Need a Fast Business Loan? These Are the Best Quick Business Loans for 2021
The life of a business owner is full of unexpected expenses. Whether it’s a piece of equipment that decides to call it quits, a water line that bursts, or clients that fail to pay their invoices, business owners will rightfully want to have the availability to get fast business loans.
If fast business funding is what you need (or want), traditional lending institutions like banks are not necessarily the way to go.
The sheer amount of paperwork you’ll have to fill out and the number of bureaucratic hoops you’ll find yourself jumping through are enough to make your head spin. Plus, after the painstaking process of applying for business financing through a bank, business owners will find themselves waiting weeks to get an answer (which is a ‘NO’ for more than 55% of applicants).
There’s still hope! Viable solutions for companies that are looking for quick business loans come in many shapes and sizes…
Best fast business loans
You’re looking for fast business loans, but you don’t know where to start. Don’t sweat it, you’ve come to the right place – in this age of technology where people want everything at the click of a mouse, how fast do business loans get anyway?
The amount of time it takes to obtain a business loan can range from as low as 3 hours up to 7 days, depending on the type of loan, the loan provider, as well as the applicant’s financial profile.
Important note: The first and most crucial step to get business loans fast is to prepare all of the necessary paperwork and documents ahead of time. Lenders will need to analyze important forms, and if they are not provided or have mistakes, the approval process will take longer.
After you’ve organized all of the required forms, you’ll want to decide what type of fast business funding you’re really looking for. Below, we’ve summarized the different kinds of quick business loans, the time it typically takes to obtain the loan, as well as their qualifications and other features.
Types of fast business loans:
- Business line of credit
- Unsecured business loan
- Invoice factoring
- Equipment financing
- Startup business loan
- SBA loan
- MCA
1. Business line of credit
When there’s a demanding billing cycle, damage done by harsh weather, or seasonal fluctuations that slow down the cash flow – a business line of credit can be one of the most useful solutions. Similarly to the way that business credit cards are used as-needed, a business line of credit is there to draw upon when you need fast business funding.
You’ll only pay interest on the amount you borrow, so it can be useful to know it’s there for when you need it. It’s no wonder that a business line of credit is also known as the ‘rainy-day fund’.
How quick is this fast business loan?
In order for any quick business loan to get approved without delay, it’s key that the applicant have all of the necessary documents available. If that’s the case, a business line of credit can be processed in as little as one day.
Important note: It’s crucial to be wise and responsible accumulating debt – it’s also important to study the differences between bad debt and good debt.
Qualifications & features
- Minimum time to funding: 24 hours
- At least 3 months in business
- Interest rates from 1%
- Repayment schedule: weekly
- Minimum FICO score: 450
2. Unsecured business loan
Unsecured loans offer business owners a way to obtain fast business funding without providing valuable assets as security. One of the best parts about unsecured business loans is that, if you do qualify, it becomes much easier to qualify for other forms of financing. Looking for quick business loans with flexible terms? Unsecured business loans could be just what you’re looking for.
How quick is this fast business loan?
When it comes to quick business loans, unsecured loans are par for course. Looking to get a business loan fast? You can get an unsecured business loan in as little as 3 hours.
Qualifications & features
- Minimum time to funding: 3 hours
- No collateral needed
- Interest rates from 7.5%
- Repayment schedule: daily or weekly
- Minimum FICO score: 350
3. Invoice factoring
Invoice factoring is a method of obtaining either all or a portion of the funds you are owed (by customers) – quickly. This is one of the best ways to get fast business loans when the cash flow slows down. Ultimately, if customers continuously fail or even refuse to pay their bills, you’ll want to know how to deal with unpaid invoices.
How quick is this fast business loan?
If you have slow-paying customers, it’s crucial to have access to fast business loans. By applying through Become, you can get approved for invoice factoring in as little as 3 hours.
Qualifications & features
- Minimum time to funding: 3 hours
- Funds replenish as you pay
- Interest rates from 4.8%
- Repayment schedule: weekly or monthly
- Minimum FICO score: 600
4. Equipment financing
Whether it’s a big ticket item or a somewhat smaller piece of machinery, equipment financing is a way to get a business loan fast. It can be used for an air compressor at a dental practice, a deep freezer at a restaurant, or even a car lift at an auto repair shop. You may need the funds in order to purchase, replace, or fix a piece of equipment – regardless of what the purpose or industry is, equipment financing can be the right solution for your business.
Of course, the type of business will affect the kind of industry loans a business needs, as well as the specific circumstances that business finds itself in. Be sure to weigh your options carefully in order to choose the right funding solution for your business.
How quick is this fast business loan?
Whether it’s for purchasing equipment or leasing equipment, applying for equipment financing can result in funds in as short as 24 hours time.
Qualifications & features
- Minimum time to funding: 24 hours
- Can still qualify with poor credit
- Interest rates from 12%
- Repayment schedule: daily, weekly, or bi-weekly
- Minimum FICO score: 450
5. Startup business loan
In the early stages of business development, problems are bound to come up. They can be particularly troubling when you’re still trying to get your legs under you. Having quick business loans available can mean the difference between success and failure.
How quick is this fast business loan?
Get fast business loans in as short as 24 hours by applying for startup financing through Become. The advanced algorithms we use are revolutionizing the business lending process, making it faster and easier than ever.
Qualifications & features
- Minimum time to funding: 24 hours
- No monthly revenue required
- Interest rates from 0%
- Repayment schedule: daily, weekly, or bi-weekly
- Minimum FICO score: 250
6. SBA loan
As opposed to directly providing the funds, the U.S. Small Business Administration guarantees up to 85% of the loan; in other words, the SBA provides a ‘safety net’ for borrowers and for lenders. Those terms make it easier for business owners to obtain fast business loans since loan providers feel more secure.
How quick is this fast business loan?
While the process of applying for an SBA loan is longer than many other business financing solutions, it’s still much quicker to apply through Become than elsewhere. Cut a 2-3 month wait time down to as short as 14 days by making use of our services.
Qualifications & features
- Minimum time to funding: 14 days*
- Ideally 2 years in business or more
- Interest rates from 6.5%
- Repayment schedule: daily, weekly, bi-weekly, or monthly
- Minimum FICO score: 500
*On average, obtaining SBA loans take 2-3 months.
7. Merchant cash advance
The characteristic that makes MCA unique is that the repayments are made automatically by funneling a percentage of future credit and debit card transactions. Generally speaking, businesses tend to leave MCA as a last resort, since the interest rates are higher than many other types of fast business loans, however, for those struggling to qualify for other types of loans and need fast funding, this could be a great option.
How quick is this fast business loan?
If you want to get a business loan fast, you’ll want to consider merchant cash advances. With funding in as little as 4 hours, MCAs are hard to beat as far as fast business loans go!
Qualifications & features
- Minimum time to funding: 4 hours
- At least 3 months in business
- Interest rates from 10%
- Repayment schedule: daily or weekly
- Minimum FICO score: 500
When do you need a fast business loan?
Regardless of the reason for borrowing money, most business owners will want to get quick business loans when they want or need a boost to their finances or are looking to expand. But there are definitely certain circumstances which place owners under more pressure to get fast business loans more than others. Before jumping the gun, consider just a few examples of situations in which you might need to get a business loan fast.
Reasons owners may need a fast business loan:
- Purchasing/fixing equipment
- Repairing damage to storefront
- Hiring new employees
- Restock inventory
- Make it through the slow season
Sound familiar?
How to get a fast business loan
Step-by-step guide for applying for fast business funding:
- Choose your desired loan amount and select ‘Get Loan Offer’
- Fill in the requested information (including time in the industry, revenue, business, etc.)
- Submit your business’s checking account information for analysis
- Wait for offers. You can also review your status by clicking ‘Access Your Loan Application’
- Review offers and select your preferred lender
- Receive the funds to your business checking account
- Review your tailored LendingScore™ dashboard to improve your funding options
- Improve your rates – if your LendingScore™ is insufficient, follow the personalized plan (8-12 weeks to unlock funding)
The next steps
Become uses advanced algorithms to quickly and accurately assess a business’s financial profile in order to match them with the fast business funding that best fits their needs. Plus, instead of going through endless paperwork, Become allows business owners to fill just one simple online application that is automatically sent out to dozens of top loan providers in the country.
Whether or not your business qualifies for a fast business loan right away, Become provides tailored guidance on how to improve the specific factors that are keeping you from getting approved. The best part is that these services are completely free of charge, giving you all the more reason to apply for fast business funding through Become.
Ready, get set…
Go! Fast business funding doesn’t have to be a nightmare to obtain. There are a wide variety of different loans that a business can qualify for quickly, and the process has gotten easier than ever to apply and get approved for financing. Use the information and tips provided here to discover just how fast business funding can get! Please feel free to share this article, and do let us know if you have any questions in the comment section below.
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