Fast Business Loans: 10 Best Quick Business Loans 2019

Fast business loans are typically short-term financing options with high-interest rates that make funds available in one to three business days. They’re best for businesses needing short-term working capital for payroll, inventory, and expenses. We compared the top providers according to their terms, costs, and qualifications and chose the top 10 fast business loans.

Top 10 Fast Business Loans 2019

How We Evaluated the Best Fast Business Loans

We focused on alternative lenders when evaluating potential candidates for this list because most of them can offer a quick application and a fast funding process of one to three days. In addition to this fast funding time, other criteria we used include costs, terms, and qualifications.

We evaluated quick business loan providers on criteria including:

• Approval & funding speed: How quickly you can get approved and funded; for most of the providers or peer-to-peer lenders we evaluated, this is as quick as one to three business days.
• Total cost: How much each option will cost you in terms of rates, fees, and annual percentage rate (APR).
• Loan terms: How much you can borrow and the repayment terms you’ll receive.
• Qualification requirements: What it takes to qualify, including things like personal credit score, time in business, annual revenue, if you must provide collateral, and whether a personal guarantee is required.

After taking these things into consideration, we chose OnDeck as the best overall fast business loan provider. In a category in which all the top providers can fund in one to three days, OnDeck stands out with rates starting at 9% for prime borrowers, a minimum credit score requirement of 600, and large loan amounts up to $500,000

What Has Changed Since the Last Update

Since our last update of this article, we’ve added several new loan providers and increased BlueVine’s ranking after it introduced a term loan. We did this to provide business owners with fast and easy business loan providers.

Some important changes to consider since the last update are:

• New lenders have been added: To present small business owners with additional options, we added specialized lenders like SmartBiz, Payability, QuickBooks Capital, and National Funding.
• BlueVine moved up on our list to the third position: BlueVine recently introduced a term loan, making it the only alternative business loan provider that offers invoice factoring, a term loan, and a line of credit.
• The Federal Reserve raised rates: Since the last update to this article, the Federal Reserve increased the fed funds rate, which typically leads to an increase in rates for business loans.

Keep in mind as you review this article, that many of the lenders offer seemingly similar financing products. However, key differences in qualifications, application times, and overall rates and terms distinguish each lender.

OnDeck: Overall Best Fast Business Loan Provider

OnDeck is best for businesses needing financing up to $500,000 within one to three days. OnDeck requires a minimum credit score of 600, has terms up to three years, and low rates for prime borrowers with a 700 or higher credit score. OnDeck also offers a line of credit up to $100,000 with the same fast funding speeds.

OnDeck Fast Business Loan Costs

OnDeck is transparent when it comes to its loan cost disclosures. Its estimated APR ranges from 10% to 100% with the highest limit noted in its 2018 annual report. It also provides a weighted average annual interest rate (AIR) for loans it originates on its website, which is 48.7% for the quarter ending June 30, 2018.

The costs you can expect with OnDeck fast business loans are:

• Starting interest rates: As low as 9% simple interest for term loans up to 12 months and 9.99% AIR for term loans up to 36 months
• Estimated APR: 10% to 100%
• Origination fee: 0% to 5% of your loan amount

When you’re considering a loan from OnDeck, it’s important to understand exactly how much that loan will cost you. Based on its estimated APR, a $10,000 loan will cost you roughly $1,000 to $10,000 in interest over a year. This compares well to most providers we evaluated, especially when considering OnDeck’s higher loan limit of $500,000 and the availability of terms up to three years.

What an OnDeck Fast Business Loan Offers

OnDeck offers small business loans up to $500,000, which is the highest we evaluated besides BlueVine’s invoice factoring. Its repayment terms of three to 36 months for its loans are also longer than other providers like LoanBuilder, which only offers maximum loan terms of 12 months.

OnDeck Quick Business Loan Terms & Funding Speed

The typical terms for an OnDeck quick business loan are:

• Loan amounts: $5,000 to $500,000
• Repayment terms: Three to 36 months
• Payment schedule: Daily or weekly
• Collateral: Blanket Uniform Commercial Code (UCC) filing on business assets
• Personal guarantee: Required
• Time to apply: 10 minutes
• Time to get approved: Same day
• Funding speed: One to three days

The weekly repayment schedule is the same as Fundbox and National Funding and is typical for most other providers, but shorter than the monthly payments available with Kabbage and SmartBiz. Although its application time is comparable to other providers at 10 minutes, its same-day approval, which is also available with Kabbage and BlueVine, means you don’t have to wait for results like you would with an OnDeck competitor like Funding Circle.

OnDeck Quick Business Loan Minimum Qualifications

The typical minimum qualifications for an OnDeck quick business loan are:

• Personal credit score: At least 600 (check your score for free)
• Time in business: At least 1 year
• Annual revenue: At least $100,000

OnDeck has a relatively low minimum personal credit score requirement of 600, which is in line when compared to BlueVine and only slightly higher than Kabbage, which requires at least 550. Its time in business and annual revenue requirement is slightly higher than other providers at one or more years and $100,000. LoanBuilder, for example, only requires nine months in business, and Kabbage has a minimum revenue requirement of $50,000.

Additional Quick Business Funding Available From OnDeck

Besides a term loan, you can also qualify for a line of credit with OnDeck up to $100,000. Although the limit is lower than the line of credit offered by Kabbage, it can be a great compliment to help smooth out any gaps in financing that the loan doesn’t cover.

The OnDeck Capital line of credit costs, terms, and qualification requirements are:

• Starting interest rates: As low as 13.99% APR; prime borrowers with 700 or higher credit scores can potentially get the lowest rates, but availability is limited
• Estimated APR: 13.99% to 63.2% with a 32.6% weighted average
• Loan amount: Up to $100,000
• Repayment term & schedule: 6 or 12 months with weekly payments
• Personal credit score: At least 600
• Annual revenue: At least $100,000
• Speed to funding: 10 minutes to complete the online application and approval in hours; initial funding as soon as the next day and ongoing funding within 24 hours

OnDeck is transparent with its line of credit rates. Its lowest rates start at 14% with a weighted average of 32.6% AIR. According to the United States Securities and Exchange Commission (SEC) filings for 2018, the highest rates were 63.2%. You can expect a $10,000 loan to cost roughly $1,400 to $6,000 in interest over a year.

What OnDeck Is Missing

OnDeck offers the largest short-term loan amounts. However, your total repayment amount is calculated at the origination of the loan. This means that although there is no prepayment penalty, you do not benefit from doing so. With Fundbox and Kabbage, you can lower your total costs by paying off your loan early.

OnDeck Reviews

OnDeck user reviews are generally positive. Users who gave OnDeck Capital positive reviews cited its professional and friendly customer service and quick loan process. Users who gave critical OnDeck Capital reviews said its fees were costly compared to other similar lenders.

How to Apply for Fast Business Funding With OnDeck

You can apply for an OnDeck loan up to $500,000 for up to three years 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 24 hours.

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Fundbox: Best Fast Business Loan Without Credit Requirements

Fundbox is best for business owners wanting up to $100,000 in financing with no minimum credit score requirement. Its minimum qualifications are lower than other providers, but the overall terms of the loan are shorter at only three to six months. Rates can be lower than competitors with early repayment, and funding usually takes one to three days.

Fundbox Fast Business Loan Costs

Fundbox offers weekly repayment terms for up to 24 weeks, and it charges between 0.5% to 0.7% per week. This means the starting cost for a $10,000 loan with Fundbox will be $600 for 12 weeks and $1,680 for 24 weeks. The fee is charged weekly, giving you the opportunity to pay off the loan early and save money.

The typical costs for a Fundbox fast business loan are:

• Total fee: 4.66% of the draw amount for 12 weeks and 8.99% of the draw amount for 24 weeks
• Effective weekly fee: 0.5% to 0.7%
• Estimated APR: 10% to 79%
• Origination fee: None

Fundbox only discloses the lowest fees on its website. We reached out to Fundbox’s sales team about the uppermost ranges of its rates and were given the APR range of 10% to 79%. This is comparatively less than OnDeck and could be even lower if the loan is paid off early.

What a Fundbox Fast Business Loan Offers

Fundbox offers a small business revolving line of credit up to $100,000 with repayment terms of either 12 or 24 weeks. Once a portion of your borrowed amount is repaid, it becomes available to be borrowed again. Fundbox relies on your invoices and recent business history to approve you in a median time of three minutes, with funding to follow in as little as one day.

Fundbox Quick Business Loan Terms & Funding Speed

The typical terms for a Fundbox quick small business loan are:

• Loan amounts: $1,000 to $100,000
• Repayment terms: 12 or 24 weeks
• Payment schedule: Weekly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: 10 minutes
• Time to get approved: Same day, the median approval time is three minutes
• Funding speed: 1 to 3 days

Although weekly repayment terms are common, Fundbox doesn’t offer another repayment option as BlueVine or Kabbage does with monthly repayment. Furthermore, the longest loan term offered by Fundbox is 24 weeks, which is short compared to other providers that offer loan terms at least twice as long and sometimes even longer like OnDeck.

Fundbox Quick Business Loan Minimum Qualifications

The typical minimum qualifications for a Fundbox quick small business loan are:

• Personal credit score: No stated minimum
• Time in business: At least 6 months
• Annual revenue: No specific requirement but, ideally, $50,000 or more

Fundbox has no minimum credit score requirement, which is the easiest requirement to meet among providers that we evaluated. However, Fundbox relies on your accounts receivables and business history when evaluating your ability to qualify. By linking directly to your accounting software, it can determine how much credit you can get access to, a type of lending commonly referred to as accounts receivable financing.

What Fundbox Is Missing

Fundbox has the smallest maximum loan amount at $100,000, which may not be a good fit for businesses with larger capital needs. Its loan terms also only extend to six months, which may be insufficient for borrowers looking for longer repayment terms because of seasonality or the scope of their working capital needs.

Fundbox Reviews

Fundbox customer reviews are mostly positive on our site and around the web. Positive Fundbox reviews said the company had a helpful customer service team. Critical Fundbox reviews came from users who wished they could change their repayment terms to longer periods.

How to Apply for Fast Business Funding With Fundbox

Fundbox’s online application can be completed in a few minutes and only requires basic business information. You could be approved the same day you apply and funded in as quick as one business day for up to $100,000 based on outstanding customer invoices.

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BlueVine: Best for Credit Line and Additional Financing

BlueVine is best for small businesses needing a revolving line of credit or term loan that can also take advantage of invoice factoring. The limit is $250,000 for up to 12 months, similar to Kabbage but tougher to qualify for with a lower starting APR of 15%. Funding is available in one to three days for the line of credit and invoice factoring up to $5 million.

BlueVine Fast Business Loan Costs

BlueVine charges no origination fees, and its line of credit starts at a rate of 4.8%. Although there is no penalty for early repayment, your total loan cost will not decrease if you pay it off before the agreed-upon term. On a one-year draw of $10,000, you can expect to pay between $1,500 to $7,800 in interest.

The typical BlueVine rates and fees on its fast business line of credit are:

• Simple interest rate: As low as 4.8% of the amount drawn for 26 weeks
• Estimated APR: 15% to 78%
• Origination fees: None

BlueVine discloses its minimum interest rate, based on a 26-week loan term on its website. Additionally, when we reached out to the provider, it was quick to give us the highest simple interest rate it charges, which is 50% on a one-year loan. Keep in mind that APRs are higher because simple interest does not include compounding and, therefore, is not the most accurate representation of overall costs.

What a BlueVine Fast Business Loan Offers

BlueVine offers a business line of credit up to $250,000 with repayment terms of six or 12 months. You can qualify for monthly payments if you elect to repay your loan in 12 months. BlueVine is more difficult to qualify for than other options on this list due to its 600-plus credit score and $100,000 annual revenue requirement, but it can still fund you in one to three days.

BlueVine Quick Business Loan Terms & Funding Speed

The typical terms for a BlueVine quick business line of credit are:

• Loan amounts: $5,000 to $250,000
• Repayment terms: 6 or 12 months
• Payment schedule: Weekly or monthly; only the 12-month repayment term offers the ability to repay monthly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: 10 minutes
• Time to get approved: Within hours
• Funding speed: 1 to 3 days

With repayment terms up to a year, BlueVine is comparable to other lines of credit that offer a similar maximum term. Comparing BlueVine vs Fundbox, Fundbox only offers weekly repayment whereas BlueVine makes both weekly and monthly payments available to borrowers. Its application process is quick as well with a same-day approval decision like Kabbage and OnDeck and funding available in one to three days for your business.

BlueVine Quick Business Loan Minimum Qualifications

The typical minimum qualifications for a BlueVine quick business line of credit are:

• Personal credit score (check your score for free):
  • At least 600 for a 6-month term with weekly payments
  • At least 650 for a 12-month term with monthly payments
• Time in business: At least 6 months
• Annual revenue:
  • At least $100,000 for a 6-month term with weekly payments
  • AT least $500,000 for a 12-month term with monthly payments

BlueVine’s 600 minimum credit score is higher than most of the providers on our list. With a 12-month term requiring a minimum credit score of 650 or higher and at least $500,000 in annual revenue. This makes its line of credit significantly more difficult to qualify for than Kabbage while the only advantage offered is the ability to get a term loan and invoice factoring.

Additional Quick Business Funding Available From BlueVine

In addition to its line of credit, BlueVine also offers invoice factoring up to $5 million for businesses that invoice business-to-business (B2B) and business-to-government (B2G) customers. It also offers a term loan up to $250,000 for qualifying borrowers with terms up to one year. You’ll want to consider invoice factoring if unpaid invoices are causing cash flow issues. However, for large projects, a term loan is better.

The typical BlueVine invoice factoring costs, terms, and qualification requirements are:

• Discount rate: 0.25% to 1.35% per week
• Estimated APR: 13% to 70%
• Loan amount: $5,000 to $5 million
• Advance rate: 85% to 90% on invoices with face values of $500 or more to B2B customers
• Repayment terms & schedule: Advances are repaid as customers pay their invoices
• Personal credit score: At least 530
• Time in business: At least 3 months
• Annual revenue: At least $100,000
• Speed of funding: 1 to 3 days

The typical BlueVine fast business term loan costs, terms, and qualification requirements are:

• Interest rates: 4.8% to 47.1% simple interest
• Estimated APR: 18.2% to 78%
• Loan amount: $5,000 to $250,000
• Repayment term & schedule: 6 or 12 months with weekly payments
• Personal credit score: At least 600
• Time in business: At least 6 months
• Annual revenue: At least $100,000
• Speed of funding: 1 to 3 days

BlueVine discloses its APRs directly, with an expected starting APR of 13% for invoice factoring and 18.2% for its term loan. This is more expensive than some other providers we evaluated. The qualifications for its term loan are also slightly higher requiring six months in business, $100,000 in annual revenue, and a personal credit score of at least 600.

What BlueVine Is Missing

BlueVine has a higher credit score (at least 600) and annual revenue (at least $100,000) requirement that most of the providers we evaluated. This makes it potentially more difficult to qualify for. It also only lends up to $250,000, which is lower than OnDeck and LoanBuilder The only exception to the borrowing limit is its invoice factoring, which can grant financing up to $5 million.

BlueVine Reviews

We determined BlueVine generally has positive ratings. Positive BlueVine reviews came from customers who were impressed with its helpful customer support team. Critical BlueVine reviews came from businesses unhappy about being denied financing.

How to Apply for Fast Business Funding With BlueVine

You can apply to BlueVine via its online application in 10 minutes. You will be asked to connect your bank account or upload recent statements. When approved, you can get funded as soon as the next day for a line of credit or term loan up to $250,000. You can also qualify for invoice factoring up to $5 million if you invoice B2B or B2G customers.

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Kabbage: Best Quick Business Loan With Monthly Payments

Kabbage’s line of credit is another good quick small business loan. Businesses needing working capital regularly will benefit from the revolving line of credit that allows repaid funds to be borrowed again and one- to three-day funding. The APR starts at 24%, but with early repayment, you could save money the same way you can with Fundbox.

Kabbage Fast Business Loan Costs

Kabbage’s costs consist of monthly fees that are only charged while your balance is outstanding. Your fees are based on your initial draw amount rather than your outstanding balance, making borrowing the right amount critical. The overall APR you can expect with Kabbage ranges from 24% to 99%, which is in line with specialized lenders like Square Capital and similar alternatives.

The costs for a Kabbage fast business loan you can expect include:

• Starting interest rates: 1.5% to 10% per month; the average fee is 4% for a six-month term and 3% for a 12-month term
• Estimated APR: 24% to 99%
• Origination fee: None

Kabbage is transparent about its potential loan costs and even provides a calculator on its website that can help you determine the overall cost of a loan with it. For example, a $10,000 loan with Kabbage with one-year terms will cost you from $2,400 to $9,900 in interest. However, if the loan is repaid sooner, you could save additional money on the loan.

What a Kabbage Fast Business Loan Offers

Kabbage offers a short-term working capital line of credit up to $250,000. Its loan limit falls between the $100,000 offered by Fundbox and $500,000 offered by OnDeck and LoanBuilder. Like OnDeck you can get an approval decision the same day and funding in as soon as one day.

Kabbage Quick Business Loan Terms & Funding Speed

The typical terms for a Kabbage quick business line of credit are:

• Loan amounts: $2,000 to $250,000
• Repayment terms: 6, 12, or 18 months
• Payment schedule: Monthly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: 10 minutes
• Time to get approved: Same day
• Funding speed: 1 to 3 days

Kabbage is the only provider on the list besides BlueVine that offers a monthly repayment option. The maximum 18-month term offered by Kabbage is higher than most other providers, and its shortest terms of six months give borrowers increased flexibility and an opportunity to save money.

Kabbage Quick Business Loan Minimum Qualifications

Thy typical minimum qualifications for a Kabbage quick business line of credit are:

• Personal credit score: At least 550 (check your score for free)
• Time in business: At least 1 year
• Annual revenue: At least $50,000, or at least $4,200 per month for the past 3 months

When comparing Kabbage vs OnDeck, Kabbage requires a credit score of at least 550 to qualify for its line of credit, which a shade lower than OnDeck’s 600 minimum requirement. It’s one year in business requirement is roughly the same as comparable providers, with LoanBuilder and BlueVine offering lower minimums at nine and six months, respectively. Finally, its minimum annual revenue requirement of $50,000 makes its line of credit more accessible to smaller businesses.

What Kabbage Is Missing

Kabbage offers repayment terms up to 18 months. However, it is reserved for prime borrowers with a 700 or higher credit score and strong annual revenue. For longer terms, consider OnDeck, which offers weekly repayment terms up to 36 months. For lower minimum qualifications that are better for newer and smaller businesses, consider Fundbox.

Kabbage Reviews

Kabbage has mostly positive ratings. Users who gave positive Kabbage reviews said its customer service provided clear explanations. Although some Kabbage reviews highlighted high-interest rates and short repayment terms, its rates and terms are disclosed up front.

How to Apply for Fast Business Funding With Kabbage

Kabbage offers a quick online application process that takes about 10 minutes. You will likely get an instant decision and, if approved for a line of credit, you could be funded for up to $250,000 in as quick as 24 hours.

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LoanBuilder: Best Fast Business Loan for Newer Businesses

LoanBuilder is the best short-term quick business loan for newer businesses needing up to $500,000 due to its relatively low nine or more months in business requirement. Only LoanBuilder and OnDeck offer loans greater than $250,000. To qualify, you need a 550 or higher credit score, and you can get funded in one to three days.

LoanBuilder Fast Business Loan Costs

LoanBuilder costs depend on several factors, including size, repayment term, and the borrowers’ credit. You can expect to pay a fixed cost on the loan that will depend on those factors, but LoanBuilder did not disclose the potential range for its costs when we reached out to its sales team. The most recent rates that were disclosed by LoanBuilder range from 2.9% to 18.72% charged as a percentage of the loan.

The typical costs you can expect from a LoanBuilder fast business loan are:

• Starting interest rate: 2.9% to 18.72%
• Expected APR: 12% to 136%
• Origination fees: None

Once you apply for a loan, you are presented with options for loan terms and will be given the associated costs for those loans. Based on similar providers, and the lack of prepayment benefit afforded to borrowers, we estimated the APR to range from 12% to 136% on a loan. Based on this APR range, for a one-year $10,000 loan, you can expect to pay between $1,200 and $13,600 in interest.

What a LoanBuilder Fast Business Loan Offers

LoanBuilder offers small business loans from $5,000 to $500,000 with repayment terms of 13 to 52 weeks. It also has the lowest minimum eligibility requirements among fast business loan providers that have a stated minimum, requiring $42,000 in annual revenue and nine months in business. After you apply, you can get a decision in one day, and get funding in 24 hours.

LoanBuilder Quick Business Loan Terms & Funding Speed

The typical terms for a LoanBuilder quick small business loan are:

• Loan amounts: $5,000 to $500,000
• Repayment terms: 13 to 52 weeks
• Payment schedule: Weekly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: 5 to 10 minutes
• Time to get approved: Same day
• Funding speed: 1 to 3 days

Although LoanBuilder doesn’t offer a revolving line of credit like Kabbage, it will often offer you additional funding after you’ve repaid a certain portion of the loan. You can select the exact term you need, giving business owners greater control over their payments and overall costs.

LoanBuilder Quick Business Loan Minimum Qualifications

The minimum qualification requirements for a LoanBuilder quick small business loan include:

• Personal credit score: At least 550 (check your score for free)
• Time in business: At least 9 months
• Annual revenue: At least $42,000

LoanBuilder requires a minimum credit score of 550, which is a little lower than the 600 minimum required by OnDeck. Its time in business requirement of nine months can be easier to meet for newer businesses, compared to OnDeck and Kabbage that both require one year. Finally, annual revenue of at least $42,000 is the lowest minimum we reviewed besides Fundbox, which doesn’t have a stated minimum.

What LoanBuilder Is Missing

LoanBuilder offers no prepayment discount as your total cost is determined at the beginning of the loan. This means that your effective APR may be higher if the loan is repaid earlier than the agreed upon loan term. However, the flexibility of selecting your loan terms and a corresponding interest charge should allow you to choose the loan terms you need to avoid this.

LoanBuilder Reviews

We compiled LoanBuilder user reviews from around the web, and we determined LoanBuilder generally has positive ratings. Customers who provided positive reviews cited the quick and efficient funding process. Customers who provided negative LoanBuilder reviews said its pricing was too expensive.

How to Apply for Fast Business Funding With LoanBuilder

You can apply for a $5,000 to $500,000 loan from LoanBuilder by filling out a short online application that takes as little as five to 10 minutes. You can get instant approval and potentially have your loan funded in as quick as one day.

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National Funding: Best Poor Credit Fast Business Loans

National Funding offers a business loan up to $500,000 with a minimum credit score requirement of 500. This makes it a great option for business owners unable to get financing due to their personal credit score. You can get funded at a starting APR of 10%, with weekly payments for up to a year in one day, similar to LoanBuilder.

National Funding Fast Business Loan Costs

A fast business loan from National Funding has a starting interest rate of 8%, reserved for borrowers with a long time in business, strong revenues, and high credit scores. National Funding did not provide us with the highest range for its rates. However, based on similar providers, we estimated its APR to be between 10% and 136%.

The typical costs you can expect from National Funding fast business loans are:

• Starting interest rate: 8%
• Estimated APR: 10% to 136% (customized for your business)
• Origination fees: 2%

National Funding charges a 2% origination fee when it makes the loan, which is similar to a lender like OnDeck that charges up to 5%. Based on the APR range we estimated, you can expect an annual interest cost of $1,000 to $13,600 for every $10,000 you borrow with National Funding.

What National Funding Fast Business Loans Offer

Business owners can qualify for fast business loans with National Funding up to $500,000, similar to OnDeck and LoanBuilder. Terms extend up to a year, and it only has a weekly payment option. You can get funded in as little as one day, and the minimum credit score requirement of 500 is lower than most other lenders we evaluated.

National Funding Quick Business Loan Terms & Funding Speed

The typical terms for a National Funding quick business loan are:

• Loan amounts: $5,000 to $500,000
• Repayment terms: 3 months to a year
• Payment schedule: Weekly payments
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: 15 to 30 minutes
• Time to get approved: Same day
• Funding speed: As soon as the next business day

Fast business loans with National Funding requires weekly payments. Although some lenders like Kabbage offer monthly payments, National Funding believes that the more frequent payments make the loan easier to manage for business owners. Its online application is simple, and you can get approved the same day you apply, with funds transferred to your account the next business day.

National Funding Quick Business Loan Minimum Qualifications

The minimum qualification requirements for a National Funding quick business loan include:

• Personal credit score: At least 500 (check your score for free)
• Time in business: At least 1 year
• Annual revenue: At least $100,000

National Funding has a lower minimum credit score requirement than OnDeck, Kabbage, and LoanBuilder at a minimum of 500 to qualify. This makes it a great quick business loan for business owners that are struggling to get financing due to poor credit. Its time in business and annual revenue requirements are the same as OnDeck, requiring you be in business for at least a year with $100,000 or more in annual revenue.

Additional Quick Business Funding Available from National Funding

Borrowers with a credit score below 500 can still qualify for up to $250,000 quickly with a National Funding merchant cash advance. This option is significantly more expensive with a starting APR of 30% and is based on your business credit card receivables.

The typical National Funding costs, terms, and qualification requirements are:

• Starting factor rate: 1.1 to 1.6 times the loan amount
• Estimated APR: 30% to 150% APR; customized for each borrower.
• Loan amount: Up to $250,000
• Repayment terms & schedule: Up to 18 months with automatic deductions based on a set percentage of your credit card sales each time they are batched
• Personal credit score: No minimum requirement
• Time in business: At least 1 year
• Annual revenue: No requirement, but you must have monthly credit card transactions of more than $3,000
• Speed of funding: Quick online application with approval as soon as the same day and funding in as quick as 24 hours

We recommend exhausting other options before getting a merchant cash advance like Fundbox, which has no minimum credit score requirement. However, if you cannot get funded elsewhere and your business needs a fast business loan, you can apply in a few minutes and get funded as soon as the next day with a merchant cash advance.

What National Funding Is Missing

National Funding only offers financing for up to a year to its borrowers, which can be insufficient if you need to finance a large project over a longer time. For an alternative that offers up to three years, you could work with OnDeck. However, you will need a personal credit score of 600 or higher to qualify.

National Funding Reviews

National Funding reviews on our site and around the web are generally positive. Many business owners that left positive National Funding reviews were happy to receive funding after being denied by other lenders. Some negative National Funding reviews we found indicated that its rates were higher than other alternatives.

How to Apply for Fast Business Funding With National Funding

National Funding offers fast business loans up to $500,000, which is a good fit for borrowers with low personal credit scores. Its minimum requirements are a 500 personal credit score, one year in business, and $100,000 in annual revenue. With a starting APR of 10%, you can get money deposited in your account within one day of applying.

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Payability: Best Fast Business Loans for Online Merchants

Payability offers online merchants that sell goods on platforms like Amazon, Etsy, and Walmart the opportunity to get access to their daily receivables or a fast business loan up to $250,000. Rates are charged based on gross sales or a weekly fee, depending on the financing option you choose. Applying is as simple as connecting your ecommerce account, with funding available within 24 hours.

Payability Fast Business Loan Costs

Instead of waiting several weeks to get access to your money from an online retailer, business owners can get paid the same day an item sells. The cost of this type of financing is roughly 1% to 2% of your gross sales on the platform, and it can help you buy more inventory if your business is growing quickly.

The typical costs you can expect from Payability fast business loans are:

• Discount rate: 1% to 2% of gross sales for daily invoices & 0.75% starting weekly fee for future invoices.
• Origination fees: None

You can also get funding for future invoices, at a 0.75% starting weekly fee. This is a better option if you want to introduce a new product or add more staff to your business. Payability does not share the range of rates that business owners can expect. However, its simple application means you can see your rate in the afternoon if you apply in the morning.

What Payability Fast Business Loans Offer

Fast business loans from Payability offers online merchants an opportunity to get access to daily receivables, or the option to borrow up to $250,000 based on their future invoices. You can get an advance of 80% to 85%, and your personal credit score isn’t a factor in the application. However, you will need to have sufficient sales history and revenue to qualify for funding.

Payability Quick Business Loan Terms & Funding Speed

The typical terms for a Payability quick small business loan are:

• Loan amounts: No maximum with daily invoices & $3,000 to $250,000 for future invoices
• Advance rate: 80% for daily invoices & 80% to 85% for future invoices
• Repayment term & schedule: Loan payments are deducted automatically from incoming marketplace invoices
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: A few minutes
• Time to get approved: Same day
• Funding speed: Within 24 hours of approval

With fast business loans from Payability, you can get paid up to 80% of your outstanding invoices to avoid waiting for the ecommerce platform you work with to pay you. Once the platform pays the invoice, you will receive the remainder of the funds, less a fee. With a loan based on future invoices, you can get up to $250,000, similar to Kabbage, based on your future receivables to finance larger projects.

Payability Quick Business Loan Minimum Qualifications

The minimum qualification requirements for a Payability quick small business loan include:

• Personal credit score: Not applicable
• Time in business: At least 90 days of sales history for daily invoices and at least 8 months of sales history for future invoices
• Annual revenue: At least $2,000 per month in sales for daily invoices and at least $7,500 a month in sales across multiple items for future invoices

Payability is the only lender on our list that does not consider your credit score when you apply for a fast business loan. This is because repayment is dependent on the ecommerce platform you work with rather than your own ability to pay. You must have established sales history of 90 days for daily invoices or eight months for funding based on future invoices.

What Payability Is Missing

Payability is only available to businesses that sell on major ecommerce platforms, and its financing options are relatively short term. Most of the other lenders on our list will work with a large variety of industries to get your business financing. For longer terms on accounts receivable financing, you should also consider Fundbox or an Amazon Lending alternative.

Payability Reviews

Overall reviews of Payability on our site and around the web were positive. Most customers left positive Payability reviews, happy to get paid sooner and excited about the opportunity to grow their business. The few negative reviews were from customers who were denied financing or did not fully understand the fee. However, Payability discloses its fees when you apply for a loan.

How to Apply for Fast Business Funding With Payability

Payability offers borrowers the opportunity to get financing based on receivables from ecommerce platforms like Amazon, Etsy, and Walmart. Financing is available for outstanding and future invoices letting businesses borrow up to 85% of their invoice value. The Payability application takes a few minutes, with funding available the next day.

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QuickBooks Capital: Best Business Loan for QuickBooks Users

Businesses using QuickBooks to manage their bookkeeping can connect their account to apply for a loan up to $100,000 from QuickBooks Capital and get funded the next day. You can expect an APR of 12% to 32%, which is substantially lower than most of the providers we reviewed. You’ll need to have a minimum credit score of 620 and at least $50,000 in annual revenue to qualify.

QuickBooks Capital Fast Business Loan Costs

QuickBooks Capital offers businesses a transparent and low-cost funding option. You can get fast cash up to $100,000 with starting interest rates of 3.13% to 8.49% and an estimated APR of 12% to 32%. QuickBooks Capital is a transparent lender that allows borrowers the opportunity to estimate the costs of any loan combination on its website, similar to Kabbage.

The typical costs you can expect from a QuickBooks Capital fast business loan are:

• Interest rate: 3.13% to 8.49%
• Estimated APR: 12% to 32%
• Origination fees: None

Based on the APR made available by QuickBooks Capital on its website, you can expect a one-year loan for $10,000 to have an interest cost of $1,200 to $3,200. This makes it one of the most affordable working capital loans that are available on our list of fast business funding options.

What a QuickBooks Capital Fast Business Loan Offers

QuickBooks does offer a relatively small fast business loan of up to $100,000 compared to the other providers on our list. Its funding limit is the same as Fundbox. However, like BlueVine, it offers terms up to one year with weekly or monthly payments to its borrowers. You also must be in business for at least six months with a 620 credit score to qualify.

QuickBooks Capital Quick Business Loan Terms & Funding Speed

The typical terms for QuickBooks Capital quick business loans are:

• Loan amounts: $6,000 to $100,000
• Repayment terms: Up to 12 months
• Payment schedule: Weekly or monthly
• Collateral: No blanket UCC filing required on business assets
• Personal guarantee: Required
• Time to apply: A few minutes
• Time to get approved: As soon as the same day
• Funding speed: Next business day after being approved

QuickBooks Capital only funds loans up to $100,000 for small businesses, making it a good choice if you don’t need more capital than that. It also offers a great deal of flexibility by giving borrowers the choice of weekly or monthly payments and terms of as long as 12 months. Businesses can apply in minutes and get funded as soon as the next day simply by connecting their QuickBooks account.

QuickBooks Capital Quick Business Loan Minimum Qualifications

The minimum qualification requirements for QuickBooks Capital quick business loans include:

• Personal credit score: At least 620 (check your score for free)
• Time in business: At least 6 months
• Annual revenue: At least $50,000
• Additional qualifications: Connected QuickBooks account with at least 6 months of activity and your business must not be located in Nevada or Alaska

The minimum qualifications required to get fast business funding with QuickBooks Capital are tougher to meet than most of the other lenders on our list. Its minimum credit score requirement of 620, in addition to six months in business, makes it an option for borrowers with good scores. However, it is willing to fund smaller businesses with at least $50,000 in annual revenue.

What QuickBooks Capital Is Missing

The funding limit of $100,000 can be insufficient for many small businesses that are applying for fast business funding. Furthermore, a minimum credit score of 620 can be restrictive and not allow some business owners to qualify. For a larger loan limit, consider working with a QuickBooks Capital alternative like OnDeck, which offers loans up to $500,000. If your credit score is more of an issue, then National Funding may be a good alternative.

QuickBooks Capital Reviews

QuickBooks Capital is a relatively new player in the online lending space and, therefore, does not have many direct reviews of its services. However, businesses have trusted QuickBooks to handle all of their bookkeeping needs for an extended time. We expect that QuickBooks Capital will live up to the high expectations set by the stellar reputation of its parent company.

How to Apply for Fast Business Funding With QuickBooks Capital

If you are a QuickBooks customer and have used its software for at least six months, you can apply for a loan up to $100,000 with QuickBooks Capital. It offers weekly and monthly payment options for up to a year, and APRs range from 12% to 32%. Applying only takes a few minutes, and you can get your business funded in one business day.

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SmartBiz: Best Lender for Fast Long-term Business Loans

A fast SBA loan from SmartBiz is a great way to get fast funding at low rates starting at 7.5% and extended terms up to 10 years for large projects. You can get funded for up to $350,000, but you’ll need to meet tougher minimum qualifications than other providers we evaluated. These include a minimum of two years in business and a personal credit score of at least 650.

SmartBiz Fast Business Loan Costs

Small Business Administration (SBA) 7(a) loans have an interest rate cap set by the agency, making it the lowest APR loans we reviewed. The current SBA rate ranges from 7.5% to 11% APR, and the variation depends on the loan amount and the term of the loan. You can expect the rates for an SBA 7(a) loan to fluctuate because they are linked to the prime rate.

What a SmartBiz Fast Business Loan Offers

SmartBiz offers an application and funding process that’s three to four times as fast as a traditional lender for an SBA loan. You can get funded for up to $350,000 and get repayment terms as long as 10 years, making this a great option for well-qualified borrowers needing long repayment terms. The minimum qualifications are higher than other alternatives, requiring a credit score of at least 650 and two years in business.

SmartBiz Quick Business Loan Terms & Funding Speed

The typical terms for a SmartBiz quick small business loan are:

• Loan amounts: $30,000 to $350,000
• Repayment terms: Up to 10 years
• Payment schedule: Monthly
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: 15 to 30 minutes
• Time to get approved: As soon as the next day
• Funding speed: Within 30 days of getting approved

You can get a SmartBiz fast SBA loan for up to $350,000 much more quickly than a traditional lender could get you funded. A traditional lender can take up to 120 days to get you funded, whereas SmartBiz gets you fast funding in 30 days or less. You can qualify for repayment terms up to 10 years, making SmartBiz loans the best financing option for long repayment terms on large projects.

SmartBiz Quick Business Loan Minimum Qualifications

The minimum qualification requirements for a SmartBiz quick small business loan include:

• Personal credit score: At least 650 (check your score for free)
• Time in business: At least 2 years
• Annual revenue: Be a small business as determined by the SBA
• Additional requirements: All paperwork required by the SBA’s loan requirements

Meeting the minimum qualifications is more difficult for a SmartBiz fast SBA loan than it is for the other alternative lenders on our list. It requires that business owners have a minimum credit score of 650 and at least two years in business, which are the two highest requirements we reviewed. However, you can get funded as a startup if you can demonstrate sufficient industry experience because there is no minimum annual revenue requirement.

What SmartBiz Is Missing

Getting any type of SBA loan has substantial paperwork requirements in addition to an extended funding process that can take up to 30 days. If you can wait to get funding, then the potential long repayment terms and low rates are worthwhile. For a term loan, with long terms and faster funding, you can apply with OnDeck, which can get you funded for up to $500,000 in as little as one day.

SmartBiz Reviews

SmartBiz gets positive reviews from its customers on our site and around the web. Customers that left positive SmartBiz reviews described the process as transparent and were happy to get funded for large projects or to refinance existing loans. The few negative reviews were left by customers that were unable to qualify due to a low personal credit score.

How to Apply for Fast Business Funding With SmartBiz

SmartBiz offers a fast SBA loan that can get you funded for up to $350,000 in 30 days. You can get the same rates of 7.5% to 11% that you can get from a traditional lender, without having to wait up to 120 days. The application can be completed in under an hour, and your loan term can be as long as 10 years.

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Credibly: Credit Card Revenue-based Fast Business Loan

Credibly could be a good match for businesses with high credit card revenue. As a merchant cash advance, your loan amount is based on your daily credit card transactions and can be expensive, with APRs potentially exceeding 200%. Funding is available in two to five days but should only be considered as a last resort.

Credibly Fast Business Loan Costs

Credibly charges a factor rate between 1.15 to 1.41, which means you will have to repay the borrowed amount times that rate. Repayments are a percentage of your daily credit card receipts, which makes it difficult to calculate exactly how long repayment will take. However, Credibly noted that customers can expect repayment in three to 13 months. Credibly has the highest APR at 35% to 230% of all the options we evaluated.

These are the expected costs for a Credibly merchant cash advance:

• Factor rate: 1.15 to 1.41 of the borrowed amount; for example, $1,000 loan requires $1,150 to $1,410 in repayment
• Estimated APR: 35% to 230%
• Daily repayment percentage: 8% to 30% of daily credit card sales

Credibly was upfront about its overall factor rates and what borrowers can expect when we called. Regardless of your loan term, a $10,000 loan will cost from $1,500 to $4,100 in interest. This is paid through a deduction of 8% to 30% of the daily credit card settlement.

What a Credibly Fast Business Loan Offers

Credibly offers a merchant cash advance, and it is expensive compared to the other options in this article, with an estimated APR between 35% to 230%. You can get an approval decision in a few hours, but funding will take another two to five days to receive, which is slightly longer than most of the other fast business loans we evaluated.

Credibly Quick Business Loan Terms & Funding Speed

The typical terms for a Credibly quick business loan are:

• Loan amounts: $5,000 to $250,000
• Repayment terms: 3 to 13 months
• Payment schedule: Daily
• Collateral: Blanket UCC filing on business assets
• Personal guarantee: Required
• Time to apply: 10 minutes
• Time to get approved: Within a few hours
• Funding speed: As little as 2 business days

Although having payments made automatically based on sales is convenient, it can also have a large impact on your business cash flows. Credibly’s loan limit of up to $250,000 is in line with some other providers like Kabbage but is lower than the maximum loan amount offered by OnDeck. Finally, funding can take up to five days, which is slightly longer than most providers on our list but still a great source of fast business cash.

Credibly Quick Business Loan Minimum Qualifications

The typical minimum qualifications for a Credibly quick business loan are:

• Personal credit score: At least 500 (check your score for free)
• Time in business: At least 6 months
• Annual revenue: At least $180,000; an average of at least $15,000 per month

Credibly has a low minimum credit score requirement of 500, which is a hundred points lower than OnDeck. It only requires six months in business, which is the same as BlueVine and lower than other providers. However, its minimum annual revenue is the highest that we evaluated at $180,000, with most other providers requiring $100,000 or less.

What Credibly Is Missing

Credibly has a higher overall cost than any other option in this article. It is still a good option if your business generates a large amount of revenue from credit card transactions, and you’re unable to qualify with another provider. However, Credibly should only be considered as a last resort after other easy business loans have been exhausted.

Credibly Reviews

We determined Credibly generally has positive ratings. Positive Credibly reviews came from customers who were impressed with its helpful customer support team and happy to receive fast cash for their business. Critical Credibly reviews came from businesses unhappy about the application process taking longer than they expected due to additional required information.

How to Apply for Fast Business Funding With Credibly

To apply for fast business cash with Credibly, you will fill out a 10-minute online application. Credibly will ask for your most recent three months of bank statements and your most recent business tax return. You can get approved instantly and funded in as quickly as 48 hours.

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Complete List of Fast Business Loans

Bottom Line

Fast business loans can be a good option to fill short-term working capital needs. Most quick business loans are similar and typically only differ based on their costs and minimum qualifications. The best combination of fast funding, low qualification requirements, and high loan amounts will typically be the best fast business loan.

OnDeck is our recommended fast business loan provider because it offers up to $500,000 in financing in as quickly as 24 hours. The best borrowers can qualify for rates as low as 9.99% with repayment terms of three to 36 months. You can qualify by applying online in 10 minutes.

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