6 Best Fast Business Loans for Quick Funding

Best for Small Businesses: Clarify Capital

Why it's a good choice: Clarify Capital connects small businesses with a network of more than 75 trusted business lenders and a team of seasoned funding advisors to help you find the best loans based on your needs. They cater to diverse industries, from retail to professional services, offering various types of business loans, including working capital loans, equipment loans, and invoice financing. Applicants can expect a seamless approval process with minimal eligibility requirements. Clarify supports numerous types of companies, from restaurants and bars to technology businesses. Applicants for fast business loans can receive instant online approval and funding within 24 hours.

Loan amount range: $10,000 to $5M

Minimum credit requirements: Minimum credit score 550 (Bad credit is okay)

Pros:

• APR rates starting as low as 6%
• No collateral is needed to secure a fast business loan
• Easy online application process
• No prepayment penalties
• Minimal documentation
• Dedicated loan advisors that handle all the legwork to find the best loan terms
• Fast funding times (as quick as 24 hours)

Cons:

• Not all products and services are available in every state
• Lower credit borrowers may have more frequent repayment schedules (such as weekly payments)

Loan details:

• 6+ months in business to be eligible for loans
• Need at least $10,000 per month in average revenue
• Loan terms can range from six months to two years

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Best for Bad Credit: Upstart

Why it's a good choice: Upstart has very flexible credit requirements, making it a more accessible option than many of its contemporaries for those with poor credit history. Borrowers with credit scores of 300 are eligible for loans, and it's possible to pre-qualify for loans with a soft credit check. Lastly, Upstart has customer service representatives available seven days a week.

Loan amount range: $1,000 to $50,000

Minimum credit requirement: 300 (Poor Credit)

Pros:

• Quick access to funds within one business day to cover those unexpected expenses
• Provides flexible funding to low-credit borrowers
• Lenders consider factors such as a business plan, work history, and education when evaluating borrowers

Cons:

• High annual percentage rates (APR) for very low credit scores
• 0 to 12% origination fee
• Strict repayment terms
• Upstart doesn't accept co-signers

Loan details:

• APR can range from 4.60% to 35.99%
• Provides a hardship program for borrowers
• Requires a minimum annual income of $12,000

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Best for Medical Practices: Bank of America

Why it's a good choice: Millions of Americans turn to Bank of America for their regular banking needs, but this institution also provides funding for eligible borrowers. Bank of America offers healthcare practice loans for dentists, optometrists, physicians, and veterinarians — all backed by traditional lenders. Best of all, a project manager can lend expertise to ensure projects finish on time.

Loan amount range: $100,000 to $5 million

Minimum credit requirement: 700 (Good)

Pros:

• Fixed-rate loans with terms that last up to five years
• 0% interest on medical practice loans for the first six months
• Offers a 50% discount on admin fees for endorsed group members

Cons:

• Merchant cash advances aren't available
• The loan process can take a very long time
• You may not know your final rate until you receive a loan contract

Loan details:

• Working capital is provided with specific loan types
• Offers favorable terms, such as 0% interest for a fixed time period
• Provides working capital loans to established and startup practices
• Offers up to 100% financing based on the options you apply for

However, Clarify Capital also offers medical practice loans up to $5M and can provide funding within 24 to 48 hours.

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Best for Startups: Fundbox

Why it's a good choice: FundBox understands the challenges small businesses face. They offer small business financing for companies that are still establishing their brand identity since they're willing to work with organizations that have six months or less in business. Fundbox is also a great choice for startups because their minimum credit score requirement is 600.

Loan amount range: $1,000 to $150,000

Minimum credit requirement: 600 (Fair Credit)

Pros:

• Accessible loan offers for new businesses
• Lower than average minimum credit score requirement (600)
• Rapid funding times — can receive funds within one business day

Cons:

• Doesn't build business credit
• Fast repayment terms (12 to 24 weeks)
• APR can be higher than average (ranging from 10.1% to 79.8%)

Loan details:

• No prepayment fees
• Weekly repayment schedule
• The minimum annual revenue for eligibility is $100,000

Apply Online

Best for Equipment Financing: Balboa Capital

Why it's a good choice: Balboa Capital is a respected name in equipment financing due to its flexible loans and requirements. This fintech lender has experience working with borrowers who only have one year in business, and terms for equipment loans can range from 24 to 60 months. Whether you need to replace or upgrade equipment, their express loan options provide favorable terms and fast funding.

Loan amount range: $1,000 to $500,000

Minimum Credit Requirement: 620 (Fair Credit)

Pros:

• Lenders can grant approval within an hour
• Repayments for equipment financing are made monthly
• Provides borrowers with an experienced account manager

Cons:

• Loans may come with multiple fees
• Annual revenue of $300,000 is required for short-term loans
• Full pricing information may not be available until you complete the application process

Loan details:

• Offers a daily or weekly repayment schedule for short-term loans
• $100,000 annual revenue is required for equipment financing
• Loan options are varied, including SBA and franchise financing

Apply Online

Best for Merchant Financing: American Express

Why it's a good choice: American Express provides merchant financing options to businesses that accept their cards. Amex merchant financing is similar to a merchant cash advance, as borrowers must pay a percentage of future receivables. However, Amex merchant financing provides benefits like partial refunds for borrowers who prepay their loans. Their approach combines speed with tailored repayment plans, making them a strong alternative to traditional bank loans.

Loan amount range: $5,000 to $2 million

Minimum credit requirement: 650 (Good Credit)

Pros:

• Competitive factor rates for merchant financing
• Fast approval for loans within 2-5 business days
• Early repayment rebates for borrowers who prepay their loans

Cons:

• Requires at least two years in business for loan eligibility
• Requires a personal guarantee for loans up to $35,000
• Loans can't be used to fund real estate or construction projects

Loan details:

• Annual revenue requirement of $50,000 or more
• Merchant financing options offered in 6, 12, or 24-month terms
• Daily repayment based on a percentage of credit card receivables

Apply Online

What Types of Fast Business Loans Can I Find?

Whether you need capital to take advantage of profitable business opportunities, repair a crucial piece of equipment, or cover operating expenses, you can find multiple fast business loans online to suit your needs.

Business Line of Credits

A business line of credit is a flexible business financing option that works similarly to business credit cards (at a much lower interest rate than a credit card). With this type of financing, you get access to a revolving credit limit you can pay and draw as needed. In addition, you only pay interest for the amount you borrow, making it ideal for managing cash flow.

Invoice Factoring

Invoice factoring (or invoice financing) allows you to borrow money using unpaid invoices as collateral. It's a popular fast funding option for small businesses that sell products and services on credit. There's no personal credit score requirement, so this financing option is a great way to find business loans for bad credit.

Merchant Cash Advances

With a merchant cash advance (MCA), your business can get funding for a percentage of your future sales. It's a quick business loan option without collateral or personal credit requirements.

SBA Microloan

Microloans are one of the loan programs available through the U.S. Small Business Administration (SBA). SBA loans have some of the lowest interest rates because they're guaranteed. So, if a borrower defaults on the loan, the government pays the lender up to 85% of the unpaid balance.

Short-Term Business Loans

For businesses facing unexpected expenses, small business owners can get unsecured short-term loans with no collateral requirements. With term loans, borrowers receive the loan amount in a lump sum. You repay the loan plus interest in fixed monthly payments within a preset repayment schedule. The term length is usually six months to two years. These loans often have fewer eligibility requirements, streamlining the funding process.

Pros and Cons of Fast Business Loans

Securing small business loans fast comes with a slew of benefits and drawbacks. Here are some of the most common pros and cons of these types of loans.

Pros of Fast Business Loans

• Easy and quick access: Lenders can quickly fund borrowers within hours or days.

• Low credit or business requirements: Many fast business loan lenders have experience working with subprime borrowers.

• Brief application process: Lenders like Clarify Capital have loan applications that can be completed in minutes.

Cons of Fast Business Loans

• Higher costs: Fast business loans may have higher interest rates than average and multiple fees.

• Limited repayment options: Fast business loans may have mandatory weekly repayments and comparatively brief repayment terms.

• Potential to overborrow: Applicants may overborrow if they don't accurately assess their needs and potentially amass excessive debt.

Quickly Find Fast Business Loans With Clarify Capital

Clarify Capital connects you with online lenders and alternative lenders offering options for small business financing. Our online application form takes two minutes to complete, and same-day funding may be available for qualifying applicants.

“How fast can you get a business loan?” Once your application is approved, you'll receive funding in your bank account within one to two business days. Consider Clarify Capital when you apply for your next fast business loan.

Fast Business Loans FAQ

Getting access to a fast loan might be the best news for your business, and you want to know more. Here, we'll answer some of the most common questions about fast business loans.

Are business loan payments tax deductible?

Yes, the interest paid on a business-term loan is tax-deductible. It helps businesses lower the overall cost of borrowing. However, you can't use the principal amount as a deductible.

Can I get a business loan with a 500 credit score?

Yes, many lenders are willing to offer loans to businesses with a 500 credit score. However, borrowers may have higher interest rates and shorter repayment terms due to their subprime scores.

Can I get a loan with an EIN?

It is possible to secure a loan with an employer identification number (EIN), though lenders will often consider other factors, such as a borrower's creditworthiness. This is one reason why it helps to build business credit.