Business Loans

Fast Business Loans: Options For Quick Cash

Aug 12, 2022 • 9 min read
Small business owner securing capital for their business
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      There are many different types of financing options for small business owners to explore. However, depending on the type of loan or other financing, the amount of time it takes to process the application and receive the funds can greatly vary. 

      Business owners who need fast business loans and other types of financing should focus on the best options for those time-sensitive needs.

      Types Of Fast Business Loans

      Here are 5 quick business loans and other financing structures that provide fast approval times as well as quick funding. The terms and repayment structures vary for each type of loan or financing, so take a look to see which is the best option for your company.

      Financing TypeHow it worksTime to Funds*
      (After Approval)
      Line of CreditDraw as much or as little money as you need up to a set credit limit.As soon as same day
      Term LoanReceive a lump sum of cash repaid in monthly installments.As fast as 24 hours
      Equipment FinancingReceive a lump sum used to purchase approved equipment.As soon as same day
      Business Cash AdvanceReceive an advance on expected future revenue repaid in daily or weekly installments.As soon as same day
      Invoice FactoringSell your invoices at a discounted rate to get access to expected income faster.As soon as same day
      *Varies by lender

      1. Business Term Loan

      You can obtain as much as $2,000,000 with a business term loan, with interest rates as low as 6%, depending on your company financials and credit history. Compared to other options, like business credit cards, your APR could be substantially lower.

      This type of financing can be used for business needs as varied as remodeling your office, hiring seasonal employees, or updating your fleet.

      The repayment term usually falls somewhere between 1 and 5 years. And with the fixed interest rate or fixed flat fee, you can easily forecast your payments and know ahead of time exactly how much you can afford to borrow.

      Plus, these are great business loans for quick approval times and short funding times. 

      Features of a business term loan:

      • Loan amount: $5,000 to $2 million
      • Loan term: 1 to 5 years
      • Interest rate: 6% and up
      • Funding time: As fast as 24 hours

      Finally, many business term loans come with an easy online application process. Unlike SBA loans, which require loads of paperwork and months of processing time, an online business term loan application can take as little as 15 minutes.

      2. Line Of Credit

      A business line of credit is similar to a credit card. You have a credit limit you can draw upon at anytime, and you only pay interest on the amount that you draw. A line of credit can help cover short-term needs such as paying for inventory or seasonal changes in cash flow.

      Features of a business line of credit:

      • Loan amount: Up to $250,000
      • Loan term: 6-24 months
      • Funding Time: Same day

      3. Cash Advance

      A cash advance isn’t a loan; instead, it’s a cash advance based on future sales. This makes it easier to qualify, since the financing company considers revenue and sales more than your credit history. The repayment is an agreed-upon percentage of your income that comes directly out of your bank account each day until your balance (plus interest) is repaid.

      This option is one of the easiest forms of financing available. You can borrow up to $200,000, with repayment terms lasting about 2 years. As with most expedited financing, the cost is higher than average. In fact, don’t be surprised if the interest rates start around 18%.

      You won’t need to submit as much paperwork as with other types of loans (just the past 6 months of receivables or bank statements), and there might not even be a pull on your credit.

      Cash advances are designed for businesses with high card transactions. The financing company then takes a percentage of daily income (as much as 20%) to go towards your payments. So it can really cause a cash flow crunch compared to business loans with fast funding times and fixed repayment schedules you can rely on.

      4. Equipment Financing

      With amounts up to $5,000,000, equipment financing definitely bucks a trend among expedited forms of financing. Most fast loans have lower amounts, allowing for faster approval and repayment. But equipment financing provides access to substantial amounts, making it possible to purchase some of the most expensive pieces of machinery on the market. 

      You can expect interest rates to start around 7.5%, with repayment terms of 1 to 5 years. The money can be used for all kinds of equipment, from an excavator for your worksite to state-of-the-art software for your office. Whatever equipment you decide to purchase will then serve as the collateral for the loan, meaning you won’t need to offer up personal property such as a home, boat, vehicle, or real estate.

      To qualify for equipment financing, you’ll need a credit score at or above 650. Also, your business will need to bring in at least $50,000 a year and have been established for at least two years.

      5. Invoice Factoring

      Invoice factoring allows you to get paid faster for your outstanding invoices. With invoice factoring, the financier will purchase your invoice at a discounted rate, giving you a percentage of the money up front. Then, after the customer pays the invoice in full to the financier, you receive the rest of the money minus a fee. Fund from invoice factoring can be available as soon as the same day.

      When To Get A Fast Business Loan

      While speed to funds in one factor to consider when comparing business loan options, it’s important to compare multiple factors when selecting a business loan including the total cost of the loan and the maximum loan amount. In some cases waiting a few more days or weeks will allow you to work with a lender who can offer more favorable terms.

      Some common reasons to get a fast business loan include:

      • Immediate working capital needs
      • Unexpected business expenses

      How To Get A Fast Business Loan

      If you’re in need of fast capital, looking for lenders with an online application with quick approvals will speed up the financing process. Certain types of financing, such as an SBA loan, will generally take several months to get approved, so be sure to research how long the process typically takes for each type of financing. Lendio’s application process takes just 15 minutes and will match you with the best loan types and lenders for your situation.


      The typical time to receive funds depends on the lender and financing type. Some loans can be funded as quickly as the same day while others may take a few days or weeks. An SBA loan generally takes 2-3 months.

      How hard it is to get a fast business loan depends on the type of small business loans you apply for. Each variety comes with different eligibility requirements. For a fast business term loan, lenders typically review your credit score, time in business, collateral, and revenue. You can typically provide either bank statements or a P&L statement to demonstrate your revenue numbers. 

      A fast business loan is financing provided to a business in a short amount of time, typically 24-48 hours.

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      About the author
      Lauren Ward

      Lauren Ward is a personal finance and tech writer with a passion to help consumers make smart financial decisions. Her work has appeared in a variety of publications, including Time and MSN. When she's not writing, she loves gardening and playing board games with her family.

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