Fast business loans are short-term financing options 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 six fast business funding options.
Top 6 Fast Business Loans 2021
Provider | Best for |
|---|---|
Small business seeking to shop for the best option for debt financing | |
Small business owners who want fast funding and more relaxed credit requirements | |
Business-to-business (B2B) companies struggling with cash flow and have lower qualifications | |
Newer businesses needing next-day funding up to $500,000 with flexible terms | |
Business owners with decent credit who need a $500,000 business loan | |
Businesses that are already using QuickBooks Online and needs a $100,000 loan |
Lendio: Best Overall Fast Business Loan Provider
Lendio works with more than 300 lending providers. This gives it an edge on getting loans fast and for the best possible annual percentage rate (APR). Currently, Lendio offers loans with interest rates as low as 8% with APRs and origination fees varying based on the final lender chosen for funding.
Lendio doesn’t charge to use the online platform, making it a very cost-effective way to shop for a fast business loan. Do keep in mind that any fees involved will be disclosed fully by the lender chosen for the loan.
Lendio Funding Speed
Lendio application, approval, and funding speeds are:
- Time to apply: 15 minutes
- Time to get approved: Same day
- Funding speed: One business day
Lendio Quick Business Loan Terms
Lendio is extremely flexible when it comes to repayment terms, offering loans with durations of anywhere from 12 to 36 months. Borrowers can find a loan that has the repayment schedule most appropriate for their business, whether that be daily, weekly, or monthly repayments.
Loan Amount | $2,500 to $500,000 |
Repayment Term | 12 to 36 months |
Repayment Schedule | Varies |
Collateral | Blanket Uniform Commercial Code (UCC) filing |
Personal Guarantee | Required |
Funding Speed | One business day |
Lendio Fast Business Loan Costs
Starting Interest Rate | 8% |
Estimated APR | Varies by lender |
Origination Fee | Varies by lender |
Lendio Quick Business Loan Minimum Qualifications
Minimum Credit Score | Varies by lender |
Minimum Time in Business | Varies by lender |
Minimum Annual Revenue | Varies by lender |
Lendio Reviews
Lendio has more than 120 reviews verified on ConsumerAffairs. It maintains a 3.1-star rating with the majority of reviews being 5-star reviews. Those that love Lendio are impressed with the customer service provided during the loan process. Those Lendio reviews with a 1-star rating felt there was a lack of communication after the approval was given that led to confusion and, ultimately, led some business owners to go elsewhere for funding.
Fundbox: Best Quick Business Loan With Low-Credit Approval
Fundbox offers a business line of credit, and business owners can qualify with a credit score of 500 or higher. Its minimum qualifications are lower than other providers, but the overall terms of the invoice financing credit lines are shorter at only three to six months. Rates can be lower than competitors with early repayment, and funding only takes one to three days.
Fundbox Funding Speed
Fundbox application, approval, and funding speeds are:
- Time to apply: 5 minutes
- Time to get approved: Median approval time is 30 minutes
- Funding speed: Two days
Fundbox Quick Business Loan Terms
Credit Line | Up to $100,000 |
Repayment Term | 12 or 24 weeks |
Repayment Schedule | Weekly |
Collateral | Blanket UCC filing |
Personal Guarantee | Not required |
Funding Speed | Two business days |
Fundbox Fast Business Loan Costs
Starting Interest Rate | 4.66% |
Expected APR | 10% to 69% |
Maintenance Fee | None |
Fundbox Quick Business Loan Minimum Qualifications
Minimum Credit Score | 500 |
Minimum Time in Business | Three months |
Minimum Annual Revenue | $50,000 |
Fundbox has a 500 minimum credit score requirement, which is the easiest requirement to meet among providers we evaluated. However, Fundbox relies on accounts receivables and business history when evaluating a business. By connecting to your accounting software, it can determine how much credit to extend, which is a lending option referred to as accounts receivable (A/R) financing.
Fundbox Reviews
Fundbox customer reviews are mostly positive on our site and around the web, garnering 4.7 stars on Trustpilot. 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.
BlueVine: Best Quick Business Loan With Same-day Funding
BlueVine short-term business loans have one of the fastest application, approval, and funding times amongst online lenders. Business owners can qualify to borrow up to $250,000 with repayment terms up to one year with funding in as quickly as one day. However, the starting rates for BlueVine short-term loans are higher than some other providers, with an APR range of 18.2% to 78%.
BlueVine Funding Speed
BlueVine application, approval, and funding speeds are:
- Time to apply: 5 minutes
- Time to get approved: Within 60 minutes
- Funding speed: As quick as 2 hours
BlueVine Quick Business Loan Terms
Loan Amount | Up to $250,000 |
Repayment Term | Six or 12 months |
Repayment Schedule | Weekly or monthly |
Collateral | Blanket UCC filing |
Personal Guarantee | Required |
Funding Speed | Same business day |
BlueVine Fast Business Loan Costs
Starting Interest Rate | 4.8% |
Expected APR | 15% to 78% |
Origination Fee | None |
BlueVine Quick Business Loan Minimum Qualifications
Minimum Credit Score | 600 |
Minimum Time in Business | Six months |
Minimum Annual Revenue | $120,000 |
Qualifying for a quick business loan with BlueVine can be more difficult for borrowers with a low credit score or insufficient annual revenue. However, instead of requiring a year in business like most other lenders, BlueVine only requires six months. This opens the door for newer businesses to apply and provides these business owners with an option for fast business funding.
BlueVine Reviews
We determined BlueVine generally has positive ratings with a 4.3-star rating on Trustpilot. Positive BlueVine reviews came from customers who it impressed with its helpful customer support team. Critical BlueVine reviews came from businesses unhappy about being denied financing.
LoanBuilder: Best Quick 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 requirements. Only LoanBuilder offers loans greater than $250,000 to borrowers. To qualify, business owners need a 620 or higher credit score and can get funded in one to three days.
LoanBuilder Funding Speed
LoanBuilder application, approval, and funding speeds are:
- Time to apply: 10 minutes
- Time to get approved: 3 hours
- Funding speed: One business day
LoanBuilder Fast Business Loan Costs
Starting Interest Rate | 6.49% to 19.4% |
Expected APR | 12% to 136% |
Origination Fee | None |
LoanBuilder Quick Business Loan Terms
Loan Amount | $5,000 to $500,000 |
Repayment Term | 13 to 52 weeks |
Repayment Schedule | Weekly |
Collateral | Blanket UCC filing |
Personal Guarantee | Required |
Funding Speed | One business day |
LoanBuilder Quick Business Loan Minimum Qualifications
Minimum Credit Score | 620 |
Minimum Time in Business | Nine months |
Minimum Annual Revenue | $42,000 |
LoanBuilder requires a minimum credit score of 620, which is slightly higher than the 600 minimum required by other lenders. Its time in business requirement of nine months can be easier to meet for newer businesses, compared to other lenders that require one year. Finally, annual revenue of at least $42,000 is the lowest minimum we reviewed.
LoanBuilder Reviews
We compiled LoanBuilder user reviews from around the web and 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.
National Funding: Best Large Financing Fast Business Loans
National Funding offers a business loan up to $500,000 with a minimum credit score requirement of 600. This makes it a great option for business owners needing higher levels of financing. Business owners can get funded at a starting APR of 10%, with weekly payments for a year in one day, similar to LoanBuilder.
National Funding Funding Speed
National Funding application, approval, and funding speeds are:
- Time to apply: 15 to 30 minutes
- Time to get approved: 24 hours
- Funding speed: One business day
National Funding Quick Business Loan Terms
Loan Amount | $5,000 to $500,000 |
Repayment Term | Three months to two years |
Repayment Schedule | Weekly |
Collateral | Blanket UCC filing |
Personal Guarantee | Required |
Funding Speed | One to three business days |
National Funding Fast Business Loan Costs
Starting Interest Rate | 5.99% |
Estimated APR | 5.99% to 29.99% |
Origination Fee | 2% |
National Funding Quick Business Loan Minimum Qualifications
Minimum Personal Credit Score | 600 |
Minimum Time in Business | One year |
Minimum Annual Revenue | $100,000 |
With a minimum 600 credit score to qualify, National Funding is on par with most lenders in the field. This means borrowers will need to have adequate credit to obtain fast funding. Its time in business and annual revenue requirements are the same as other major lenders, requiring applicants to be in business for at least a year with $100,000 or more in annual revenue.
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 indicate that its rates were higher than other alternatives.
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. Business owners can expect an APR of 12% to 32%, which is lower than most of the providers we reviewed. Applicants must have a minimum credit score of 620 and at least $50,000 in annual revenue to qualify.
QuickBooks Capital Funding Speed
QuickBooks Capital application, approval, and funding speeds are:
- Time to apply: 15 minutes
- Time to get approved: Same day
- Funding speed: Next day
QuickBooks Capital Quick Business Loan Terms
Loan Amount | $5,000 to $100,000 |
Repayment Term | Up to 12 months |
Repayment Schedule | Weekly or monthly |
Collateral | No blanket UCC filing |
Personal Guarantee | Required |
Funding Speed | One business day |
QuickBooks Capital Fast Business Loan Costs
Starting Interest Rate | 3.13% to 8.49% |
Expected APR | 12% to 32% |
Origination Fee | None |
QuickBooks Capital Quick Business Loan Minimum Qualifications
Minimum Credit Score | 620 |
Minimum Time in Business | 12 months |
Minimum Annual Revenue | $50,000 |
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 12 months in business, makes it an option for borrowers with good scores. However, it can fund smaller businesses with at least $50,000 in annual revenue.
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.
Types of Fast Business Loans
When applying for a loan, it is important to know what type of loan you are applying for since the process is time-consuming. You don’t want to waste your time with the wrong loan application. By working with an online lender, you can streamline the process when seeking debt financing.
The types of business loans available to small business owners quickly include:
- Short-term business loan: Lump-sum advance repaid over terms up to three years
- Business line of credit: Revolving credit line for ongoing expenses
- Invoice financing: Partial advances on outstanding invoices for easy funding
- Merchant cash advance (MCA): Advance on credit card receivables for low credit
Although online lenders offer these small business loans quickly, these loans also have some drawbacks. Repayment terms are usually less than a year, business owners must make frequent payments, and loan sizes are small. However, the largest drawback is the cost. Fast business loans have a large APR range, typically from 10% to 150%, so business owners that have some time to apply for a business loan and good personal credit should consider a traditional lender first.
Who a Fast Business Loan Is Right For
Knowing if you’re a good candidate for a fast business loan will increase your chances of getting funding and receiving a favorable APR. Lenders intend for fast business loans to cover the immediate needs for small business owners. Most small business owners that get fast business loans are trying to address an issue that is affecting their operations and preclude them from getting paid. Sometimes, business owners have opportunities to take advantage of that require quick funding.
The circumstances when business owners need a fast business loan include:
- Equipment repair and replacement: When this equipment breaks down, business owners must repair or replace it quickly to avoid further losses.
- Unforeseen bills and expenses: Failing to address these issues results in more losses, but not every business saves enough for these situations.
- Low revenue periods: Businesses must still pay rent, compensation, and utilities during periods when business is slow, and a quick business loan can address that issue.
- Expansion cycles: If the initial expenses required to expand your business outpace revenues, you may need a quick business loan to cover your cash flow shortage.
- Short-term opportunities: Inventory and advertising often have short discount periods that incentivize business owners. Having the funds to take advantage of these sales can increase foot traffic, sales, and profit margins.
Business owners may find their circumstances for funding are different and require insight from a business loan broker. The best business loan brokers offer small business owners an opportunity to discuss their financing needs and work with them to provide a financing solution for the business. This can save business owners some time in the application and research process. Keep in mind that some brokers charge a fee for their services.
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. There are many different fast business loan funding options available. The best one for you will be the one for which you are most qualified and that offers the most affordable rates and terms for your specific situation.
Lendio gives small business owners the option to shop rates and terms around to different lenders, giving borrowers more power to make the best decision on short-term and fast financing.
Sean Clarke
I appreciate your details on the six fast business lenders. Have you ever reviewed Enova? They have multiple lending platforms for both the U.S. and Brazil. According to their company site these include Headway Capital and The Business Backer for non-bank in-house small business loans and lines of credit. They also list personal loans via CashNetUSA and NetCredit in the U.S. and Simplic in Brazil. I’d love to get your feedback.
Amanda Norman
Hi Sean,
Thanks for stopping by the site, and thanks for suggesting Enova. We may include it in a future update.
Thanks for reading! Best wishes,
Mandy, Moderator
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