Taking out a loan for your company can help keep operations running smoothly during slow times of the year or when unexpected costs arise. Having said that, fast business loans come with their own set of unique challenges, such as high interest rates and short repayment terms.
{tocify} $title={Table of Contents}
The requirements for qualifying for the loan, the funding speed, the interest rate, and any fees associated with the loan should be the primary concerns of business owners when selecting the best fast business loans.
Fast Business Loans
A fast business loan is a type of financing that can be quickly applied for and disbursed. These loans are typically made available by online or alternative lenders, who have less stringent eligibility requirements than conventional financial institutions. In addition, these loans typically have a streamlined online application process, quick approval, and funding within one to two business days.
Borrowing from a lender specializing in online applications, quick approvals, and quick funding is the quickest way to obtain a business loan. Numerous online lenders allow you to prequalify and check your personalized rates within minutes, and after submitting loan documents, you could receive your business loan funds the same day of approval.
However, when shopping for loans, speed is not the only factor to consider; you should also compare rates and fees to find the best deal. Reviewing offers could save you money on a monthly and long-term basis, albeit at the expense of some time.
Prequalifying for multiple business loans through a loan marketplace enables you to compare multiple loan offers simultaneously in order to find the best loan for your circumstances.
Fast business loans are frequently useful for companies experiencing a cash shortage due to seasonal sales or unforeseen circumstances. In this situation, a loan can be used to cover operating expenses, such as payroll, until revenues increase, or to purchase or repair essential equipment. Quick loans can also allow business owners to acquire businesses, real estate, and other assets without having to wait for traditional financing to close. This makes it easier to seize opportunities when they present themselves.
Top Fast Business Loans For Quick Cash
OnDeck
Since its inception in 2006, OnDeck has been a market leader in the business lending sector, offering both term loans and lines of credit. Today, they have provided small businesses with $14 billion in funding.
We chose OnDeck due to its extensive selection of business loan products and same-day funding. OnDeck provides term loans between $5,000 and $250,000 with up to 24-month repayment terms. Through its line of credit, you can also access a credit limit between $6,000 and $100,000 with a 12-month repayment term that resets after each withdrawal.
OnDeck does not offer business loans in the states of Nevada, North Dakota, or South Dakota. In addition, although it lends to over 700 industries, there are a few it cannot serve.
BlueVine
BlueVine is a national provider of financing solutions for small businesses utilizing financial technology. It specializes specifically in business credit lines and checking accounts. BlueVine no longer offers invoice factoring as a financing option as of December 2021.
Small business owners seeking a line of credit can receive between $6,000 and $250,000 on an as-needed basis. BlueVine provides two payment plans: Flex 6 and Flex 12. Flex 12 customers make monthly payments over 12 months, while Flex 6 customers make weekly payments over 26 weeks. Additionally, after 45 days of payment on Flex 6 or 90 days of payment on Flex 12, you may be eligible for an increase in your credit limit.
Additionally, BlueVine charges weekly or monthly fees for its credit line. Standard pricing for line of credit draws is 1.7% per week or 7% per month.
Fundbox
Fundbox is an AI-powered platform for business lending that expedites the application, decision, and funding processes. It provides decisions in three minutes and funds the following business day.
Fundbox offers two business financing options to prospective borrowers. First, business owners can apply for a term loan of up to $150,000 with 24- or 52-week repayment terms. However, it is in beta and not available to all applicants at this time. Second, business owners can apply for revolving lines of credit up to $150,000 with 12- or 24-week repayment terms. Your available credit increases as you pay down your line of credit.
Fundbox also offers its Insights Advantage program, which enables borrowers with multiple business bank accounts to view their combined balances and cash flow projections in a single location. Fundbox also sends alerts when it anticipates that a borrower's cash flow may fall below a predetermined threshold.
Funding Circle
Since 2010, Funding Circle has been a direct lender that specializes in small business loans. Since its inception, it has lent $15,2 billion globally and assisted one hundred thousand businesses in seven hundred industries. We chose Funding Circle because it offers quick, affordable loans with a straightforward application process and funding within 48 hours. There are three options available to prospective borrowers: term loans, lines of credit, and SBA loans.
Term loans from Funding Circle range from $25,000 to $500,000, with repayment terms ranging from six months to five years. If you apply for a business line of credit, you have access to credit lines ranging from $6,000 to $100,000. However, Funding Circle does not specify the repayment terms for its line of credit. You may also apply for SBA loans, which range from $25,000 to $500,000 and have terms of up to ten years.
There are two major disadvantages to Funding Circle. First, there is an origination fee ranging from 3.49 percent to 6.99 percent of the approved loan amount. Second, due to state lending regulations, Funding Circle does not lend to Nevada-based businesses, limiting its availability to 49 of the 50 U.S. states.
Balboa Capital
The process of obtaining funding for a small business is made easy by Balboa Capital. Borrowers-to-be can evaluate the company's many available choices, submit an application in a matter of minutes, and, if approved, receive their money the very same day the application was submitted.
The owners of businesses have access to a wide variety of business financing options, such as small business loans and financing for business equipment. Equipment financing can go as high as $500,000, while loans for small businesses can range anywhere from $5,000 to $250,000. There are also options for commercial, vendor, and franchise financing, and the terms can range from $350,000 to $500,000 depending on the particular financing and collateral.
Kabbage
In December 2021, Kabbage from American Express introduced Kabbage Funding. With the backing of American Express, Kabbage is able to offer small businesses a broader selection of cash flow management tools.
Through Kabbage, business owners can apply for lines of credit between $2,000 and $250,000. The payment terms vary between six and eighteen months.
Additionally, a Kabbage representative confirmed that customers are charged monthly fees based on their eligibility and if they carry a balance. Credit lines with terms of six months incur fees ranging from 0.25 percent to 3.50 percent; 12-month terms incur fees ranging from 0.25 percent to 2.75 percent; and 18-month terms incur fees ranging from 0.25 percent to 2.5 percent.
In addition to its line of credit, Kabbage offers small business owners other useful tools, such as a mobile app that provides comprehensive cash flow insights.
Credibly
Credibly is an online lending platform that provides assistance to companies of both the small and the medium size range. It provides a myriad of same-day business loans, such as working capital loans, lines of credit, merchant cash advances, and long-term loans, amongst others.
Financing options ranging from $5,000 to $400,000 are available to business owners, although the terms and conditions of each loan type are different. Every loan offered through Credibly comes with same-day funding, which enables business owners to get their money much more quickly.
Post a Comment