When a financial emergency strikes, your business might need cash in a pinch. In such cases, it's crucial to find a small business lender that provides a speedy application process, favorable terms and quick funding.
CNBC Select compared over a dozen lenders to find the best business loans when you need access to cash in two days or less. (See our methodology for more information about how we chose the best fast small business loans.)
Best fast small business loans
Best for lower credit scores
OnDeck
Types of loans
Term loan
Better Business Bureau (BBB) rating
A+
Loan amounts
$5,000 to $250,000
Terms
Up to 24 months
Minimum credit score needed
625
Minimum requirements
In business at least 1 year, $100,000 annual revenue, business bank account
Terms apply.
Pros
- Potential for same-day cash disbursement (only available in certain states, for term loans up to $100,000)
- Top-tier A+ rating with the BBB
- Low minimum credit score
- Fixed monthly payments
- 100% Prepayment Benefit option, so you can pay your loan off early without any penalty or fee
Cons
- Doesn't lend to businesses in Nevada, North Dakota or South Dakota
- Early prepayment fee if you don't qualify for the 100% Prepayment Benefit
Who's this for? OnDeck offers term loans of $5,000 to $250,000 with repayment terms of up to 24 months. Its loans have a minimum 625 FICO credit score requirement, making it a more accessible option for those with lower credit scores.
Standout benefits: OnDeck advertises a quick application process that you can complete in a few minutes online. You can also check if you qualify for a loan without a hard credit pull. If your loan amount is $100,000 or less, you may qualify for same-day funding, depending on your state.
Best for long-term loans
Funding Circle
Types of loans
Term loan
Better Business Bureau (BBB) rating
A+
Loan amounts
$5,000 to $500,000
Terms
3 months to 7 years
Minimum credit score needed
620
Minimum requirements
In business at least 2 years, no bankruptcies within the last 7 years
Terms apply.
Pros
- Top-tier A+ rating with the BBB
- No prepayment penalties
- Funding in as little as 48 hours
Cons
- You have to be in business at least 2 years to qualify
Who's this for? Funding Circle can be a good choice if your business needs a larger sum and more time to pay it off. You can borrow up to $500,000 and take up to seven years to repay the loan. This lender also stands out for not having a minimum revenue requirement.
Standout benefits: Funding Circle offers a quick application process and allows you to see if you qualify without a hard credit check. The lender can fund your loan in as quick as two days and charges no prepayment penalties.
Best for financing options
Credibly
Types of loans
Long-term loans, working capital loans, business line of credit and merchant cash advance
Better Business Bureau (BBB) rating
A+
Loan amounts
$5,000 to $400,000
Terms
3–15 months
Minimum credit score needed
500+
Minimum requirements
Must have been in business for at least six months and have average monthly revenue of at least $15,000
Terms apply.
Pros
- Offers multiple options for small business financing
- Can get approved within four hours
- Low minimum credit score requirement
- Provides loan amounts of up to $400,000
- Funds deposited as soon as the same business day
- Considers overall business health as an approval criteria
Cons
- Requires an average monthly revenue of at least $15,000
Who's this for? Credibly offers many options for those considering alternatives to traditional term loans, including working capital loans, merchant cash advances, long-term loans, business lines of credit and equipment financing. Depending on the type, you can borrow up to $400,000 and receive same-day funding.
Standout benefits: You can pre-qualify online with a soft credit pull and get approved in less than four hours. Additionally, certain products such as merchant cash advance and equipment financing may be available even if your credit needs some work.
Best for line of credit
BlueVine Business Line of Credit
Annual Percentage Rate (APR)
Starting at 6.20% APR
Loan amounts
Up to $250,000
Terms
6 or 12 months
Credit needed
625
Early payoff penalty
None
Maintenance fees
$0
Late fee
5% of the missed repayment (minimum of $35)
Terms apply.
Pros
- Open to borrowers with fair credit (minimum 625 score)
- High loan maximum
- Quick funding
- Few fees
- Option to pay monthly or weekly
Cons
- Requires at least 24 months in business which may not suit newer businesses
- Requires at least $40,000 in monthly revenue
- Not available for all industries or in all states
Who's this for? A line of credit can give your business continuous access to a revolving line of capital when you need it. Bluevine offers credit lines of up to $250,000 and a quick application process. It considers applicants with credit scores as low as 625.
Standout benefits: Bluevine charges no fees for opening, maintaining, prepayment or account closure on its business lines of credit. When you request funds, you can get the money within hours of approval with the bank wire option.
More on our top fast business loans
OnDeck
OnDeck is an online small business lender that aims to provide fast and simple financing. Besides business term loans, the lender offers business lines of credit.
Loan amounts
$5,000 to $250,000
Eligibility requirements
At least one year in business, a 625 personal FICO score, $100,000 business annual revenue, a business checking account.
Repayment schedule
Daily or weekly
Funding Circle
Funding Circle is a global online lender that works with small businesses. Besides business term loans, it also provides SBA 7(a) loans and business lines of credit.
Loan amounts
$25,000 to $500,000
Eligibility requirements
620 FICO score, two years in business, no personal bankruptcies within the last seven years, a business that doesn't operate in select industries such as speculative real estate, nonprofit organizations, weapons manufacturers, gambling businesses, marijuana dispensaries and pornography
Repayment schedule
Bi-weekly or monthly
Credibly
Credibly is an online fintech lending platform specializing in financing solutions for small and medium-sized businesses. It focuses on the business's overall health when working with borrowers rather than strictly traditional financial factors.
Loan amounts
$5,000 to $400,000
Eligibility requirements
Specific requirements may vary, but you'll generally need at least six months in business, a credit score of over 500 and an average monthly revenue of $15,000 or more.
Repayment schedule
Daily, weekly or monthly
Bluevine
Bluevine is a fintech company offering financial products for businesses, including business checking accounts, business loans and credit cards.
Loan amounts
Credit lines up to $250,000
Eligibility requirements
A 625 FICO score, at least 24 months in business, $40,000 in monthly revenue, a business operating or incorporated in an eligible U.S. state
Repayment schedule
Fixed monthly or weekly payments over six or 12 months for each draw
FAQs
What is the quickest way to get a business loan?
The quickest way to get a business loan is to work with an online lender specializing in fast business loans — or loans that can get funded in two business days or less.
How fast can you get a small business loan?
You can get a fast small business loan funded within 24 to 48 hours of approval, depending on the lender.
Can I get a business loan with a 500 credit score?
It may be challenging to get approved for a business if you don't have good credit, but some lenders may be willing to work with borrowers with low credit scores
How long do you have to be in business to qualify for a loan?
Requirements vary by lender, but online lenders typically require borrowers to be in business for at least six months to two years.
Bottom line
A fast business loan can be a financial lifeline when your business needs quick access to funds. Still, even when you need financing urgently, take your time to compare offers from several lenders. Remember that most lenders can pre-qualify you with a soft credit pull, so you can view the terms without any impact on your credit.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every business loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of business loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best fast business loans.
Read more
Our methodology
To determine which fast business loan lenders offer the best terms, CNBC Select analyzed over a dozen U.S. loans offered by both online and brick-and-mortar lenders. We narrowed down our rankings by only considering business loans that offer funding within one to two business days of approval.
We compared each small business loan on a range of features, including:
- Minimum and maximum loan amounts
- Length of term
- Credit score needed
- Application requirements
- Streamlined application process
- Fund disbursement
- Customer support
- Better Business Bureau rating
- Customer reviews, when available
The rates and fee structures for small business loans are subject to change without notice, and they often fluctuate in accordance with the prime rate. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness.
To take out a small business loan, lenders will conduct a hard credit inquiry and request a full application, which could require both personal and business proof of income, identity verification, proof of address and more. You'll likely also need to put up collateral, which can include business equipment, real estate or personal assets.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
