Quick Business Loan Options with Fast Approvals

business-loans-fast-approval

At some point or another, your small business might need some extra money. Whether there was a sudden, unexpected expense or you simply want to try to expand, you’re going to need fast business funding. But with so many loan companies making it a challenge to help with quick business loan types, there may be a sense of discouragement. You need a loan that can help, and now.

Below, we’ll review the top (quick) business loans with fast approvals:

Luckily for the business owner who needs money fast, there are some fantastic companies to choose from. (Some options will also work for those folks with bad credit and need a business loan fast.)

We’ll cover the following business loan programs with:

  1. Kabbage
  2. Fundbox
  3. BlueVine
  4. Credibility Capital

Let’s get started.

The Top 4 Quick Business Loans with Fast Approvals

We’ve handpicked the best options for you to review below. As you review each lender, please take notice of the interest rate charges and the pros vs. cons of each.

Kabbage

For any company that is looking for quick business loans on the same day, they might find the best luck with Kabbage. This is an alternative lender that gives companies easy access to the working capital they may need.

Kabbage is the best option for those who:

  • Don’t have the best personal credit. Just because your credit history may not be superb, that doesn’t mean you can’t get a loan with Kabbage. They don’t care about your personal credit. Instead, they put their primary focus on your bank statements and accounting. That being said, Kabbage is clearly a top pick for quick business loans that don’t use personal credit. (Minimum score 560)
  • Need money fast. Another reason why businesses love Kabbage is there is no hassle of going in and chatting with a customer service agent for hours on end, trying to find the best deal. Kabbage offers quick business loans online, so you can fill out the information in the comfort of your own office in a matter of minutes. Easy!
  • Want a shorter repayment period. Some loans may draw out repayment, which means more hassle and money spent in the long run- but not with Kabbage. Kabbage designed their repayment program to work in three different terms: 6, 12, or 18 months.

As you can see, Kabbage is easy to use and is a great fit for someone who may have a rocky credit history. They focus on your recent bank statements, and you can apply over the computer. Now let’s take a look at some of the pros and cons of this specific loan company.

Pros of Using Kabbage:

There is a multitude of pros associated with Kabbage that can truly benefit the business owner.

  • Access to Money Quickly. Perhaps the biggest pro of using Kabbage is that it is known for providing business loan fast approval while providing their customers with cash immediately. Of course, that does mean dealing with a higher rate, but it’s worth it for the speed in most cases.
  • No Paperwork Required. Anyone who has ever dealt with a loan company knows that it can be a hassle. All of the talking, questions, and paperwork can be a nuisance. Kabbage made it easy to apply with an online option that removes paperwork entirely. Simply connect your businesses’ checking account or other software to apply.
  • The Option of a Kabbage Card. The Kabbage Card is simply a credit card. Every time you buy something with your Kabbage Card, you will be using money from your line of credit. Each purchase will come with a specific Fee Structure, though, so it is important to pay close attention when buying.
  • You Don’t Need Good Credit. Struggles happen in life, especially when it comes to credit. If you have bad credit and can’t apply for a loan with lower rates, then don’t worry- there is room for you with Kabbage. They don’t care about your credit. Instead, they focus on bank statements. You can even show proof of income from PayPal, QuickBooks, Amazon, eBay, and more. (Minimum score 560)
  • Can Borrow Up to $250,000. For someone who is looking for a lot of money quickly, Kabbage is a great choice. You can get up to as much as $250,000 at once, which can really help a business in a bind. However, you will need an annual revenue of at least $50,000.

Cons of Using Kabbage:

  • High Annual Rates. The biggest downside to using Kabbage is its insanely high annual rates. With percentages starting at 24%, you will be paying a lot more back than you originally took out. This is a fine idea for someone who needs a quick fix and can repay with ease. For larger issues, such as a renovation, you’re best to go with a lower-cost loan.
  • Complicated Fee Structure. Another big downside to Kabbage is the complicated fee structure. There is a fee structure for using the Kabbage Card as well as fees every time you pay back the loan. For the first month, there is a fee of 1% to 10% every month after being 1%.
  • No Plus to Repaying Early. Some companies may give you some great incentives to repay your loan early, but not with Kabbage. Since you pay almost the entire loan back within the first few months of receiving it, there is no upside to paying it quicker.
  • Must be in Business at Least a Year. While this is good news for the fairly new company, it’s not great for someone just starting out. Kabbage expects to see bank statements for at least a year before providing a loan.

Overview

Kabbage is great for quick business direct lender bad credit loans, but they come with high annual rates that can really bite you if you are not prepared. However, many businesses find that the ease of applying over the internet and quick access to money makes it an ideal loan, even if it does have higher quick business loan rates.

Fundbox

Fundbox is another top-rated company that offers fast business funding. It is one of the few companies that provide businesses with cash on the same day. With only needing to be in business for as little as 3 months, they are also a top pick for quick business loans for startups. You may find Fundbox beneficial to your business needs if you:

  • Need Money Quickly. Did you know that Fundbox is one of the few companies that provide same-day business loans? This means that you can apply in the morning and have your cash by the afternoon. Any business that finds itself in a bind with a cash-flow gap will thoroughly enjoy this feature from Fundbox.
  • Easy to Qualify. Some other companies may demand years of business history and high annual revenue, but Fundbox is different. Instead, they are known to offer quick business loans bad credit and only require a 500 FICO score. You only need to be in business for at least three months with a revenue of $50,000 in order to qualify.

With fash cash and low requirements, Fundbox seems like a dream come true to a multitude of business owners. We’re going to take a more in-depth look at the specific pros and cons of this company to see if it is right for you.

Advantages of Using Fundbox:

  • Have Cash in Your Bank Account Within One Business Day. When you use Fundbox, once you are approved, you can request funds immediately. This makes Fundbox the go-to for same-day business loans as you can request cash and see it in your bank account within one business day. That’s incredible!
  • Little Requirements Necessary. Even if you’re credit might not be the best, Fundbox can help. They’re a great option for quick business loans that don’t use personal credit, relying mostly on your bank account or any type of accounting software your company uses such as QuickBooks, Xero, Sage One, or Jobber.
  • No Guarantees Needed. Fundbox is the ideal company for quick business loans for startups because they don’t expect a guarantee from brand new companies that are given a line of credit less than $50,000. To put it simply, if your company fails, you will not need to repay the loan you took out.
  • No Collateral. Some loan companies may require collateral, but Fundbox is a company that offers quick business loans without collateral. This means that you will not need to provide any type of physical asset up for repayment in the off chance you can’t repay your loan.
  • Great Options for Repayment. Unlike Kabbage. Fundbox gives its customers incentives to repaying early. By early repaying, you can save on fees, and you do not need to worry about pesky penalties standing in the way of you and paying your loan.

The Disadvantages of Using Fundbox:

  • High Annual Rate. Slightly less than Kabbage but still fairly high, Fundbox offers an annual percentage rate starting at 10.1%. There is a weekly fee, and most lines of credit are paid back in a format of 12 to 24 weekly installments. Of course, there is the option of repaying early to avoid some of these fees.
  • Loans Cap at $100,000. Unlike Kabbage, which offers up to $250,000, Fundbox only offers to finance up to $100,000. This is only an issue if your business needs more money.

Overview

Fundbox is the top choice for someone who is looking for quick business loans without collateral or good credit. However, they only allow financing up to $100,000, which might not be enough in some cases. It’s a great choice for newer companies who just need a bit of extra cash flow, and repaying early can save on pesky fees.

BlueVine

BlueVine may have more quick business loan requirements, but it’s well worth it if you are looking for options when it comes to your loan. In fact, BlueVine gives its customers three different quick business loan types to suit their specific needs. Let’s take a look at the first few reasons why BlueVine may be right for you:

  • Need Cash Quickly. With BlueVine, their fast business funding can ensure you have your money within 12 to 14 hours after approval. This is a major plus to anyone who is struggling with a cash flow gap, and they need their money immediately.
  • Have Lower Credit. While BlueVine may be slightly pickier with their credit scores, it isn’t like the majority of companies out there. As long as your credit score is 600, you should not have a problem qualifying with one of BlueVine’s loans.

Types of Loans with BlueVine

We mentioned three different types of credit lines available with BlueVine. This is one of the major benefits of choosing BlueVine for your financing needs. This allows for more flexibility in finding the loan that is right for you.

The three lines of credit offered from BlueVine include:

Business Line of Credit

With this specific type of credit, you can receive anywhere from $5,000 to $250,000 at a time. The loan terms range from 6 to 12 months, making it the ideal choice for any type of short-term financial needs.

To qualify for the Business Line of Credit with BlueVine, you will need:

Six Months of Credit: 600+ credit score, 6+ months of being in business, and $100,000+ in annual revenue.

12 Months of Credit: 620+ credit score, 2+ years of being in business, and $450,000 in annual revenue.

Invoice Factoring

If you need more money, than the Invoice Factoring line of credit from BlueVine will be a prime pick. The loan amount can be anywhere from $20,000 to a whopping $5 million. The annual rate starts at 15%.

In order to qualify, you will need a credit score of over 530, at least 3 months of being in business, and annual revenue of over $100,000.

Term Loan

Last but not least is the Term Loan from BlueVine. This particular loan is the best choice for newer companies that don’t need too much money but require some short-term funds. This loan can range anywhere from $5,000 to $250,000, with an APR starting at 15%. The loan term is either 6 months or 12 months.

In order to qualify for a Term Loan, you will need: a credit score of at least 600, be in business for 6 or more months, have $100,000 annual revenue, and also put up a personal guarantee as well as a business lien.

Pros of Using BlueVine:

  • You Get Your Money Fast. Whichever type of loan you decide on, you can rest assured these are same day business loans. For instance, a Line of Credit loan takes approximately 12 hours, an Invoice Factoring Loan will take a few minutes up to a day, and a Term Loan will be as little as 10 minutes.
  • You Don’t Have the Best Credit. A lot of lenders focus on credit scores too much. And while BlueVine would prefer your credit score to be 630, they can still work with scores as low as 600. However, they will pay extra close attention to your business’ cash flow.

Cons of Using BlueVine:

  • High Annual Rates. The biggest drawback of using BlueVine is its high annual rates. Rates can go up to 68% when using the Invoice Factoring Loan, and an APR on a Term Loan can range up to 88%.
  • You Might Have to Pay Back What Your Customers Don’t. When you decide on an Invoice Factoring loan, you’re expecting your customers to pay back any type of unpaid invoice within 2 weeks. If they don’t pay, it comes out of your pocket.
  • Higher Payments. Since BlueVine only has repayment options for up to 12 months, that means you will be paying more frequently and at higher amounts. While this means you can repay your loan quicker, it can be a struggle, especially for new businesses that aren’t established.

Overview

BlueVine is an excellent choice as they provide three different types of quick business loans same day. They don’t rely on your credit score, and the variety of loan options makes it easier to find exactly what you are looking for. Just be prepared for more frequent and higher payments to repay your loan.

Credibility Capital

Even more established businesses with high annual revenue and good credit may need help from time to time, and that is where Credibility Capital comes into play. This company offers competitive rates as low as 10%, and you can rest assured Credibility Capital is a fast business funding company, which means the money in your pocket faster.

You might find Credibility Capital to be right for you if:

  • You Have Strong Credit. Your credit score must be at least 680 to work with this company, which gives some leeway to those who are good, not great. And with low annual percentages between 10% and 25%, it’s an attractive offer.
  • You Are Trying to Grow Your Business. This loan company is mostly used for businesses looking to expand, with most loans ranging around $75,000.

Pros of Using Credibility Capital:

  • Flexibility with Underwriting. Just because you might not have the best credit score doesn’t mean Credibility Capital will completely look you over. In fact, the company prides itself on looking at strong performance over lower credit scores when handing out loans.
  • No Fees for Repayment. Repaying your loan faster won’t leave you paying any harsh penalties, which is a major bonus. Sometimes companies find they no longer need the loan sooner than they thought, which is great and helps cut down on interest charges.
  • Automatic Payments. Your loan will be connected to an ACH transfer and be taken out every month. Each monthly payment will automatically include the principal and interest, so you can know that your loan is being paid off in the time frame it is supposed to.

Cons of Using Credibility Capital:

  • Not a Good Option for Those With Bad Credit. While Credibility Capital has some leeway when it comes to credit scores, they still prefer to work with those who have higher credit scores above 650. They also won’t loan to anyone who has had any type of bankruptcy, either personal or business-related.
  • Only Offers Short-Term Financing. Anyone who is looking for financing longer than three years won’t have luck with this company. Their terms max out at three years, so this is certainly something to consider.
  • They Require Collateral and Personal Guarantee. Credibility Capital secures its loans with a UCC-1 filing. This essentially means that your business will be used as collateral when choosing this company for loans. They may also make you place a personal guarantee on your loan.

Overview

For someone with stronger credit and a business that’s been around for several years, this may be the best choice. They offer quick funding loans without high APRs, which is attractive to anyone who has a higher credit score and not wanting to pay an arm and a leg in fees and interest. However, keep in mind you will have to put up collateral and possibly a guarantee.

Who Needs a Quick Business Loan?

There are several different reasons why someone may want to take out a business loan. It could be reasons that are positive, like expansion, or hardship moments when you are simply trying to make payroll for your employees. The top 4 reasons why anyone might want a business loan include:

  1. You want to purchase real estate or have another method of expanding your business, such as a remodel.
  2. Your business needs new equipment, or a piece of equipment has broken and needs to be replaced or repaired.
  3. You need to purchase inventory, especially if you’re dealing with a company that is only seasonal.
  4. You need working capital, which is especially true for newer businesses that may not have their daily operations meeting their working capital goals quite yet.

Whether the project is big or small, fast business funding can help. Just remember that each company will have its own set of rules on who they qualify and how you are able to pay back the loan. They will also offer different amounts. Someone who is remodeling will need a much larger loan than someone who needs some extra supplies.

How Quick Business Loans Work

At this point you might be wondering: “Quick business loans- how do they work?” And you are not alone. It’s best to relate a business loan to a credit card: they give you money to use when you need it, and you have to pay it back. You can also look at it the same way as a house loan: a company provides you with a chunk of money to use on the home, and it’s your job to repay it.

First things first—what are the loan requirements? Before you can even think about getting a loan, you need to find out the company’s requirements. Some may need a credit score of over 600, while others will work with scores down to 500. You will also need to make sure you have the right annual revenue to work with the company.

When it comes to paying the money back, there are three different types of loans and repayment methods:

  • Revolving. This is much like a credit card. You can access the money when you need it, pay it back, and have the full amount still in your credit line. As long as the account is open, you can use it and repay it whenever you can.
  • Installment. This is when a business receives the entire amount, and you will need to pay back the loan in installments.
  • Cash Flow. With a cash flow loan, you are given the full amount, but repayments are not made monthly. Instead, this type of loan will be paid back as a direct result of your cash flow.

Conclusion

If you find your business needs fast business funding, you can find help with one of these top 4 companies. Each has its own set of requirements, pros, and cons, so make sure to perform ample research before reaching out to these companies.

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