Written by
Allison Martin
Edited by
Pippin Wilbers
Pippin Wilbers is a Bankrate editor specializing in personal and auto loans. Pippin is passionate about demystifying complex topics, such as car financing, and helping borrowers stay up-to-date in a changing and challenging borrower environment.
Reviewed by
Kenneth Chavis IV
Kenneth Chavis IV is a senior wealth counselor at Versant Capital Management who provides investment management, complex wealth strategy, financial planning and tax advice to business owners, executives, medical doctors, and more.
Aug 21, 2024 Bankrate logoThe Bankrate promise
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Fast business loans provide short-term working capital. You can use these loans to cover issues like emergencies, seasonal cash shortages or to take advantage of fast-moving opportunities.
In many cases, the best fast business loans can get you funds in as little as 24 hours. Some types are accessible to startups and business owners with lower credit scores, though they won’t offer the best interest rates.
Read on to learn more about fast business loans. We’ll show you our top picks based on important factors like speed, affordability and availability to business owners with bad credit. We’ll also show you how to choose the right type of fast business loan and offer up alternatives to help you choose the right type of loan for you.
Applying for a quick business loan doesn’t have to be time-consuming or overwhelming. Follow these steps to help streamline the process.
Explore fast funding options to determine which best suit your company’s needs. Keep the interest rates, terms and funding timelines in mind when evaluating your options.
How much do you want to borrow? How do you intend to use the funds? Be sure to have readily available answers to these questions before you apply. Most lenders will request that you enter this information.
Each lender has its own set of guidelines, but most require you to have a certain credit score, amount of time in business and minimum annual revenue to be eligible for funding. Make a shortlist of lenders offering the loan product you wish to apply for with guidelines you meet. Compare the borrowing costs, fees and other perks to decide which is best.
You’ll generally need to upload documents when applying for a small business loan, including documents about yourself, your business and how you plan to repay the loan.
If it’s an option, get prequalified with your top lenders to gauge approval odds and narrow down your list. Otherwise, formally apply with your top lenders and upload the requested documents. Be sure to complete the application in its entirety and review it for errors or omissions.
If approved, read the loan agreement carefully before signing it to avoid surprises in the future. Once you sign on the dotted line, the lender will close the loan and disburse funds to you.
One of the most important things to do when getting any type of loan is to make sure you choose the right lender. Some lenders offer better rates and are easier to work with than others. To choose the best fast business loan lender:
Some lenders focus on specific types of loans. Banks are great for term loans for companies with good credit. Online lenders might offer alternative loans like invoice factoring. Use your needs to guide you to the right type of lender.
Different lenders focus on different types of borrowers. If you have good credit, look for lenders that offer low rates. If you have poor credit, don’t apply with a lender that won’t be likely to approve your loan.
Make sure each lender you consider has a good reputation for customer service and being easy to work with.
Find a few lenders and get prequalified with the ones that offer prequalification. Then, compare the loan offers you receive to choose the best one.
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Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Definition of terms Filter & SortHover to learn more about our Bankrate scores.
Bankrate Rating = 4.7 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
Fastest funding 2 business days
Creditfy does not perform a hard credit pull at any point in pre-approval process, but may perform a hard pull after you receive and accept your offer upon funding. Rates shown as Simple Rate or Factor Rates and not APR. Rates vary based on product, credit determination, state law/minimum loan amounts, and lender criteria. Not all applicants will qualify for financing; all financing products are subject to credit review and lender approval.
WHAT TO KNOW You can apply online. Creditfy states it takes less than five minutes to complete, and you can receive approval within a few hours. The initial application only results in a soft credit pull. Funding typically occurs between 24 to 48 hours. There is a 1 to 2.5 percent origination fee for most of Creditfy’s products.
Business credit score:Hover to learn more about our business credit score.
There are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:Hover to learn more about our business credit score.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:Hover to learn more about our personal guarantee requirement
This is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement: 6 months Minimum business annual revenue: $ 100,000Hover to learn more about our Bankrate scores.
Bankrate Rating = 4.4 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
Factor Rates Starting at 1.1% Fastest funding 1 business dayon partner site
This is not a guaranteed offer of credit. Rates and terms for business credit products are subject to underwriting guidelines, may be provided by third parties, and are subject to lender approval. Approved funding amount is based on eligibility. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average business bank account balances, personal credit and other variables deemed relevant by the lender. Products offered by National Funding, LLC and affiliates are business products only. In California, products are made or arranged pursuant to a California Financing Law License. License number: 603A169.
You can apply online or by phone. National Funding will connect you with a funding specialist to make sure you are getting the financing options that work best for you. National Funding charges an origination fee of between 1 and 5 percent and requires a personal guarantee. Repayment options are daily and weekly, but borrowers with a high personal credit score and strong financials may qualify for its monthly payment option. National Funding offers an early repayment discounts of 6 percent to 7 percent depending on the loan type . National Funding operates in all states.
Business credit score:Hover to learn more about our business credit score.
There are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:Hover to learn more about our business credit score.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:Hover to learn more about our personal guarantee requirement
This is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement: 6 months Minimum business annual revenue: $ 250,000Hover to learn more about our Bankrate scores.
Bankrate Rating = 4.6 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
Starting at 27.30% APR Fastest funding 1 business dayYou can apply at OnDeck online or by phone at 888-269-4246. Same day funding is available in certain states for term loans up to $100,000. OnDeck charges an origination fee on term loans of up to 4%. The average APR for terms loans is 56.10%. Loans are secured by a general lien on business assets and a personal guarantee. OnDeck doesn't lend to businesses in North Dakota.
Business credit score:Hover to learn more about our business credit score.
There are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:Hover to learn more about our business credit score.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:Hover to learn more about our personal guarantee requirement
This is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement: 1 year Minimum business annual revenue: $ 100,000Hover to learn more about our Bankrate scores.
Bankrate Rating = 4.2 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
Fastest funding 1 business dayon partner site
This is not a guaranteed offer of credit. Rates and terms for business credit products are subject to underwriting guidelines, may be provided by third parties, and are subject to lender approval. Approved funding amount is based on eligibility. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average business bank account balances, personal credit and other variables deemed relevant by the lender. Products offered by QuickBridge and affiliates are business products only. In California, products are made or arranged pursuant to a California Financing Law License. License number: 603J292.
WHAT TO KNOW QuickBridge offers several types of business loans, including working capital loans and unsecured business loans. For working capital loans, loan amounts are from $10,000 to $500,000 with repayment terms from three to 24 months.
Business credit score:Hover to learn more about our business credit score.
There are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:Hover to learn more about our business credit score.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:Hover to learn more about our personal guarantee requirement
This is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement: 6 months Minimum business annual revenue: $ 250,000Hover to learn more about our Bankrate scores.
Bankrate Rating = 4.6 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
1.11 factor rate Fastest funding 1 business day
*Factor rates are included in your daily estimate to simplify remittances and account monitoring. Best factor rates available to merchants with excellent credit and financial strength.
**Some products are made available through Credibly’s network of external funding partners
What to know For Credibly’s working capital loan, your business needs at least $25,000 in average monthly deposits for the last three months. Applicants must total at least a 51% stake in the business. Payments can be made daily or weekly. Credibly charges a 2.5% origination fee. This loan is unavailable in the following states: CO, DE, GA, Ml, MT, NV, NJ, ND, OK, OR, SD, TX and VT.
Business credit score:Hover to learn more about our business credit score.
There are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:Hover to learn more about our business credit score.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:Hover to learn more about our personal guarantee requirement
This is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement: 6 months Minimum business annual revenue: $ 300,000Hover to learn more about our Bankrate scores.
Bankrate Rating = 4.5 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
Starting at 1.10 factor rate Fastest funding 1 business dayFora Financial provides business capital, including business loans and Revenue Based Financing, directly and through a network of unaffiliated third-party funding providers. All offers will depend on your business meeting at the time of submission our prequalification and/or underwriting criteria, which includes, but is not limited to, business & personal credit history, time in business, cash flow, revenue consistency, industry-specific underwriting rules. Business loans are offered by Fora Financial Business Loans LLC or, in California, by Fora Financial West LLC, a licensed California Finance Lender, License No. 603J080. Revenue Based Financing is offered by Fora Financial Advance LLC.
What to know The company does a soft personal credit check when you apply for a small business loan and a full check after approval. Funds can be deposited within one to three days after approval. You will also pay one-time processing and wire transfer fees. Fora does not require collateral.
Business credit score:Hover to learn more about our business credit score.
There are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:Hover to learn more about our business credit score.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:Hover to learn more about our personal guarantee requirement
This is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement: 3 months Minimum business annual revenue: $ 120,000Hover to learn more about our Bankrate scores.
Bankrate Rating = 4.6 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
Starting at 7.49% simple interest Fastest funding 2 business days*Rates, terms and maximum loan amount may vary according to the overall creditworthiness of the applicant and financing product selected. To see what your business may qualify for, apply today at no obligation. Approval and funding times may vary by lending partner and financing product selected. All loan offers and qualifications require credit approval and are subject to change with or without notice.
Term loan applicants must offer collateral such as liens on equipment, vehicles or inventory. All owners with a 20% stake or more must be on the loan, and signatories must add up to at least 51% ownership. Signatories must have no personal bankruptcies in the past seven years. Funding Circle charges an origination fee of 4.49% to 10.49% and a late fee of up to 5%.
Business credit score:Hover to learn more about our business credit score.
There are four companies that assess business credit scores: Dunn & Bradstreet (D&B), Experian, Equifax and FICO. Each calculates their own scores based on various scales. D&B and Experian rank on a 1-100 scale. FICO scores on a 0-300 scale. Equifax generates 3 separate scores based on business payment index (1-100), business credit risk (101-992), and business failure (1,000 - 1,880).
Personal credit score:Hover to learn more about our business credit score.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator of the loans you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Personal guarantee requirement?:Hover to learn more about our personal guarantee requirement
This is a form of protection for lenders requiring the borrower to repay the loan from their personal assets if the business defaults. A personal guarantee can help some businesses access credit that typically wouldn't qualify.
Minimum time in business requirement: 2 years Minimum business annual revenue: $ 50,000Hover to learn more about our Bankrate scores.
Bankrate Rating = 4.4 /5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Hover to learn more about our interest rates.
Interest will typically be quoted as an annual percentage rate (APR), which reflects interest rate and any other charges and fees you may have to pay.
Starting at 7.80% Fastest funding 1 business day
Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Bluevine accounts are FDIC insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC. The Bluevine Business Debit Mastercard® is issued by Coastal Community Bank, Member FDIC pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. See the Coastal Community Bank Privacy Policy.
Application is subject to approval. No monthly or maintenance fees. Card Replacement Fees and Wire Transfer Fees may apply.
Banking Services for payments made via ACH or wire from the Bluevine Business Checking Account are provided by Coastal Community Bank, Member FDIC. Certain Bill Pay funds, including Bill Pay with Credit Card, are temporarily held during payment processing by Silicon Valley Bank, N.A., a full-service bridge bank created and operated by the FDIC. Bridge bank services are subject to change without notice and may not be offered continuously. Money transmission services for International Payments are provided by a third party and are also subject to their applicable terms and conditions.
The Bluevine Line of Credit is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Applications are subject to credit approval. Rates, credit lines, and terms may vary based on your creditworthiness and are subject to change. Additional fees apply.
PPP loans are made by one or more approved U.S. Small Business Administration (SBA) lenders. Loan agreements will identify the issuing lender to small businesses at signing. Qualified applications will be submitted to the SBA as soon as possible. Bluevine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. Approval and loan forgiveness are subject to your availability to meet government-set eligibility requirements.
Certain financing may be made or arranged pursuant to California Financing Law-License No. 6054789.
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