How much money can I borrow with bad credit?

How much money you can borrow will depend on the lenders you choose, what kind of bad credit loan you choose and if the lender considers other factors beyond credit. However, loans typically range from $2,000 to $35,000.

How do I improve my credit to get a better loan?

The best way to get a more favorable APR or be approved by more lenders is to raise your credit score. You can do that by showing you are responsible with credit like by making payments on time and reducing your debt-to-income ratio and credit utilization.

Can I get a loan with no credit check?

It is possible to get a no-credit-check loan, however many of these options can be predatory or how extremely high interest rates and fees. You will likely find much better loan terms that don't put you at risk of debt you can't get out of if you search for lenders that accept borrowers with bad credit instead.

What are the risks of a bad credit loan?

Like any loan, you will spend more money over the lifetime of the loan than you borrow. With bad credit loans, you will likely have higher interest rates than you would with higher credit. You may find it harder to pay back the loan plus interest or to get out of debt. However, if you manage your loan and other finances well, a bad credit loan may only be as risky as any other type of credit you use.

What is the easiest type of loan to get with bad credit?

The easiest types of loans to get with bad credit are personal installment loans and payday loans. However, be wary of payday loans as they typically come with steep interest rates.

What companies will give you a loan with bad credit?

There are many lenders out there that work with borrowers with bad credit, many of which are outlined in the list above. These companies typically consider factors other than your credit score, including income, payment history and employment history.

Can I get a loan with a 550 credit score?

While most lenders require a minimum credit score of 600 or higher, there are lenders that work with borrowers who have a 550 credit score. One notable example is Avant. However, you are unlikely to qualify for a lender’s lowest rates.

Best fast business loans in February 2025

Written by

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Edited by

Reviewed by

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.

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. Many lenders offer fast business loans within 24 hours to 48 hours, and you may be able to find business lines of credit with instant business loan withdrawals.

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. You may need to use a business loan calculator to see how much you can afford with a fast business loan.

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.

4

Gather documentation.

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. You will especially need business bank and financial statements to show that you can repay the loan.

5

Apply for a loan.

If it’s an option, get prequalified with your top lenders. Prequalification helps you gauge approval odds and see what rates and terms you may qualify for without a hard check on your credit. 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.

6

Finalize the loan.

If approved, read the loan agreement carefully before signing it to avoid surprises in the future. Ask your lender questions if you don’t understand a point in the loan agreement. 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:

1

Think about the type of loan you want.

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.

2

Check your credit.

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. Most lenders post their minimum eligibility requirements online to help you determine if you qualify.

3

Research lenders.

Make sure each lender you consider has a good reputation for customer service and being easy to work with. Consider whether you want to go with an online lender or a traditional bank lender.

4

Prequalify and compare loan offers.

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.

Creditfy: Bankrate 2025 Award Winner Best lender for fast business loans

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 review

on Bankrate

Pros
- Funding within 24 to 48 hours
- Flexible requirements
- SBA lender
Cons
- Must be in business for at least one year
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:
N/A
Personal credit score:
550
Personal guarantee requirement?:
No
Minimum time in business requirement:6 months
Minimum business annual revenue:$100,000

National Funding: 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 now

on partner site

Pros
- Access to high loan amounts
- Fast funding
- Funding specialists available to help
Cons
- Potentially high interest rates
- $250,000 minimum annual revenue
- Limited monthly payment option
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:
N/A
Personal credit score:
660
Personal guarantee requirement?:
No
Minimum time in business requirement:6 months
Minimum business annual revenue:$250,000

OnDeck: Bankrate 2025 Award Winner Best lender for startups

4.5

Bankrate Review

Loan amount

$5k- $250K

Term: 3 - 24 months

Interest rate

Starting at 27.30% APR

Fastest funding

1 business day

Apply now

on BusinessLoans.com

Pros
- Build business credit
- Same-day funding
- Low minimum credit score requirement
Cons
- High fees
- High APR
- Not available in all states
You 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:
N/A
Personal credit score:
625
Personal guarantee requirement?:
No
Minimum time in business requirement:1 year
Minimum business annual revenue:$100,000

QuickBridge: 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 now

on partner site

Pros
- Streamlined application process
- Fast funding times
- Early payoff discount
Cons
- Interest rates and fess not stated online
- Steep annual revenue requirement
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:
N/A
Personal credit score:
660
Personal guarantee requirement?:
No
Minimum time in business requirement:6 months
Minimum business annual revenue:$250,000

Credibly: 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 now

on BusinessLoans.com

Pros
- Possible early repayment discount
- Prequalify in as little as 10 minutes
- Funds in as little as one day
Cons
- Not available in 13 states
- High minimum revenue requirement
- Max factor rate not disclosed
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:
N/A
Personal credit score:
500
Personal guarantee requirement?:
No
Minimum time in business requirement:6 months
Minimum business annual revenue:$180,000

Fora Financial: 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 now

on BusinessLoans.com

Pros
- Possible early repayment discount
- Soft credit check at application
- Minimum FICO score of 570
Cons
- Maximum factor rate is fairly high
- Few types of loans
- Steep annual revenue requirement
WHAT TO KNOW
Fora has a remarkably fast approval time, with the company advertising a response within just four hours. The company does a soft credit check when you apply for a loan with a full check happening only once you’ve been approved. The company also puts discounts on early repayments and has no limits on how you used the money you borrowed.
Business credit score:
N/A
Personal credit score:
570
Personal guarantee requirement?:
No
Minimum time in business requirement:6 months
Minimum business annual revenue:$240,000

iBusiness Funding: 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 now

on BusinessLoans.com

Pros
- Low revenue requirement
- Flexible repayment terms
- May help you build business credit
Cons
- Need two years in business
- High origination fee
- Collateral required
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.
iBusiness Funding charges an origination fee of 4.49% to 10.49% and a late fee of up to 5%.
Business credit score:
400
Personal credit score:
660
Personal guarantee requirement?:
No
Minimum time in business requirement:2 years
Minimum business annual revenue:$50,000

Bluevine: 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 now

on BusinessLoans.com

Pros
- No early repayment fees
- Streamlined application process
- Relatively low credit requirement
Cons
- Maximum interest not disclosed
- High minimum annual revenue requirement
- Not available in all states
What to know
You’ll need 24 months in business and $480,000 in annual revenue; or 36 months and $960,000 for monthly payments.
Lines of credit are unavailable in Nevada, North Dakota and South Dakota. Ineligible industries include political campaigns, controlled substances, pornography and paraphernalia and auto dealerships. Draw fee of up to 3% on 12-month lines of credit.
Business credit score:
N/A
Personal credit score:
625
Personal guarantee requirement?:
No
Minimum time in business requirement:2 years
Minimum business annual revenue:$480,000

SMB Compass: 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 review

on Bankrate

Pros
- Variety of loan types
- Low minimum credit score
- High maximum loan amounts
Cons
- Rates start relatively high
- Not a direct lender
- High revenue requirements
What to know
SMB Compass’s bridge loans are unavailable in California. Payments are made daily, weekly or monthly. Loans may require a personal guarantee and collateral. Sole proprietorships are ineligible.
Business credit score:
N/A
Personal credit score:
600
Personal guarantee requirement?:
No
Minimum time in business requirement:6 months
Minimum business annual revenue:$100,000

Triton Capital: Best for fast equipment loan

4.4

Bankrate Review

Loan amount

$10k- $500K

Term: 12 - 60 months

Interest rate

Starting at 5.99% APR

Fastest funding

1 business day

Read our review

on Bankrate

Pros
- Available to new businesses
- Streamlined online application process
- Competitive interest rates
Cons
- Documentation fee
- Not all industries eligible for funding
- High minimum annual revenue
What to know
All owners with at least a 10 percent ownership stake must apply and provide a personal guarantee, though the company also supports “corp only” requests. Triton Capital charges a $150 to $750 documentation fee. Equipment loans are secured by the equipment financed.
Ineligible industries include the adult, gaming, cannabis, CBD, hemp, day trading and cryptocurrency industries.
Business credit score:
600
Personal credit score:
600
Personal guarantee requirement?:
No
Minimum time in business requirement:2 years
Minimum business annual revenue:$350,000

SmallBusinessLoans.com: Best for personalized funding

4.4

Bankrate Review

Loan amount

$5k- $500K

Interest rate

8.49%+

Fastest funding

1 business day

Apply now

on partner site

Pros
- Low minimum annual revenue requirement
- Variety of lending partners
- Personalized funding options
Cons
- Must fill out an application to know what you qualify for
- May not be eligible for every product
- Limited information online
SmallBusinessLoans.com is a loan marketplace that matches small business owners with lending partners and products. Several funding options are available, including lines of credit, equipment financing and leasing, merchant cash advances and term loans. Funding amounts and repayment terms will vary depending on the lender and product you're matched with.
It's easy to apply online, and business owners can receive funds in as little as 24 hours.
Business credit score:
N/A
Personal credit score:
660
Personal guarantee requirement?:
No
Minimum time in business requirement:6 months
Minimum business annual revenue:$150,000

Lendzi: BEST FOR ALTERNATIVE FINANCING

4.3

Bankrate Review

Loan amount

$5k- $5M

Term: 3 - 15 months

Interest rate

1.1 - 1.5 factor rate

Fastest funding

1 business day

Apply now

on BusinessLoans.com

Pros
- High loan amounts
- Accepts bad credit
- 24-hour funding
Cons
- High rates and fees
- Short repayment terms for some loans
WHAT TO KNOW
Merchant cash advances from Lendzi only require six months in business, $100,000 in annual revenue and a credit score of 550 or higher. Required total ownership of 50% is also required.
Business credit score:
N/A
Personal credit score:
550
Personal guarantee requirement?:
Yes
Minimum time in business requirement:6 months
Minimum business annual revenue:$100,000

Compare the best fast business loans in February 2025

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
Creditfy	Startups	500	Up to $10 million	1 day
OnDeck	Fast short-term loans	625	$5,000 to $250,000	1 day
Credibly	Discounts for early repayment	500	Up to $10 million	1 day
Fora Financial	Bad credit	570	$5,000 to $1.5 million	1 day
Funding Circle	Flexible repayment terms	660	$25,000 to $500,000	2 days
Bluevine	Line of credit	625	$5,000 to $250,000	1 day
SMB Compass	Large loan amounts	600	$10,000 to $10 million	1 day
Triton Capital	Fast equipment loan	600	Up to $500,000	1 day
QuickBridge	Loan variety	660	Up to $500,000	1 day
Lendzi	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

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

Creditfy is a great match for startups because the loan qualifications are more lenient than what you’ll find at a traditional lender. Companies only need six months in business for some loan products, including an equipment loan. You will need an annual revenue of $180,000 to be considered for a term loan or $100,000 for an equipment loan.

The company also has a 90 percent approval rate for loans and lines of credit, giving your startup a high chance of getting the funding you need. Typically, about 70 percent to 77 percent of businesses are at least partially approved by an online lender, according to the 2023 Small Business Credit Survey, whereas that number can drop as low as 59 percent with traditional banks.
- Founded in 2015
- Online application
- 90% application approval rate
- Prepayment benefits
- High loan amounts

OnDeck: Best for fast short-term loans

4.5

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

OnDeck is best for businesses looking for shorter-term funding quickly. It offers same-day funding if you apply before 10:30 a.m. during business hours. If you apply outside of this time frame, you can still expect funding within two to three business days. For repayment periods, its short-term loans have terms of 24 months, and its line of credit offers 12, 18 or 24-month terms.
- Founded in 2006
- Online application
- Available in 49 states
- Same-day funding
- Accepts fair credit
- No line of credit draw fees

Credibly: Best for early repayment discounts

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

Credibly is best for early repayment discounts because it’s one of few lenders that will give you an early repayment discount on merchant cash advances, a type of loan that uses factor rates. If you qualify, you could receive a 20 percent discount on your remaining factor if it is paid in full prior to the full term, which significantly reduces your remaining fee.
- Founded in 2007
- Online application
- Early repayment discount
- Accepts bad credit

Fora Financial: Best for bad credit

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

Fora Financial is best for bad credit because it gives borrowers with the lowest credit scores a chance to qualify for funding. The minimum credit score requirement of 570 is lower than you’ll find with a bulk of its competitors. Typically, you’d see credit requirements at 600 for online lenders or 670 or higher for traditional banks and credit unions.
- Established in 2008
- Inc. 5000 honoree
- High loan amounts
- Prepayment discounts

Funding Circle: Best for flexible repayment terms

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

Funding Circle is best for businesses needing flexible repayment terms, something that often isn’t available for businesses with lower revenue. It offers term lengths from six months to seven years for its term loans. These options allow you to choose the schedule that best fits your business’s budget, whether that’s quick repayments or repayments stretched across a long time to lower your monthly amount. Its term loans also don’t come with application, maintenance or prepayment fees.
- Founded in 2010
- Online application
- 90% customer satisfaction
- Minimal fees
- Accepts low revenue

Bluevine: Best for line of credit

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

Bluevine is best for established businesses with strong financials but potentially a lower personal credit score who are looking for working capital. Its line of credit offers fast approvals within one business day, and Bluevine doesn’t charge an origination fee or prepayment penalty, so businesses have the option to pay off the loan quickly and avoid interest charges. You will need a personal guarantee for this line of credit, but Bluevine may not require additional collateral to back the line.
- Founded in 2013
- Online application
- Available in 47 states
- Accepts fair credit
- No origination or prepayment fees

SMB Compass: Best for large loan amounts

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

SMB Compass is best for businesses needing large loan amounts. Its loan maximums range from $5 million to $10 million, making it a solid choice for large purchases like business acquisitions or expansions.
- Founded in 2017
- Online application
- Available in 49 states
- Alternative business loans

Triton Capital: Best for fast equipment loans

4.4

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

Triton Capital is best for fast equipment loans because the lender can reach a lending decision within two to four hours and disburse funds within one business day. Its equipment loans also come with interest rates from 5.99 percent to 24.99 percent, low considering it accepts fair credit. Bad credit lenders tend to charge 25 percent to 35 percent for equipment loans.

And while you can receive business loan funds quickly, you may not have to make payments right away. You can choose between monthly, quarterly, semi-annual or seasonal payments.
- Founded in 2008
- Online application
- 82% returning customers
- Flexible repayment options

QuickBridge: Best for loan variety

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

QuickBridge is best for newer businesses or those with fair credit who are looking for fast short-term loans. Businesses can receive up to $500,000 with repayment terms of 24 months or less. While these are common features for a short-term loan, you won’t need perfect business credentials to get approved. Since QuickBridge offers a few types of short-term loans, you have flexibility in what you choose to use the funds for.
- Founded in 2011
- Online application
- Early payoff discount
- Unsecured loans

Lendzi: Best for alternative financing

4.3

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

Lendzi is best for businesses that may not qualify for traditional financing but want the option to choose from a variety of options without significant research. After filling out an application, you’ll be matched with lenders that meet your needs — as long as you have a personal credit score of at least 500. Its partners offer alternative loans like merchant cash advances and invoice factoring that typically aren’t offered by every small business lender.
- Over 10 years in the industry
- Online application
- 60+ partner lenders
- Works with bad credit

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:

Defaulting on a loan
Needing additional loans and falling into a cycle of debt
Bankruptcy

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:

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 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 may be subject to draw fees and a draw period: a limited amount of time during which you can access funds.
Merchant cash advances (MCAs) are a short-term financing solution. The amount you can borrow with an MCA is based on your credit card sales volume. This can be a good option if you don’t have good credit or high annual revenue. But this is a type of high-risk alternative loan that uses factor rates instead of interest rates to determine costs.

Factor rates are typically fixed: Interest doesn’t compound on the amount you borrow and paying off your debt early doesn’t save you money. The cost of a loan that uses factor rates can be steep. To make sure this is the right loan for you, make sure to convert a factor rate to an interest rate. That will help you compare a merchant cash advance with similar loans.
These funding solutions, while not technically loans, allow you to use outstanding invoices to secure working capital in a jiffy. You can borrow up to 90 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 from customers and repay the lender the advanced amount and any applicable fees.
Equipment financing is a type of business loan you can use to purchase business-related equipment. The equipment you purchase acts as collateral for the loan, making it easy for business owners who don’t already have assets to help secure the loan. You’ll also generally get a fixed interest rate, a loan term of up to 5 years and a set, predictable monthly payment.

You can get an equipment loan through a bank, credit union or equipment financing company. Some equipment manufacturers also offer in-house financing. Regardless of which you choose, you may be required to make a down payment between 10 and 20 percent to secure a loan.

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:

Banks and credit unions offer traditional loans like term loans and business lines of credit. Rates are notably lower than what you’ll find with online lenders, but eligibility requirements can be strict, and funding time can take weeks.
With a business credit card, you can borrow money very quickly and pay it back over a short period of time. These cards often come with perks like the chance to earn rewards that can be redeemed for travel or statement credits. Business credit cards also come with grace periods. If you consistently pay your balance off each month, you can avoid paying interest on the charges you make with the card.

Business credit cards are great for covering short-term expenses. But the starting loan amounts aren’t always as high as what business loans may offer. You may also have to wait two or more weeks for a business credit card to arrive in the mail before you can start using it. There also aren’t a lot of business credit cards for fair credit or bad credit.
Backed by the U.S. Small Business Administration, there are several types of SBA loans.

SBA 7(a) loans are the most popular, but can be hard to qualify for if you don’t have personal credit scores of 670 or higher and high annual revenue. There are also SBA microloans created to help provide access to capital for underserved communities.

One of the biggest downsides to SBA loans is their speed of funding. On top of the in-depth paperwork you’ll have to fill out, it can take 30 to 90 days to get an SBA loan. Their fastest loan, the SBA Express loan, can take less time because this loan doesn’t need direct SBA approval. The approval timeline will depend on the usual processing time for the lender.
Business grants provide free money that business owners can use to start or grow their businesses. Since you don’t have to repay the funds you receive, competition for grants can be tough. But they’re still worth taking the time to find and apply for.

To help you find business grants, you can use our guides to help you research business grants:

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.

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

Getting a fast business loan could cost more than a traditional business loan, though it depends on the lender. Many fast business loans offer short terms with high interest rates to offset the lenders’ model for approving loans quickly. Annual percentage interest rates (APRs) can span anywhere from 6 percent to 75 percent but expect the lowest rates to be reserved for the strongest credit profiles. Also, be aware of the fees you could get charged. Those include a one-time application or origination fee or a repeated draw fee each time you withdraw from a line of credit.
You can use a fast business loan for nearly any business expense you need help with. But quick business loans work well for unexpected expenses like emergencies, seasonal revenue shortages or a quick opportunity to expand your business.
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.
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.
You can secure a fast business loan with a personal credit score in the 600 range, though a few lenders go 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.

How to choose the best fast business loan lenders

Bankrate's trusted small business loan industry expertise

Read our full methodology

years in business

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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:

Access to small business funding is a challenge for many business owners. Rate hikes and bank turmoil have led to lenders tightening credit standards and eligibility requirements. This can make it difficult for startups, bad-credit borrowers and business owners in underserved areas to get approved for small business loans.

Our experts consider several factors in this category and award higher scores to lenders that offer flexible loan amounts, fast approval and funding and inclusive time in business and annual revenue requirements.
The affordability of a business loan often depends on a business owner's financial profile. A business with high revenue and a flexible budget will likely be able to afford most loan options. Businesses considered high risk, such as startups or those with bad credit, may struggle to find loans with affordable interest rates and reasonable fees.

We consider a business loan affordable if the payments are manageable, you have the lowest possible rate based on your creditworthiness and there are minimal fees. Lenders that have lower rates, offer rate or fee discounts and have minimal fees receive higher scores.
A good customer experience requires a lender to be transparent, efficient and responsive. Reputable lenders that value their customers are easy to communicate with, responsive to your questions and concerns and willing to go the extra mile to make sure you have a positive experience for the life of the loan.

Lenders offering online accounts and applications and a range of customer support availability score higher in this category.
While the Truth in Lending Act (TILA) protects consumers against unfair or harmful lending practices, it doesn’t apply to business loans. This can make it harder to get straightforward and upfront information on loan costs when comparison shopping. We score lenders that make it easy to find rates and fees, as well as eligibility and credit score requirements, higher than those who do not disclose information.
Loan flexibility is finding a loan to meet your needs, even if you don’t have high annual revenue, several years in business or the best credit score. Loan flexibility can look like lenders that offer multiple lending products, variety in loan terms or unique options to give business owners the opportunity to fund their businesses in a way that works for them.

Lenders scoring high in this category offer varied products and services to cater to all types of borrowers and businesses.

Best fast business loans in February 2025

How to apply for a fast business loan

How to choose the best lender

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Creditfy: Bankrate 2025 Award Winner Best lender for fast business loans

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National Funding: BEST FOR EARLY PAYOFF DISCOUNT

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OnDeck: Bankrate 2025 Award Winner Best lender for startups

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QuickBridge: Best for loan variety

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Credibly: Best for discounts for early repayment

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Fora Financial: Best for fast approval

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iBusiness Funding: Best for flexible repayment terms

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Bluevine: Best for unsecured fast loan

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SMB Compass: Best for large loan amounts

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Triton Capital: Best for fast equipment loan

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SmallBusinessLoans.com: Best for personalized funding

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Lendzi: BEST FOR ALTERNATIVE FINANCING

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Compare the best fast business loans in February 2025

A closer look at our top fast business loans

Creditfy: Best for startups

Creditfy: Best for startups

Who it's for

Standout features

OnDeck: Best for fast short-term loans

OnDeck: Best for fast short-term loans

Who it's for

Standout features

Credibly: Best for early repayment discounts

Credibly: Best for early repayment discounts

Who it's for

Standout features

Fora Financial: Best for bad credit

Fora Financial: Best for bad credit

Who it's for

Standout features

Funding Circle: Best for flexible repayment terms

Funding Circle: Best for flexible repayment terms

Who it's for

Standout features

Bluevine: Best for line of credit

Bluevine: Best for line of credit

Who it's for

Standout features

SMB Compass: Best for large loan amounts

SMB Compass: Best for large loan amounts

Who it's for

Standout features

Triton Capital: Best for fast equipment loans

Triton Capital: Best for fast equipment loans

Who it's for

Standout features

QuickBridge: Best for loan variety

QuickBridge: Best for loan variety

Who it's for

Standout features

Lendzi: Best for alternative financing

Lendzi: Best for alternative financing