The best fast business loans of April 2024, whether you need funding in hours or days

If you submit an online application with Funding Circle, a personal account manager reaches out to you within an hour to discuss your needs and gather documents. The lender reviews your application and makes a decision in as little as 24 hours; if approved, you receive funding within the next business day.

Business owners can apply for 7(a) SBA loans, term loans ranging from six months to seven years and a line of credit. (Though the term loans and line of credit can be funded quickly, Funding Circle says it may take 13 days to get SBA 7(a) loan approval.) The funds can be used for most business purposes, and repaying the loan will help you build business credit.

On the downside, Funding Circle has strict eligibility requirements, including a minimum time in business of two years, personal credit scores of at least 660 and limits lending to certain industries (nonprofits and for-profit businesses relating to real estate, weapons, gambling, marijuana and pornography). And while it’s not required, Funding Circle says its average borrower has 11 years in business and $1.4 million in annual sales.

Upwise Capital offers a dozen funding options, including SBA loans, term loans, lines of credit, equipment financing and more. Loan amounts range from as little as $5,000 to as much as $20 million (or $200 million for real estate financing), depending on the loan. And while business owners in the cannabis and CBD industries often struggle to secure funding, Upwise Capital offers an entire line of loan options specifically for these business types.

Many of Upwise’s loans can be funded the same business day or within 48 hours, and it’s relatively easy to qualify. Businesses typically need at least three months in business, a 500 minimum credit score and bank statements from the previous four months. However, the annual revenue requirement of $250,000 or more could put some businesses out of the running.

If you apply with SBG Funding, which offers six types of business loans, the lender says you’ll receive a lending decision within 12 hours. If approved, you’ll get your funds as soon as the same day. The lender boasts of an 85% approval rate among its applicants.

With the exception of equipment financing and SBA loans, all of SBG’s funding options are unsecured, meaning you won’t have to post collateral (that would be vulnerable to seizure if you fell behind in repayment). To qualify, you must be in business for at least six months and have a minimum FICO score of 500.

Although SBG Funding has many positives, it has a relatively high annual revenue requirement of $250,000. And some loans come with prepayment penalties in undisclosed amounts, so you may owe fees if you pay down your debt early.

SMB Compass offers several types of financing, including term loans, revolving lines of credit, SBA loans, equipment financing, bridge loans, inventory financing and more. Many of these options can be funded within one to two business days once you apply, but SMB’s standard term loan can take five to seven days to fund.

The lender’s asset-based loans have the lowest starting APR. These loans also take a bit longer to fund (10 to 14 days) and require collateral, but their lower interest rate may help you save money.

To qualify for many of SMB’s loans, you need at least two years in business and bank statements from the previous three to six months. SMB Compass also prefers applicants with a solid business plan, good credit and a strong cash flow.

Depending on the type of financing you apply for, loan amounts range from $5,000 to as much as $100 million. Also, businesses in certain industries may not qualify, but SMB Compass doesn’t specify what they are.

When you apply for a working capital loan or equipment financing through Triton Capital, you’ll get a lending decision within two to four hours; if approved, you’ll receive funds within one to two business days. SBA loans take longer, up to 15 days, but the timeline is faster than many other lenders offer with SBA options.

Triton specializes in equipment loans of up to $250,000 with repayment terms ranging from 12 to 60 months. You can choose to pay monthly, quarterly, annually, semi-annually or seasonally, which offers flexibility for businesses with fluctuating revenue. You’ll need to be in business for at least three months to qualify for the working capital loan or equipment financing and four years minimum to be considered for the SBA loan. Funds can be used for any (legal) business purpose.

The main downside to Triton Capital is that its website is missing some key information, such as specific eligibility criteria, maximum APRs and a schedule of fees.

Credibly says borrowers can get pre-qualified within 10 minutes and receive a lending decision within four hours of submitting an application. If approved, you may receive funds as quickly as the same business day.

Many financing options are available, including working capital loans, SBA loans, term loans that stretch to 18 or 24 months, a revolving line of credit and more. Borrowing amounts range between $5,000 and $400,000. Some of Credibly’s qualification requirements are relatively accessible: You’ll need at least six months in business and personal credit scores of at least 500.

However, one drawback is the relatively high annual revenue requirement of $180,000. And you may pay extra charges with your loan, including undisclosed monthly fees for administration, underwriting and origination that are taken from the loan proceeds.

OnDeck offers business term loans and revolving lines of credit with several perks, including the possibility of same-day funding if you apply for a term loan by 10:30 a.m. ET on a business day.

With OnDeck, you may qualify with an annual revenue of $100,000 (or about $8,333 per month), credit scores of 625 and just one year in business (OnDeck ranked as one of our best startup business lenders). While some businesses won’t be eligible, the requirements are more flexible compared to some other lenders. You can also build business credit when you make on-time payments since OnDeck reports your payments to the business credit bureaus.

However, OnDeck lacks transparency around its loan costs. The fine print only notes the average APRs for term loans (60.9%) and lines of credit (52.6%), which are high. (The averages are based on half-year data through March 2023.)

Also, the lender’s loan amounts are relatively low: The term loan ranges from $5,000 to $250,000, while the line of credit offers between $6,000 and $100,000. And repayment terms are relatively short with frequent payments required. The term loan is repaid over 24 months on a daily or weekly schedule, while the line of credit is repaid over 12 to 18 months on a weekly or monthly basis.

QuickBridge offers various financing options, including short-term loans, daily payment financing, bridge loans, unsecured loans, receivables financing and working capital loans. The online application takes just a few minutes to complete; if approved, you may receive funds in as little as 24 hours. The funds can be used for any business purpose.

You can borrow up to $500,000 with repayment terms ranging from about six to 18 months, depending on the type of loan you take out. You may qualify with at least six months’ time in business and $250,000 or more in annual sales.

QuickBridge’s main drawback is that its website lacks transparency. It’s difficult to find basic information about the lender’s eligibility criteria, loan fees and interest rate ranges without going through the preapproval process.