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For many small business owners, maintaining a healthy cash flow is crucial. However, cash flow issues are common and can lead to financial trouble if ignored. Fast business loans offer a solution by covering daily operations, purchasing inventory, upgrading equipment, and pursuing other business opportunities.
Every business is unique. That’s why we offer different fast business loan options. Whether you need immediate financing or want to explore your options, our lending experts are available to assist you.
If you need financing NOW and want to learn more, don’t hesitate to reach out to one of our lending experts today!
What is a Fast Business Loan?
A fast business loan provides funds within 24 to 48 hours with minimal documentation needed. With fast business loans, you can access the funds within the day.
Unlike traditional loans, which may require extensive paperwork and take weeks to process, fast business loans focus on speed and convenience. They usually involve a streamlined application process with minimal documentation, making it easier for businesses to secure the necessary capital quickly.
At SMB Compass, our loan programs start at a competitive 5.25% APR and offer quick approval – often within hours!
Whether you're facing an unexpected expense, a time-sensitive opportunity, or need to maintain cash flow, a fast business loan from SMB Compass provides the financial support you need, when you need it.
Loan Amounts
$250,000 - $5,000,000
Rates
Min. 650
Speed
Within 24 hours
Your Fast Business Loan Options
SMB Compass
SMB Compass offers a variety of nine loan products, including term loans, business lines of credit, and equipment and invoice financing. With low starting rates, long terms, and fast approvals, SMB Compass caters to a wide range of business needs. The lender’s website is user-friendly, making it easy for small business owners to find important loan details all in one place.
Eligibility
- At least 1 year in business
- At least $20k/mo in revenue
- 650 minimum credit score
- 3 months of bank statements
Pros and Cons
Pros
- Offers same-day funding for most loans
- Low starting rates
- 9 types of loans available
Cons
- Not available in California
- Not suitable for startups
OnDeck
OnDeck offers short-term business loans of up to $250,000, making it a convenient option for covering expenses like expansions, payroll, or inventory. If you’re dealing with seasonal slowdowns, their fast application process can get you the funds you need, sometimes as quickly as the same day you’re approved.
Eligibility
- 1 year in business
- 625 minimum credit score
- $100k business annual revenue
- Business checking account
Pros and Cons
Pros
- You can borrow up to $250,000 for term loans and $100,000 for business lines of credit
- Get access to funds as quickly as the same business day
- Open to businesses with fair or low credit
- Timely payments can improve your business credit
Cons
- Must generate at least $100,000 annually
- May require daily or weekly payments
- Does not support all states and industries
Credibly
Credibly caters to small and mid-sized businesses, offering various loan products, including working capital loans and merchant cash advances. With a relatively easy qualification process, companies operating for at least six months can apply, making it a flexible option for those who traditional banks might have turned down.
Eligibility
- At least 6 months in business
- 500 minimum credit score
- At least $15k monthly bank deposits
- 3 most recent months’ business bank statements
Pros and Cons
Pros
- Offers multiple financing options through partners
- Accepts businesses with credit scores as low as 500
- Quick access to capital
- Newer businesses can apply
Cons
- May require weekly or daily payments
- High annual revenue of $180,000 required
- 2.50% origination fees may apply
Bluevine
Bluevine provides business term loans and business lines of credit designed to meet the needs of small businesses looking for fast and flexible financing. With lines of credit available up to $250,000, Bluevine offers quick access to funds with a streamlined application process and fast decision-making. They also offer term loans through their network of lending partners.
Eligibility
- Bluevine’s eligibility depends on your repayment plan. Newer businesses will get the weekly repayment plan, while the monthly plan is for businesses operating for over three years.
- For the weekly repayment plan, your business must be a corporation or LLC:
- With a FICO score of 625+
- In business for 12 months or longer
- $2,000 avg. monthly bank balance
- Greater than $10,000 in monthly revenue or at least $120,000 in annual revenue
- With no bankruptcies on your credit report
- For the monthly repayment plan, your business must be a corporation or LLC:
- With a FICO score of 700+
- In business for three years or longer
- $10,000 avg. monthly bank balance
- Greater than $80,000 in monthly revenue or at least $960,000 in annual revenue
- With no bankruptcies on your credit report
Pros and Cons
Pros
- Get approval in just minutes
- No monthly or hidden fees for the line of credit
- Accessible to businesses with lower credit scores
- Lines of credit available up to $250,000
Cons
- High annual revenue required to qualify
- Weekly repayments may be required
- Lack of a mobile app for managing lines of credit
- Not available to businesses in Nevada, North Dakota, South Dakota, Puerto Rico, and other U.S. territories.
Funding Circle
Funding Circle is an excellent choice for established businesses that need loans between $25,000 and $500,000. Their secured loans offer competitive rates, low monthly payments, and no prepayment penalties. You can even get your funds in as little as two days. Plus, Funding Circle supports diverse business owners by offering affordable loans for women and minority-owned businesses.
Eligibility
- 660+ for most loans and 650 for SBA loans
- At least two years in business
- No minimum revenue requirement for most loans
- $400,000 per year for SBA loans
Pros and Cons
Pros
- Loan amounts from $25,000 to $500,000
- No minimum revenue requirement for most loans
- Funding in as little as 48 hours
- No prepayment penalties
- No hard credit check for most applicants
Cons
- One-time origination fee of 3.49% to 6.99%
- Collateral and personal guarantees required
- Not ideal for startups (requires 2 years in business)
- Not available in all states
- Payments aren’t reported to all credit
National Funding
National Funding provides unsecured business loans of up to $500,000 without collateral or a down payment. You can use the funds for various business expenses, such as working capital, marketing, inventory, payroll, or taxes. One of the standout features is that they offer early payoff discounts and flexible repayment terms and assign a dedicated funding specialist to guide you through the process.
Eligibility
- 6 months in business
- $250,000+ in annual sales
- Business bank account
Pros and Cons
Pros
- No down payment or collateral required
- Early payoff discounts available
- Personalized service with a dedicated Funding Specialist
Cons
- High annual revenue requirement ($250,000+)
- Factor rates make it difficult to compare costs with other lenders.
Headway Capital
Headway Capital offers working capital loans that could be a good fit for businesses earning $50,000 or more in annual revenue and operating for at least six months. Loan amounts go up to $100,000, and the funds can be used for various business needs, such as payroll, marketing, inventory, hiring, or purchasing equipment. Headway Capital doesn’t disclose a minimum credit score requirement but takes a holistic approach when reviewing applications, considering factors beyond your credit score.
Eligibility
- 1 year in business
- At least $50,000 annual revenue
Pros and Cons
Pros
- Funds can be used for any legitimate business expense
- No prepayment penalties
- No annual or monthly service fees
Cons
- Only offers one product
- Not available in all states
- Lack of transparency regarding interest rates
|
Company
|
Maximum Loan Amounts
|
Time In Business
|
Minimum Credit Score
|
Funding Time
|
|---|---|---|---|---|
|
SMB Compass
|
$5,000,000
|
2 years
|
650
|
Within 24 hours
|
|
OnDeck
|
$250,000
|
1 year
|
625
|
Same-day
|
|
Credibly
|
$600,000
|
6+ months
|
500
|
Within 24 hours
|
|
Bluevine
|
$250,000
|
2 years
|
625
|
Same-day
|
|
Funding Circle
|
$500,000
|
2 years
|
660
|
2 business days
|
|
Fundbox
|
$150,000
|
3 months
|
600
|
Next business day
|
|
National Funding
|
$500,000
|
6 months
|
600
|
24 hours
|
|
Headway Capital
|
$100,000
|
1 year
|
Not disclosed
|
Next business day
|
Why Should You Apply for Fast Business Funding
Limited Documents
Securing a fast business loan with a traditional business loan can require filling out pages of applications and providing years of financial documents. A fast business funds loan with SMB Compass can be secured with 3 months of bank statements and a one-page application - which can be completed online and takes less than 5 minutes!
Fast Approvals
One of the benefits of working with online lenders, like SMB Compass, is the fast turnaround and approval time. As soon as the bank statements and application are submitted, underwriting begins, and our loan managers will start working on the loan terms.
We prioritize understanding your business objectives to expedite the underwriting process. By gaining insight into your needs and goals, we can move swiftly and efficiently to provide the financing you need within your desired timeframe.
Immediate Funding
Once the closing document is reviewed and signed, the funds are wired into your account within hours or the next business day at the latest!
Pro tip: When reviewing the documents, look at the terms, specifically the loan amount, interest rate, monthly or maintenance fees, repayment structure, and duration. If you have more questions about the agreement, contact us immediately for clarifications.
Flexible Use of Funds
For small business owners, fast business loans are a valuable resource offering flexibility in allocating funds to address diverse needs. Whether you're facing unexpected expenses like equipment repairs or need to purchase inventory, these loans provide timely access to capital. They empower you to seize expansion opportunities by opening new locations or investing in marketing campaigns.
Additionally, fast business loans help you manage cash flow fluctuations, ensuring smooth operations during lean periods. By providing quick access to funds and flexibility in usage, these loans play a crucial role in supporting your business growth and sustainability.
Ready to Get Funded Today?
Quick application loan process and approvals in less than 24 hours
The Best Fast Business Loans for Your Business
Qualifications for a Fast Business Loan
When you need quick financing for your business, understanding the basic qualifications can streamline the process. Here's a breakdown of fast business loan qualifications:
- 1+ years in business
- Minimum $20k/mo in revenue
- Minimum credit score of 650 or higher
- One-page application
- 3 months of bank statements
While most fast business loans share some basic requirements, different lenders might have slightly varied standards. It's important to check each lender's specific requirements before applying.
At SMB Compass, we evaluate loan applications based on factors such as industry, current cash flow, owner credit history, and time in operation. We offer loans for businesses with various credit profiles and cash flow situations, and our focus is on finding the best solution to meet your specific needs and timeline.
How To Apply for Fast Business Loans
1. Complete the Online Application
Please fill out the online form with details about your business, including its name, address, phone number, email, type, incorporation date, and annual revenue. Additionally, provide personal information like your name, address, phone number, email, Social Security number, and credit score.
2. Submit Financial Documents
Upload necessary financial documents for both your business and personal finances. These may include business tax returns, bank statements, and personal credit reports.
3. Wait for Approval
We review applications quickly and efficiently, with most businesses receiving approval within 3 hours. This means you can get the funding you need to move forward with your plans without delay.
4. Sign the Loan Agreement and Receive Funds
When your application is approved, you'll need to sign the loan agreement and furnish any additional information requested by SMB Compass. Once the agreement is signed, expect to receive your funds in your business bank account within the day
When Should You Get a Fast Business Loan?
A fast business loan is ideal when you need quick access to funds for emergencies, unexpected opportunities, or short-term needs like cash flow gaps, seasonal demands, or equipment repairs. It lets you keep your business running smoothly or quickly seize growth opportunities. However, weighing the costs is important, as these loans often come with higher interest rates, making them best suited for immediate, short-term financial needs.
Here are some key questions you should ask yourself and the lender before proceeding to ensure it's the right choice for your business.
Questions to Ask Yourself:
Do I need the loan immediately, or can I wait for a more cost-effective financing option?
How will this loan impact my business’s cash flow and overall financial health?
What is the total cost of the loan, including interest, fees, and any other charges?
How quickly can I realistically repay the loan without straining my business operations?
Will this loan help my business grow, or am I using it to cover recurring financial issues?
Questions to Ask the Lender:
What are the exact terms of the loan, including the interest rate and repayment schedule?
Are there any upfront fees, hidden costs, or penalties for early repayment?
How long will it take to receive the funds after the loan is approved?
What happens if I miss a payment or need to restructure the loan?
Can I get a detailed breakdown of all costs and repayment obligations in writing before signing?
Ready to Get Funded Today?
Quick application loan process and approvals in less than 24 hours
Fast Business Loans For Every Industry
We provide different small business loan programs to a wide range of industries. Different businesses and industries use fast business loans for various reasons.
Our biggest clients include businesses under the industries outlined below.
Transportation
The transportation industry relies on financing to operate effectively. With notoriously long payment terms, a typical small business owner in the transportation industry doesn’t receive payments until 15 to 60 days after completing an invoice.
They become more prone to cash flow gaps and issues, which calls for extra capital injection. With fast-funding business loans, they get the money as soon as needed. They won’t have to worry about the lost revenue and get their trucks back on the road soon because they get small business loans fast.
Restaurants
Most restaurants and bars deal with busy and slow seasons. Both times, they need access to quick financing to prepare for whatever comes their way. Expenses can add up quickly in this industry, and predicting future annual revenue is difficult. Operations can also be derailed by outcomes beyond the business owner’s control, like a broken oven or a leak in the roof. To avoid such damages, restaurant and bar owners need fast business loans to deal with whatever situation may occur.
Doctors and Medical Practices
Doctors and medical practices deal with many overhead business expenses and slow-paying insurance companies. Longer payment terms can strain their cash flow and make it difficult to function effectively. Medical supplies can also be costly; without proper financing, it can drain your cash reserves.
Whether you need to cover payroll or buy equipment and machinery, you can use fast small business loans to help you cover the expenses.
Manufacturing
The manufacturing industry faces unique challenges. High overhead costs, expensive equipment, and the constant need for smooth operations create a demanding financial environment. Even unexpected expenses can disrupt operations and impact their financial health without sufficient cash flow.
Fast business loans offer the quick access to capital needed to overcome unexpected hurdles and keep operations running smoothly. This allows manufacturers to maintain efficiency and invest in growth opportunities, taking their business to the next level.
Hotels
Hotels, like many other seasonal businesses, face the challenge of fluctuating cash flow. During off-peak periods, income dips, making maintaining a healthy cash flow difficult. This can necessitate swift access to financing to bridge the gap and ensure smooth operations.
Hotels and similar hospitality businesses grapple with ongoing operating and overhead expenses, including maintenance and repairs. These costs, while essential, can put a strain on their already fluctuating cash flow. Fortunately, fast business loan options exist to help hotels and similar businesses overcome these financial hurdles and maintain smooth operations.
Construction
Construction companies face a ton of upfront expenses. From day-to-day operating costs to equipment and supplies, the total costs could increase to millions. Plus, with extended payment cycles, contractors often experience cash flow gaps, making it harder to cover their daily and monthly expenses.
With hard deadlines to catch, contractors use quick business loans to ensure they have the capital they need to obtain the right equipment and supplies to complete their projects on time.
Technology
The technology industry is notoriously expensive, and managing cash flow with the expenses piling up isn't easy. While seed capital and investors are common, ongoing expenses from expensive software and equipment can quickly strain resources. Similar to construction companies, tech businesses often face time-sensitive projects requiring immediate access to financing to meet deadlines, maintain growth, and attract new customers. This is where fast business loans can become a valuable tool for tech companies, bridging the gap between ongoing expenses and future funding rounds or project completions.
Retail
Being a retail business owner can be very difficult if you don’t have access to financing in a timely manner. Like many businesses, they experience seasonality, which can potentially cause a strain on their cash flow. Money is always needed to ensure that you can maintain inventory. With overhead and inventory expenses, access to immediate financing becomes crucial for the survival of every retail business.
Alternatives to Flexible and Fast Business Loans
These fast funding options can provide quick access to cash when your business needs it most. However, it’s essential to consider the costs and repayment terms associated with each option to ensure it aligns with your business’s financial health and goals.
Merchant Cash Advances (MCA)
A merchant cash advance (MCA) is a financing option that provides a lump sum of cash in exchange for a portion of your future sales. This type of funding is particularly fast, with approval occurring within hours and funds deposited into your account in as little as one or two days. The repayment structure is tied directly to your daily credit card sales, meaning payments adjust according to your business's revenue fluctuations.
A merchant cash advance can be beneficial during slower periods, but it’s important to note that MCAs can be expensive due to the high fees and the percentage of sales taken, which can significantly impact your cash flow over time.
Business Credit Cards
Business credit cards are a versatile and quick way to access funds for various business needs. Upon approval, which can be almost immediate, you gain access to a revolving line of credit that can be used for everyday expenses, emergency purchases, or short-term projects.
What sets business credit cards apart is the additional benefits they offer, such as rewards programs, cash-back incentives, and travel perks, which can add value to your purchases. However, managing credit card debt carefully is crucial to avoid high-interest charges, which can accumulate quickly if balances are not paid off in full each month.
Crowdfunding
Crowdfunding is a unique and increasingly popular way to raise funds for your business by appealing to a broad audience of potential backers. Platforms like Kickstarter or Indiegogo allow you to present your business idea, project, or product to the public and solicit contributions.
This method is particularly effective for new product launches, creative projects, or community-focused initiatives with a clear story or mission that resonates with people. While crowdfunding doesn’t provide instant cash like other options, a well-executed campaign can generate significant funds without the need to repay the contributions, as backers typically receive rewards or products instead of interest or equity.
Personal Loans
Personal loans can be a fast and straightforward way to secure funds for your business, especially if you need cash quickly and don't want to go through the more complex business loan application process. These loans are often easier and quicker to obtain, with funds typically available within a few days.
Personal loans can be used for various business expenses, from covering operational costs to investing in new opportunities. However, the major downside is that your personal credit and financial health are at stake, as these loans are tied directly to your personal credit score and assets. If your business struggles to repay the loan, it could negatively impact your finances.
Business Owners That Used Quick Business Loans
Case Study #1: Retail Business
One of our clients runs a small retail company, and her manufacturer offered the opportunity to purchase a bulk of inventory for less. She usually buys her inventory every quarter, but she was offered six months at a significantly discounted rate in this case. Unfortunately, she didn’t have enough capital to take advantage of the opportunity and needed to notify the manufacturer by the end of the week.
She decided to apply for a fast business loan. As a result, we were able to provide her with the capital, allowing her to grab the opportunity her manufacturer offered. After that, she drastically increased her cash flow because of the increased margins she made from her discounted inventory. After financing her inventory multiple times, she has enough working capital to order the stocks she needs without applying for more financing.
Case Study #2: Marketing Business
Another client experienced late-paying customers and needed capital for the following week’s payroll. He knows how important it is to make the payments on time, or his employees will lose morale.
It was a Thursday, and he needed the small business loan funds to be in his account by Friday to pay his employees on time. Fortunately, he got a line of credit from SMB Compass. He logged into his online account on Thursday and sent in a request. By Friday, the funds were already available.
As soon as his clients paid him the following week, he paid the amount he drew and the interest. He still uses the line of credit to cover unexpected or short-term cash flow gaps. He says his line of credit is one of the most valuable and reliable financial resources.
Case Study #3: Trucking Business
One of our clients owned a trucking company, and a few of his trucks needed repairs and maintenance ASAP. He realized the longer he stored the trucks, the more losses his company would incur. He also had clients who relied on him to deliver their goods on time. He knew that if he missed out on these deliveries, his reputation would be affected, and he would lose clients.
SMB Compass provided immediate financing for our client, allowing him to quickly get his trucks back on the road. He didn’t have to worry about missing out on more revenue!
Flexible and Fast Business Loans to Meet Your Unique Needs
SMB Compass has helped provide flexible financing for over 1,000 small and medium-sized businesses throughout the United States. We understand your business needs quick and easy access to funding, so we offer fast business loans to address your immediate needs.
Our team provides small businesses with quick, flexible loans that are helpful for companies in every industry. Our flexible loan programs have interest rates as low as 5.25% APR and can be funded within the day.
We offer different types of small business loans for every business need imaginable. If you need financing now and want to know more, you can speak to one of our lending experts right now!
Frequently Asked Questions
Common Questions. Straight Answers.
Online lenders often offer quicker funding times than traditional lenders when it comes to getting a small business loan fast. Some alternative online lenders can provide funds as little as 24 hours after approval, while others may take a few days. The speed of funding depends on the lender's underwriting process, the completeness and accuracy of your application, and the availability of funds.
Some loan options may take longer to approve than others. If you’re looking for fast funding, you can also look into different loan options with a shorter funding time. We’ve done the legwork for you and compiled the best chance to consider if you plan to apply for small business financing to get quick cash.
1. Business Lines of Credit
If you're looking for a credit option that can give you fast access to cash if and when you need it, a business line of credit is an excellent option. Lenders grant businesses a credit line with an established credit limit. Companies can draw money from the credit line, repay, and use the same pool of funds again if needed.
2. Equipment Financing
If you need money to replace broken equipment fast, equipment financing could be a viable way to fund your purchase. Equipment loans are self-securing loans that finance your equipment purchase, so you won’t have to use your cash reserves and pay for the equipment outright. It’s a more practical option because it allows you to spread your monthly payments, making the equipment more affordable. Since the equipment will serve as the collateral for the loan, lenders are more likely to fund 100% of the equipment’s value. That also means you won’t have to pledge a down payment as a form of security. Once approved, the lending company can wire the funds within 24 hours.
3. Merchant Cash Advance (MCA)
With a merchant cash advance (MCA), businesses receive a lump sum of cash upfront, which they then pay using a percentage of their future credit card transactions. In other words, you’ll sell your future sales to lenders at a discount. Most MCA companies can approve and fund you within 24 to 48 hours. While it’s an excellent way to get quick funding, it’s also worth noting that merchant cash advances come with steep fees. That said, be sure to consider other forms of financing before applying for MCA.
4. Short-term Loans
As the name implies, short-term business loans are financing options designed to address short-term business needs. Loan amounts range from $5,000 to $50,000, repaid in daily or weekly increments (depending on the lender) within one year or less. Short-term business loans are considered less risky than medium- or long-term business loans, so lenders are more likely to approve applications quickly.
The easiest Small Business Administration (SBA) loan is the SBA Express Loan. You might want to consider getting one if you can wait a week or two for funding. While other SBA loans are known for their lengthy application process, SBA Express Loans, as the name implies, have quicker approval times. Many lenders specialize in SBA loans and can get you approved within 36 hours after applying. Once approved, you can get as much as $150,000 in funding. SBA loans can be an excellent option because they offer low rates and more flexible repayment terms for small businesses.
You can use the following business assets as collateral for a secured loan:
- Accounts receivable (A/R)
- Inventory
- Purchase orders
- Machinery and equipment
- Commercial real estate
- Marketable securities
- Intellectual property
Due to strict rules, traditional lenders or credit unions often take time to approve business loans. But, online lenders can give fast business loans more quickly.
Here are the steps on how to get a quick business loan through SMB Compass:
1. Fill out the online application form. You must provide information about your business, such as your name, address, phone number, email address, business type, date of incorporation, and annual revenue. You will also need to provide information about your personal finances, such as your name, address, phone number, email address, Social Security number, and credit score.
2. Upload your business and personal financial documents. These documents may include your business tax returns, bank statements, and personal credit reports.
3. Wait for approval. SMB Compass will review your application and reply within 24-48 hours.
4. Sign the loan agreement and receive your funds. If your application is approved, you will need to sign the loan agreement and provide any additional information that SMB Compass requests. Once your loan agreement is signed, you will receive your funds within 1-2 business days.
The minimum requirements to qualify for a quick business loan through SMB Compass are:
- At least 1 year in business
- A minimum credit score of 650
- At least $20,000 in monthly revenue
- 3 months of bank statements showing positive cash flow
- A one-page loan application
If you meet these requirements, you may be able to get a quick business loan from SMB Compass within 24 hours!
Approval for a business loan typically takes 24 hours, and depending on the lender and the type of loan, you can receive the funds on the same day.
Yes, it is possible to get a business loan with a 500 credit score, but it can be challenging. Lenders who accept lower credit scores may offer loans with higher interest rates and less favorable terms due to the increased risk.
Online lenders like SMB Compass often provide the easiest and quickest access to business loans. These lenders typically have more flexible criteria and faster approval processes compared to traditional banks.