Fast business loans are typically classified as short term financing options with high-interest rates and a funding speed of 1-3 business days. After reviewing the top providers in the industry, we’ve chosen the 5 best business loans for 2018. In this article, we compare these top providers according to their terms, costs, and qualifications.
Top 6 Fast Business Loans
| OnDeck | (Best Overall) Businesses that need up to $500k in 1 - 3 days with low qualification requirements and the best possible rates. |
| FundBox | Those who want a fast, simple online process and need financing in 1 - 3 days. |
| BlueVine | Good alternative to FundBox for businesses that need between $100k - $250k in funding. |
| Kabbage | Businesses needing a credit line up to $250k or those that need monthly repayments instead of weekly. |
| LoanBuilder | Businesses that need $5k-$500k of short-term funding and have been in business for 9+ months. |
| Credibly | Businesses with high credit card sales and high seasonality. However, this can be an expensive option. |
How We Chose the Best Quick Business Loan
The first thing we considered when choosing the best fast business loan was funding speed, which is likely the most important aspect of a loan in this situation. The problem is that all of the best fast business loans can get you funded in 1 – 3 business days. They typically only differ in qualifications and how much financing you can receive.
For this reason, in addition to funding speed, we also took into account the following:
- Minimum qualification requirements
- Repayment terms
- Costs
- Total funding amounts
Many lenders claim fast funding times but don’t approve many applicants that meet their minimum qualification requirements. We didn’t include any providers that aren’t consistently lending to qualified borrowers. The listed minimum qualifications for these quick business loans only matter if you have a high chance of being funded when you meet them.
After taking these things into consideration, we chose OnDeck as the best overall fast business loan provider. In a category with little separation since all of the top providers can fund in 1 – 3 days, OnDeck stands out with low potential rates for prime borrowers, competitive fees, and comparatively larger maximum loan amounts up to $500k.
Best Fast Business Loan Provider: OnDeck
OnDeck is best for businesses that need financing up to $500k within 1 – 3 days. If you’re looking for a short term loan greater than $250k, then OnDeck is your only option in this article, and if you’re a strong borrower then OnDeck offers the best potential rates. They offer a loan with low minimum qualification requirements and up to 3 years to repay the loan with weekly repayments.
What OnDeck Offers
OnDeck offers small business loans up to $500k and lines of credit (LOC) up to $100k with repayment terms of 3 – 36 months for their loans and 6 months for their LOC. In this article, we’ll just discuss their loan product. They have one of the lowest barriers to qualify for all fast business loan providers, and you can get approved for a loan in as quick as 10 minutes.
OnDeck Terms
The typical terms for an OnDeck loan are:
- Time to Apply: 10 Minutes
- Time to Get Approved: Instantly
- Funding Speed: 1-3 Days
- Loan Amounts: $5k – $500k
- Repayment Terms: 3 – 36 Months
- Payment Schedule: Weekly
OnDeck Minimum Qualifications
You’ll typically qualify for an OnDeck loan if you meet these minimum qualification requirements:
- Credit Score: 500+ (check your credit score for free)
- Time in Business: 1+ Year
- Annual Revenue: $100k+
OnDeck Costs
OnDeck costs are best calculated through the annual percentage rate (APR), which includes all fees associated with your loan. When you receive an OnDeck loan you’re promising to repay the fully amortized amount regardless of whether you pay it off early.
- APR: 30 – 50% (prime borrowers can see interest rates as low as 9.99%)
What OnDeck is Missing
OnDeck offers the largest loan amounts, but it can be expensive if you’re not a prime borrower. You’re also locked into the total cost of capital you’ll repay regardless of when you repay it because you’re agreeing to payback a set amount that includes the fully amortized interest. With other options you can lower your total costs by paying off your loan early.
How to Apply With OnDeck
You can apply for an OnDeck loan up to $500k by filling out an online application, which takes about 10 minutes. Approval happens instantly and the whole process can be completed with funds in your bank account in as quick as 1 day.
Best Minimum Requirements from a Fast Business Loan Provider: Fundbox
Fundbox is best for business owners that want up to $100k in financing without having to submit to a personal credit check. It’s a great option if you don’t want your credit to be checked and your business has strong revenues over the last 3-6 months or more. Since Fundbox relies on their technology to make their initial funding decisions, it’s one of the fastest application processes in the industry.
What Fundbox Offers
Fundbox offers a small business loan up to $100k with repayment terms of either 12 or 24 weeks. They rely less on your personal creditworthiness than any other option because they don’t require a credit check. Instead, they approve you based on your recent business history. Fundbox is extremely transparent with loan costs before you commit, and you can save money by paying your loan off early.
Fundbox Terms
The typical terms for a Fundbox loan are:
- Time to Apply: 10 Minutes
- Time to Get Approved: Same day, typically in 1-2 hours
- Funding Speed: 1-3 Days
- Loan Amounts: $1k – $100k
- Repayment Terms: 12 or 24 Weeks
- Payment Schedule: Weekly
Fundbox Minimum Qualifications
You’ll typically qualify for a Fundbox loan if you meet these minimum qualification requirements:
- Credit Score: None (no credit check)
- Time in Business: 6+ Months in business
- Annual Revenue: No specific requirement
Fundbox Costs
Fundbox offers weekly repayment terms for up to 24 weeks and they charge between 0.5 – 0.7% per week, and their flat fee structure means you can save money if you pay off the loan early since there’s no prepayment penalty.
- APR: They charge 0.5 – 0.7% interest per week. No additional fees and total APR depends on how long it takes you to repay the loan. We estimate the APR to be between 38 – 54%.
What Fundbox is Missing
Fundbox is a great fast business loan option for borrowers who don’t want their personal credit checked, but they only offer loans up to $100k. It’s the smallest maximum loan amount in this article and won’t be a good fit for big businesses with larger capital needs.
How to Apply With Fundbox
Fundbox’s online application can be completed in a few minutes and only requires basic business information. They’ll then request you to connect them with your bank account or accounting software so they can make their funding decision. You could be approved the same day you apply and funded in as quick as 1 business day.
Best Fast Business Line of Credit Provider: BlueVine
BlueVine is best for small businesses that have an immediate working capital need due to either unexpected expenses or recurring cash flow shortages. This is because the line of credit can be used over and over again without having to reapply for additional financing. This is great for businesses who have the same cash flow problems every month or if you don’t know what your future costs will be but want to be prepared.
What BlueVine Offers
BlueVine offers a business line of credit up to $250k with repayment terms of 6 or 12 months. If you elect to repay your loan over 12 months then you can qualify for monthly payment terms instead of weekly. BlueVine is more difficult to qualify for than other options on this list, but they can still fund in 1-3 days like many of the other providers.
BlueVine Terms
The typical terms for a BlueVine loan are:
- Time to Apply: 10 Minutes
- Time to Get Approved: Instantly
- Funding Speed: 1-3 Days
- Loan Amounts: $5k – $250k
- Repayment Terms: 6 or 12 Months
- Payment Schedule: Weekly or Monthly (only the 12 month repayment term offers the ability to repay monthly)
BlueVine Minimum Qualifications
You’ll typically qualify for a BlueVine loan if you meet these minimum qualification requirements:
- Credit Score: 600+ (check your credit score for free)
- Time in Business: 6+ Months
- Annual Revenue: $120k+ ($10k+ per month)
BlueVine Costs
BlueVine charges weekly interest while you’re in repayment, and they require a 1.5% draw fee every time you borrow funds from your line of credit.
- APR: N/A, but they charge 0.3 – 1.2% weekly during repayment.
What BlueVine is Missing
BlueVine offers a great line of credit product for small businesses that you can access quickly, but they’re more difficult to qualify for than the other options in this article. This is due to their higher minimum credit score and annual revenue requirements. They also only lend up to $250k which is lower than everyone in this article except for Fundbox and Kabbage.
How to Apply With BlueVine
To start your application process with BlueVine you’ll fill out an online application that should only take a few minutes. BlueVine will then connect with your bank account to determine your eligibility. You’ll get an approval decision quickly after that and if approved you could be funded within 1-3 days.
Another Quick Business Loan Up to $250k: Kabbage
Kabbage is another good quick business loan that works like a line of credit and can help you with recurring working capital needs. It’s best for businesses that need monthly repayment terms, because it’s the only option in this article that offers monthly repayments on every loan they originate. Kabbage gives you the flexibility you want to draw against a credit line only when you need to.
What Kabbage Offers
Kabbage offers a short term working capital line of credit up to $250k and can fund in as quick as 1 business day. Their line of credit enables you to draw the funds you need over and over again and only pay interest for what you use. The qualification requirements are middle of the road for quick business loans, and you can apply online in minutes.
Kabbage Terms
The typical terms for a Kabbage loan are:
- Time to Apply: 10 Minutes
- Time to Get Approved: Instantly
- Funding Speed: 1-3 Days
- Loan Amounts: $2k – $250k
- Repayment Terms: 1 – 12 Months
- Payment Schedule: Monthly
Kabbage Minimum Qualifications
You’ll typically qualify for a Kabbage loan if you meet these minimum qualification requirements:
- Credit Score: 550+ (check your credit score for free)
- Time in Business: 1+ Year
- Annual Revenue: $50k+
Kabbage Costs
Kabbage’s costs are similar to OnDeck but they don’t offer a special rate for prime borrowers. Kabbage charges between 1.5 – 10% of your monthly balance. Their average fee is 4% for a 6-month repayment term and 3% for a 12-month repayment term. Plus, Kabbage has no prepayment penalties.
- APR: 30 – 50%
What Kabbage is Missing
Kabbage only offers a line of credit product so anyone wanting a one time lump sum loan won’t be a fit. Kabbage also only offers repayment terms up to 12 months, which is less than some of the other providers in this article, like OnDeck who offers weekly repayment terms up to 36 months.
How to Apply With Kabbage
Kabbage offers a quick online application process that takes about 10 minutes. Once you fill out the application with basic personal and business information, you’ll connect Kabbage with your business bank account where they can verify information and determine your eligibility. You’ll likely get an instant decision and if approved you could be funded in as quick as 1 day.
Best Fast Business Loan Provider for Young Businesses: LoanBuilder
LoanBuilder is the best of short-term business loans for businesses that haven’t been in business for a year and need $5k-$500k of financing in 1-3 days. LoanBuilder is the only provider in this article besides OnDeck that issues loans greater than $250k. You can qualify for a loan with a credit score as low as 550 and loans can last for up to a year.
What LoanBuilder Offers
LoanBuilder offers small business loans from $5k-$500k with repayment terms of 13 – 52 weeks. They also have the lowest minimum eligibility requirements among fast business loan providers, and you can get approved in as little as 10 minutes. Once you’re approved, loans fund in as quick as one day.
LoanBuilder Terms
The typical terms for a LoanBuilder loan are:
- Time to Apply: 5-10 Minutes
- Time to Get Approved: Instantly
- Funding Speed: 1-3 Days
- Loan Amounts: $5k – $500k
- Repayment Terms: 13 – 52 Weeks
- Payment Schedule: Weekly
LoanBuilder Minimum Qualifications
The minimum qualification requirements for an LoanBuilder loan include:
- Credit Score: 550+ (check your credit score for free)
- Time in Business: 9+ Months
- Annual Revenue: $42k+
LoanBuilder Costs
LoanBuilder costs are expressed as a Total Interest Charge, which includes the APR as well as all fees for your loan. When you take a LoanBuilder loan you’re required to repay the total interest charge regardless of whether you pay it off early.
- Total Interest Charge: 25% – 50%
What LoanBuilder is Missing
LoanBuilder offers very large short-term loans for businesses that haven’t been around very long and don’t have the best credit. However, you must personally guarantee your loan and are required to pay the total interest charge regardless of if you repay your loan early. LoanBuilder also restricts qualification from a number of industries like religious institutions, non-profits, professional services, and financial services.
How to Apply With LoanBuilder
You can apply for $5k-$500k loan from LoanBuilder by filling out a short online application that takes as little as 5-10 minutes. You can get instant approval and potentially have your loan funded in as quick as one day.
Fast Business Loan For Businesses With Credit Card Revenue: Credibly
Credibly could be a good match for businesses that accept a lot of credit or debit card receipts every day. Your payments will fluctuate with the amount of revenue you bring in each day based on your daily repayment percentage, so this is an expensive option that operates just like a merchant cash advance. It’s expensive, and likely should be your last resort option from this list of quick business loans.
What Credibly Offers
Credibly offers a working capital loan that works like a merchant cash advance, and it’s expensive compared to the other options in this article, with an APR between 80 – 120%. They make it easy to qualify for and repay with automatic daily payments coming out of your bank account. While this could be a good option for borrowers with fluctuating revenue, if costs are a big concern for you then this likely isn’t the right choice.
Credibly Terms
The typical terms for a Credibly loan are:
- Time to Apply: 10 Minutes
- Time to Get Approved: Instantly
- Funding Speed: 2-5 Days
- Loan Amounts: Up to $250k
- Repayment Terms: 4 – 18 Months
- Payment Schedule: Daily
Credibly Minimum Qualifications
You’ll typically qualify for a Credibly loan if you meet these minimum qualification requirements:
- Credit Score: 500+ (check your credit score for free)
- Time in Business: 6+ Months
- Annual Revenue: $180k+ ($15k per month)
Credibly Costs
As a merchant cash advance provider, Credibly charges a factor rate between 1.15 – 1.41. Repayments are calculated as a percentage of your daily credit or debit card receipts, which makes it difficult to calculate how long you’ll be in repayment and how much your costs will be. This gives Credibly the highest APR of all the options in this article.
- APR: 80 – 120%
- Daily repayment percentage: 8% – 30% of daily credit card sales
What Credibly is Missing
Credibly has a higher overall cost than any other option in this article. Their daily repayment structure is more frequent than any other option and the fluctuation in payment amounts makes it difficult to know how long you’ll be repaying the loan for.
How to Apply With Credibly
To apply for a merchant cash advance from Credibly you’ll fill out a 10 minute online application. Credibly will ask for your most recent 3 months of bank statements and your most recent business tax return. You can get approved instantly and funded in as quick as 2 days.
Complete List of Fast Business Loans
| Provider | |
|---|---|
| OnDeck | (Best Overall) Businesses needing up to $500k in 1 - 3 days with low qualification requirements. |
| FundBox | Businesses needing no minimum credit check financing in 1 - 3 days. |
| BlueVine | Businesses with recurring needs for working capital up to $250k. |
| Kabbage | Businesses needing up to $250k in financing in 1-3 days. |
| Credibly | Businesses that accept the majority of their revenue through credit or debit cards. |
| PayPal Working Capital | Businesses who use PayPal to process sales and need to borrow up to $85k. |
| Square Capital | Businesses who need a small working capital loan and process payments through Square. |
| StreetShares | Borrowers with average to good credit (600+) who need a short term working capital loan with repayment terms over 1 year. |
| National Funding | Businesses needing up to $250k and receive a lot of credit or debit card payments. |
| SmartBiz | Prime borrowers looking for a large amount of capital with long repayment terms. Must be able to wait ~30 days for funding. |
Bottom Line
Fast business loans can be a good option to fill a short term working capital need if you’re able to pay it back within 12 months. Most fast business loans are very similar and typically only differ based on their costs and minimum qualification requirements. The best combination of fast funding, low qualification requirements, and high maximum loan amounts will typically show which quick business loan is the best for you.
OnDeck is our recommended fast business loan provider because they offer up to $500k in financing in as quick as 1 day. The best borrowers can qualify for rates as low as 9.99% with repayment terms of 3 – 36 months. You can qualify by filling out an online application that only takes about 10 minutes.
Jackie Middleton
What about non traditional businesses where we have no employees, products or inventory? My husband and I both had great jobs and started building our network marketing business, it grew like crazy and we had replaced our work related income, everything was going great, so we quit our jobs to focus on our network and our teams,
Then right before the election something happened and we lost part of our team, now we don’t have enough cash flow to cover all our bills, our team is growing again but we would like to consolidate our bills into one payment to get through this. We have a good chunk in Edward Jones Financial that we have access to but we will be penalized tremendously if we pull it out. What would you suggest? Just asking?♀️
Ian Atkins
Hi Jackie,
Most lenders offering consolidation / refinance loans will want to see at least 3 month of positive revenue trends.
If you have funds in a retirement account and over $50K in debt to consolidate, you may want to consider recapitalizing your business with a Rollover for Business Startups (ROBS). A ROBS can allow you to recapitalize a business with retirement funds without paying early withdrawal penalties or taxes.
Best,
Ian
Michelle
These are all great options if you’re looking for $500,000K or less, but if I’m a high-growth company in need of say $2,000,000, these loans won’t get me very far. What suggestions do you have for companies who don’t want to give up equity, are looking for a debt-based financing option, and need larger amounts of capital to fund my growth trajectory?
Ian Atkins
Hi Michelle,
Great question. For financing in the $2 million range, you will likely need to show a credit score above 680, have track record of profitability for the past 2+ years, positive revenue trends, significant collateral (equity in real estate, personal or commercial) and be able to show that you could service the debt payments (in this example, maybe ~$17K per month). Closing on deals of that size (assuming the lender isn’t already familiar with your finances and also isn’t going to charge an exorbitant rate) will likely take closer to 1 month.
If that sounds like you, shoot me an email and I can put you in touch with a few lenders who would be a good fit.
Best,
Ian
Belinda Qeqe Vabaza
Is this used for South Africans?
Marc Prosser
Sorry, the lending options that we cover are generally only available to businesses in the United States. As the laws that govern lending vary greatly from country to country, there are very few firms that have truly global product offerings. Good Luck, Marc