Best Fast Business Loans: Your Guide to Quick Funding Options

Jordan Brooks

Jordan Brooks

— 4 min read
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Estimated Reading Time

8 minutes

Key Takeaways

  • Fast business loans provide quick financial assistance with rapid approval.
  • Choose loans based on speed, terms, and qualifying requirements to suit your needs.
  • Compare loans using APR, fees, and repayment lengths to avoid future financial issues.

Table of Contents

Understanding Fast Business Loans

Fast business loans are a particular style of financing meant to provide quick financial relief where approvals and funding can be completed in as little as 24 hours. These are perfect for businesses that have encountered unforeseen expenses or where they must quickly move to take advantage of opportunities. Fast reliable business finance solutions, unlike traditional loans that can take weeks to go through, can make the difference in an emergency breakdown of equipment or a short-term deal on new stock. Source

The Importance Of Speed In Business Financing

Speed in business financing is essential in capturing growth opportunities and facilitating operations. Delayed funding can lead to lost growth opportunities, unfilled large customer orders, disrupted cash flow, and loss of competitive advantages. Fast financing can be the lifeblood for a lot of businesses looking to survive, particularly in volatile or seasonal markets. Great fast business credit can provide the edge in competition and push a business to the top. Source

Fast Business Loans Comparison

A few of the best fast business loan options come from the following lenders, as they each offer something that sets them apart from the competition:

OnDeck: Offers term loans between $5,000 and $250,000, with the option of same-day funding. They have a lowest acceptable credit score requirement of 625 and serve businesses that have been around for at least a year. Source

Bluevine: Provides lines of credit with money available within 12 to 24 hours after approval. It’s one of the top options for affordable financing, too, with just a 625 minimum credit score and a $120,000 annual revenue requirement. Source

Rapid Finance: For those with low credit, Rapid Finance offers merchant cash advances with flexible terms, no prepayment penalties, and only 3 years in business needed. Source

Types of Quick Business Loan Options

Quick business loans come in different shapes and sizes to accommodate a range of financial needs, including:

  • Term Loans: Available through providers such as OnDeck, these loans come with fixed amounts and terms and are best for predictable funding needs.
  • Lines of Credit: Bluevine offers flexible financing with lines of credit options for cash flow and recurring expenses. Source
  • Merchant Cash Advances: These are provided by Rapid Finance and let you collect the money in lieu of a slice of future sales — a good option for businesses with strong sales but poor credit. Source
  • SBA-Guaranteed Loans: Slower to get, but cheap and government-backed loans for businesses that meet certain qualifications.

Quality Features of Swift Loans

In choosing a loan, a few key features suggest a good financial decision:

  • Speed of Funding: Companies such as OnDeck and Bluevine can be the fastest with some funding on the very same day. Source
  • Credit Building Opportunity: You can build your business’s credit by reporting to the credit bureaus and making payments on time. Source
  • Flexible Criteria: Quick loans usually have relaxed criteria, so even small or new businesses can apply for them. Source
  • Repayment Structure and Funding Amount: They differ in funding amount, and the payment frequency is very different too (daily, weekly etc.). Source

How to Apply for Fast Business Loans

The application process for fast business loans is relatively simple:

  • Online Application: You begin by completing a simple online application form.
  • Document Upload: Most important documents such as bank statements and tax returns are uploaded.
  • Credit Review: Lenders approach credit and business health reviews quickly.
  • Decision Time: Many times, decisions are made within hours.
  • Financing: Loans could be funded the same day.

Assess Loan Offers

When reviewing loan offers, check:

  • APR and Fee Structure: High-interest fast loans, with APRs that can start at approximately 31.30% in some instances. Source
  • Repayment Terms: These are typically a few months to a few years.
  • Payment Frequency and Cost: Fast payments on loans tend to be more frequent, with penalties for early repayment.

Fast Loans Pros and Cons

  • Pros: Provides easy capital in urgent situations, with applications needing less paperwork — so you don't need stacks of documents in order to apply. Opportunity to improve credit by paying properly. Ability to act on opportunistic situations in a timely manner.
  • Risks: Interest rates are usually higher. Lots of little payment schedules that can remove liquidity. Debt cycles in case of mismanagement.

11 Tips for Finding the Best Fast Business Loan

  • On the Right Loan - make sure it has:
  • Timeline: Identify how quickly you need the funding.
  • Qualifications: Align the credit profile and age of your business with the lender’s requirements.
  • Affordability: Examine the repayment terms of the loan and make sure you can afford it.
  • Compare offers: Collect quotes from several lenders.
  • Read the small print: Know all fees, charges, and terms.
  • Long-term Impact: Think about how it'll affect your company's financial health.
  • Lender Relationships: Past lending also helps in securing favourable terms in the future.

FAQs

Apply For Funding with WeFrontIt

At WeFrontIt, you have access to a unique application, designed to help you get your business funded in no time. Enjoy NO-HASSLE, NO-FUSS, NO-PRESSURE instant application with NO Phoenix online faxes, and receive your Phoenix funds in less than 24-48 hours. Our lenient eligibility requirements — there is no minimum credit score to apply — mean that more businesses have access to financing. If you need a LOC, equipment financing, or money for working capital, WeFrontIt’s got you. Apply now.

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