Best fast business loans in December 2024

Written by
Allison Martin
and
TJ Porter
Edited by
Pippin Wilbers
Reviewed by
Kenneth Chavis IV
Dec 06, 2024
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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 quick 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.

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Best for fast funding

4.7
Bankrate Review
Loan amount
$10k- $10M
Term: 3 - 96 months
Interest rate
4.90- 34.00%
Fastest funding
2 business days
Read our reviewArrow Right

on Bankrate

BEST FOR EARLY PAYOFF DISCOUNT

4.4
Bankrate Review
Loan amount
$5k- $500K
Term: 4 - 24 months
Interest rate
Factor Rates Starting at 1.10
Fastest funding
1 business day
Apply nowArrow Right

on partner site

Best for fast short-term loans

4.6
Bankrate Review
Loan amount
$5k- $250K
Term: 3 - 24 months
Interest rate
Starting at 27.30% APR
Fastest funding
1 business day
Apply nowArrow Right

on BusinessLoans.com

Best for loan variety

4.2
Bankrate Review
Loan amount
$10k- $500K
Term: 4 - 24 months
Interest rate
Varies
Fastest funding
1 business day
Apply nowArrow Right

on partner site

Best for discounts for early repayment

4.6
Bankrate Review
Loan amount
$5k- $10M
Term: 3 - 15 months
Interest rate
1.11 factor rate
Fastest funding
1 business day
Apply nowArrow Right

on BusinessLoans.com

Best for fast approval

4.5
Bankrate Review
Loan amount
$5k- $1.5M
Term: 6 - 18 months
Interest rate
Starting at 1.10 factor rate
Fastest funding
1 business day
Apply nowArrow Right

on BusinessLoans.com

Best for flexible repayment terms

4.6
Bankrate Review
Loan amount
$25k- $500K
Term: 6 - 84 months
Interest rate
Starting at 7.49% simple interest
Fastest funding
2 business days
Apply nowArrow Right

on BusinessLoans.com

Best for unsecured fast loan

4.4
Bankrate Review
Loan amount
$5k- $250K
Term: 6 - 12 months
Interest rate
Starting at 7.80%
Fastest funding
1 business day
Apply nowArrow Right

on BusinessLoans.com

Best for large loan amounts

4.4
Bankrate Review
Loan amount
$10k- $10M
Term: 6 - 300 months
Interest rate
Starting at 5.99%
Fastest funding
1 business day
Read our reviewArrow Right

on Bankrate

Best for fast equipment loan

4.3
Bankrate Review
Loan amount
$10k- $500K
Term: 12 - 60 months
Interest rate
Starting at 5.99% APR
Fastest funding
1 business day
Read our reviewArrow Right

on Bankrate

Best for personalized funding

3.5
Bankrate Review
Loan amount
$5k- $500K
Interest rate
8.49%+
Fastest funding
1 business day
Apply nowArrow Right

on partner site

BEST FOR ALTERNATIVE FINANCING

4.1
Bankrate Review
Loan amount
$5k- $5M
Term: 3 - 15 months
Interest rate
1.1 - 1.5 factor rate
Fastest funding
1 business day
Apply nowArrow Right

on BusinessLoans.com

On This Page

Compare the best fast business loans in December 2024

To find which lender might be a good fit for your business, compare our top lenders with the fastest approval timelines. The table below compares their funding amounts, time to fund and minimum credit requirements. 

LENDER AND LOAN TYPE BEST FOR MIN. FICO CREDIT SCORE LOAN AMOUNT MIN. TIME TO FUNDS
Startups 500 Up to $10 million 1 day
Fast short-term loans 625 $5,000 to $250,000 1 day
Discounts for early repayment 500 Up to $10 million 1 day
Bad credit 570 $5,000 to $1.5 million 1 day
Flexible repayment terms 660 $25,000 to $500,000 2 days
Line of credit 625 $5,000 to $250,000 1 day
Large loan amounts 600 $10,000 to $10 million 1 day
Fast equipment loan 600 Up to $500,000 1 day
Loan variety 660 Up to $500,000 1 day
Alternative financing 500 $5,000 to $5 million 1 day

A closer look at our top fast business loans

If one of our top lenders in the table seems like a good match, take a closer look at them below. We’ll cover why we chose them, who they’re best for and any standout features they offer. 

Creditfy: Best for startups

Creditfy
4.7

Overview: Creditfy offers several types of business loans, including term loans, equipment financing and lines of credit. The company has term loan limits of up to $2.5 million and $10 million for equipment financing. Its limits are incredibly high for an online lender since most cap funding to $500,000 or less. It also has the potential for funding as fast as one business day.

Read Bankrate's Expert Creditfy Review
Interest rate
4.90%–34.00%
Loan amount
$10k– $10000k
Min business annual revenue
$100k

OnDeck: Best for fast short-term loans

OnDeck
4.6

Overview: OnDeck focuses on short-term loans up to $250,000 or lines of credit up to $100,000. One major benefit of OnDeck is that it accepts borrowers with less-than-pristine credentials, unlike traditional bank lenders. That is, you can qualify with $100,000 in annual revenue and a fair personal credit score of 625 or higher. Since OnDeck reports your payment activity to the credit bureaus, it’s also a solid option for building credit.

Read Bankrate's Expert OnDeck Review
Interest rate
Starting at 27.30% APR
Loan amount
$5k– $250k
Min business annual revenue
$100k

Credibly: Best for early repayment discounts

Credibly
4.6

Overview: Credibly works as a direct lender and has lending partners to offer a variety of online loans. Its loans include alternative options like merchant cash advances that are difficult to find with reputable lenders. 

Through partners, the fintech lender also offers long-term loans up to $10 million with terms of up to 10 years. These features are competitive in the online space since loans tend to stop at $500,000 with terms of 24 months or less.

Read Bankrate's Expert Credibly Review
Interest rate
1.11 factor rate
Loan amount
$5k– $10000k
Min business annual revenue
$180k

Fora Financial: Best for bad credit

Fora Financial
4.5

Overview: Fora Financial’s mainstays are short-term small business term loans or revenue advances with loan sizes from $5,000 to $1.5 million. This range is vast considering that most online lenders stick with loan amounts of $500,000 or less. You can also receive a discount for paying off your loan early, though the discount amount is not stated.

Read Bankrate's Expert Fora Financial Review
Interest rate
Starting at 1.10 factor rate
Loan amount
$5k– $1500k
Min business annual revenue
$240k

Funding Circle: Best for flexible repayment terms

iBusiness Funding
4.6

Overview: Funding Circle offers business term loans, lines of credit and SBA loans. Its lenient annual revenue requirement of $50,000 stands out as one of the lowest in the market. And its starting interest rates of 7.49 percent are low, on par with what’s offered through traditional banks. 

Read Bankrate's Expert Funding Circle Review
Interest rate
Starting at 7.49% simple interest
Loan amount
$25k– $500k
Min business annual revenue
$50k

Bluevine: Best for line of credit

Bluevine
4.4

Overview: Bluevine specializes in business lines of credit, business checking accounts and term loans through a network of lending partners. Its line of credit offers limits of up to $250,000, but some repayment plans have tight eligibility requirements. While its six-month plan accepts $120,000 in annual revenue and one year in business, you’ll need three years and $960,000 annually to qualify for a 12-month term. You’ll also need excellent credit to qualify for the 12-month term. 

Read Bankrate's Expert Bluevine Review
Interest rate
Starting at 7.80%
Loan amount
$5k– $250k
Min business annual revenue
$480k

SMB Compass: Best for large loan amounts

SMB Compass
4.4

Overview: With SMB Compass, you can choose from an array of business loans to find the perfect fit for your funding needs. It offers both conventional and alternative financing options from bridge loans to SBA loans to invoice financing or purchase order financing. Few lenders provide this many choices with low starting interest rates to boot.

Read Bankrate's Expert SMB Compass Review
Interest rate
Starting at 5.99%
Loan amount
$10k– $10000k
Min business annual revenue
$100k

Triton Capital: Best for fast equipment loans

Triton Capital
4.3

Overview: Triton Capital provides working capital, equipment and SBA loans to small businesses. Its equipment loans come with the standard $10,000 to $500,000 loan sizes and 12- to 60-month terms. But this lender shines with low interest rates and flexible repayments.

Read Bankrate's Expert Triton Capital Review
Interest rate
Starting at 5.99% APR
Loan amount
$10k– $500k
Min business annual revenue
$350k

QuickBridge: Best for loan variety

QuickBridge
4.2

Overview: QuickBridge helps businesses with at least a 660 personal credit score, six months time in business and $250,000 in annual revenue get short-term funding that they may otherwise struggle to get from a traditional lender. Businesses also have the flexibility to pay off their business loan early since QuickBridge offers a prepayment discount, helpful given it charges factor rates that can translate into high loan fees.

Read Bankrate's Expert QuickBridge Review
Interest rate
Varies
Loan amount
$10k– $500k
Min business annual revenue
$250k

Lendzi: Best for alternative financing

Lendzi
4.1

Overview: Lendzi works with a partner network of over 60 lenders to help small business owners who struggle to qualify for traditional financing. This vast network means that you can compare dozens of lenders to find the right fit for your business with a single application. Loans through Lendzi can be approved and funded in as little as 24 hours.

Read Bankrate's Expert Lendzi Review
Interest rate
1.1 - 1.5 factor rate
Loan amount
$5k– $5000k
Min business annual revenue
$100k

What is a fast business loan?

A fast business loan is any type of business loan that has a short time from application to funding. Many lenders manage to offer approval within minutes or hours and funding as soon as the same or next day. Few if any lenders offer instant business loans, though you may be able to get instant withdrawals from lines of credit once you’re approved.

Fast business loans are typically offered by online lenders and can be secured or unsecured. Repayment terms can be short, usually less than two years. The best rates for quick business loans are reserved for business owners with great credit. 

If you have fair or bad credit, options are available to you, but expect smaller loan amounts. Some businesses may only qualify for loans of $100,000 or less. Plus, the rates and fees can make fast business loans expensive options. If you have time to wait and build your credit score, you’ll improve your chances of approval and qualify for better terms that can save you money.

How does a fast business loan work?

Fast business loans work much like other loans but often have a streamlined application process. Because speed is the goal, the lender may have a shorter application and ask for fewer documents than a typical lender would.

The loans may also have shorter repayment periods, usually ranging from a few months to a year or two at most. Weekly or biweekly repayment rather than monthly repayment is common.

Because of the short terms and frequent high rates, it’s important to manage your fast business loan carefully. Falling behind on payments can have consequences that range from:

Secured vs. unsecured fast business loans

You can get a quick business loan whether you plan to secure the business loan or not. A secured business loan could add extra steps to funding, such as getting an appraisal and having the lender review the assets’ value when approving the loan. Getting an equipment or accounts receivable loan often has quick approvals since the lender can more easily see the value of new equipment or unpaid invoices. 

Yet, if you don’t have many business assets, you could choose an unsecured business loan. Funding time may only take a few days if you have all your financial documents in order. But it could take several weeks if business revenue and credit history aren’t solid. Lenders will emphasize your business’s financial strength when the loan isn’t backed by collateral.

Requirements for a fast business loan

Fast business lenders typically focus on three things to determine eligibility: credit score, time in business and revenue.

Many lenders will require a personal credit score of at least 600. But minimums ranging as low as 500 or as high as 670 aren’t unusual. 

Similarly, lenders will require that your company has the revenue to repay the loan. Some lenders look for annual revenue while others look at monthly averages.

It’s also common for a lender to only approve companies with at least 6 to 24 months of operating history under their belts. Because so many small businesses fail during their first year, lenders fear that new businesses could shutter and leave their debts unpaid.

Types of fast business loans

There’s no shortage of fast business loan options to meet your company’s needs. Popular solutions include:

Pros and cons of fast business loans

Fast business loans can get you the cash you need quickly, but they’re not right for every situation. These are some pros and cons of fast business loans:
 

Pros

  • Accessibility: You could get approved for funding with a lower credit score as any online lenders offer loans to subprime borrowers.
  • Quick funding: Quick business loans offer next- or even same-day funding when you need money fast.
  • Fast application process: Quick business loans usually have short applications and lenders often have low requirements to qualify.
  • Good for emergencies: Even if a loan is expensive, it can be better than the alternative, such as missing a vendor payment. 

Cons

  • High cost: If you don’t have stellar credit, most fast business loans will be quite expensive. Even with good credit, you may find cheaper options if you can wait a few days more for funding.
  • Smaller loan amounts: It’s not uncommon for lenders to offer lower maximums on fast business loans. This can be a problem if you need to make a large purchase or invest a hefty sum to expand your business.
  • Short repayment terms: Most quick business loans have repayment terms measured in months rather than years. Short term can mean high payments that are difficult to fit in your budget. Some even require weekly payments.
  • Increased liability: Because the short underwriting process may not allow time to assess collateral’s value, lenders may instead insist on a blanket lien against all business assets. That could be especially bad news if you default. Other lenders may request a personal guarantee in lieu of collateral, putting your personal assets at risk if you fall behind on your loan payments. 

Who should get a fast business loan?

A fast business loan may be sensible if you have significant cash flow issues, need cash quickly to fund a project or aren’t able to qualify for other forms of funding.

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. 

Alternatives to fast business loans

If you aren’t sure that a fast business loan is right for you, there are some other options to consider. Some of the best alternatives to fast business loans include:

Where to get a fast business loan

If you’re looking for a fast business loan, there are a few different places you can look.

Two of the most common types of fast business lenders are online banks and financial technology companies. These companies have quick applications and funding processes but may charge higher interest rates. 

Fintechs, in particular, may set flexible eligibility requirements and use algorithms to make funding decisions. These steps for approval allow fintech to approve borrowers who can’t qualify with traditional lenders.

Traditional banks and credit unions can offer relatively quick business loans, but they usually take longer to approve and fund loans than online lenders. You won’t typically find same-day funding, but some can fund within one or two days.

Traditional lenders also tend to have stricter requirements. The benefit of these lenders is that their loans usually have lower interest rates.

Invoice factoring or financing companies are also an option to get fast funding for your business. These options are ideal for business owners with lower credit scores since the customer’s credit rating is used to determine eligibility. Still, it can be rather costly and should only be used if other alternatives with more attractive terms are available.

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Bankrate Insight

Before applying for a fast business loan, make sure to watch out for these red flags.

  • Application and other upfront fees. Avoid lenders that demand an upfront payment to let you apply. You might find yourself giving away money for nothing in return.
  • Early repayment penalties. Try to find a loan that doesn’t penalize you for good financial habits and paying it off early.
  • Pushing you to overborrow. Don’t work with a lender that tries to upsell you into getting a larger loan than necessary.

Frequently asked questions about fast business loans

How to choose the best fast business loan lenders

Bankrate's trusted small business loan industry expertise

Read our full methodology

57

years in business

30

lenders reviewed

22

loan features weighed

770

data points collected

To choose the best fast business loans, we ensured all loans featured are broadly available across the United States, have a funding time of three 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.
 
When evaluating lenders, we use a 22-point scale to measure quality in five key areas: