9 Best Fast Business Loans for 2023

SBG Funding offers many different types of loans along with one of the lowest credit score requirements out of all the providers on our list. It is also startup-friendly, making it our choice as the best overall provider for easy qualification requirements.

To be eligible for financing, SBG Funding requires a minimum credit score of 500. It also has a wide variety of loans that can be funded quickly, which include term loans, lines of credit, and equipment financing. Other requirements to be eligible for a loan include minimum annual revenue of $120,000 and six months’ time in business.

Loan terms will vary depending on the type of loan you get. Terms can range from 6 months to seven years, with up to $5 million in financing available. Rates also vary by product, from 0.25% per week on invoice financing up to 3.75% per month for equipment financing.

SBG Funding has an approval rate of 85%, so as long as you meet the minimum requirements, there is a good chance it can offer you some form of financing. Applications can be completed online in as little as 10 minutes, and decisions can be made as fast as 24 hours. Depending on the time of day, funding can also occur on the same day.

You can visit the SBG Funding website to learn more or to apply.

Lendio offers a wide variety of loans and has a network of over 75 lenders. This makes it our pick as the best overall lender because you can get multiple loan options with just one application.

You can apply with Lendio in only 15 minutes. The provider offers several types of loans with fast funding, such as equipment financing, business cash advances, and term loans. Each has slightly different qualification requirements but can issue approvals and funding within 24 hours.

Depending on the type of loan you choose, rates can be as low as 3% with loan amounts as high as $5 million. Repayment terms generally are from one to 10 years. Lendio requires a personal guarantee as a condition of getting a loan.

Although one of the downsides is the fact that it can be difficult to know the exact qualification requirements and loan terms until after you apply, you do have more chances to get approved due to the number of lenders in the network. After applying, you can work with a loan specialist to help you find the loan best suited for your needs.

If you’re not in a rush to get funding, Lendio also offers other types of loans, including Small Business Administration (SBA) loans, startup business loans, and commercial real estate (CRE) loans.

To apply, you can visit the Lendio website.

Fundbox is an excellent choice to consider because it has easier qualification requirements than many other providers. It also has a fast application and approval process, and it can fund your loan within 24 hours.

It offers a small business line of credit that can be obtained by startups and borrowers with low credit scores. It requires a minimum credit score of 600 and six months’ time in business. You’ll also need annual revenue of $100,000 to get approved.

While the rate you qualify for can vary depending on your qualifications, Fundbox offers rates as low as 4.66%. The largest loan amount available is $150,000 with weekly repayments of up to 24 weeks.

Completing an online application with this provider can be done in under five minutes, and decisions for well-qualified applicants can be made within 3 minutes. If approved, you could get access to funds as soon as the next business day.

The provider is also currently running a limited program called Fundbox Plus. It is not available to all customers, but those selected for the program can get additional features for a monthly fee of $99. Some benefits of the program include a 20% discount on fees for draws, an added option for a 52-week repayment plan, and the flexibility to make payments once every four weeks.

To learn more or to submit an application, visit the Fundbox website.

National Funding is another great choice for a fast business loan if you are looking for a company with excellent customer service. It has consistently received high ratings from customers and has a team of loan specialists that can personalize your experience to get you the best loan possible.

Many of the businesses National Funding works with are those that have been doing well and are primarily looking for funding to continue expanding. The provider’s fast loans include term loans, working capital loans, and equipment financing. Specific requirements may vary slightly among the programs, but in addition to the minimum credit score of 600, you’ll typically need at least six months’ time in business and annual revenue of $250,000.

Other providers may have lower credit score requirements; however, National Funding has demonstrated a willingness and ability to get loans to borrowers with lower credit scores, as it reviews loans on a case-by-case basis. Additionally, while some other lenders may offer longer repayment terms, those loans often come with higher rates and fees or have more strict qualification requirements.

National Funding also typically works with short-term loans that are repaid in under one year. Obtaining longer-term loans may be more difficult, come with higher interest rates, and have more strict qualification requirements.

Applying with ​​National Funding is a quick process. The online application can be completed in under 20 minutes, with approvals and funding that can occur within 24 hours.

Bluevine offers a small business line of credit with qualification requirements that can be difficult to meet for some businesses. However, those that qualify can get a loan with competitive rates and fees, making this our pick as the best small business line of credit for well-qualified businesses.

In certain aspects, this provider’s line of credit is more competitive than that of Fundbox. It offers a higher maximum loan amount of $250,000 and lower APRs which start at 6.2%. However, the qualification requirements are higher as you’ll need a credit score of 625 and two years’ time in business. You’ll also need annual business revenue of $480,000, which is the highest out of all the providers on our list.

If approved for a line of credit, repayment terms can be as long as 12 months on a weekly or monthly payment plan. Most businesses are defaulted to Bluevine’s weekly payment plan, also known as Flex 6.

The monthly payment plan, Flex 12, has more strict qualification requirements. Bluevine states that new applicants on the Flex 12 plan typically have a credit score of 650, 36 months’ time in business, and $960,000 in annual revenue.

Applying with Bluevine is a quick process that can be completed online in under five minutes. Qualified businesses can receive an approval within minutes and funding within 24 hours.

If you’re looking for a simple application process with easy documentation requirements, QuickBridge is a good option to consider. After submitting an application, you’ll be paired with a funding specialist who will work with you to find the best type of loan depending on your business needs.

When applying, you’ll just need to ensure you have your driver’s license and your most recent three months of bank statements. However, depending on the details of your application and your business qualifications, you may need to provide additional items later in the process.

QuickBridge was acquired by National Funding several years ago, so the two providers share many things in common. However, there are some important differences. For example, QuickBridge has less flexibility in its loan terms as it does not offer a monthly payment option. It also has a shorter maximum term of 24 months, compared to National Funding’s five years.

The provider’s application process should take no more than 20 minutes. It can issue approvals within 24 hours, with funding to follow within another 24 hours. To apply, head over to the QuickBridge website.

OnDeck offers a small business line of credit with the ability to give you instant access to funds drawn once your account has been established—many other providers do not give you access for several hours or days. Its maximum amount offered on a line of credit is one of the lowest of the providers on our list.

However, OnDeck also has a term loan with a maximum loan amount of $250,000. Minimum qualification requirements are the same as the line of credit product, and annual percentage rates (APRs) start at 29.9% for both types of loans.

One downside is that borrowers with lower scores can expect APRs higher than the stated minimum of 29.9%. According to OnDeck, it states that the average APR is around 62.1%. An origination charge of up to 4% may also be applied to your loan.

You’ll also want to check the terms of your loan for any additional fees. For instance, OnDeck’s line of credit charges a $20 monthly maintenance fee, although it is waived for your first six months if you withdraw $5,000 or more within one week of opening your line.

Borrowers who get approved for a term loan can also get additional funding once the loan is paid down by 50%. This can be useful if you expect to have recurring needs for more funding.

To apply, visit the OnDeck website.

Smarter Finance specializes in equipment financing and can issue funding within 1 to 4 business days depending on the details of your loan. It also has easy qualification requirements, making it a great provider for businesses looking for an equipment loan or lease.

It offers financing solutions for various industries—including restaurants, healthcare, and construction. It can also provide funding for a variety of business equipment, such as trucks, excavators, cranes, and machinery.

This provider has a network of over 37 lenders within its network. Applications are reviewed on a case-by-case basis, and there are no minimum requirements for credit score, time in business, or revenue. While this can be good in the sense that it will attempt to find a lender regardless of your qualifications, it can also be difficult to pinpoint the exact requirements and loan terms until after you apply.

Although there is no minimum credit score requirement, getting approved with a score below 600 can be particularly challenging. If approved, rates and fees can be much higher than the lowest advertised rates.

Applications can be completed in under five minutes, and you should normally hear back within 24 to 48 hours. If approved, you could have a repayment term of up to five years with a flexible payment schedule to include weekly, monthly, seasonal, and deferred schedules.

You can complete an online application on the Smarter Finance website.

Fora Financial offers large financing, easy qualification requirements, and the ability to fund within 24 to 48 hours, making it our best provider for those seeking a fast merchant cash advance. It also earned a spot on our list of the best MCA providers.

It currently offers up to $1.4 million in financing. You can meet the minimum requirements with a credit score of 500, six months’ time in business, and annual revenue of $144,000.

Applications can be completed online in less than 5 minutes, and you can receive a loan decision within 24 to 48 hours. Once approved, funding typically occurs within another 24 to 48 hours. Approved loans can have the option of making payments on a daily, weekly, or monthly basis.

With Fora Financial, you’ll also have the ability to get prepayment discounts and borrow more money after paying off 60% of the loan balance. This can save you time if you end up needing additional funds in the future.

To learn more, you can visit the Fora Financial website.