Fast Business Loans: Best Options For Quick Funding

Backd offers working capital loans up to $2 million that can be used for any business expense. It takes just a few minutes to fill out the application and you’ll receive a lending decision almost instantly. If you decide to move forward with the loan, funds can be in your account within 24-48 hours, making them one of the fastest and most convenient ways to secure a large amount of business funding.

Main Features
Backd has funded more than $1 billion to over 10,000 small businesses and counting. They currently offer two different lending products - a working capital loan and a business line of credit. Working capital loans range from $10,000 to $2 million with terms up to 16 months. Payments can be made daily, weekly, or semi-monthly. Business lines of credit range from $10,000 to $750,000 with unlimited terms. With a line of credit, you draw funds anytime, pay them back, and can draw on them again. Neither option requires collateral, but you will need to be in business at least two years have $200,000 or more in annual revenue, and 640 or higher FICO score. The higher your score, and business revenue, the better your rate will be. Other requirements include being based in the U.S. and having a business bank account.

Lendzi is our top pick for fast loans for businesses with high revenue. Lendzi was founded in 2020 and is on a mission to help small business owners acquire the funding they need, regardless of credit score or if they’ve been denied a loan elsewhere. The company is a direct lender and is partnered with 75 other lenders, which increases your odds substantially of qualifying for a loan. Currently, Lendzi offers seven different types of small business loans, three of which have very low credit score requirements.

Main Features

The fastes loans Lendzi offers are working capital loans, merchant cash advances, and equipment financing. Working capital loans and merchant cash advances allow you to borrow up to $400,000 with a credit score of 500 or higher. Terms vary between three and 15 months, and factor rates start at 1.10. Equipment financing goes up to $2 million with rates starting at 3.49%. Minimum credit score required for equipment financing is 550. To qualify for any type of loan, you need to be in business for at least six months and have $180,000 or more in annual revenue. Applying takes just a few minutes and does not impact your credit score. If approved, Lendzi can get your funds in your account in as little as 24 hours.

SMB Compass not only offers fast funding times (most loans fund within 1-2 days of approval), but they also offer nine different types of loans to borrowers. Loans with fast funding times include business lines of credit, invoice factoring, bridge loans, inventory financing, equipment financing, and purchase order financing. If you aren’t sure which loan would be best for your business, reach out to a representative with SMB Compass who can help you decide. To qualify for most loan products, you’ll need a minimum credit score of 650, one year of business history, and $20,000 per month in revenue.

Main Features

SMB Compass offers nine different types of small business loans to borrowers. Their mission is to make loans more accessible to small business borrowers by providing cost-effective and flexible lending solutions. SMB Compass business loans range from $10,000 to $10 million with terms up to 25 years. Rates start at 7.99% for qualified borrowers. The lender has currently provided more than 1,200 U.S. businesses with more than $250 million in financing. To apply, simply fill out their easy online application. It takes just a few minutes and will not impact your credit score. If approved, funding can be dispersed within 24 hours.

Bluevine offers credit lines up to $250,000. Once you’re approved, you can get funded as quickly as just a few hours. What’s more, Bluevine’s website provides several self-guided resources, and a live chat is coming soon to make it easier for customers to connect with the support team. Bluevine also has excellent customer service reviews. 

Main Features
You can get a line of credit up to $250,000 from Bluevine and only pay fees on the money you draw. Standard pricing is 1.7% per week or 7% per month, but these fees can vary depending on your business and your creditworthiness. You can choose a six or 12-month term, and there are no setup or maintenance fees, but you will be charged a fee if you submit a late payment. While you can qualify for a line of credit if your business has been established for six months, the revenue requirements are higher than at some other lenders. You’ll need at least $10,000 in monthly revenue to apply. You’ll also need a 625 FICO score. With Bluevine’s quick loans for small businesses, you can get your funds within a few hours of approval if you choose the $15 bank wire option, or as quickly as the next business day for ACH transfers. 

National Funding offers business loans for a variety of purposes, including equipment financing. Funds can be delivered as soon as 24 hours after approval. National Funding offers some unique perks, like a lowest payment guarantee for equipment leasing and an early payoff discount. 

Main Features
You can get a small business loan from National Funding, with amounts ranging from $5,000 to $500,000, or you can finance new or used equipment up to $150,000. Working capital loans can be repaid weekly or monthly for 4 months to 24 months, and equipment financing loans are repaid monthly over two to five years. National Funding uses a factor rate rather than an interest rate, and rates begin at 1.10. You’ll need at least six months in business for a small business loan or two years in business for equipment financing, and for each your business will need to have $250,000 or more in annual revenue. While National Funding doesn’t specify a minimum credit score, the lender claims to be accepting of fair credit borrowers. 

Uncapped offers high borrowing limits and gives business owners the option of paying back their funding in fixed monthly payments or flexible payments as a percentage of their sales. You can get funding as soon as the next business day after you sign your agreement. However, Uncapped only works with an online model, such as e-commerce websites and mobile apps. 

Main Features
You can borrow between $100,000 and $10 million from Uncapped and repay it either in fixed payments over a term of three to 24 months or as a share of your revenue with no fixed due date. Whichever option you choose, you’ll only be subject to a fee ranging from 2% to 12% of the loan amount. There are no origination fees, maintenance fees, or prepayment penalties. However, Uncapped has relatively strict business and revenue requirements. There’s no minimum credit score, since Uncapped makes decisions based on your business information rather than a credit check, and you can qualify after being established for only six months. But you’ll need at least $100,000 in monthly revenue and an online sales model, such as an ecommerce website, subscription, D2C, mobile app, or SaaS.