Best Fast Business Loans – If you are a small business owner who has had your business for years or you are just getting started, small business loans can help provide the capital your business needs to grow. With the help of these loans, you can be able to expand your business and keep it running. Just so you know, fast business loans can keep operations running well when emergency expenses rise.
Recently, there have been different types of small business loans that can help support various needs. They can help with starting a franchise, getting money when you have lots of unpaid invoices, and even purchasing properties. As an organization owner, to choose the best loan, you will need to focus on different factors such as interest rates, funding speeds, and qualification requirements.
And with so many choices, finding the best financing option can be challenging. To help you find the best loan for your needs, we have helped you review different fast small business loans based on various terms. We have evaluated them based on the credit score needed, maximum and minimum amounts, and many other features.
8 Best Fast Business Loans
Here are various small business loans that can help you get cash when you need to expand or start your business:
OnDeck
OnDeck, founded in 2006, is one of the leading providers when it comes to the business lending space. They offer both lines of credit and term loans. The best for same-day funding, and their minimum credit score is just 625. OnDeck offers term loans ranging from about $5,000 to $200,000 with repayment terms of up to 2 years. To apply for a loan, you need a year in business, a credit score of 625, and at least $100,000 in annual revenue.
Credibly
Credibly provides different loan types, low credit score requirements, and a huge range of loan amounts, amongst other incredible features. Some loan types available include government small business loans, or SBA loans, long-term loans, merchant cash advances, business lines of credit, long-term loans, invoice factoring, and equipment financing. You can easily pre-qualify for a loan by just providing your information on the lender’s website. Once you have completed the formal application, You can receive the funds in your bank account the same day.
Funding Circle
Funding Circle provides fast loans for most business purposes, and paying back the loan can help you build your business credit. However, this lender has very strict eligibility requirements. This includes having a personal credit score of about 660, a business history of 2 years, and limiting lending to certain industries. Nevertheless, if you fill out and submit an online application with this lender, an account manager will reach out to you within 60 minutes. They will discuss with you the requirements and documents needed. Once the lender reviews your application and makes a decision, you may be approved and get funds within the next business day.
BlueVine
BlueVine is a leading financial technology company that offers financial solutions to small businesses all over the world. They specialize in business checking accounts and lines of credit. If you are looking to access a line of credit, you can receive funds ranging from $6,000 to $250,000. This lender offers two payment structures: Flex 12 or Flex 6. BlueVine line of credit is available almost everywhere in the United States except Puerto Rico, North and South Dakota, and United States territories.
Bank of America
Bank of America offers different options for small business loans, including lines of credit, unsecured, and secured loans. Its APRs are very competitive, and if you are already a customer of the bank, you will get to enjoy more rates. Depending on the products of your choice, you just need about 6 months in the business. This makes Bank of America accessible to even young businesses. Their credit score range is 670, and the minimum annual business income is $100,000.
Accion Opportunity Fund
The Accion Opportunity is a very good option for small businesses run by women or minorities, or if you want to support one. Most of these loans go to people who are women or have a very low income. As a unique lender, Accion means that the funds that you pay back are reinvested into other small businesses.
They have amazing perks, such as business advisory services for beginners. The downside of this lender is that they do offer different types of loans than most lenders do. Also, the company does not disclose its eligibility requirements. So you can find out if you qualify for the loan until you fill out an application with the lender.
Fundbox
Fundbox is a lending platform that is powered by AI. It speeds up the application, approval, and funding processes. The decision comes in 3 minutes, and you will receive funds as soon as the next business day. If you want to borrow from this lender, you have two business financing options. You can apply for business lines of credit of about $150,00 with repayment terms of about 12 or 22 weeks. Just so you know, your available credit goes up when you pay back your line of credit.
National Funding
This lender offers equipment financing and small business loans for medium-sized businesses with an annual income of at least $250,000. National Funding offers very large amounts of money in just one business day. They also offer an early payoff discount. This can help you save on interest when you pay back your loan ahead of the agreed-upon schedule.
However, this lender is not a good option for very small businesses or businesses that are just starting. This is because it has very high minimum revenue requirements. You may need to stay at least 6 months in the business before you can qualify. Also, national funding requires daily repayments on loans. And this may not work out for all businesses.
Conclusion
If you are looking for the fastest way to get money for your business, you can go to any of the lenders listed in this article. Most of them offer different financing options for your business. They also provide an easy online application process that provides you with a decision within a few minutes and cash in a day.