Fast business loans are 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 six fast business loans.
Top 6 Fast Business Loans 2020
(Best overall) Next-day funding up to $500,000 with low starting rates
3-minute approval decisions on a line of credit up to $100,000
Same-day business loan up to $250,000 with repayment terms up to 1 year
Newer businesses needing next-day funding up to $500,000 with flexible terms
Business owners with poor credit who need a $500,000 business loan
Low-cost business loans up to $100,000 with next day funding
Types of Fast Business Loans
Applying with traditional lenders takes several trips to the bank, and they only make funding available to business owners a few weeks after the application. Online and alternative lenders don’t rely on physical applications and leverage data and technology to speed up the lending and approval process. These lenders offer working capital loans, lines of credit, invoice financing, and merchant cash advances (MCAs) to business owners with funding as quickly as the same day.
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
- 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 annual percentage rate (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
Lenders intend for fast business loans to cover 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.
Circumstances when business owners need a fast business loan include:
- Equipment repair and replacement: Pizza ovens, refrigerators, computers, and X-ray machines are necessary to generate revenue. When this equipment breaks down, business owners must repair or replace it quickly to avoid further losses.
- Unforeseen bills and expenses: Tickets, fines, violations, leaks, and broken displays all have an immediate cost. Failing to address these issues results in more losses, but not every business saves enough for these situations.
- Low revenue periods: Sidewalk construction and bad weather are common causes of low revenue periods. Businesses must still pay rent, compensation, and utilities during this time, and a quick business loan can address that issue.
- Expansion cycles: Successful ads, referrals, and new initiatives can produce short-term growth. However, if initial expenses outpace revenues, businesses can find themselves with a cash flow shortage.
- Short-term opportunities: Inventory and ads 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. However, some brokers charge a fee for their services.
OnDeck: Best Overall Fast Business Loan Provider
OnDeck is best for businesses needing financing up to $500,000 within one to three days of applying. An OnDeck short-term business loan 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 Funding Speed
OnDeck application, approval, and funding speeds are:
- Time to apply: 10 minutes
- Time to get approved: Same day
- Funding speed: One to three business days
OnDeck Fast Business Loan Costs
OnDeck is transparent with 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.
Businesses considering a loan from OnDeck should understand how much that loan will cost. Based on its estimated APR, a $10,000 loan will cost borrowers $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 available terms up to three years.
OnDeck Quick Business Loan Terms
OnDeck offers the longest repayment terms among fast business loans, with a maximum loan length of 36 months. Compared to OnDeck competitors like Funding Circle, which offers peer-to-peer business loans, the weekly payments are more frequent. However, most fast business loans require weekly payments, which makes the loan more predictable and easier to manage for borrowers.
OnDeck Quick Business Loan Minimum Qualifications
OnDeck has a low minimum personal credit score requirement of 600, which is the same requirement for business owners comparing BlueVine to OnDeck. Its time in business and annual revenue requirement is higher than other providers at one or more years and $100,000.
What OnDeck Is Missing
OnDeck offers the largest short-term loan amounts. However, it calculates the total repayment amount at origination. This means that, although there is no prepayment penalty, borrowers do not benefit from early repayment. With Fundbox, business owners can lower their total costs by paying off the loan early.
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.
Fundbox: Best Fast Business Loan Based on Approval Speed
Fundbox is best for business owners wanting up to $100,000 with a 500 or higher credit score and fast approval speeds. 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 takes one to three days.
Fundbox Funding Speed
Fundbox application, approval, and funding speeds are:
- Time to apply: 10 minutes
- Time to get approved: Median approval time is 3 minutes
- Funding speed: Same day
Fundbox Fast Business Loan Costs
Fundbox offers weekly repayment terms for 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. It charges the fee weekly, allowing borrowers to pay off the loan early and save money.
Fundbox Quick Business Loan Terms
The business line of credit limit that Fundbox offers is lower than most other lenders, but it’s revolving. For borrowers, this means that once they repay a draw, the credit is available for use again, similar to a business credit card. Fundbox also has shorter repayment terms than other lenders extending up to 24 weeks because it bases the financing amount on outstanding invoices due within that time frame.
Fundbox Quick Business Loan Minimum Qualifications
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 a business’s accounting software, it can determine how much credit to extend, which is a lending option referred to as accounts receivable financing.
What Fundbox Is Missing
Fundbox has some of the lowest minimum qualifications available for financing; however, it has the smallest maximum loan amount at $100,000. Its loan terms also only extend to six months, which may be insufficient for borrowers looking for longer repayment terms because of seasonality or their working capital needs.
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.
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: 10 minutes
- Time to get approved: Within 30 minutes
- Funding speed: As quick as 2 hours
BlueVine Fast Business Loan Costs
BlueVine discloses simple interest rates to borrowers on its website based on a 26-week loan term, so the resulting APR of the loan is higher. BlueVine provides applicants it approves with a disclosure of the APR, weekly payments, and the total interest cost of the loan, so it’s easy to compare offers.
BlueVine Quick Business Loan Terms
BlueVine offers less funding than OnDeck and shorter repayment terms. However, for most business owners that only need a small amount of capital for a short-term problem, BlueVine is a terrific choice. The shorter repayment terms can reduce the overall interest cost of the loan, helping borrowers control costs and potentially qualify for additional funding at the end.
BlueVine Quick Business Loan Minimum Qualifications
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.
What BlueVine Is Missing
BlueVine offers a great financing option for small business owners needing quick funding at a reasonable rate with funds available the same day. However, business owners with poor personal credit or low business revenue may have difficulty qualifying. Also, business owners needing more than $250,000 in funding may need to work with a different lender.
We determined BlueVine generally has positive ratings. 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 and OnDeck offer loans greater than $250,000 to borrowers. To qualify, business owners need a 550 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: Same day
- Funding speed: One business day
LoanBuilder Fast Business Loan Costs
LoanBuilder costs depend on several factors, including size, repayment term, and a borrower’s credit. Borrowers 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 LoanBuilder disclosed range from 2.9% to 18.72% charged as a percentage of the loan.
LoanBuilder presents business owners with options for loan terms and 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, business owners can expect to pay between $1,200 and $13,600 in interest.
LoanBuilder Quick Business Loan Terms
Although LoanBuilder doesn’t offer a revolving line of credit like Fundbox, it will often offer businesses additional funding after they repay a portion of the loan. Borrowers can select the exact term they need, giving them greater control over their payments and overall costs.
LoanBuilder Quick Business Loan Minimum Qualifications
LoanBuilder requires a minimum credit score of 550, which is slightly 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, which requires 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
The flexibility of selecting the loan terms and a corresponding interest charge is a large benefit of the short-term financing LoanBuilder offers. However, it does not offer a prepayment discount because LoanBuilder determines the total cost at origination. This means that the effective APR may be higher if the loan is repaid earlier than the agreed-upon loan term.
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 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. 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: Same day
- Funding speed: One business day
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%.
National Funding charges a 2% origination fee when it makes a loan, which is similar to a lender like OnDeck that charges up to 5%. Based on the APR range we estimated, business owners can expect an annual interest cost of $1,000 to $13,600 for every $10,000 they borrow with National Funding.
National Funding Quick Business Loan Terms
Fast business loans with National Funding require weekly payments. Although some lenders offer monthly payments, National Funding believes that the more frequent payments make the loan easier to manage for business owners. Like other alternative lenders, National Funding requires a blanket Uniform Commercial Code (UCC) filing and a personal guarantee from the business and any owners with 20% or more equity.
National Funding Quick Business Loan Minimum Qualifications
With a minimum 500 credit score to qualify, National Funding has lower credit score requirements than OnDeck and LoanBuilder. This makes it a great bad credit business loan for business owners that need quick funding. Its time in business and annual revenue requirements are the same as OnDeck, requiring applicants to be in business for at least a year with $100,000 or more in annual revenue.
What National Funding Is Missing
National Funding is a financing option for business owners with poor personal credit. However, it only offers financing for a year to its borrowers, which can be insufficient for business owners undertaking a large project over a longer time. For an alternative that offers up to three years, borrowers could work with OnDeck.
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 Fast Business Loan Costs
QuickBooks Capital fast business loan costs include:
- Interest rate: 3.13% to 8.49%
- Estimated APR: 12% to 32%
- Origination fees: None
QuickBooks Capital offers businesses a transparent and low-cost funding option. Borrowers 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.
Based on the APR made available by QuickBooks Capital on its website, business owners 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 available on our list of fast business funding options.
QuickBooks Capital Quick Business Loan Terms
QuickBooks Capital quick business loan terms include:
- 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
QuickBooks Capital only funds loans up to $100,000 for small businesses, making it a good choice for business owners that need to finance smaller projects. 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. Unlike other fast business loans, QuickBooks Capital doesn’t require a blanket UCC filing, so business owners can qualify for additional sources of funding.
QuickBooks Capital Quick Business Loan Minimum Qualifications
QuickBooks Capital quick business loan qualifications include:
- Personal credit score: At least 620
- Time in business: At least six months
- Annual revenue: At least $50,000
- Additional qualifications: Connected QuickBooks account with at least six months of activity
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 can fund smaller businesses with at least $50,000 in annual revenue.
What QuickBooks Capital Is Missing
QuickBooks loans are affordable, but the funding limit of $100,000 can be insufficient for many small businesses that are applying for fast business funding. 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.
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.
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 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. Business owners can qualify by applying online in 10 minutes.