Compare Small Business Loans
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The best fast small-business loans come with instant approval and are large enough to fit any use case. If you need a small-business loan immediately, we'd recommend you consider a business loan from an online lender.
Online lenders may charge higher interest rates and offer smaller loans than most banks, but they do process applications and provide financing far more quickly. In fact, many online lenders now offer same-day financing.
Summary: Our top picks
In the table below, we’ve summarized our top picks for the best small business loans for the most common use cases.
|SnapCap||As fast as one business day|
|Kabbage||As fast as same day|
|OnDeck||As fast as one business day|
|QuarterSpot||As fast as one business day|
on QuarterSpot's secure website
How to get a quick business loan
Most lenders set the following requirements in order to qualify for a quick business loan:
- Personal credit score of 600 or higher
- Annual revenue of at least $200,000
- At least one year in business
- No active liens
Other lenders might lend to you, despite not meeting the above requirements, but they will likely charge higher rates.
Typical funding speed
Any business owner looking for immediate financing should seek out financing from an online lender. Even the fastest traditional business loans like a 7(a) Express Loan take longer to process than the slowest online lender.
If you tread down the online lender route, be aware that you'll pay for the convenience of processing your application so quickly in higher rates. Loans from alternative lenders are also considerably smaller than loans from banks.
- Loan amount: $5,000 - $1,000,000
- Rates: 19.99% - 49.99% APR
- Term: 3 - 36 months
- Min. credit score required: 600
Why we like it: SnapCap allows borrowers to compare multiple quick business loans with just a single application. We always recommend borrowers shop around and compare multiple options even when time is short. SnapCap is a great option to save applicants time and compare multiple options at once.
Qualified borrowers will also be paired with a concierge, who acts as a business loan expert and consultant. SnapCap is the only marketplace that offers this service, and it makes a huge difference when choosing something as important as a business loan.
Drawbacks: If you have a lower credit score, then your options may be limited. In that case, it may help to apply with lenders directly, as they may offer more flexibility. However, this will be an uphill battle whether you contact lenders directly or apply through SnapCap.
- Loan amount: $2,000 - $250,000
- Rates: 20.00% - 80.00% APR
- Term: 6 or 12 months
- Min. credit score required: 560
Why we like it: Kabbage is one of our top recommendations because it processes applications quickly and also offers the Kabbage card, which borrowers can use to make immediate withdrawals from their active business lines of credit. It's a unique feature that makes Kabbage one of the most liquid options among online business lenders.
Additionally, Kabbage is one of the more lenient lenders in the market, so even borrowers with poor credentials may qualify for a business line of credit with Kabbage.
Drawbacks: Kabbage's interest rates are relatively high compared to other online lenders. Be sure your business can absorb the high cost of financing with Kabbage. Also, Kabbage only offers business lines of credit, which is limiting for those who need an alternative form of financing, such as a term loan.
- Loan amount: $5,000 - $500,000
- Rates: 9.30% - 99.70% APR
- Term: 3 - 36 months
- Min. credit score required: 600
Why we like it: OnDeck stands out because it can process applications just as quickly as other online lenders, and it offers some of the largest financing available in the market. A downside of many other fast loan lenders is that they can only offer relatively small amounts of financing.
OnDeck also offers term loans and business lines of credit, which gives you flexible options. The business line of credit is on par with other lines of credit offered by other lenders, but its term loans stand out. Another major upside to OnDeck is that it offers discounts for repeat borrowers.
Drawbacks: OnDeck, like many other online lenders, charges high rates in exchange for its lenient requirements. We'd caution borrowers against taking out more than they can afford to repay. However, if you're in the market for financing that you need immediately and can continue to access quickly, it's tough to find a better option than OnDeck.
- Loan amount: $5,000 - $250,000
- Rates: 20.00% - 48.00% APR
- Term: 9, 12 or 18 months
- Min. credit score required: 550
Why we like it: QuarterSpot is one of the cheaper options on our list, depending on the strength of your application, and it also offers quick financing. This lender also offers unsecured loans, which are less risky for the borrower.
QuarterSpot requires a very low personal credit score and its other requirements are relatively lenient as well. We'd recommend QuarterSpot for any borrower who needs fast financing and is looking for an unsecured loan.
Drawbacks: QuarterSpot's offerings are limited, as it only offers term loans, and it doesn't operate in many states. Before considering this lender, check whether it lends to businesses in your state.
What to use fast business loans for
Fast business loans come with a premium, so we'd recommend only using them when your timeline is tight or you may not qualify for better rates. These types of loans have often been used for financial emergencies, rare opportunities and general working capital.
Ideally, we'd recommend you apply for a loan with a traditional lender like a bank in order to qualify for a loan with the most competitive terms and rates. The downside, of course, is that the application process may take weeks to months.
We'd only caution that you ensure you really need a quick business loan. As stated before, these loans come at a premium and need to be carefully considered.
Other quick financing options to consider
Small-business loans aren't the only quick financing options. If you can't quite qualify for the loans above or if your approved loan isn't large enough to cover your needs, you can explore these options:
Personal loans: Most personal loans are unsecured, and many can be used for business purposes. Because the loan is a personal loan, there are no requirements regarding your business, making these perfect for a startup or new business. Instead, you'll need to have a fair to good personal credit score if you want get approved. Lenders such as Discover, Upstart and Prosper allow you to use funds for business purposes. Similar to online business lenders, they offer online applications and quick funding times.
Small-business credit cards: Like personal loans, small-business credit cards don't require your business to meet specific eligibility criteria. Getting approved for a credit card is solely based on your personal credit history. While the limit on a business credit card may not be as high as on a personal loan, you can earn points, rewards and sign-up bonuses to use for future purchases or travel. Chase, American Express and Capital One all offer excellent business credit cards.