Fast Business Loans
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Streamline Your Cash Flow with a Quick Business Loan
A fast business loan is a type of business financing that can be funded within 24 to 48 hours with minimal documentation. It allows companies to take advantage of opportunities like acquisitions or unexpected expenses, like broken equipment that needs replacing ASAP. With quick business loans, you can have the funds in your account within the next business day.
If you’re like most small business owners, you understand maintaining healthy cash flow is imperative to the success of your business. Unfortunately, many businesses encounter cash flow issues that, if left unaddressed, can lead to financial trouble. Business owners use quick loans to help cover the costs of daily operations, inventory purchases, upgrading equipment, and other different business opportunities.
Our loan programs start at 5.25% APR, and fast business loans only take hours to get approved. We offer eight different fast 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.
Ready to apply for a Fast Business Loan?
Advantages to Quick Small Business Loans
8 Best Options For Fast Funding
Businesses looking for fast business funding can choose among the types of business loans outlined below.
Quick Business Funding for Urgent Needs For Every Industry
We provide different business loan programs to a wide range of industries. Different businesses and industries use a fast small business loan for an array of reasons.
Our biggest clients include businesses under the industries outlined below.
Ready to apply for a Quick Business Loan?
Qualifications for a Fast Business Loan
SMB Compass offers fast business loans for businesses with a variety of different credit profiles and cash flow situations. There is a range of different factors considered, including the industry, current cash flow, owner’s credit, and time in business. Each situation is unique and we work to ensure we are meeting the objective and timeline of the business.
Business Owners that have used Quick Business Loans
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 that your business needs quick business funding to get a business loan fast that requires immediate attention.
Our team provides small businesses with quick loans that are flexible and helpful for businesses in every industry. Our flexible loan programs come with interest rates as low as 5.25% APR and can be funded within hours.
We offer eight different types of 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!
Ready to apply for Immediate Funding?
When it comes to getting a small business loan fast, online lenders often offer quicker funding times than traditional banks. Some online lenders can provide funds in 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’re planning to apply for a loan to get quick cash.
- 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.
- Equipment Loans
If you need money to replace broken equipment fast, equipment loans could be a viable way to fund your purchase. Equipment financing is a self-securing loan that finances 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 payments, making the equipment more affordable. Since the equipment itself 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 to you within 24 hours.
- 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 be selling 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.
- Short-term Loans
As the name implies, short-term loans are financing options designed to address short-term business needs. Loan amounts range from $5,000 to $50,000, which is repaid in daily or weekly increments (depending on the lender) within one year or less. Short-term loans are considered less risky than medium- or long-term loans, which is why lenders are more likely to approve applications quicker.
Affordable Financing Option: SBA 7(a) Express Loans
If you can wait a week or two for funding, you might want to consider SBA 7(a) Express Loans. While other SBA loans are known for their lengthy application process, SBA 7(a) 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 a more flexible loan term for small businesses. For instance, loans less than $50,000 will have an interest rate of prime rate plus 6.5%, while loans more than $50,000 will have an interest rate of prime rate plus 4.5%. These rates are significantly lower than non-SBA Loan options.
The SBA 7(a) Express Loan is an extension of the SBA 7(a) loan program. That said, anyone who’s looking to apply for the loan will have to meet the same eligibility requirements as the 7(a) Loan, such as:
- Businesses must operate for-profit
- Must have a physical location in the United States or its territories.
- Owners must have some reasonable equity invested in the business
- Must be unable to get credit elsewhere
Banks and other lending institutions may also require businesses to meet specific qualifications, including:
- A credit score of at least 680
- Business history of at least two years (although some may accept businesses with one year of business history)
- Annual revenue of $100,000 or higher
To be sure, ask the lender what their requirements are, then assess whether your business can qualify for financing or not.
You can use the following assets as collateral for a secured loan:
- Accounts receivable (A/R)
- Purchase orders
- Machinery and equipment
- Commercial real estate
- Marketable securities
- Intellectual property
Banks often take time to approve business loans due to strict rules. 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:
- Fill out the online application form. You will need to 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.
- Upload your business and personal financial documents. These documents may include your business tax returns, bank statements, and personal credit report.
- Wait for approval. SMB Compass will review your application and reply within 24-48 hours.
- 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 650 credit score
- 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 24-48 hours after approval.