Fast Business Loans: Best Choices for Quick Cash

Cost is an important factor when choosing a business loan. But sometimes getting your loan fast is just as important.

Government-backed loans from banks, for example, are great for keeping loan costs down, but the lengthy application and underwriting process means it can take months before you get your cash. When you can’t wait — you have an inventory order, face emergency repairs or don’t want to miss out on a business acquisition — online lenders provide fast, easy business loans at higher approval rates than banks.

Here are our recommendations:

• If you want fast cash for an emergency
• If you want fast cash for a business opportunity
• If you want faster SBA loans

If you want fast cash for an emergency: Kabbage and OnDeck

Maybe a major piece of equipment failed or some pipes burst. Kabbage and OnDeck can provide you with fast cash to handle the emergency. Kabbage’s online application can be completed in just minutes, with approval and funding just as fast or within a few days (depending on how quickly Kabbage can obtain your business data and verify your bank account). Kabbage, though, comes with borrowing costs as high as 108% APR. If you can wait a little longer, an OnDeck line of credit is another option. The online application can be finished in 10 minutes, with funding as fast as 24 hours but typically in a few days; and the annual percentage rate is lower than Kabbage’s, at 14% to 36%.

Loan amount: $2,000 to $100,000 APR: 32% to 108% Loan term: 6 or 12 months Approval time: A few minutes to several days Read our Kabbage review

Apply now at Kabbage Before you apply for a Kabbage loan, find out whether you meet the minimum qualifications. No minimum personal credit score required 1+ year in business $50,000+ in annual revenue A business checking account or online payment platform required Do I qualify? ▾

Loan amount: Up to $100,000 APR: 14% to 36% Loan term: Repaid weekly Approval time: Decisions within minutes; funding as fast as 24 hours but typically in a few days Read our OnDeck review

Apply now at OnDeck Before you apply for a OnDeck line of credit, find out whether you meet the lender’s minimum qualifications. 600+ personal credit score for lines of credit 1+ year in business $200,000+ in annual revenue for lines of credit No bankruptcies in the last two years Personal guarantee required Do I qualify? ▾

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If you need cash for a business opportunity: Lending Club, OnDeck, Dealstruck

Small businesses have a number of choices when looking to finance fast expansion or growth. Lending Club has low rates and long repayment terms for its loans, but qualifying may be more difficult than with other options because it has a higher credit score requirement and funds more established businesses. Funding arrives as fast as two business days but typically takes at least a week.

If you don’t qualify for Lending Club or need cash sooner, you can turn to OnDeck, with loans funding as fast as 24 hours but more typically within a few days to a week. Your rate, however, will likely be higher than at Lending Club, and unlike other lenders, OnDeck requires daily or weekly repayments.

If you need more than one type of financing or are unsure which type of financing you need, Dealstruck could be your best bet. The lender offers a variety of loan products, such as term loans and inventory lines of credit, with an average of 10 days to funding.

Loan amount: $5,000 to $100,000 APR: 8% to 32% Loan term: 1 to 5 years Approval time: Funding as fast as 2 days but typically in 1-2 weeks Read our Lending Club review

Apply now at Lending Club Before you apply for a Lending Club loan, find out whether you meet the minimum qualifications. 600+ personal credit score 2+ years in business $75,000+ in annual revenue Own at least 20% of the business No recent bankruptcies or tax liens Provide collateral for loans and lines of credit of more than $100,000 Lending Club is currently unavailable to borrowers in Iowa and Idaho. Do I qualify? ▾

Loan amount: $5,000 to $500,000 APR: 9% to 98% Loan term: Repaid daily or weekly for 3 months to 3 years Approval time: Decisions within minutes; funding as fast as 24 hours but typically in a few days Read our OnDeck review

Apply now at OnDeck Before you apply for an OnDeck loan, find out whether you meet the lender’s minimum qualifications. 500+ personal credit score for loans 1+ year in business $100,000+ in annual revenue for loans No bankruptcies in the last two years Personal guarantee required Do I qualify? ▾

Loan amount: $50,000 to $250,000 for term loans Up to $500,000 for inventory and asset-based line of credit APR: 11% to 28% for term loans 11% to 22% plus prime rate for inventory and asset-based line of credit Loan term: 6 months to 4 years for term loans 6 months per draw for lines of credit Approval time: Prequalification in minutes, offer letter in 2 to 3 days, average of 10 days to funding Read our Dealstruck review

Get started at Dealstruck Before you apply for a Dealstruck loan, find out whether you meet the lender’s minimum qualifications. 600+ personal credit score 1+ year in business $12,500+ in monthly revenue Breaking even or profitable Personal guarantee and a lien on business assets required Do I qualify? ▾

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If you want faster SBA loans: SmartBiz

SmartBiz uses its online platform to provide SBA loans faster than banks do. A 10-year repayment time frame makes it a good option for a major expansion or a large one-time investment (such as the purchase of equipment or real estate) or for refinancing debt. The application can be completed in about half an hour if you have your documents ready. SmartBiz requires more documents than most online lenders because it’s underwriting a U.S. Small Business Administration-guaranteed loan.

Following approval, most loans take a few weeks to fund, says Evan Singer, president at SmartBiz. This compares with the several months it typically takes for SBA loans at banks. “Being organized is key,” Singer says. “If you know where to access your business-related documents before you start the online application, you’ll be ahead of the game.”

Loan amount: $30,000 to $350,000 APR: 7% to 8% Loan term: 10 years Approval time: Potentially within 7 days of submitting application, but could take several weeks Read our SmartBiz review

Apply now at SmartBiz Before you apply for a SmartBiz loan, find out whether you meet the lender’s minimum qualifications. 600+ personal credit score 2+ years in business $50,000+ in annual revenue Personal guarantee required No outstanding tax liens No bankruptcies or foreclosures in last three years No recent charge-offs or settlements Must be current on government-related loans Do I qualify? ▾

Want to compare more small-business loan options?

NerdWallet has come up with a list of the best small-business loans to meet your needs and goals. We gauged lender trustworthiness and user experience, among other factors, and arranged lenders by categories that include your revenue and how long you’ve been in business.

Compare business loans

Steve Nicastro is a staff writer at NerdWallet, a personal finance website. Email: Steven.N@nerdwallet.com. Twitter: @StevenNicastro.

The post was updated June 7, 2016. It was originally published Nov. 20, 2015.