Fast Business Loans
For many small business owners, maintaining a healthy cash flow is crucial. However, cash flow issues are common and can lead to financial trouble if ignored. Fast business loans offer a solution by covering daily operations, purchasing inventory, upgrading equipment, and pursuing other business opportunities.
Every business is unique. That’s why we offer different fast business loan options. Whether you need immediate financing or want to explore your options, our lending experts are available to assist you.
If you need financing NOW and want to learn more, don’t hesitate to reach out to one of our lending experts today!
What is a Fast Business Loan?
A fast business loan provides funds within 24 to 48 hours with minimal documentation needed. With fast business loans, you can access the funds within the day.
Unlike traditional loans, which may require extensive paperwork and take weeks to process, fast business loans focus on speed and convenience. They usually involve a streamlined application process with minimal documentation, making it easier for businesses to secure the necessary capital quickly.
At SMB Compass, our loan programs start at a competitive 5.25% APR and offer quick approval – often within hours!
Whether you're facing an unexpected expense, a time-sensitive opportunity, or need to maintain cash flow, a fast business loan from SMB Compass provides the financial support you need, when you need it.
Loan Amounts
$250,000 - $5,000,000
Credit Score
Min. 650
Speed
Within 24 hours
Ready to apply for a Fast Business Loan?
Your Fast Business Loan Options
SMB Compass offers a variety of nine loan products, including term loans, business lines of credit, and equipment and invoice financing. With low starting rates, long terms, and fast approvals, SMB Compass caters to a wide range of business needs. The lender's website is user-friendly, making it easy for small business owners to find important loan details all in one place.
Eligibility
At least 1 year in business
At least $20k/mo in revenue
650 minimum credit score
3 months of bank statements
Pros and Cons
Pros
Offers same-day funding for most loans
Low starting rates
9 types of loans available
Cons
Not available in California
Not suitable for startups
| Company | Maximum Loan Amounts | Time In Business | Minimum Credit Score | Funding Time | Learn More |
|---|---|---|---|---|---|
| SMB Compass | $5,000,000 | 2 years | 650 | Within 24 hours | Apply Now |
| OnDeck | $250,000 | 1 year | 625 | Same-day | Apply Now |
| Credibly | $600,000 | 6+ months | 500 | Within 24 hours | Apply Now |
| Bluevine | $250,000 | 2 years | 625 | Same-day | Apply Now |
| Funding Circle | $500,000 | 2 years | 660 | 2 business days | Apply Now |
| Fundbox | $150,000 | 3 months | 600 | Next business day | Apply Now |
| National Funding | $500,000 | 6 months | 600 | 24 hours | Apply Now |
| Headway Capital | $100,000 | 1 year | Not disclosed | Next business day | Apply Now |
Why Should You Apply for Fast Business Funding
-
Limited Documents
Securing a fast business loan with a traditional business loan can require filling out pages of applications and providing years of financial documents. A fast business funds loan with SMB Compass can be secured with 3 months of bank statements and a one-page application - which can be completed online and takes less than 5 minutes!
-
Fast Approvals
One of the benefits of working with online lenders, like SMB Compass, is the fast turnaround and approval time. As soon as the bank statements and application are submitted, underwriting begins, and our loan managers will start working on the loan terms.
We prioritize understanding your business objectives to expedite the underwriting process. By gaining insight into your needs and goals, we can move swiftly and efficiently to provide the financing you need within your desired timeframe.
-
Immediate Funding
Once the closing document is reviewed and signed, the funds are wired into your account within hours or the next business day at the latest!
Pro tip: When reviewing the documents, look at the terms, specifically the loan amount, interest rate, monthly or maintenance fees, repayment structure, and duration. If you have more questions about the agreement, contact us immediately for clarifications.
-
Flexible Use of Funds
For small business owners, fast business loans are a valuable resource offering flexibility in allocating funds to address diverse needs. Whether you're facing unexpected expenses like equipment repairs or need to purchase inventory, these loans provide timely access to capital. They empower you to seize expansion opportunities by opening new locations or investing in marketing campaigns.
Additionally, fast business loans help you manage cash flow fluctuations, ensuring smooth operations during lean periods. By providing quick access to funds and flexibility in usage, these loans play a crucial role in supporting your business growth and sustainability.
The Best Fast Business Loans for Your Business
If you’ve used a personal or business credit card before, you might already know how business lines of credit work. Once approved, lenders assign you a predetermined credit limit, which you can draw from whenever necessary. You’ll only have to pay for the money you used plus the interest rate on that amount. It’s a revolving credit line, so you can tap into it and pay it back if you don’t exceed the set credit limit.
Note that business lines of credit can come with a personal guarantee requirement. A personal guarantee puts the business owners responsible for paying off the debt if something happens to the company.
Qualifications for a Fast Business Loan
When you need quick financing for your business, understanding the basic qualifications can streamline the process. Here's a breakdown of fast business loan qualifications:
1+ years in business
Minimum $20k/mo in revenue
Minimum credit score of 650 or higher
One-page application
3 months of bank statements
While most fast business loans share some basic requirements, different lenders might have slightly varied standards. It's important to check each lender's specific requirements before applying.
At SMB Compass, we evaluate loan applications based on factors such as industry, current cash flow, owner credit history, and time in operation. We offer loans for businesses with various credit profiles and cash flow situations, and our focus is on finding the best solution to meet your specific needs and timeline.
How To Apply for Fast Business Loans
-
1. Complete the Online Application
Please fill out the online form with details about your business, including its name, address, phone number, email, type, incorporation date, and annual revenue. Additionally, provide personal information like your name, address, phone number, email, Social Security number, and credit score.
-
2. Submit Financial Documents
Upload necessary financial documents for both your business and personal finances. These may include business tax returns, bank statements, and personal credit reports.
-
3. Wait for Approval
We review applications quickly and efficiently, with most businesses receiving approval within 3 hours. This means you can get the funding you need to move forward with your plans without delay.
-
4. Sign the Loan Agreement and Receive Funds
When your application is approved, you'll need to sign the loan agreement and furnish any additional information requested by SMB Compass. Once the agreement is signed, expect to receive your funds in your business bank account within the day.
Ready to apply for a Quick Business Loan?
When Should You Get a Fast Business Loan?
A fast business loan is ideal when you need quick access to funds for emergencies, unexpected opportunities, or short-term needs like cash flow gaps, seasonal demands, or equipment repairs. It lets you keep your business running smoothly or quickly seize growth opportunities. However, weighing the costs is important, as these loans often come with higher interest rates, making them best suited for immediate, short-term financial needs.
Here are some key questions you should ask yourself and the lender before proceeding to ensure it's the right choice for your business.
Questions to Ask Yourself:
Do I need the loan immediately, or can I wait for a more cost-effective financing option?
How will this loan impact my business’s cash flow and overall financial health?
What is the total cost of the loan, including interest, fees, and any other charges?
How quickly can I realistically repay the loan without straining my business operations?
Will this loan help my business grow, or am I using it to cover recurring financial issues?
Questions to Ask the Lender:
What are the exact terms of the loan, including the interest rate and repayment schedule?
Are there any upfront fees, hidden costs, or penalties for early repayment?
How long will it take to receive the funds after the loan is approved?
What happens if I miss a payment or need to restructure the loan?
Can I get a detailed breakdown of all costs and repayment obligations in writing before signing?
Ready to apply for Immediate Funding?
Fast Business Loans For Every Industry
We provide different small business loan programs to a wide range of industries. Different businesses and industries use fast business loans for various reasons.
Our biggest clients include businesses under the industries outlined below.
The transportation industry relies on financing to operate effectively. With notoriously long payment terms, a typical small business owner in the transportation industry doesn’t receive payments until 15 to 60 days after completing an invoice.
They become more prone to cash flow gaps and issues, which calls for extra capital injection. With fast-funding business loans, they get the money as soon as needed. They won’t have to worry about the lost revenue and get their trucks back on the road soon because they get small business loans fast.
Ready to Grow Your Business?
Alternatives to Flexible and Fast Business Loans
These fast funding options can provide quick access to cash when your business needs it most. However, it’s essential to consider the costs and repayment terms associated with each option to ensure it aligns with your business’s financial health and goals.
-
Merchant Cash Advances (MCA)
A merchant cash advance (MCA) is a financing option that provides a lump sum of cash in exchange for a portion of your future sales. This type of funding is particularly fast, with approval occurring within hours and funds deposited into your account in as little as one or two days. The repayment structure is tied directly to your daily credit card sales, meaning payments adjust according to your business's revenue fluctuations.
A merchant cash advance can be beneficial during slower periods, but it’s important to note that MCAs can be expensive due to the high fees and the percentage of sales taken, which can significantly impact your cash flow over time.
-
Business Credit Cards
Business credit cards are a versatile and quick way to access funds for various business needs. Upon approval, which can be almost immediate, you gain access to a revolving line of credit that can be used for everyday expenses, emergency purchases, or short-term projects.
What sets business credit cards apart is the additional benefits they offer, such as rewards programs, cash-back incentives, and travel perks, which can add value to your purchases. However, managing credit card debt carefully is crucial to avoid high-interest charges, which can accumulate quickly if balances are not paid off in full each month.
-
Crowdfunding
Crowdfunding is a unique and increasingly popular way to raise funds for your business by appealing to a broad audience of potential backers. Platforms like Kickstarter or Indiegogo allow you to present your business idea, project, or product to the public and solicit contributions.
This method is particularly effective for new product launches, creative projects, or community-focused initiatives with a clear story or mission that resonates with people. While crowdfunding doesn’t provide instant cash like other options, a well-executed campaign can generate significant funds without the need to repay the contributions, as backers typically receive rewards or products instead of interest or equity.
-
Personal Loans
Personal loans can be a fast and straightforward way to secure funds for your business, especially if you need cash quickly and don't want to go through the more complex business loan application process. These loans are often easier and quicker to obtain, with funds typically available within a few days.
Personal loans can be used for various business expenses, from covering operational costs to investing in new opportunities. However, the major downside is that your personal credit and financial health are at stake, as these loans are tied directly to your personal credit score and assets. If your business struggles to repay the loan, it could negatively impact your finances.
Business Owners That Used Quick Business Loans
One of our clients runs a small retail company, and her manufacturer offered the opportunity to purchase a bulk of inventory for less. She usually buys her inventory every quarter, but she was offered six months at a significantly discounted rate in this case. Unfortunately, she didn’t have enough capital to take advantage of the opportunity and needed to notify the manufacturer by the end of the week.
She decided to apply for a fast business loan. As a result, we were able to provide her with the capital, allowing her to grab the opportunity her manufacturer offered. After that, she drastically increased her cash flow because of the increased margins she made from her discounted inventory. After financing her inventory multiple times, she has enough working capital to order the stocks she needs without applying for more financing.
Flexible and Fast Business Loans to Meet Your Unique Needs
SMB Compass has helped provide flexible financing for over 1,000 small and medium-sized businesses throughout the United States. We understand your business needs quick and easy access to funding, so we offer fast business loans to address your immediate needs.
Our team provides small businesses with quick, flexible loans that are helpful for companies in every industry. Our flexible loan programs have interest rates as low as 5.25% APR and can be funded within the day.
We offer different types of small business loans for every business need imaginable. If you need financing now and want to know more, you can speak to one of our lending experts right now!
Ready to apply for Immediate Funding?
Common Questions. Straight Answers.
Online lenders often offer quicker funding times than traditional lenders when it comes to getting a small business loan fast. Some alternative online lenders can provide funds as little as 24 hours after approval, while others may take a few days. The speed of funding depends on the lender's underwriting process, the completeness and accuracy of your application, and the availability of funds.