7 Best Fast Business Loans for 2022
This article is part of a larger series on Business Financing.
Fast business loans are short-term lending products from lenders and marketplaces that provide a quick online application process and funding in less than three days. We compared online lenders to compile the seven best fast business loans for 2022:
- Lendio: Best overall fast business loan website
- Fundbox: Best for newer businesses
- Bluevine: Best business line of credit
- National Funding: Best for subprime credit borrowers
- SBG Funding: Best for business owners with very low credit
- Credibility Capital: Best for competitive interest rates
- FundThrough: Best for invoice factoring
Provider | Funding Speed | Max Loan Amt | Financing Type | APR | Minimum Credit Score |
|---|---|---|---|---|---|
24 hours | $500,000 | Varies | Varies | Varies | |
1 business day | $150,000 | Term loan or line of credit | 10% to 79% | 600 | |
Same business day | $250,000 | Line of credit | 15% to 78% | 625 | |
24 hours | $500,000 | Term loan | 10% to 136% | 600 | |
Same business day | LOC: $150,000 Loan: $5 million | Term loan or line of credit | 21% and higher | 500 | |
1 business day | $500,000 | Term loan | 6.99% to 25% | 650 | |
24 hours | Unlimited, based on invoice size | Invoice factoring | 15% to 78% | 600 |
Lendio: Best Overall Fast Business Loan Website
While Lendio isn’t a lender itself, it’s our top choice for fast business loans because of its extensive lender network. With more than 75 lenders to choose from, not only will you get funding rapidly, but you can shop your application around for the best rates and terms. Visit the Lendio website to get started.
Fundbox: Best for Newer Businesses
Fundbox is an excellent choice for term loans or lines of credit. It has a slight edge over Bluevine due to a lower interest rate and the lower minimum annual revenue required. It’s an excellent choice for newer businesses, with only six months in business required. Go to Fundbox’s website to start the application process.
Bluevine: Best Business Line of Credit
Bluevine is another outstanding choice for fast business funding. Its line of credit product is very good, with a low interest rate and short time-in-business requirement. You can connect your QuickBooks Online directly with Bluevine to further speed up the application process. At just 2 minutes, the application is the fastest on our list, with approvals within 5 minutes. Check out Bluevine’s website to get the process started.
National Funding: Best for Subprime Credit Borrowers
For business owners with credit scores as low as 600 who want a fast business loan, National Funding is a strong option. Not only can you get approved and funded quickly, but there are advantages to paying the loan off early. If you pay off a working capital loan within the first 100 days, you’ll receive a 7% discount on the total remaining balance. Visit National Funding’s website to start the application process.
SBG Funding: Best for Business Owners With Very Low Credit
If a business owner has a credit score that’s too low to qualify for National Funding’s loan offerings, SBG Funding is an ideal option. SBG Funding requires a credit score of just 500, which is the lowest on this list. You can get a term loan or a line of credit through SBG. Watch out for very high interest rates, which are to be expected from a lender that offers loans to low credit borrowers. The application takes less than 15 minutes, with funding on the same business day. Go to SBG Funding’s website for more information.
Credibility Capital: Best for Competitive Interest Rates
Credibility Capital has some of the best interest rates on this list, with minimum rates starting at 6.99%. However, it does have some of the highest qualifications on this list. You must have a credit score of at least 650, be in business for at least two years, and have a minimum annual revenue of at least $250,000. If you have those qualifications, you can apply in less than 5 minutes, with funding in one business day. Go to Credibility Capital’s website to apply.
FundThrough: Best for Invoice Factoring
At the end of 2021, Bluevine turned over its invoice factoring business to FundThrough. FundThrough was already the top invoice factoring company, with two products. Its express factoring program is good for invoices of $15,000 or less, while its velocity program doesn’t have a stated maximum funding limit. As with Bluevine, you can connect your QuickBooks Online directly to FundThrough to speed up the application process with funding within 24 hours. Check out FundThrough’s website to start the application process.
Types of Fast Business Loans
There are several types of fast business loans available from each of the lenders above. While they serve different purposes, the steps to getting each of them are similar.
The three types of fast business loans available include short-term business loans, business lines of credit, and invoice factoring:
- Short-term business loan: You receive a lump sum of funding, repaid over a fixed period of time. This works best for financing equipment or renovations.
- Business line of credit: This is a revolving credit line for ongoing (usually smaller) expenses. A line of credit helps with cash flow management.
- Invoice factoring: This allows you to get paid for outstanding invoices and helps with cash flow while you wait for invoices to get settled.
How We Evaluated the Best Fast Business Loans
When comparing fast business loans, we made sure that all listed providers had fast application times and funding within three business days. We also compared interest rates, terms, fees, and required qualifications such as credit scores, annual revenue, and required time in business.
Bottom Line
Businesses that need fast funding have many providers they can turn to for loans or lines of credit quickly. We have listed the seven best providers that give business owners the speed of application and funding they’re looking for while also giving them good interest rates and easy-to-meet qualifications. While Lendio was our overall best choice, any of the providers on our list can help your business get working capital rapidly.
