Fast Business Loans: The Best Lenders for Quick Working Capital

Nowhere is the saying “you need money to make money” more true than in the crowded, competitive, fast-moving world of small business. As you seek to establish and grow your enterprise, access to capital (or the lack thereof) will be one of your biggest hurdles.

For small business owners facing expenses that just can’t wait, traditional approaches—SBA loans from banks, for example—can be burdensome, inconvenient, and ultimately disappointing. There is a correlation between access and cost in small business lending every small business owner should be aware of. The interest rate (or the cost of capital) will often be less with a traditional lender like a bank or credit union, but their qualification criteria may be much more strict, and it can take weeks or months to qualify.

Alternative lenders tend to not only evaluate creditworthiness differently, but they are also able to respond much faster to a loan request than their more traditional counterparts. If you’re looking for a quick business loan to meet a pressing business need or opportunity, an online lender is often able to give you an answer to your loan application today and maybe even fund your loan tomorrow.

That being said, if you have bad credit it will be more difficult to find a loan, but there are still options for a business borrower with less-than-perfect credit history. You should also expect that the costs of small business financing will likely be higher for the convenience of a quick answer and a fast loan. Nevertheless, depending on your business need, the increased costs could be worth the expense if it helps you meet a critical business need or increase the ROI of a current business initiative. Let’s take a closer look at a few business lenders and see what they have to offer by way of fast small business loans.

How Can I Get Money for My Business Fast?

Traditional loans like those offered through the SBA and banks don’t tend to come quickly, so if you’re looking for fast working capital, you may want to explore other options.

Alternative lenders can quickly approve and fund your business loan, sometimes on the same day. If you need fast capital, look at the options we discuss below.

How Do Fast Business Loans Work?

Alternative lenders typically look at other criteria besides creditworthiness, such as annual revenues and assets. Because they don’t dive as deep into your business financials, they can make a decision on approval faster, sometimes instantly after you click “apply.”

If you’ve set up your business bank account with the lender, the funds will be deposited in as little as one business day, giving you the access you need to cash.

Common Reasons for Needing a Fast Business Loan

So why would you need a fast business loan? If you didn’t anticipate a cash shortage, you might be struggling to pay your bills. A quick loan can get you the cash you need to cover those expenses.

You might also have an opportunity to take advantage of an opportunity to purchase another company and don’t have time to wait, nor cash on hand. That’s another example of where a fast business loan could come in handy.

How to Qualify for a Fast Business Loan

Because alternative lenders don’t necessarily look at your credit scores, there may be other ways you can qualify for a fast business loan. First, your business needs to have been in business for at least a year or two. There may also be requirements for annual revenues.