Best fast business loans March 2023
Allison Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com.
Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers confidently land deals and make the best choices for their finances. He specializes in auto and small business loans.
Kenneth Chavis IV is a senior wealth manager who provides comprehensive financial planning, investment management and tax planning services to business owners, equity compensated executives, engineers, medical doctors and entertainers.
What To Know First
Running a business often requires liquid funds for unexpected expenses or to fill in gaps caused by late invoices. If you need working capital now, consider a fast business loan. Fast business loans are financing options that are funded in five or fewer business days.
In this guide, you’ll find our top picks along with loan amounts, interest rates, fees, eligibility guidelines, benefits and drawbacks of each option to help you see why they stand out amongst the competition. You’ll also learn about what types of loans are available quickly and how to choose the right one.
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Definition of Terms
Compare the best fast business loans in March 2023
| LENDER AND LOAN TYPE | BEST FOR | MIN. FICO CREDIT SCORE | LOAN AMOUNT | MIN. TIME TO FUNDS |
|---|---|---|---|---|
| Bluevine line of credit | Unsecured fast loan | 625 | Up to $250,000 | 1 day |
| Credibly line of credit | Secured fast loan | 600 | Up to $300,000 | 1 day |
| Triton Capital equipment financing | Fast equipment loan | 600 | $10,000-$500,000 | 1 day |
| Credibility Capital installment loan | Fast loans for established businesses | 650 | $50,000-$500,000 | 3 days |
| Upstart small business loan | Fast application | 550 | $5,000-$200,000 | 1 day |
| Fora Financial small business loan | Fast, large loans | 500 | $5,000-$1.4 million | 1 day |
Bluevine line of credit: Best for unsecured fast loan
- Minimum FICO credit score
- 625
- Minimum annual revenue
- $480,000
- Minimum time in business
- 24 months
- Interest rates from
- 6.20%
- Loan amount
- Up to $250,000
- Term lengths
- 6 or 12 months
Overview: Established in 2013, Bluevine is a financial technology offering innovative business banking and funding solutions. Its business line of credit lets you access up to $250,000. You can repay borrowed amounts weekly or monthly and then borrow again.
Why Bluevine is the best for unsecured fast loans: You don’t need perfect credit to qualify for this loan product, nor do you need to put down collateral. But if you have a solid credit rating, you can qualify for a simple interest rate as low as 6.20 percent. Another key benefit of this loan product is the ability to receive a lending decision and access to capital in as soon as one business day.
Pros
- No loan origination or early repayment fees
- Streamlined application process with minimal documentation required
- Relatively low credit requirement
Cons
- Maximum interest not disclosed
- High minimum annual revenue requirement
- Not available in Nevada, North Dakota and South Dakota
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To qualify for a Bluevine line of credit, you’ll need a credit score of 625 or higher, at least 24 months in business and $40,000 in monthly revenue. You can apply online and receive a lending decision in as soon as five minutes. The lender will review your personal details, business information and banking activity for the past three months to make a lending decision. If approved, you’ll generally receive funds in one to three days.
This product isn’t available in Nevada, North Dakota or South Dakota.
Keep in mind that companies in the following industries or lines of business are ineligible for funding:
- Financial lenders and entities
- Firearms and related paraphernalia
- Controlled substances, illegal substances and related paraphernalia
- Political campaigns
- Pornography and related paraphernalia
Credibly line of credit: Best secured fast loan
- Minimum FICO credit score
- 600
- Minimum annual revenue
- $180,000
- Minimum time in business
- 6 months
- APR from
- Not disclosed
- Loan amount
- Up to $300,000
- Term lengths
- Not applicable
Overview: Credibly is an online lending platform that connects small business owners with funding opportunities. It services companies in more than 325 industries nationwide and provides direct working capital loans of up to $300,000, along with merchant cash advances. The lenders in Credibly’s partner network offer long-term business loans, equipment financing, invoice factoring, restaurant financing and SBA loans.
Why Credibly is the best secured fast loans: Both unsecured and secured business lines of credit are available through Credibly. The eligibility criteria are relatively flexible: You don’t need perfect credit to qualify. Plus, you could be eligible for funding with only six months in business, far less than most traditional lenders require. This loan product helps you build business credit if managed responsibly.
Pros
- Perfect credit not needed to qualify
- Prequalify online with no impact to your credit score
- Physical branches in Arizona, Michigan and New York
Cons
- Origination fee
- May not be available in all states
- Interest rate not disclosed
-
You’ll need a credit score of 600, at least six months in business and $180,000 in annual revenue to qualify for a line of credit. Credibly offers an online prequalification tool that lets you see your loan offers without impacting your credit. You can apply online in just 10 minutes and receive loan approval in as little as four hours. Prepare to submit the following when you apply:
- Personal details and information about your company
- A copy of your government-issued photo identification (required for all owners)
- Most recent three months of financial statements or business bank statements
- Most recent business tax return if you’re requesting more than $100,000
Most borrowers have funds deposited into their business bank account in just 24 hours.
Credibly states that certain products “may not be available in all states,” though its website does not specify which products and which states.
Triton Capital equipment loans: Best for fast equipment loans
- Minimum FICO credit score
- 600
- Minimum annual revenue
- $350,000
- Minimum time in business
- Available to startups
- APR from
- 5.99%-24.99%
- Loan amount
- $10,000-$500,000
- Term lengths
- 12-60 months
Overview: Triton Capital is a loan marketplace. It partners with financial institutions to provide innovative funding solutions to small businesses in as soon as two business days. Secured equipment loans range from $10,000 to $500,000 and feature generous repayment terms and competitive interest rates. You can make payments monthly, quarterly or annually, semi-annually or seasonally.
Borrowers can also access working capital loans and SBA loans through this platform.
Why Triton is the best for fast equipment loans: It’s not uncommon for lenders to have a minimum time in business requirement to qualify for equipment financing. But that’s not the case with Triton Capital, which offers equipment loans to startup businesses. Plus, Triton's funding time of one or two days is much faster than many equipment loans.
Pros
- Available to new businesses
- Streamlined online application process with minimal documentation requirements
- Competitive interest rates
Cons
- Documentation fee between $150 and $750 applies
- Not all industries eligible for funding
- $350,000 minimum annual revenue may be out of reach
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Triton Capital offers equipment financing in all 50 states to business owners with a 600 credit score and $350,000 in annual revenue. You may be eligible for financing as a startup with minimal time in business. Excluded industries include adult entertainment, gaming, cryptocurrency, day trading and cannabis, CBD, hemp and other related substances. You can apply online or by phone and receive a decision in just two to four hours.
Before you get started, be sure to have your three most recent business bank statements and an equipment quote handy. If approved, funds are generally dispersed within one to two business days. A personal guarantee is required unless you’re requesting financing as a corporation.
Credibility Capital installment loan: Best fast loans for established businesses
- Minimum FICO credit score
- 650
- Minimum annual revenue
- $200,000
- Minimum time in business
- Two years
- Interest rates from
- 9.49%
- Loan amount
- $50,000-$500,000
- Term lengths
- Up to 5 years
Overview: Credibility Capital is a direct lender offering lines of credit and installment loans. If you’re interested in the latter, loan amounts are between $50,000 and $500,000 with interest as low as 9.49 percent and terms of up to five years. Payments are made monthly.
Why Credibility Capital is the best for established businesses: If you’ve been in business for at least 24 months, an installment loan from Credibility Capital could be a viable option. The application process is handled entirely online, and you can have the funds you need in as soon as three days. This loan comes with fixed monthly payments and a low starting interest rate for qualified applicants.
Pros
- Prequalify with a soft credit pull
- Fixed interest rates and flexible repayment options
- No early repayment penalties
- Online loan management unavailable
- Closing fee of 2.99 percent to 4.99 percent
- Loans not offered in Nevada, North Dakota, South Dakota and Vermont
-
You can apply for an installment loan using the all-digital application found on the website. Here’s what you’ll need to qualify:
- Personal credit score of 650
- 24 months in business
- $200,000 in annual revenue
- No current delinquencies greater than $1,000
Applicants with bankruptcies within five years or outstanding judgments and liens may be denied funding.
Credibility Capital also requires a personal guarantee for all owners with a stake of more than 25 percent and places a lien on the business while the loan is outstanding. Most loans are approved and funded in three to five business days, and you’ll pay a closing fee of 4.99 percent if your loan is less than $100,000, 3.99 percent if it’s between $100,000 and $199,999 or 2.99 percent if it’s $200,000 or above.
This loan product is unavailable in Nevada, North Dakota, South Dakota and Vermont.
Upstart small business loan: Best for fast application
- Minimum FICO credit score
- 550
- Minimum annual revenue
- Not disclosed
- Minimum time in business
- 12 months
- APR from
- Up to 35.99%
- Loan amount
- $5,000-$200,000
- Term lengths
- 1 or 2 years
Overview: Upstart is an online lending marketplace that connects both individuals and small business owners with loans that fit their unique needs. Lenders in the network understand you’re more than just a credit score. Small business owners can borrow between $5,000 and $200,000 and make payments for up to two years. Online prequalification is available in minutes with no impact to your credit score.
Why Upstart is the best for fast application: Upstart’s digital application takes a few minutes to complete. Plus, the online lending platform leverages artificial intelligence to help connect small business owners to lending solutions. And you won’t have to worry about providing loads of documentation since Upstart does the bulk of the work for you by verifying the details from your application.
Pros
- Check rates online in minutes
- More accessible to new business owners with lower credit scores
- Limited documentation needed to apply
Cons
- Small loans not available in Iowa, Maryland, Nevada, New Hampshire or West Virginia
- Funding limited to companies in select industries and unavailable to sole proprietors
- Origination fee of up to 6 percent
-
Upstart does not disclose minimal annual revenue requirements. However, you’ll need a credit score of at least 550 and 12 months in business to meet the eligibility guidelines for small business loans. You should also know that sole proprietorships and companies operating in certain industries are not eligible for funding. They include adult entertainment, betting, cannabis, drug paraphernalia, firearms, gaming, gambling, get-rich-quick, multi-level marketing, tobacco, vape and weapon-related industries.
If you decide to move forward with applying, a personal guarantee is required. You can get started online, and if approved, receive funding as soon as one business day.
Upstart charges an origination fee of 4 percent to 6 percent. Late payment fees may apply.
Fora Financial small business loan: Best for fast, large loans
- Minimum FICO credit score
- 500
- Minimum annual revenue
- $144,000 ($12,000/month)
- Minimum time in business
- 6 months
- Factor rate from
- 1.15-1.40
- Loan amount
- $5,000-$1.4 million
- Term lengths
- 4-15 months
Overview: Fora Financial is a direct lender offering small business lending solutions. Its term loans provide between $5,000 and $1.4 million in working capital with four- to 15-month terms. Plus, you won’t have to put up collateral. Fora Financial also offers revenue advances to help manage cash flow.
Why Fora Financial is the best for fast, large loans: The amount business owners qualify for varies depending on their revenue but can be up to a whopping $1.4 million. Fora's small business loans also stand out for their rapid approval funding times — expect a lending decision as soon as four hours and funding in just 24 to 72 hours. And once you’ve paid off 60 percent or more of the balance, you may qualify for additional funding.
Pros
- Flexible funding requirements that go beyond credit score
- Possible discount for paying your loan off early
- Soft credit check at application
Cons
- Steep annual revenue requirement
- Payments not reported to credit bureaus — so you won’t build business credit
- Maximum factor rate is fairly high
-
Fora Financial requires a 500 credit score, six or more months in business and $12,000 in gross monthly sales to qualify for a small business loan. You can apply online or by phone and get a loan decision in just four to 24 hours. If approved, expect the loan proceeds in 24 to 72 hours.Fora charges a one-time processing fee and a one-time wire transfer fee.
The Bankrate guide to choosing the best fast business loans
Running a business often requires liquid funds for unexpected expenses or to fill in gaps caused by late invoices. If you need working capital now, consider a fast business loan. Fast business loans are financing options that are funded in five or fewer business days.
In this guide, you’ll find our top picks along with each option's detalis to help you see why they stand out among the competition. You’ll also learn about what types of loans are available quickly and how to choose the right one.
We chose these products based on availability, funding time, affordability, prequalification tools and the ease of application, among other factors.
Types of fast business loans
There’s no shortage of fast business loan options to meet your company’s needs. Popular solutions include:
- Term loans: These loans can be secured or unsecured and give you a lump sum of money. Most come with fixed interest rates and are payable over one to five years in equal monthly installments. They can be used to cover an assortment of business expenses but generally come with stringent eligibility requirements and steep interest rates for newly established companies.
- Lines of credit: Lines of credit are more flexible. You can pull what you need on an as-needed basis, and you’ll only pay interest on what you borrow. They operate similarly to business credit cards and reset as you pay down the balance. But you’ll be subject to a draw period: a limited amount of time during which you can access funds.
- Merchant cash advance: The amount you’ll receive with a merchant cash advance is based on your credit card sales volume. And unlike other traditional loans, you’ll be subject to a factor rate instead of paying interest. Merchant cash advances are easier to access if you don’t have good credit or high annual revenue. Still, the borrowing costs are steep, and you will likely get a short repayment that could lead to cash flow problems in your business.
- Invoice factoring and financing: These funding solutions allow you to use outstanding invoices to secure working capital in a jiffy. You can borrow up to 85 percent of the total invoice amount, but there’s a key difference between the two. Invoice factoring requires you to sell the invoice directly to the lender, and they will remit the remaining balance that’s owed minus factor fees. But if you choose invoice financing, you’ll collect the funds and repay the lender the advanced amount and any applicable factor fees.
How to get a quick business loan
Applying for a quick business loan doesn’t have to be time-consuming or overwhelming. Follow these steps to help streamline the process.
1. Choose the right loan product.
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.
2. Determine your funding needs.
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.
3. Select a lender
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.
If you have a weak business or personal credit score, you may need to consider a bad credit business loan.
4. Gather documentation
You’ll generally need to upload documents when applying for a small business loan, including:
-
- Articles of incorporation (if applicable)
- Business insurance documents
- Business license (if applicable) and registration
- Business tax ID or EIN (employer identification number)
- Financial statements, including profit and loss statement and balance sheet
- Financial projections
- Personal and business tax returns
- Most recent company bank statements
- Accounts payable and accounts receivable
- Commercial lease agreements
- Payroll records
- List of business debts and other financial obligations
5. Apply for a 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.
When to get a fast business loan
A fast business loan may be sensible if you have significant cash flow issues, aren’t able to qualify for other forms of funding and are on the brink of having to close the doors to your business.
A fast business loan could also help you take advantage of a limited-time opportunity to grow your business, whether it’s investing in inventory, services, equipment or staff.
However, you may want to consider an alternative, like a conventional bank loan or SBA loan, with a lengthier funding timeline if you’re not in a rush. These options commonly offer a larger loan amount and more competitive terms.
FAQs about fast business loans
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It depends on the lender, type of loan you select and how quickly you submit the requested documentation. However, some online lenders offer funding as soon as 24 hours following the final loan approval.
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Online small business loans are generally the easiest to get approved for as these lenders have more flexible eligibility criteria than you’ll find when using traditional banks. If the lender offers an online prequalification tool, use it to determine if you’re eligible for funding and avoid racking up hard credit inquiries.
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You can secure a fast business loan with a personal credit score as low as 500. Be mindful that you’ll also have to meet the lender’s other eligibility criteria, and you’ll likely receive less favorable loan terms if you have a lower credit score.
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Although most lenders have a minimum time in business requirement, you could qualify for a small business loan if you’re just starting out. At least 12 to 24 months in business is preferred, but some lenders will consider you with just six months in business. And some lenders specialize in business loans for startups.
Methodology
To choose the best fast business loans, we ensured all loans featured are broadly available across the United States, have a funding time of five days or less and offer an online application process. We then considered features that make loans affordable and accessible to businesses with different characteristics and needs, including interest rates, credit score requirements, minimum annual revenue and fees. Additionally, lenders were evaluated for notable qualities such as ease of application and prequalification tools.