4 Best Fast Business Loans of 2024

When a financial emergency occurs, your business may be in dire need of cash. In these cases, it's important to find a small business lender that offers a quick application process, favorable terms, and quick funding.

CNBC Select compared more than a dozen lenders to find the best business loan if you need cash within two days. (See our methodology to learn more about how we choose the best fast small business loans.)

Who is this for? OnDeck offers term loans from $5,000 to $250,000 with repayment terms of up to 24 months. Their loans have a minimum 625 FICO credit score requirement, making them an accessible option for those with low credit scores.

Outstanding advantages: OnDeck touts a quick application process that can be completed online in minutes. You can also check if you qualify for a loan without a hard credit pull. If your loan amount is $100,000 or less, you may be eligible for same-day financing in some states.

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Who is this for? If your business requires a large amount of money and time to pay it back, Funding Circle is a good choice. You can borrow up to $500,000 and take up to seven years to repay. This lender also stands out by not having minimum revenue requirements.

Outstanding advantages: Funding Circle offers a quick application process to see if you qualify without a hard credit check. Lenders can fund your loan in as little as two days and there are no prepayment penalties.

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Who is this for? For those considering alternatives to traditional term loans, we are sure to offer many options, including working capital loans, merchant cash advances, long-term loans, business lines of credit, and equipment financing. Depending on the type, you can borrow up to $400,000, and you can also get same-day financing.

Outstanding advantages: Pre-qualify online with soft credit pull and get approved in 4 hours. Additionally, if your credit needs some work, you may still be eligible for certain products, such as merchant cash advances and equipment financing.

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Who is this for? A line of credit provides a company with continued access to revolving capital facilities when needed. Bluevine offers financing lines of up to $250,000 and an expedited application process. We will consider applicants with credit scores up to 625.

Outstanding advantages: Bluevine does not charge fees for opening, maintaining, prepaying, or closing business lines of credit. Once you request funds, you can receive them within hours of approval using our bank transfer option.

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OnDeck is an online small business lender that aims to provide fast and easy financing. In addition to business term loans, lenders offer business lines of credit.

Loan amount

$5,000 to $250,000

Eligibility requirements

Business for at least 1 year, personal FICO score of 625, annual business revenue of $100,000, business checking account.

repayment schedule

daily or weekly

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Funding Circle is a global online lender that works with small and medium-sized businesses. In addition to business term loans, we also offer SBA 7(a) loans and business lines of credit.

Loan amount

$25,000 to $500,000

Eligibility requirements

FICO score of 660, 2 years in business, no bankruptcies in the past 7 years, and no operations in specific industries such as speculative real estate, non-profits, weapons manufacturing, gambling operations, marijuana dispensaries, or pornography.

repayment schedule

biweekly or monthly

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Credibly is an online fintech lending platform specializing in lending solutions for small and medium-sized businesses. This focuses on the overall health of the business when working with borrowers, rather than strictly traditional financial factors.

Loan amount

$5,000 to $400,000

Eligibility requirements

Specific requirements may vary, but typically require at least six months of business experience, a credit score of 500 or higher, and an average monthly income of at least $15,000.

repayment schedule

daily, weekly, monthly

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Bluevine is a fintech company that provides financial products to businesses, including business checking accounts, business loans, and credit cards.

Loan amount

Up to $250,000 in credit lines

Eligibility requirements

625 FICO score, at least 24 months of business history, $40,000 monthly income, and operating or incorporating a business in a qualifying U.S. state.

repayment schedule

Fixed monthly or weekly payments over 6 or 12 months per draw.

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When a business needs quick access to funds, a quick business loan can be a financial lifeline. Still, even if you need a loan urgently, take the time to compare offers from multiple lenders. Remember, most lenders can pre-qualify you with a soft credit pull, so you can check the terms without affecting your credit.

CNBC Select's mission is to provide quality service journalism and comprehensive consumer advice to help readers make informed decisions about their money. All business loan reviews are based on rigorous reporting by a team of expert writers and editors with extensive knowledge of business loan products.. While CNBC Select earns commissions from affiliate partners on many offers and links, we create all content without input from commercial teams or outside parties and adhere to journalistic standards and ethics. We are proud of our products. To learn more about how to choose the best fast business loan, check out our methodology.

To determine which fast business loan lenders offer the best terms, CNBC Select analyzed more than a dozen U.S. loans offered by both online and brick-and-mortar lenders. We narrowed our rankings to only consider business loans that fund within 1-2 business days of approval.

We compared each small business loan on a variety of features, including:

• Minimum and maximum loan amount
• length of term
• credit score required
• Application requirements
• Streamlined application process
• expenditure of funds
• customer support
• Business Bureau Better Rating
• Customer reviews (if available)

Interest rates and fee structures for small business loans are subject to change without notice and often fluctuate based on the prime rate. The annual interest rate, monthly payments, and loan amount will vary depending on your credit history and creditworthiness.

For small business loans, lenders will perform a hard credit check and require a complete application. This may require proof of income, identity verification, address proof, etc. for both individuals and businesses. You may also need to put up collateral, such as business equipment, real estate, or personal assets.

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