In this article we’re going to review the three best providers of fast business loans: OnDeck, Kabbage, and Fundbox. Each lender can provide business loans in 1-3 days, meaning small business owners don’t have to settle for slow, outdated bank lending. Read more below.
|Fast Business Loan|
|OnDeck||Businesses 1 year or older that need up to $500K in 1 - 3 days.|
|Kabbage||Businesses 1 year or older looking for up to $150K in 1 - 3 days|
|Fundbox||Newer businesses wanting up to $100k fast with no credit check.|
Best for Fast Business Loans: OnDeck
Our recommended provider for fast business loans is OnDeck. You can apply online for up to $500,000 in 10 minutes or less. They can have you fully funded in as quick as 1 business day. You can typically qualify if you have been in business for at least 1 year, with annual revenues of $100K+, and a minimum credit score of 500. The best-qualified borrowers will see rates as low as 9.99%.
Best for Fast Business Loans Under $100K: Kabbage
If you need less than $100K we recommend Kabbage. They also have a fast application process and quick time to funding. Like OnDeck, you can qualify through an online application in about 10 minutes, and be fully funded in as fast as 1 day. You only need to have $50,000+ in annual revenue, have been in business for at least 1 year, and a minimum credit score of 550 or more.
Best Fast Business Loans in 2017: OnDeck vs. Kabbage vs. Fundbox
|Time to Apply|
|10 Minutes||10 Minutes||10 Minutes|
|Time to Get Approved|
|1-3 Days||1-3 Days||1-3 Days|
(just link online business accounts)
(just link online business accounts)
(just synch accounting or invoicing software)
|Credit Score: 500+|
Time in Business: 1+ Year
Annual Revenue: $100K+
|Credit Score: 550+|
Time in Business: 1+ Year
Annual Revenue: $50K+
|Credit Score: N/A |
Time in Business: 6+ Months
|$5K - $500K||$2K - $150K||$1K - $100K|
|3-36 Months||1-12 Months||12 or 24 Weeks|
|Apply Now||Visit OnDeck||Visit Kabbage||Visit Fundbox|
*Last Updated: December, 2017
OnDeck: Best Fast Business Loans
OnDeck provides short term loans and business lines of credit with funding times of 1-3 days. OnDeck cares less about your personal credit profile and more about your company’s revenues. They give many businesses a chance to get fast working capital, to either grow or fix cash flow gaps, who would not have the opportunity from traditional bank financing.
The one main downside to a quick short term loan is the cost. Typical APR for an OnDeck loan ranges between 30-50%, but if you’re paying the loan off in less than a year it may not matter. Paying a 30% APR on a loan for 9 months will typically have a lower total cost than paying 8% APR for 10 years, like you may see through traditional bank financing.
Being in business for a minimum of 1 year with annual revenues of $100K+, and a personal credit score of 500+ can qualify you for an OnDeck loan. They offer repayment terms of 3-36. Prime borrowers can qualify for rates as low as 9.99%. Get prequalified online in minutes for up to $500K.
Kabbage: Best Fast Business Loans Under $100K
A paperless application, instant approval, and same day funding make Kabbage our recommended lender for fast business loans under $100K. If you need a small amount of working capital right away, Kabbage is your best bet. Their approval rates are significantly higher than bank approval rates, and their customer reviews are mostly positive.
Kabbage provides lines of credit between $2K and $100K, and you pay back the funds within 12 months in monthly installments. You don’t have to pay interest on any part of the credit line you’re not using, and their APR ranges from 20%-80%. Small business owners who have a credit score of at least 550 (check your score for free here), a business that’s at least 1 year old, and at least $50K in annual revenues are eligible.
In under 10 minutes, you can complete Kabbage’s online application. Just like OnDeck, all you have to do is link your business checking account and other accounts that you use for processing credit card payments (e.g. Square or Stripe), bookkeeping (e.g. Quickbooks), or selling your goods or services (e.g. Amazon or Etsy). Kabbage will instantly notify you on whether or not you’re approved, and can fund you in as quick as 1 day.
Fundbox: Best Fast Business Loans on Unpaid Customer Invoices
If your business frequently invoices customers then Fundbox may be a good option to get quick business loans. Fundbox offers accounts receivable financing, which is money advanced to you based on your unpaid invoices due in the next 90 days. It works just like a line of credit with your invoices being used as collateral.
Fundbox can get you funded as quick as 1 day. To qualify you have to have 6+ months of business history, have unpaid customer invoices, and be using an online accounting or invoicing software currently approved by Fundbox. Once you’re approved you can pick and choose which invoices you want to get financed, and receive 100% of the value of those invoices.
Fundbox charges you 0.5% – 0.7% per week during repayment, with terms of either 12 or 24 weeks. There is no prepayment penalty, and Fundbox can fund between $1K – $100K. You can set up an account with Fundbox for free, sync your accounting software, and within minutes select the invoices you’d like to advance.
Other Options for Quick Business Loans
The three options covered in this article are our top recommended providers to get fast business loans. But we have also reviewed other competitors that can fund you just as quick, even if you have bad credit. The table below shows other fast funding options that may be a better match for your individual credit profile or business needs. You can also check out our article on alternative business loans for more options.
Alternative Fast Funding Business Loan Options
|Time to Funding||Who’s it Best For|
|1-2 Days||Businesses that want to borrow get a short term loan or an advance on their credit/debit card sales.|
|1-3 Days||Businesses looking for a short term cashflow solution who also invoice a lot of B2B or B2G customers.|
|Same Day||Businesses who use PayPal to process sales and need to borrow a small amount (less than $85K).|
|Same Day||Businesses who need a small amount of working capital and process payments through Square.|
|1 Week||Borrowers with average to good credit (600+) who need a short term working capital loan with repayment terms longer than 1 year.|
|30 Days||Prime borrowers looking for a large amount of capital with long repayment terms. Must be able to wait ~30 days to be funded.|
If you’re looking for access to a revolving line of credit, business credit cards are another fast and convenient source of business capital. Many cards have introductory rates of 0% and valuable cashback or travel rewards programs.You can read our article about how business credit cards stack up to a business LOC by reading our article.
You can also check out a more in-depth review of many of the options above, and learn about additional options by reading our online business loans article.
In-Depth Review: Kabbage vs. OnDeck vs. Fundbox
In the in-depth review that follows, we’ll discuss just how fast each of the three lenders are and compare other important criteria, such as cost and qualification requirements. You can also check out our complete comparison between OnDeck and Kabbage by reading our best short term loan article.
The speed of getting a small business loan can be measured in three ways:
- Time to apply
- Time to get pre-approved
- Time to get funds in your account
A truly “fast business loan” should be fast on all three counts.
The amount of paperwork that’s required to apply for a loan also factors in heavily in how fast you can get the funding you need. Each of our recommended lenders offers an easy online application process with minimal paperwork.
No matter how fast a loan is, none of that matters if you can’t qualify. The lenders that work the fastest often require the least documentation and work with borrowers that have lower credit scores. The qualifications for all 3 of our recommended lenders are similar, but have some small differences that may have a big impact on who you choose.
Interest Rates and Costs
There’s typically an inverse relationship between the speed of obtaining a loan and its interest rate and fees. The easier and faster a loan is to get, the more expensive it generally is. The best way to compare loan cost is Annual Percentage Rate (APR), which is the cost of a loan over one year taking fees into account. However, a high APR loan isn’t necessarily always worse than a low APR loan. If you have a short-term need for cash, for instance to buy inventory, a short-term loan that you pay back quickly is often more economical than a long-term loan which could charge interest for years.
General Loan Terms
Quick business loans still need to get you the funding you need and be affordable. you need to make sure you can borrow enough and that the repayment term works for you. Also, don’t forget about personal guarantees, liens, and collateral. Some lenders require you to personally guarantee a loan, meaning that the lender can take your personal assets to satisfy the loan if the business can’t afford to pay it back.
For fast business loans, OnDeck, Kabbage, and Fundbox are all great short term options. Each has its unique strengths and all of them can help you get the funding you need within 1-3 days. If you don’t need money that quickly then you can check out plenty of other options through our complete offering of financing articles.
If you need up to $500K in quick funding, we recommend using OnDeck as your loan provider. They offer an easy to use online application that you can complete within 10 minutes and be instantly qualified. If you have been in business for at least 1 year, have annual revenues of $100K or more, and have a credit score of 500+ then OnDeck can fund your loan as quick as 1 day.