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Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina...
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina...
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina...
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf...
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Business loans can keep operations running smoothly during a seasonal slump or when emergency expenses arise. That said, fast business loans come with unique challenges—like short repayment terms and high interest rates. To choose the best fast business loans, business owners should focus on factors like qualification requirements, funding speeds, and interest rates and fees.
Our editors are committed to bringing you unbiased ratings and information. Advertisers do not and cannot influence our ratings. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the business loans methodology for the ratings below.
15 lenders researched
16 data points evaluated
Unbiased editorial team
No AI writing
Featured Partner Offers
1
Biz2Credit
Funding amounts
Up to $1 million Revenue-based financing. Varies depending on product and qualifications
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
OnDeck is an online lending platform that offers business term loans of 12-, 18 or 24 months in amounts of $5,000 to $250,000. It also provides lines of credit in terms of 12, 18 or 24 months from $6,000 to $100,000.
Why We Like It
OnDeck can fund term loans the same day you submit your application, and business lines of credit can be instantly funded, depending on the borrower and the amount.
Why We Don’t Like It
OnDeck only offers same-day funding for term loans up to $100,000 in certain states. Loans aren’t available in North Dakota and loan uses are restricted for several industries.
Who It’s Best For
OnDeck is best for established businesses that need a term loan with quick funding or a line of credit with same-day funding.
Pros & Cons
Term loans from $5,000 to $250,000
Lines of credit from $6,000 to $100,000
Same-day funding
Low minimum credit score requirement
$100,000 minimum annual revenue requirement
Must have been operating for at least one year
Does not lend to businesses in North Dakota
Details
Eligibility
Minimum credit score: 625
Time in business: One year
Minimum revenue: $100,000 per year
Turnaround time
You can apply and receive a decision from OnDeck on the same day.
Consumer Sentiment Index
Overall rating: 3.1/5 — Satisfied
Based on 6,300 customer insights and reviews for the entire category.
Some customers praised the lender for its quick and straightforward lending process, while others complained of high interest rates and feeling misled about rates and fees.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Best Fast Business Loan for Quick Approvals
Fundbox
4.7
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Fundbox is an alternative business loan lender that provides companies with short-term lines of credit up to $150,000.
Why We Like It
Fundbox makes approval decisions in as little as three minutes and can fund loans as soon as the next business day. The lender accepts credit scores as low as 600 and will lend to businesses that have been operating for at least three months.
Why We Don’t Like It
Fundbox’s lending requirements are lenient, but you need at least $100,000 in annual revenue to qualify.
Who It’s Best For
Fundbox is best for businesses that need quick approval decisions for lines of credit up to $150,000.
Pros & Cons
No prepayment penalty
Low minimum annual revenue requirement
Next-business-day funding
Only short-term repayment terms are available
Does not disclose APRs
Details
Eligibility
Minimum credit score: 600
Time in business: Three months
Minimum revenue: $100,000 per year
Turnaround time
With a business line of credit from Fundbox, you can receive your funds as soon as the next business day.
Consumer Sentiment Index
Overall rating: 3.7/5 — Satisfied
Based on 6,300 customer insights and reviews for the entire category.
Fundbox often receives positive customer reviews, many of which mention ease of use, quick approval, and straightforward repayment terms. Nonetheless, some users noted concerns about customer service, unexpected pauses placed on their accounts, and high interest rates and fees for late payments.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Best Fast Business Loan for Robust Financing Options
National Funding
4.7
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
National Funding is an alternative business loan lender that provides short-term working capital loans from $5,000 to $500,000 and equipment financing up to $150,000.
Why We Like It
National Funding has robust financing options, including short- and long-term business loans and equipment financing. Approval and funding takes 24 hours in many cases.
Why We Don’t Like It
Although National Funding requires just six months in business, you need at least $250,000 in annual sales to qualify for a loan.
Who It’s Best For
National Funding is best for businesses that need fast access to a short- or long-term working capital loan and would prefer to work with a dedicated funding specialist.
Pros & Cons
Financing up to $500,000
Early payoff discounts
Most loans are funded within 24 hours of approval
Requires daily or weekly payments
Potentially high borrowing costs
Requires minimum gross annual sales of $250,000
Details
Eligibility
Minimum credit score: 600 (575 for equipment financing)
Time in business: Six months
Minimum sales: $250,000 per year
Turnaround time
Most loans are funded within 24 hours of approval, subject to receipt of required documentation, underwriting guidelines and processing time by your bank.
Best Fast Business Loan for Flexible Lines of Credit
Bluevine
4.6
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Bluevine is a fintech company that provides businesses with a checking account and a line of credit ranging from $5,000 to $250,000.
Why We Like It
We like that Bluevine can make line of credit decisions in five minutes. It also funds loans instantly if you have a Bluevine Business Checking account or within 24 hours if you don’t.
Why We Don’t Like It
The Bluevine business line of credit isn’t available in Nevada, North Dakota and South Dakota. You also need at least $40,000 monthly or $480,000 annually, 12 months in business and a credit score of 625 to qualify.
Who It’s Best For
Bluevine is best for established companies wanting a fast line of credit they can draw from, repay and draw from again.
Pros & Cons
Receive a decision within five minutes and instant funding with a Bluevine business checking account, or receive funds within 24 hours
Lines of credit up to $250,000
Low credit score requirement
No mobile app for its line of credit
Monthly revenue requirement
Not available to businesses in Nevada, North Dakota, South Dakota, Puerto Rico and other U.S. territories
Details
Eligibility
Eligibility varies on the specific program a business owner chooses.
Weekly plan
Minimum credit score: 625
Time in business: Less than one year
Minimum revenue: $40,000 monthly or $480,000 annually
Business type: Corporation or LLC
Bankruptcies: No past bankruptcies
Monthly plan
Minimum credit score: 700
Time in business: Three years
Minimum revenue: $80,000 per month or $960,000 annually
Business type: Corporation or LLC
Turnaround time
After you submit your application, you can receive a decision in as quickly as five minutes and instant funding with a Bluevine business checking account. Borrowers who don’t have a Bluevine business checking account can receive funds within 24 hours.
Consumer Sentiment Index
Overall rating: 2.4/5 — Neutral
Based on 6,300 customer insights and reviews for the entire category.
Bluevine’s borrowers reported quick application processes and funding times, but many were also disappointed with their experiences. Some customers noted that the customer service was unresponsive and that there were technical issues during the application process.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
Best Fast Business Loan for Lines of Credit
American Express® Business Line of Credit*
4.4
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts
$2,000 to $250,000
APR range
N/A
Minimum Credit Score
All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history and other factors.
All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history and other factors.
660 FICO at the time of application
Editor’s Take
American Express® is a well-known financial services company with a full suite of business products, including credit cards, checking accounts, payment solutions and a flexible line of credit from $2,000 to $250,000.
Why We Like It
You can receive instant funding if you use an American Express® Business Checking for your line of credit deposits. Also, Amex has a minimum revenue requirement of at least $3,000** per month, which is much lower than other lenders on our list.
Why We Don’t Like It
Funding can take one to three business days if you don’t have an American Express business checking account, and credit limits over $150,000 are available only to select customers.
Who It’s Best For
American Express is best for companies that need a flexible line of credit and already have an American Express® Business Checking** account.
Pros & Cons
No prepayment penalty
Four different repayment options
Offers small to large lines of credit
Monthly fees on unpaid balances
Requires personal guarantee
Lines of credit over $150,000 are only available to borrowers who meet additional criteria
Details
Eligibility
Minimum credit score: 660 FICO at the time of application*
Time in business: At least one year**
Average revenue: at least $3,000 monthly
All businesses are unique and are subject to approval and review**. The required FICO score may be higher based on your relationship with American Express, credit history and other factors.*
Turnaround time
Once application is approved, funds can take up to three business days to appear in your account, depending on your bank.
Consumer Sentiment Index
Overall rating: 2.6/5 – Neutral
Based on 6,300 customer insights and reviews for the entire category.
American Express Business Line of Credit received mixed reviews from borrowers. Some appreciated the reasonable rates and the ease of getting funding, but there were issues with customer service and applications being denied for unclear reasons.
Disclaimer: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
*Disclosures
*American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval.
This [content / article] contains general information about the American Express® Business Line of Credit installment loan type only.
Best Fast Business Loan for Large Amounts
Fora Financial Business Loans
4.3
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Fora Financial is an alternative lender that provides small business loans and revenue advances up to $1.5 million. It funds loans both directly and through a funding network.
Why We Like It
With Fora Financial, you can borrow up to $1.5 million in working capital for expansions, cash flow gaps, inventory or other business-related expenses. You can get approved and funded in as little as 24 to 48 hours.
Why We Don’t Like It
Although Fora Financial has lenient time in business and credit score requirements, you’ll need at least for a loan. Also, repayment terms go up to 18 months despite the large loan limit.
Who It’s Best For
Fora Financial is best for companies that need a fast business loan or a revenue advance up to $1.5 million.
Pros & Cons
Large loan amounts of up to $1.5 million
Low minimum credit score requirement
Offers prepay discounts
Short repayment terms of up to 18 months
Funding is slower than competitor lenders on our list
Daily or weekly repayments
Details
Eligibility
Minimum credit score: 570
Time in business: Six months
Minimum revenue: $20,000 in monthly revenue per month
Turnaround time
Fora Financial offers approvals within 24 hours and funding within 72 hours.
Best Fast Business Loans for Established
Funding Circle
4.1
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
From participating partners via businessloans.com’s website.
$25,000 to $500,000
As low as 7.49%
660
Editor’s Take
Funding Circle is a lending platform that helps businesses get term loans from $25,000 to $500,000 , as well as SBA loans and lines of credit.
Why We Like It
Established companies with at least two years in business can use Funding Circle to get a term loan between $25,000 and $500,000, with funding in as little as two business days.
Why We Don’t Like It
Funding Circle charges an origination fee of 3.49% to 6.99%, and there’s also a late fee of up to 5% for each payment that’s more than 10 days late.
Who It’s Best For
Funding Circle is best for established businesses that have been operating for at least two years and need a large loan amount with longer repayment terms.
Pros & Cons
Loans from $25,000 to $500,000
Funding in as little as 48 hours
No minimum annual revenue requirement for most loans
One-time origination fee between 3.49% to 6.99% of the approved loan amount
Requires two years in business, so it’s not ideal for startups
Not available to Nevada businesses
Details
Eligibility
Minimum credit score: 660 for most loans; 650 for SBA loans
Time in business: Two years
Minimum revenue: None for most loans; $400,000 per year for SBA loans
Turnaround time
Depending on the loan type, you can receive your funds within two days. However, SBA loan funding may take up to two weeks.
Best Fast Business Loan for Equipment Financing
Balboa Capital
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
OnDeck is an online lending platform that has been helping small businesses gain access to financing since 2006. It offers two borrowing solutions that may work well for companies needing fast access to cash.
From participating partners via businessloans.com's website.
Balboa Capital
4.0
$5,000 to $250,000
Not disclosed
one year
620
How To Compare Fast Business Loans
Some lenders speed up the borrowing process by imposing less rigorous application procedures and offering quick funding speeds. However, this convenience may come with higher interest rates, additional fees or less robust customer support resources. Consider these factors when comparing fast business loans:
Qualification requirements. Many alternative lenders and financial institutions that specialize in fast funding utilize alternative credit data. This can make it easier to qualify for fast funding when it’s needed most. Before applying for a loan, compare lenders’ individual eligibility requirements and evaluate your approval odds to avoid an unnecessary ding on your credit report.
Approval times. Traditional lenders can take weeks or months to approve a business borrower for a loan. In contrast, fast business loans from alternative lenders are often approved within minutes. If you’re on a tight timeline, compare lenders based on how quickly they review and approve applications.
Funding speeds. Funding speeds vary by loan type, lender and the borrower’s financial institution. Lenders that offer quick funding can make cash available as soon as the same day. However, this can vary by lender and financing type so choose an option that provides cash when you need it.
Interest rates and fees. Ultimately, interest rates depend on the lender, type of loan, loan amount, borrower qualifications and other factors. Fast business loans often come with higher interest rates than those from traditional lenders—up to about 100%. Compare lenders to find financing that works with your timeline while also offering competitive rates.
Reputation and customer support. Read online reviews from current and former borrowers to evaluate each lender’s reputation. Likewise, review the lender’s website to evaluate customer support tools and resources.
A quick funding turnaround may be crucial for your business, but keep in mind that loans are often multi-year commitments. Shopping around and comparing the best options for your venture can ensure you don’t end up with a debt that’s difficult to repay.
– Colin Beresford, Deputy Editor, Personal & Business Loans
A fast business loan is a type of financing that can be applied for and funded quickly. These loans are generally offered by online or alternative lenders and have less rigorous qualification requirements than imposed by traditional financial institutions. What’s more, these loans are often characterized by a streamlined online application process, fast approval and funding within one to two business days.
There are many types of fast business loans and each one works differently. Nonetheless, these loans have quick funding times which sets them apart from many other business loans. Once you apply, you could receive funding the same day.
Fast business loans are often dispersed in a lump sum, but in the case of a business line of credit, you can access them as needed. Business loans are typically repaid through fixed daily, weekly or monthly payments, with interest.
If you default on a business loan, the lender can seek to recover its losses from you or your business if you took out a secured loan or signed a personal guarantee. Before backing a loan with collateral or a guarantee, it’s crucial to have a plan to repay the loan and to know the implications if you default.
Requirements for Quick Business Loans
Not all funding options have the same qualifications and lenders can look for specifics such as a robust business plan or type of industry when setting the requirements for business loans. Depending on the type of fast business loan you’re applying for, the requirements may also include:
Minimum credit score of 670
Minimum annual revenue between $100,000 and $250,000
At least six months to a year in business
Debt-to-income ratio at or below 43%
Types of Fast Business Loans
Just as there are many forms of business financing, there are several types of fast business loans to choose from. These are some of the most common options:
1. Online Business Term Loans
Term loans are what most people think of in the context of business borrowing. With online business term loans, business owners complete an online application process and can receive an approval decision within minutes. Funding speeds ultimately depend on the borrower’s bank, but cash is often available in as few as two days after approval.
Loan funds are disbursed as a lump sum and interest begins accruing on the entire loan balance. Payments are then made over a set period of time—usually between three and 18 months for short-term loans. Term loans with fast funding are generally available for up to $250,000, with annual percentage rates (APRs) starting around 10%.
2. Business Lines of Credit
Unlike a business term loan, business lines of credit can be accessed on an as-needed basis and are revolving—meaning a borrower can pay off the line and access the funds repeatedly during the draw period. Interest only accrues on the portion of the credit line being used, making it a good option for business owners who need access to capital over time. Borrowing limits generally range from $2,000 to $250,000 and APRs start at around 7%.
Borrowers who need fast access to cash may benefit most from short-term lines of credit. While this type of financing comes with brief repayment terms—usually less than a year—funding times may be faster than for traditional lines of credit. In fact, borrowers may get access to their line of credit within hours of approval.
3. Equipment Financing
Business owners who need to purchase equipment like vehicles or machinery may qualify for equipment financing. Equipment financing is a form of asset-based lending, meaning the loan is secured by the equipment being purchased. If the borrower defaults on the loan, the lender can seize—or repossess—the collateral to recoup the outstanding loan balance. Loan amounts depend on the cost of the equipment but may extend above $1 million, with repayment terms up to 25 years. Interest rates generally range from 8% to 30%.
Because equipment financing is used to purchase specific items, this form of loan is not appropriate for all businesses. However, business owners who need equipment to start or grow operations may benefit from this option.
4. Invoice Factoring and Financing
Invoice factoring and financing vary slightly in their mechanics but generally involve borrowing against the value of a business’ unpaid invoices. With invoice factoring, the business sells outstanding invoices to a factoring company, which becomes responsible for collecting payment.
Invoice financing, on the other hand, involves borrowing money that is secured by the business’ outstanding invoices. In this case, the business must still collect payment and then use those funds to repay the loan. Factoring companies generally buy invoices for 70% to 95% of the total invoice amount and charge factoring fees of 0.5% to 5% per month until the invoice is paid.
5. Merchant Cash Advances
A merchant cash advance (MCA) lets a business owner borrow cash against future sales receipts. This form of business financing is often available through payment processing and merchant services companies, and lets business owners access cash without applying for a traditional loan.
Business owners receive a lump sum of cash that is then repaid from credit card sales or automatic clearinghouse (ACH) payments on a daily or weekly basis. Factor rates generally range from 1.2 to 1.5, which may be equivalent to APRs from 40% to 350%.
Getting fast access to cash may sound ideal—especially to business owners struggling to meet ends. However, fast funding speeds often come with some drawbacks. Familiarize yourself with the advantages and disadvantages of fast business loans before committing to financing.
Pros of Fast Business Loans
Easy application process: Many online lenders and alternative lenders have less rigorous qualification requirements and application processes than traditional banks and lenders.
Fast approval and funding speeds: Lenders that specialize in quick business loans prioritize fast approval times and funding speeds. In general, funds are disbursed within a few days of approval.
Wide selection of financing options: Several types of loans and financing options may be available with fast funding speeds. That said, this varies by lender, loan amount, borrower qualifications and other factors.
Cons of Fast Business Loans
Short repayment terms: Fast business loans often come with shorter repayment terms—usually less than a year. This can translate into high monthly payments and may make it difficult for business owners to stay current.
Higher cost of borrowing: Lenders that specialize in fast funding often offset this convenience by imposing higher interest rates and charging additional fees. For that reason, business owners should consider the overall cost of a quick business loan before signing on the dotted line.
May result in a cycle of debt: Due to the shorter repayment terms and higher borrowing costs, fast business loans can be difficult to pay off. Loans may require refinancing, which can result in a cycle of debt and extensive interest payments over time.
When To Get a Fast Business Loan
Fast business loans often come in handy for businesses facing a cash shortage due to seasonal sales or unexpected circumstances. In this case, a loan can help cover operating costs like payroll services until revenue increases or cover the purchase or repair of vital equipment. Quick loans also can give business owners the ability to purchase businesses, real estate or other assets quickly without waiting for traditional financing to close. This makes it easier to take advantage of opportunities when they arise.
Where To Get a Fast Business Loan
While traditional lenders may take weeks or even months to approve a loan, many alternatives can provide the funds you need in much less time. Whether for covering a cash flow gap, financing a business expansion or investing in inventory, fast business loans can be a lifeline for many companies.
Here are some of the best places where you can secure a fast business loan:
Online lenders. Online lenders have simplified and streamlined the lending process. Their digital platforms mean you can apply for a loan online and get approved within minutes or hours. Often, funds can be in your account in as little as 24 hours.
Invoice factoring companies. If your business operates on an invoice model, invoice factoring companies can offer a quick solution. They advance you a percentage of your outstanding invoices—turning your unpaid customer invoices into immediate cash.
Merchant cash advance providers. These providers offer a lump sum of money in exchange for a share of future sales. Merchant cash advances are suitable for businesses that have a high volume of credit card transactions and need quick access to funds.
Credit unions. While not as fast as online lenders, some credit unions can approve and disburse business loans faster than traditional banks. Plus, they often offer lower interest rates and more favorable terms.
How To Get a Fast Business Loan
If you need to get a business loan quickly, follow these steps to speed up your turnaround time:
Find the right lender. The fastest way to get a business loan is to borrow from a lender that specializes in online applications, quick approvals and fast funding. Many online lenders let you prequalify online to check your personalized rates within minutes.
Prepare your documentation. You’ll need to submit documentation as a part of your application, including tax returns, business plans and business bank account statements, among others. After submitting loan documents, you could get business loan funds as soon as the same day as approval.
Watch for lender communication. A lender may reach out to you to get more information about your business. Prompt responses can help move the process along quickly.
Speed isn’t everything.Compare rates and fees to find the best deal. It might take you extra time to review offers, but this due diligence could save you significantly on borrowing costs.
Alternatives to Quick Business Loans
If you need cash quickly, business financing isn’t your only option. There are other options, but research each one carefully before going forward with any funding:
Business or personal credit card. A personal or business credit card can be used to finance business expenses, but keep in mind that they often come with high annual percentage rates (APRs).
Traditional business loan. A traditional business loan can take longer to fund than a fast business loan, but it can come with lower interest rates and more flexible repayment terms.
SBA loan. There are several types of SBA loans, including traditional loans and lines of credit. These loans can be a good option for your business if you’re looking for competitive rates and long repayment terms.
Emergency small business grants. If you can qualify, a small business grant can be a good option to keep your business operating—and you won’t have to repay it.
Business partner or investor. Adding a business partner or investor to your business can bring financial support, but you’ll likely have to give up a portion of your ownership along with it.
Borrowing from your personal savings. Your personal savings can support your business when it’s running short on cash, but depending on your savings long-term may not be sustainable.
Methodology
We reviewed 25 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders that offer fast funding based on the weighting assigned to each category:
Application process. 25%
Loan details. 25%
Loan cost. 20%
Customer experience. 20%
Eligibility and accessibility. 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
¹The required FICO score may be higher based on your relationship with American Express, credit history, and other factors. ²All businesses are unique and are subject to review and approval.
Frequently Asked Questions (FAQs)
How fast can I get a business loan?
The overall time it takes to get a business loan depends on several factors, including the lender and type of loan. However, the business borrowing process typically takes anywhere from a few days to several months. Business owners who need to access cash quickly may need to work with an alternative lender or other financial institution that specializes in accelerated approval and funding speeds.
How can I get an SBA loan approved fast?
Many U.S. Small Business Administration (SBA) loans take between five to 10 days for approval. However, SBA Express loans offer faster speeds of just 24 to 36 hours for approval. Even with these faster approval times, SBA loans generally take longer to fund than business loans from alternative lenders that specialize in fast funding. So, SBA Express loans still may not be a good fit for business owners who need to access cash quickly.
How long do business loans take to get approved?
Loan approval times vary by lender but generally take anywhere from a few minutes to several days. Borrowers can speed up the approval process by organizing application documents in advance and by responding to lender inquiries as quickly as possible.
What is the easiest business loan to get?
Small business loans from online lenders are often the easiest to get because qualifying criteria may be more flexible compared to traditional banks.
Online lenders may also let you prequalify to get preliminary offers without a hard credit check so you can shop for rates before submitting a full application. If approved, you could get funding within a few days or as soon as the same business day as approval.
Can you get quick business loans for startups?
Startups that don’t have revenue yet may be able to qualify for U.S. Small Business Administration (SBA) loans. Online lenders may also be willing to approve your startup loan application after reviewing income projections and your business plan. However, if you cannot get a business loan, business credit cards could be another way to finance startup costs.
What are the easiest business loans to get approved for?
The easiest loan to get approved for has flexible qualification requirements, including credit score, years in business and annual revenue. In many cases, a merchant cash advance or invoice factoring will be some of the easiest business loans to qualify for. But if you want a traditional business loan, look to lenders that cater to borrowers with bad credit.
What is the minimum credit score for a fast business loan?
The minimum credit score needed for a fast business loan varies by lender. Some lenders accept credit scores as low as 500; however, most require a minimum credit score of at least 600.
What is the quickest way to get a business loan?
Online lenders are typically the quickest way to secure a business loan. They offer a simplified application process with approval within minutes or hours, and funds may be deposited into your account in as little as 24 hours. However, the exact speed may vary depending on the specifics of your business and loan requirements.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their finances. She has also been featured by Investopedia, Los Angeles Times, Money.com and other financial publications.
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