Fast Business Loans: 6 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 are best for businesses that need 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 2019

How We Evaluated the Best Fast Business Loans

All the business loans we reviewed will get you funded in one to three business days. Because of this, the criteria we evaluated also include the costs, terms, and qualifications, which will be the biggest difference.

Based on the needs and wants of small business owners, the criteria we used to evaluate the best fast business loans include:

• Approval & funding speed: How quickly you can get approved and funded; for all the providers 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’ll have to 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 of the top providers can fund in one to three days, OnDeck stands out with rates starting at just 9% for prime borrowers, a minimum credit score requirement of 600, and comparatively, large loan amounts up to $500,000.

OnDeck: Overall Best Fast Business Loan Provider

OnDeck is best for businesses that need 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 ― 700 or higher credit score. OnDeck also offers a line of credit up to $100,000 with funding just as quickly.

OnDeck Costs

OnDeck is very transparent when it comes to its loan cost disclosures. Its estimated APR ranges from 10% to 100% with the highest limit noted in their 2017 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 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 4% of your loan amount

When you’re considering a loan from OnDeck, it’s important to understand exactly how much that loan is going to cost you. Based on their estimated APR, a $10,000 loan will cost you roughly $1,000 to $10,000 in interest during the course of 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 OnDeck 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, Kabbage, and BlueVine, which only offer maximum loan terms of 12 months.

OnDeck Terms & Funding Speed

The typical terms for an OnDeck loan are:

• Loan amounts: $5,000 to $500,000
• Repayment terms: Three to 36 months
• Payment schedule: Weekly
• Time to apply: 10 minutes
• Time to get approved: Instantly
• Funding speed: One to three days

The weekly repayment schedule is similar to Fundbox and is typical for most other providers, but shorter than the monthly payments available with Kabbage. Although its application time is comparable to other providers at just 10 minutes, its instant approval, which is also available with Kabbage and BlueVine, means you don’t have to wait for a result like Fundbox, which can take up to two hours to give you a decision.

OnDeck Minimum Qualifications

The typical minimum qualifications for an OnDeck term loan are:

• Personal credit score: 600 or higher (check your credit score for free)
• Time in business: 1 year or more
• 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 only slightly higher than Kabbage, which requires 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 Financing 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: 14% to 60%
• Loan amount: Up to $100,000
• Repayment term & schedule: Six months/weekly
• Personal credit score: 600 or higher (check your score for free)
• Annual revenue: $100,000 or higher

OnDeck is transparent with its line of credit rates as well. Its lowest rates start at 14% with a weighted average of 33% AIR and, according to its United States Securities and Exchange Commission (SEC) filings for 2017, the highest rates are roughly 60%. You can expect a $10,000 loan to cost roughly $1,400 to $6,000 in interest during the course of 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 by doing so. With Fundbox and Kabbage, you can lower your total costs by paying off your loan early.

OnDeck Reviews

OnDeck generally has positive ratings. Users who gave OnDeck Capital positive reviews cited their 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. Read more on our OnDeck reviews page.

How to Apply 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 With No Minimum Credit Score

Fundbox is best for business owners that want 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 Costs

Fundbox offers weekly repayment terms for up to 24 weeks, and they charge 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 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: 26% to 130%
• 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 told that rates are disclosed to borrowers at the time the loan is offered. This is comparatively less transparent than OnDeck, so the upper range of the APR charged by similar providers for Fundbox is estimated.

What Fundbox 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 typically one to two hours after applying, with funding to follow in up to three days.

Fundbox Terms & Funding Speed

The typical terms for a Fundbox loan are:

• Loan amounts: $1,000 to $100,000
• Repayment terms: 12 or 24 weeks
• Payment schedule: Weekly
• Time to apply: 10 minutes
• Time to get approved: Same day, typically in one to two hours
• Funding speed: One to three 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 Minimum Qualifications

The typical minimum qualifications for a Fundbox loan are:

• Personal credit score: No minimum
• Time in business: More than six 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 amongst 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 that are looking for longer repayment terms due to seasonality or the scope of their working capital needs.

Fundbox Reviews

We determined Fundbox has mostly positive ratings. 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. Read more on our Fundbox reviews page.

How to Apply 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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LoanBuilder: Best Fast Business Loan for Newer Businesses

LoanBuilder is the best short-term quick business loans 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 of more than $250,000. To qualify, you need a 550 or higher credit score, and you can get funded in just one to three days.

LoanBuilder Costs

LoanBuilder costs depend on several factors including size, repayment term, and borrower 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 their costs when we reached out to its sales team. We estimated its APR to range from 10% to 130% based on what similar providers are charging.

The typical costs you can expect from LoanBuilder are:

• Estimated APR: 10% to 130%
• 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 borrower we estimated the APR to range from 10% to 130% on a loan.

What LoanBuilder 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 just $42,000 in annual revenue and nine months in business. After you apply, you can get a decision in just one day, and get funding in just 24 hours.

LoanBuilder Terms & Funding Speed

The typical terms for a LoanBuilder loan are:

• Loan amounts: $5,000 to $500,000
• Repayment terms: 13 to 52 weeks
• Payment schedule: Weekly
• Time to apply: Five to 10 minutes
• Time to get approved: Instantly
• Funding speed: One to three days

Once you’ve been approved and funded by LoanBuilder, you will be able to draw on that loan again after repayment because it’s a revolving line of credit. This means that you won’t have to reapply and will be able to access funds quickly when you need them in the future.

LoanBuilder Minimum Qualifications

The minimum qualification requirements for a LoanBuilder loan include:

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

LoanBuilder requires a minimum credit score of 550 or higher which is a little lower than the 600 or higher 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 $42,000 or higher is the lowest minimum we reviewed besides Fundbox, which doesn’t have a stated minimum.

What LoanBuilder Is Missing

LoanBuilder does not offer any 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 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. In so doing, we determined LoanBuilder generally has positive ratings. Customers who provided positive reviews cited the quick and efficient process. Customers who provided negative LoanBuilder reviews said its pricing was too expensive. Read more on our LoanBuilder reviews page.

How to Apply With LoanBuilder

You can apply for $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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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 the one- to three-day funding. The monthly fee starts at just 1.5% and can be repaid early to save money like Fundbox.

Kabbage 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 18% to 120%, which is in line with other providers.

Costs for a Kabbage 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: 18% to 120%
• Origination fee: None

Kabbage is very 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 them. For example, a $10,000 loan with Kabbage with one-year terms will cost you from $1,800 to $12,000 in interest. However, if the loan is repaid sooner, you could save additional money on the loan.

What Kabbage Offers

Kabbage offers a short-term working capital line of credit up to $250,000 and can fund in as quick as one business day. 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 instantly and funding in as soon as one day.

Kabbage Terms & Funding Speed

The typical terms for a Kabbage line of credit are:

• Loan amounts: $2,000 to $250,000
• Repayment terms: One to 12 months
• Payment schedule: Monthly
• Time to apply: 10 minutes
• Time to get approved: Instantly
• Funding speed: One to three days

Kabbage is the only provider on the list besides BlueVine that offers a monthly repayment option. Although the one-year term offered by Kabbage is comparable to most other providers, its shortest terms of just one month gives borrowers increased flexibility and an opportunity to save money.

Kabbage Minimum Qualifications

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

• Personal credit score: 550 or higher (check your credit score for free)
• Time in business: One year or more
• Annual revenue: $50,000 or more

When comparing Kabbage vs. OnDeck, Kabbage requires a credit score of at least 550 to qualify for their line of credit, which a shade lower than OnDeck’s 600+ requirement. Its 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 only offers repayment terms up to 12 months, which is less than some of the other providers in this article like OnDeck which offers weekly repayment terms up to 36 months. This makes them less suitable for long-term, capital-intensive projects amongst the fast business loans we evaluated.

Kabbage Reviews

Kabbage has mostly positive ratings. Users who gave positive 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. Read more on our Kabbage reviews page.

How to Apply 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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BlueVine: Best for Line of Credit & Invoice Factoring

BlueVine is best for small businesses that need a revolving line of credit and can take advantage of invoice factoring. The limit is $250,000 for up to 12 months, similar to Kabbage but tougher to qualify for, and potentially more expensive. Simple interest rates start at 4.8%, and funding is available in one to three days.

BlueVine Costs

BlueVine does not charge any 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 loan of $10,000, you can expect to pay between $1,800 to $8,600 in interest.

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

• Simple interest rate: 4.8% to 50%
• Estimated APR: 18% to 86%
• Origination fees: None

BlueVine discloses their minimum simple interest rate, based on a 26-week loan term on its website. Additionally, when we reached out to the provider, it was quick to provide us with 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 BlueVine 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 just one to three days.

BlueVine Terms & Funding Speed

The typical terms for a BlueVine line of credit are:

• Loan amounts: $5,000 to $250,000
• Repayment terms: Six or 12 months
• Payment schedule: Weekly or monthly; only the 12-month repayment term offers the ability to repay monthly
• Time to apply: 10 minutes
• Time to get approved: Instantly
• Funding speed: One to three 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 very quick as well, with an instant approval decision like Kabbage and OnDeck and funding available in one to three days for your business.

BlueVine Minimum Qualifications

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

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

BlueVine’s 600-plus minimum credit score is higher than all the providers on our list. With a 12-month term requiring a minimum credit score of 650 or higher and have 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 take advantage of invoice factoring.

Additional Financing 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 customers. It is easier to qualify for than its line of credit and is the only invoice factoring provider on our list. With invoice factoring, you are selling your invoices, and assigning the customer relationships to BlueVine, rather than retaining them, which Fundbox allow.

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: Around 85% to 90% on invoices with face values of $500 plus to B2B customers
• Repayment terms & schedule: Advances are repaid as customers pay their invoices
• Speed of funding: One to three days
• Personal credit score: 530 or higher (check your score for free)
• Time in business: Three or more months
• Annual revenue: $100,000+

Similar to its line of credit, BlueVine was very transparent about the rates it charges for invoice factoring when we called. When you factor a $10,000 that is due in 90 days your cost of capital will range from $320 to $1,700, based on the rates that it provided us. The relatively short term of the loan tends to make APR higher, estimated at 13% to 70%.

What BlueVine Is Missing

BlueVine has a higher credit score at 600 or higher and annual revenue of $100,000 or higher requirements than 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. Read more on our BlueVine reviews page.

How to Apply With BlueVine

You can apply to BlueVine via its online application in just 10 minutes. You will be asked to connect your bank account. When approved, you can get funded as soon as the next day for a line of credit of up to $250,000.

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Credibly: Fast Business Loan Based on Credit Card Revenue

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 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 quotes anywhere from three to 13 months. Credibly has the highest APR at 35% to 230% of all the options we evaluated, which we calculated based on the factor rate provided and various repayment times.

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 very upfront about their 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. It’s important to consider for cash flow that tips, taxes, and anything else included in the credit card transaction will be considered part of that total.

What Credibly 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 instantly, but funding will take another two to five days to receive, which is slightly longer than the other fast business loans we evaluated.

Credibly Terms & Funding Speed

The typical terms for a Credibly loan are:

• Loan amounts: Up to $250,000
• Repayment terms: Three to 14 months
• Payment schedule: Daily
• Time to apply: 10 minutes
• Time to get approved: Instantly
• Funding speed: Two to five days

Although having payments made automatically based on sales is convenient, it can also have a large impact on your business cash flows. Its 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 the longest on our list.

Credibly Minimum Qualifications

The typical minimum qualifications for a Credibly loan are:

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

Credibly has a low minimum credit score requirement of just 500, which 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 financing options 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. Critical Credibly reviews came from businesses unhappy about the application process taking longer than they expected due to additional required information. Read more on our Credibly reviews page.

How to Apply With Credibly

To apply for a merchant cash advance from 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

The Bottom Line

Fast business loans can be a good option to fill short-term working capital needs. Most quick business loans are very 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 submitting an online application in 10 minutes.

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