Overview of Fast Business Loans
Businesses that are growing rapidly don't have the luxury of being able to wait several weeks or months to get a loan. We can help you get financing of up to $500,000 in as little as 1 business day. The application process is fully electronic, and paperwork is minimal. Fast business loans are typically short term loans that are paid back in 2 years or less.
Free Guide To
Small Business Financing
How Fast Business Loans Work
Fast business loans are designed to meet short-term working capital needs that arise suddenly or unexpectedly. Maybe you receive a larger-than-expected order and need money right away to purchase additional supplies. Maybe you find yourself falling short on payroll and need money in a jiffy. With a quick approval loan, you can get the money you need in as little as 1 business day.
Fast business loans come in different shapes and sizes. Some are short-term loans based on credit score and business revenues, and these are typically available to businesses over 1 year old. Businesses can also get money in exchange for unpaid invoices. Still other loans are designed for merchants that process payments on particular platforms, such as PayPal or Square.
All of these loans share one thing in common: they’re fast! They have streamlined electronic applications, so you can apply online with minimal paperwork. Within minutes of submitting the application, you can find out if you are approved for a loan. If you are approved, you can get your money in as little as 1 business day.
You can borrow between $100 and $500,000 with a fast business loan. These loans are for a shorter term than traditional loans and are normally paid back in less than 3 years. In most cases, quick approval loans don’t have stringent credit score requirements - people with a credit score over 500 can usually qualify.
The downside to quick approval loans is their cost. These loans charge a premium because of the speed and convenience that they offer.
Will I Qualify for a Fast Business Loan?
The requirements for a fast business loan vary.
Revenues under $100k? Apply for up to $100k with Kabbage.
Revenues over $100k? Apply for up to $500k with OnDeck.
Invoice B2B customers? Apply for a line of credit with BlueVine.
Startups are eligible for certain types of fast business loans but typically won't be able to borrow very much. For larger amounts of capital, you should have at least 1 year in business and $2,500 in monthly business revenues.
Cost of Fast Business Loans
The annual percentage rate (APR) on a fast business loan varies from about 20-80 %. The stronger your credit profile, the longer you've been in business, and the higher your business revenues, the better rate you will qualify for.
Maximum Loan Amount
Less than 2 years
As fast as 1 business day.
Typically not required.
No, but a lien may be placed on your business assets.
Have a question?
Quick way to get funding - get money in as little as 1 business day
Some quick approval loans are open to startups and borrowers with low credit scores
Fulfills short term working capital needs
Fast business loans typically have high interest rates
Smaller amounts of capital
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