribute up to $20,500 from your salary if you’re younger than 50 years old. If you’re 50 or older, you can contribute up to $27,000). The second part comes from employer profit-sharing contributions of up to 25% of your net self-employment income. The IRS limit on compensation used to determine your contribution is $305,000 in 2022. Consult your tax advisor to develop an optimal strategy that’s IRS-compliant. Penalties for excessive contributions are applied in the year the contribution is made and when the money is distributed, so it’s essential to get your contribution correct. Once your account reaches $250,000 in assets, you’ll have new requirements, including filing IRS Form 5500. If you ever hire employees who become eligible for your plan, you’ll need to make adjustments to accommodate these new participants. Solo 401(k) Costs Because Solo 401(k) plans have one participant, there are few administration requirements. Some providers will help you with the required compliance and associated paperwork for a fee. Note that some providers don’t offer full-service management and will only provide you with the information needed for your tax filing and regulatory reporting. Keep this in mind when you’re shopping around for a provider. Most providers charge custody fees plus mutual fund expense ratios and commissions for trading individual stocks, bonds, or exchange-traded funds (ETFs). You may also pay fees per fund you use or other fees to an alternative provider if you invest in things like real estate. Sample Solo 401(k) Costs Solo 401(k) Pros & Cons Bottom Line A solo 401(k) plan is an excellent choice for a retirement plan for solo business owners with no full-time employees. The plan can cover just the business owner or the owner and their spouse. You can get an easy-to-administer retirement plan with higher contribution limits and lower fees than traditional IRAs. Finding the best solo 401(k) providers and setting up the plan correctly can be just as crucial to the growth of a new business as finding the best small business checking account or getting a small business loan.

The best merchant cash advance companies not only provide access to merchant cash advances but also offer more affordable types of financing for your business. Merchant cash advances (MCAs) are lump-sum cash advances against daily credit card receipts. They’re an extremely expensive form of credit and should only be used as a last resort for businesses that cannot qualify for other types of financing. Here are the five best merchant cash advance companies: : Best overall MCA company for low rates and other financing options : Best for low credit borrowers : Best for lower revenue businesses : Best for companies looking for large advance amounts : Best for established companies Best Merchant Cash Advance Companies At a Glance See fullscreen table × Lendio: Best Overall MCA Company for Low Rates & Other Financing Options is our top choice among the best merchant cash advance lenders because applying with it gives you access to dozens of other financing options. Not only will you get the best possible rates on an MCA, but you could also qualify for more affordable financing. Any other funding option would be far less expensive than a merchant cash advance. With more than 75 lenders available in Lendio’s marketplace, you’re bound to find a financing option that fits your business needs without taking out an MCA. If you get an MCA, it only requires $2,500 in monthly credit card transactions, with funding in as soon as 24 hours. It has the lowest maximum loan amount on this list, but you could access larger funding with other loan types on its marketplace. You can start the application directly from the company’s website. Credibly: Best Merchant Cash Advance for Low Credit Borrowers With a required minimum personal credit score of 500, offers access to MCAs to even poor credit borrowers. However, a low credit score will likely come with a higher APR―as high as 250%―due to higher factor rates and potentially more fees. Credibly charges both an origination and a monthly admin fee. The monthly revenue requirement of $15,000 is the third highest on this list. However, like many providers here, it only requires you to be in business for six months. It also offers other lending products, including working capital loans, long-term capital loans, and business lines of credit. Stronger credit borrowers might be able to qualify for one of those loans, significantly reducing the cost of borrowing with lower rates and fees. You can start an application on Credibly’s website. Funding is promised within 48 hours of loan completion. Fora Financial: Best MCA Provider for Lower Revenue Businesses has improved its MCA product by increasing its maximum advance amount to $750,000. Like most of the other MCA providers in this guide, you must be in business for at least six months. You’ll also need at least $10,000 in monthly revenue, the lowest on this list, and $5,000 in monthly credit card sales to qualify. However, one drawback is its funding time of 72 hours, which is the slowest on this list. The company will require you to complete a one-page application and submit three months of credit card statements and three months of bank statements. It may also require tax returns, balance sheets, and profit and loss statements. For faster funding, Fora Financial suggests filling out these forms before applying. It also offers other business financing options, including small business loans, business lines of credit, bridge financing, inventory loans, and equipment financing. These would be less expensive options than an MCA, so consider asking about other financing possibilities. You can start an application on the company’s website. Uncapped: Best for Companies Looking for Large Advance Amounts While not a traditional MCA product, revenue-based financing option works the same way. You can borrow up to $10 million with a factor rate of 1.02x to 1.12x. There’s no minimum credit score listed and no maximum repayment term. You repay the loan with revenues, and payments fluctuate with revenue. If your revenue slows, repayment slows as well. This can lead to widely different APR rates depending on how long it takes to repay the loan. While Uncapped will set a credit limit, you only have to use the amount of capital needed, which can lower your payments and make the loan less expensive. Future credit limits can be based on your company’s growth trajectory. You need at least $100,000 in monthly revenue, which can make it very difficult to qualify. You can connect your sales and bank accounts directly to Uncapped when applying to speed up the approval process. It also offers fixed-term loans and software-as-a-service (SaaS) runway loans. You can apply directly through Uncapped’s website. You log in with your work email, provide business details, and find out within two minutes if you’re eligible for funding. Uncapped will provide offers within 24 hours. Libertas Funding: Best for Established Companies For high revenue companies who have been in business for at least a year, provides very large MCAs. You can get an advance of up to $3 million for up to 12 months, though its qualifications are more stringent than the average MCA provider. You need at least a 600 personal credit score, be in business for at least 12 months, and have at least $50,000 in monthly revenue. Libertas Funding has the highest minimum advance amount on this list of $25,000 and the second highest at $3 million. Because of the higher funding amounts and short terms (three to 12 months), APR rates can be very high. It also offers a term loan of up to $2.5 million for up to 24 months. You need a personal credit score of 625 and at least two years in business to qualify for the term loan. You can start your application directly through the Libertas Funding website. Funding can be received in as little as 24 hours. Documentation Required for MCAs Most lending companies will require the following documents when you apply for an MCA: Three to four months of credit card statements Three to six months of bank statements Tax returns Balance sheet Profit and loss statement Alternatives to Merchant Cash Advances MCAs are an expensive form of credit used by businesses that cannot get approved for other types of business financing, and they should be used as a last resort. Before looking into an MCA, consider the following small business loans, which are far less expensive: Short-term business loans: These have a quick application process, simple repayment plans, and fast funding. They’ll have lower APRs than MCAs. Business lines of credit: These allow business owners to draw against an established credit limit as needed rather than receiving the full amount of the loan upfront. Interest is charged on the amount used, and borrowers repay in installments. Lines of credit work well for working capital loans. Invoice factoring: Unpaid invoices are assigned to a factoring company, which then offers your business an advance of approximately 80% of the invoice upfront. The customer repays the factoring company instead of your company. Once the invoice is satisfied, the remainder of the invoice, minus fees, is distributed to your company. Equipment loans: These are fixed financing to either purchase or refinance vehicles and heavy equipment. The purchased collateral secures the loan. Home equity line of credit (HELOC): This uses the equity in the business owner’s property (usually a primary residence) to take out a loan or line of credit. The business owner will need to have equity in the residence, a debt-to-income (DTI) ratio of 50% or lower, and a credit score of at least 650 or above. Business credit cards: These help with cash flow management and can offer perks and rewards for the business. They’re best used for small recurring charges rather than large capital expenses. How We Evaluated Merchant Cash Advance Companies When ranking the best merchant cash advance lenders, we considered the following criteria: Maximum advance amount Minimum APR Speed of funding Qualifications required by each lender. While we strongly recommend exhausting all other options for business financing before settling for MCAs, we recognize that this type of financing is necessary for some businesses. The five lenders here are the best for a less-than-desirable lending product. To compare lenders or calculate an MCA’s potential costs, check out our MCA calculator. Frequently Asked Questions What is a merchant advance company? A merchant cash advance (MCA) company is a provider that offers a business financing product, allowing companies to receive a lump-sum advance payment in exchange for a fixed percentage of their daily credit card receipts. MCAs are an expensive form of credit and should only be used as a last resort by businesses that cannot qualify for other forms of financing. Is a merchant cash advance a good idea? Merchant cash advances should be seen as last-resort financing for businesses that cannot qualify for other types of loans. They’re an expensive form of credit with APR rates routinely exceeding 200%. If other options are available, merchant cash advances are a bad idea. What is the interest rate on a merchant cash advance? The typical APR on a merchant cash advance ranges from 40% to more than 200%. It’s the most expensive form of credit on the market and should be seen as last-resort financing. Find the true costs of a merchant cash advance by using an MCA calculator before applying. Bottom Line While MCAs are extremely expensive and should be seen as last-resort financing for businesses, sometimes it’s the only option. The five providers on this list offer MCAs for businesses that have no other financing option. They all provide more affordable credit options, and if you apply with one of them, ask about qualifying for more affordable options before settling on an MCA.

The best same-day business loans should allow you access to emergency funding for your business within 24 hours of application. They tend to have more lenient qualifications but also have higher fees and higher interest rates. Same-day business loans typically are short-term and shouldn’t be used for long-term or expensive projects. Hundreds of financial institutions provide same-day business loans, mostly provided by financial technology (fintech) companies. Here are the eight best same-day business loans: : Best overall for same-day business loans for lowest interest rates : Best for flexible repayment options : Best for business owners with poor credit : Best small business line of credit : Best for established businesses with lower credit : Best for shopping multiple loan options at one time : Best for borrowers looking to pay loans off early : Best for businesses with low annual revenue Best Same-day Business Loans at a Glance See fullscreen table × Fundbox: Best Overall Same-day Business Loans for Lowest Interest Rates With one of the lowest interest rates on the market and the shortest time-in-business requirement on this list, is our choice for the best overall same-day business loan. While LoanBuilder lists a lower minimum starting interest rate at 2.9%, you’ll likely end up closer to the higher end of LoanBuilder’s interest rate range at 18.72%. This is why Fundbox gets the edge for lower interest rates. In addition, you need just three months of transaction history in a business checking account or two months history in approved accounting software to qualify, giving Fundbox the most lenient time-in-business requirement on this list. Its line of credit allows you to draw funds and repay them without reapplying. Each time you take a draw, you choose either a 12- or 24-week repayment schedule. While it’s known for its line of credit, it has a term loan in beta testing—and its terms will be either 24 or 52 weeks, with additional financing available once you repay 50% of your loan. You can start your application through Fundbox’s website or by calling a toll-free number. The company promises quick credit decisions with funding within one day of approval. Visit Fundbox’s website for more information or to apply. National Funding: Best for Flexible Repayment Options With a variety of repayment plans available, is a great choice for a same-day business loan. It allows you to set up daily, weekly, or monthly payments for your short-term or working capital loan, and it promises an easy application process, quick credit decisions and funding, and credit availability to lower-credit borrowers. In addition, customers who pay off a working capital loan balance within the first 100 days receive a 7% discount on the remaining balance. One drawback of National Funding’s same-day business loan product is a higher top-end APR rate. Customers with solid credit profiles will likely find better rates with Fundbox or Bluevine. In addition, National Funding recently raised its minimum annual revenue requirement to $250,000, the highest in this guide, so lower revenue companies may not qualify. You can begin the application process with National Funding through its website or by calling a toll-free number. It has a one-page application and requires three months of bank statements as part of the application process. A decision and funding are promised within 24 hours. Sunwise Capital: Best for Business Owners With Poor Credit has a working capital product geared toward established businesses facing financial difficulties, such as liens and credit delinquencies. With a low minimum credit score requirement of 500, even borrowers with very poor credit scores can qualify. However, because of the one-year minimum time-in-business requirement and the $180,000 minimum annual revenue requirement, startups and businesses struggling financially may not qualify. Also, the information on the company’s website is inconsistent, with different credit scores and revenue requirements listed. So, even if you don’t meet the requirements here, it might be worth applying to see if it’ll qualify you. Borrowers with solid credit profiles and income may be eligible for Sunwise Capital’s line of credit product at a much lower interest rate. You’ll need the same $180,000 in annual revenue, but you must have a credit score of at least 600. Business owners who qualify for the line of credit can see it funded within 24 hours. You can begin the application process directly on Sunwise Capital’s website. Check it out for more information. Bluevine: Best Small Business Line of Credit With the best small business line of credit available, is an excellent choice for a same-day business loan. It’s great for business owners with a slightly higher credit score―Bluevine requires a minimum of 625―looking for a better interest rate than some options on this list, as its APR range is one of the best when compared to the other providers. It offers a line of credit of up to $250,000, which is higher than Fundbox. However, Fundbox’s starting interest rate is slightly lower. In addition to a great line of credit products, Bluevine also offers an outstanding business checking product and is one of our best small business checking accounts. Combining a line of credit with its business checking is a great option for your small business. If your company has at least $40,000 in monthly revenue and has been in business for at least 24 months, you can qualify for a business line of credit through Bluevine. You can apply directly via its website—and one of its great features is the ability to connect QuickBooks Online directly as part of the application. Bluevine promises an application that takes less than two minutes to complete, with approvals within five minutes. Rapid Finance: Best for Established Businesses With Lower Credit For more established companies with less-than-perfect credit looking for a same-day business loan, is a good choice. It requires at least two years in business, so startup businesses wouldn’t qualify. However, with a minimum personal credit score of 550, it’s a good option for business owners with lower credit scores. It uses a third party for some of its lending products and offers term loans from three months to five years in length with repayment in the form of automatic daily or weekly payments. Other less-desirable quick financing forms are also available: invoice factoring and merchant cash advance (MCAs). While invoice factoring can be effective if you have trouble collecting invoice payments quickly, MCAs should be avoided and are considered last-resort financing due to incredibly high fees and interest rates. Rapid Finance even has Small Business Administration (SBA) loans, commercial real estate loans, and other asset-based lending products if you have better credit and don’t need funding immediately. You can get a quote from its website to start the application process—it requires three months of bank statements as part of the application. Your loan can be funded in a matter of minutes if approved, and funding should be completed within 24 hours. Lendio: Best for Shopping Multiple Loan Options at One Time is an excellent choice for same-day loans if you’re looking for a marketplace that will give you multiple loan types and lenders. But because of that, it’s hard to specify exact requirements, terms, and rates. Generally, you’ll need at least $50,000 in annual revenue and a minimum credit score of 560. However, rates will be higher if your credit score is below 600. The company gives you access to more than 75 lenders that provide business lines of credit and short-term loans, which can be funded within 24 hours of application. Like Rapid Finance, Lendio offers other types of loans if funding speed isn’t an issue, like SBA loans, equipment financing, and business acquisition loans. It has a 15-minute application available on its website, or you can call a toll-free number to start the process. OnDeck: Best for Borrowers Who Pay Loans off Early offers two great same-day lending products: a line of credit and a term loan. It has lines of credit up to $100,000, while term loans max out at $250,000. However, if you want a same-day term loan, you’re limited to a max loan of $100,000. If you have a term loan, you can borrow another once the original loan has been paid halfway down. OnDeck term loans also have a prepayment benefit, and if you qualify, you can have all remaining interest waived if you pay the loan off early. Multiple draws against your OnDeck line of credit will be consolidated into one payment, making managing repayment of your line of credit easier. The drawback to OnDeck is high APR rates, with a minimum APR of 35%. It’ll reject borrowers that don’t meet the credit score, time in business, and annual revenue requirements, so companies with those scenarios should choose another option on this list. You can apply for either lending product directly on the website, with funding within one business day. LoanBuilder: Best for Businesses With Low Annual Revenue While it has one of the higher interest rates of the lenders on our list, is still a good option for same-day business loans, thanks to one of the lowest minimum annual revenue requirements on the market. Your business must have just $42,000 in annual revenue and at least nine months in business to qualify. Things to consider before using LoanBuilder are the size and term of your project. With maximum terms of only 12 months, its same-day business loan isn’t good for long-term or high-cost projects. Also, loan fees are the same regardless of when you pay the loan off, so there’s no financial benefit to paying the loan off early. There isn’t much information on LoanBuilder’s website regarding its lending products compared to other providers in this guide. If you decide to go with LoanBuilder, you’ll have to contact its customer service for more information. It allows you to start your application through its website or via a toll-free number. How We Evaluated the Best Same-day Business Loans We considered several factors when determining the best options for same-day business loans—such as which lenders had the most straightforward application process, the fastest decision process, and the most rapid funding process. We also took into account interest rates, required qualifications, and reviews of each lender in the ranking process. For more information about the loan application process, check out our guide on how to get a small business loan. Alternatives To Same-day Business Loans While the providers on this list can help you obtain a same-day business loan, that might not be the best option for your business. If you don’t need funding within 24 hours, there are other lenders and loan options that may be a better fit. Here are three alternatives to same-day business loans: Your local bank: If you have a business checking account with a local bank, it may be the best choice for a business loan. It’ll have all your business information, and since you’ve built a business relationship with your bank, you may get interest rate and fee discounts if you have solid credit. is an excellent choice if you need a local bank. SBA loans: While these take several weeks to fund, they’re one of the most popular loan types for working capital, debt refinances, and purchasing a business, thanks to very low interest rates. is an excellent choice for an SBA lender. Equipment loans: If you need funding for an equipment loan, you’ll get a better interest rate than taking out an unsecured business loan. is our choice for the best equipment loans for startups. Why Choose Online Lenders for Same-day Business Loans? Online lenders are best for same-day business loans because of the convenience and speed of filling out applications and submitting documents online. Borrowers can complete the application in minutes, with decisions usually coming on the same day. Online lenders typically have more lenient qualification requirements, making it easier for even struggling businesses to receive financing. According to the Federal Reserve’s 2022 Small Business Credit Survey, the number of companies experiencing financial challenges rose from 66% in 2019 to 85% in 2021. Of those businesses, 61% turned to personal funds to solve those issues, while 45% cut staff hours or downsized operations. Most of the difficulties were caused by the lingering effects of the COVID-19 pandemic, as 77% of businesses continue to report adverse effects from it. Same-day business loans can solve short-term problems for a business quickly. However, businesses should always be wary of the amount of debt incurred, the cost of capital, and the repayment terms of any financing they accept. According to the same survey, 74% of businesses reported outstanding debt in 2021, with 40% reporting debt over $100,000. Frequently Asked Questions What are the pros and cons of same-day business loans? The pros of same-day business loans are the ability to access emergency funding in less than 24 hours with low credit score requirements and more lenient time-in-business and revenue requirements. The cons include very high fees and interest rates and challenging repayment terms, including required daily payments. How fast can you get approved for a business loan? Some lenders promise approval for same-day business loans in a matter of minutes, with funding by the end of the business day. Where can I get a fast business loan? is our choice for the best fast business loan. You can visit its website or check out our guide to the best fast business loans. Bottom Line If your business needs emergency financing, same-day business loans can get you the needed funding in less than 24 hours. However, the negatives to rapid financing are high fees and interest rates and often less-than-ideal repayment terms. If you have solid credit, you can still use most of these providers and get loans with better interest rates and terms. Consult your financial advisor before deciding to apply for any same-day business loans.

If your business is a sole proprietorship or a single-member limited liability company (LLC), you can open a business bank account without an employee identification number (EIN). However, if your business is organized any other way or you plan on hiring employees, you must obtain an EIN from the IRS before filing business taxes. While you might be able to obtain a business bank account without an EIN, there's no reason not to get one. Getting an EIN from the IRS is free, and it can be applied for online, by fax, or by mail. Even if you're a sole proprietor or a single-member LLC, you can get an EIN. If your plan is for your business to grow, you'll need one eventually. If you're looking for a business checking account that can be opened by a single-member LLC or sole proprietor without an EIN, is an excellent choice. You can earn 2.0% APY on balances up to $100,000. Visit Bluevine for more information. What an EIN Is & How To Obtain One An EIN is a nine-digit number assigned by the IRS to identify your business for filing taxes, opening bank accounts, getting business financing, and performing other business activities. The easiest and fastest way to apply for an EIN is through the IRS website. You'll answer a series of questions and receive your EIN online after completing the questionnaire. The process takes about 10 minutes, and you’ll be able to file taxes on that new EIN about two weeks later. You can also choose to fax or mail in IRS form SS-4 to apply for an EIN. Pros & Cons of Opening a Business Bank Account Without an EIN You might not be able to open an account at your local bank without an EIN. Even if you can get a business checking account, you might not get business loans without one. Also, separating your business and personal finances is harder when both accounts are opened under your Social Security number. This can make tax time very difficult and open you up to audits by the IRS. Another way you could get in trouble with the IRS is to find out that you should have filed for an EIN but never applied for one. There can be tax penalties involved with incorrect filing. Moreover, because your business is being conducted under your Social Security number, your credit is on the line. Your personal credit could be damaged if something goes wrong with the business. Having an EIN will give your business credibility with banks and vendors. It'll help speed up obtaining a business loan and allow you to build your business credit. In addition, you can hire employees, which will help your business grow. Who Is Required to Have an EIN The IRS requires businesses to obtain an EIN unless they're organized as a sole proprietor or a single-member LLC. You must also obtain an EIN to file taxes if any of the following apply to you or your business: You have employees You operate your business as a corporation or partnership You file any of the following tax returns: employment; excise; or alcohol, tobacco. and firearms You withhold taxes on income, other than wages, paid to a nonresident alien You have a Keogh plan You're subject to a bankruptcy proceeding You purchase or inherit an existing business that you operate as a sole proprietorship In addition, you must obtain an EIN if you're involved in any of the following organizations: Trusts, except certain grantor-owned revocable trusts, individual retirement accounts (IRAs), and Exempt Organization Business Income Tax Returns Estates Real estate mortgage investment conduits Nonprofit organizations Farmers' cooperatives Plan administrators How To Open a Small Business Bank Account Without an EIN If you are a sole proprietor or own a single-member LLC, you may be able to open a business bank account at your local bank. While we recommend obtaining an EIN before opening an account, here's how to open a small business bank account without an EIN. Step 1: Gather Required Documents You'll need to provide your bank with certain documents to open an account. They may include: Social Security number Fictitious business name certificate or doing-business-as (DBA) certificate Business formation documents Organization documents, including your ownership agreements Business licenses Government-issued photo ID, such as a passport or driver’s license Contact information for you Business revenue and tax information, if available Step 2: Select a Business Bank Account Type There are many choices when it comes to the best banks for small businesses. You'll need to find a bank that will allow you to apply for an account without an EIN. Once you find one, there are several types of bank accounts you can choose from: Free business bank account: Many banks will waive fees or provide fee-free accounts Traditional business checking account: Provided by traditional banks like Chase and Bank of America, these are checking accounts that offer a wide variety of business services Online business checking account: Many financial technology (fintech) companies provide online business checking accounts, many of which come with limited fees and unique features Business savings accounts: Many business banks offer savings accounts that draw interest, allowing your reserve funds to grow Step 3: Compare Potential Costs While the most obvious cost with any business bank account is the monthly fee, some accounts charge other fees. Some even limit the amount of free monthly transactions and free cash deposits each month. It’s important to understand what type of transactions you’ll have each month and calculate the actual costs of the bank account. Step 4: Open Your Account Online or In Person Once you pick a bank and a bank account, you can open your account. Most institutions will allow you to open accounts entirely online without ever stepping inside a branch. Others require you to visit a branch, so make sure your business is located near there. Step 5: Deposit Funds When you open the account, you'll want to deposit funds into your new account. Some business bank accounts require a minimum deposit when opening the account. Bottom Line Technically, it's possible to open a business bank account without an EIN, but it isn't recommended. Sole proprietors and single-member LLCs can use Social Security numbers instead of EINs to open accounts, but it can open your business up to many problems. Obtaining an EIN is free and can be done in 10 minutes on the IRS website. If you plan to see your small business grow, get your EIN before opening any business bank accounts.