Many online lenders provide fast funding within one to three business days. You can also check out our top picks for same-day business loans to get funds even quicker.
A quick business loan is any type of business financing where the application and funding process can be completed within one to three business days.
Typically offered by online lenders, fast business loans use a streamlined application process to assess your eligibility.
Fast business loans tend to have flexible qualification requirements, making them an ideal choice for startups, bad credit borrowers or those who don’t qualify for traditional financing.
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Here is how to get a quick business loan in six steps.
Create a detailed business budget to determine how much you need to cover essential or ongoing expenses. Remember, quick business loans typically have higher interest rates. If you’re considering tackling long-term projects, it’s worth waiting until you qualify for an SBA or long-term business loan.
Most lenders will outline their basic business loan requirements on their website, such as minimum credit score, annual revenue, collateral and down payments and other criteria. Keep in mind that while online lenders tend to be more lenient with qualification requirements, they also charge higher fees than brick-and-mortar banks.
Check your credit scores before applying for fast small business loans to know your options.
Boosting your credit score now can help open the door for more competitive financing offers in the future.
Once you’ve narrowed your best fast loan options, pay attention to each lender’s details. Some lenders advertise low interest rates, only to add extra fees later in the application process. Read business lender reviews to stay aware of any predatory lenders.
If you want a speedy loan application process, gather general business documents in advance. These typically include a business plan, personal and business tax returns, financial statements and a balance sheet.
The application and approval timeline for fast loans for business generally happens within a few business days. You may need to provide additional documents after hitting submit, but most online lenders make a final decision within minutes.
Pros | Cons |
---|---|
Get the funds you need within one to three business days Ideal for low-credit borrowers and startups Various types of loan products to tackle most business needs | Typically have higher interest rates Smaller loan amounts Collateral is often required |
Many online lenders provide fast funding within one to three business days. You can also check out our top picks for same-day business loans to get funds even quicker.
Most SBA loans have an extensive application process, with decisions taking up to 10 days or longer. However, the SBA Express loan is a speedier version of the popular SBA 7(a) loan, offering a turnaround time of 36 hours. Keep in mind that the SBA doesn’t enforce strict guidelines on when a lender needs to disburse funds, so your waiting time could still be significantly longer than our other quick business loan options.
Typically, you need a credit score in the mid-600s to qualify for small business loans. However, many lenders work with low-credit business owners, including those with scores as low as 500. Just remember that the higher your credit score, the more likely you will receive a better interest rate.