Best Fast Business Loans of 2021

There are countless fast business loans that you can use, but you will quickly find that some loans are far different from fast small business loans. Not only do interest rates and repayment terms greatly vary, but you will soon find that the eligibility requirements can also vary, especially for quick business loans. Fast business loans inject the cash you need into your business to overcome financial hurdles or even to expand by taking advantage of an important opportunity. We used our proprietary scoring system, SimpleScore, to vet the best fast business loans by reviewing APRs, loan amounts, terms, fees and product variety.

Lending Partner
APR Range
Loan Amount
  • OnDeck
    Logo for OnDeck
    APR Range
    Loan Amount
    3–36 months
    Check Rates
    on lender’s secure website
  • Bluevine
    APR Range
    Loan Amount
    Up to $250,000
    Check Rates
    on lender’s secure website
In this article

    The 4 best fast business loans of 2021

    The best fast business loans at a glance

     APR RangeLoan AmountMinimum Credit ScoreFunding Time
    OnDeck16.9%–99%$5,000–$50,000600Same day
    KabbageVaries$1,000–$150,0006401-3 business days
    Fundation8%–24.99%$20,000–$50,0006201-3 days
    SmartBiz 7.99%–24.99%$30,000–$500,0006501 week

    Best fast business loan – OnDeck

    OnDeck will pair you with the right match for your business loan or line of credit. It is a solid loan provider featuring a revolving line of credit and a simple application process. Its wide availability is an added benefit, servicing all states except South Dakota.

    APR Range
    3–36 months
    Loan Amount
    2.8 / 5.0
    SimpleScore OnDeck 2.8
    APR 1
    Loan Amount 5
    Fees 4
    Product Variety 2
    Terms 2

    OnDeck is a veteran lender with experience in over 700 industries with both its line of credit and business term loans. All you need is one application, and you automatically apply for both for up to $100,000 in a revolving line of credit. It services all states except South Dakota.

    Eligibility requirements are as follows:

    • Minimum of three years in operation
    • Minimum of $250,000 in annual revenue
    • Active business bank account
    OnDeck Disclosure

    *There are some industries we cannot serve (see list of restricted industries), as well as some industries and states impacted by the Coronavirus to which we are temporarily not lending. In addition, OnDeck does not lend to businesses in Nevada, North Dakota or South Dakota. OnDeck is no longer accepting new Paycheck Protection Program (PPP) loan applications. Registration terms and conditions apply. Instant Funding registration and withdrawals are currently supported from your desktop and the OnDeck mobile website. They are not currently supported in the OnDeck mobile app. Occasionally, transfer may take up to 30 minutes to complete due to potential Visa & bank processing lags. This benefit is available at no additional cost with a vast majority of major banks participating. Instant Funding is available for transactions between $1K-$10K.

    Best for bad credit businesses – Kabbage

    Get your money fast with quick processing and simple repayment terms from Kabbage. With loans up to $150,000 and a revolving line of credit, Kabbage is a great choice when you need serious funding for your business.

    One of the best parts about Kabbage is its easy and convenient online application process. It doesn’t require much paperwork or documentation, seriously speeding up the process for 1-3 business day funding.

    To apply, you must:

    • Be in business for at least one year
    • Have a $50,000 minimum for annual revenue

    It makes an already attractive lender even better with greater accessibility for the growing business that’s strapped for cash.

    Best for established businesses – Fundation

    Our two cents – Fundation isn’t designed for budding small businesses, but it offers great flexibility for larger companies that need cash flow. Fundation is not for everyone, given its very stringent eligibility requirements. It requires a great credit history and established business operations to qualify, but if you do, you could benefit from excellent APRs.

    For a Fundation loan, the credit requirements depend on the value of your loan. For loans under $75,000, you only need a credit score of 620, but for over $75,000, the requirements jump to 640.

    Fundation has great APRs but is undoubtedly designed for larger businesses. To qualify, you must have a minimum of $200,000 in annual sales and at least three employees on the payroll. Your record also shouldn’t show late payments in the last year or any bankruptcies or foreclosures in the previous three.

    Best for SBA loans – SmartBiz

    Especially known for real estate needs, an SBA 7(a) loan from SmartBiz carries up to an 85% approval rate and impressive APR rates. There are a ton of hoops to jump through to get this loan, so not everyone can apply. However, the high approval rate and flexible terms make these APR rates well worth it.

    APR Range
    2–5 years
    Loan Amount
    4.2 / 5.0
    SimpleScore SmartBiz 4.2
    APR 4
    Loan Amount 5
    Fees 4
    Product Variety 3
    Terms 5

    SmartBiz is an online lender that uses Small Business Administration (SBA) 7(a) loans. These loans are especially attractive because they come with a guaranteed rate of up to 85% and more advantageous APR’s.

    The eligibility requirements for a small business loan are extensive, requiring a clean financial record and a FICO SBSS LiquidCredit score requirement of 150 in addition to traditional credit reporting.

    What is a fast business loan?

    As a business owner, there are times when you need cash quickly. It could be for a number of reasons: perhaps you need some extra money to float payroll this month, or maybe the building sprung a leak, and there are replacements that need to be made. A fast business loan can also serve as the final financing you need to make that push into bigger and better growth.

    Whatever the reason, a fast business loan can get you funding quickly, and, unlike a traditional loan, it can still offer you extra time and flexible terms to pay it back.

    Check Your Business Loan Rates

    View our top-rated lenders and find the best rates today. It’s quick and easy.

    How fast business loans work


    You will quickly find that there are two different kinds of APRs for your fast business loan. While it’s tempting to go with the lowest rate, a fixed rate could cost you more in the long run if a variable rate drops during the life of your loan. Because a fixed-rate doesn’t change, it provides more stability and peace of mind than a variable APR, but you risk paying more if the market changes.

    The coronavirus pandemic is a perfect example of how market changes can disrupt the APR‘s for a fast business loan. When the world ground to a halt, markets plummeted. Those borrowers with variable APR‘s benefited from these changes, while those with fixed rate loans were stuck repaying the same pre-COVID-19 rates that they had committed to before the pandemic.


    Before you commit to a fast business loan, it’s important to understand the terms of your provider’s loan.

    Your loan is configured based on a specific calculation of the amount that you were borrowing, the amount of time you have to pay it back and the amount of interest that you will pay with your APR. The higher your APR and the longer your loan, the more interest you will pay on top of the amount that you actually borrow.

    Even if one provider may have a slightly lower APR for your fast business loan, a longer term could end up costing you more than another provider’s loan that offers a shorter repayment term with a slightly higher APR. That’s why it’s critical to carefully calculate your options to see which fast business loan is best for you.

    Secured vs. unsecured business loan

    There are two types of loans that you can choose from when you need a fast business loan: a secured loan and an unsecured loan.

    A secured loan is one that offers backing through some form of collateral. This means that if you fail to meet the terms of your loan’s repayment, you risk forfeiting your collateral in payment. This can include your home, your car or any other assets the lender can liquidate to settle your debt.

    An unsecured loan does not include collateral, so these loans are often harder to get and come with more stringent terms, including higher APRs.

    [Read: Best Small Business Loan Rates of 2020]

    Types of business loans

    A fast business loan can be further defined as any of these specific loans.

    Working capital loans

    A working capital loan is designed to cover the everyday operations of your business and can help when you need an extra boost in overall cash flow.

    These are not loans meant to grow or improve your business but rather sustain it. A working capital loan injects new capital that helps you maintain your daily operations when cash is tight.

    This is a common type of loan that many businesses are using today in light of the coronavirus pandemic. The temporary funding that a working capital loan provides allows companies to get through a rough patch when business is down.

    Equipment financing loan

    Your equipment is a vital part of your business, and it may be impossible to operate without it. It can also be hard to keep up with emerging technology while fighting to keep your finances out of the red.

    An equipment financing loan can be the quick financial boost that you need to jumpstart your business. This is a great way to invest in your company’s equipment now for better success and easier repayment down the road. Even if sales are great, you could still benefit from a fast business loan in lieu of an outright purchase or direct financing through a manufacturer or retailer.

    Invoice factoring loans

    Though commonly known as a loan, an invoice factoring loan is actually something different.

    When you have a bunch of outstanding invoices that you just can’t seem to get customers to pay, you have the option of using an invoice factoring loan which sells your invoices at a bulk discount to a third-party provider. You are paid a lump sum, and the provider then moves to settle and collect those debts themselves.

    While not ideal for all businesses, this is a beneficial fast business loan for some companies to receive the cash they need upfront to complete a project before the customer’s payment actually comes due.

    When to use a business loan

    A fast business loan is a popular way for cash-strapped businesses to infuse new life into their operations, buying more opportunities for growth.

    When you take out a loan, interest always makes sure that you walk away at a loss. That’s why it’s important to make sure that you really need this loan because it will cost you.

    However, when leveraged appropriately, a fast business loan can give you the cash you need to significantly grow your profits so that the loan promotes cash flow rather than detracting it.

    Popular uses for a fast business loan include emergency repairs, additional funds for payroll or just extra cash for your everyday expenses. Just be sure that whatever amount you borrow, you can pay it back and meet the terms of your loan so you don’t do more harm than good. A fast business loan has been an invaluable help to countless businesses all over the country, but if you aren’t careful, it could cost you your entire business.

    [Read: A Loan to Build a Dream On: Where to Find Small Business Funding]

    When not to use a business loan

    While fast business loans can provide much-needed help, there are also times when it can be more harmful to your business than it is helpful. Before you commit to any business loan, it’s vital that you fully understand the APR and the accompanying terms of your loan. Many loans last for many, many years, and it’s critical that you are able to meet the repayment terms.

    If you intend to repay your loan early rather than payments staggered over time, you will want to consider any prepayment penalties that a lender may assess. A prepayment penalty is a fee that is charged by some lenders when you pay your loan off ahead of schedule. By making a lump payment, you can save yourself tons of interest, so many lenders recoup these losses through prepayment penalties.

    While some lenders charge nothing at all, others can charge very steep fees that don’t make it worth your while.

    Check Your Business Loan Rates

    View our top-rated lenders and find the best rates today. It’s quick and easy.

    We welcome your feedback on this article and would love to hear about your experience with the business loans we recommend. Contact us at with comments or questions.



    We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore™

    We break down each of these five factors and their rating criteria for our review of the best auto loan companies of 2020.


    Why do some brands have different SimpleScore on different pages?

    Some brands offer a variety of financial products, which is why they have different SimpleScores on different pages. We rate individual products that brands offer — not the brand as a whole. 

    For instance, in our American Express personal loans review we rated the company a 4.25 out of 5 based on rates, loan amount, customer satisfaction, customer support and fees. In our review of the best small business loan rates, American Express earned a 3.4 out of 5 SimpleScore based on its business loan product. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of each brands’ services and how they compare to competitors’ products.

    Median APR

    Lenders with a lower median APR are awarded higher scores — because even if you’re APR is average, your business is not.

    Maximum loan size

    Lenders that dole out loans with high maximums are also rewarded with higher scores. It takes money to run a business, and businesses need access to as much capital as it takes.

    Product variety

    Need more than just a business loan? Lenders that offer more than one type of financial product for businesses score higher than others that don’t.

    Educational Resources

    We gave out higher scores to lenders that have the following subjects covered in their blogs: loans, marketing, employee and staff, and credit or finance resources.


    Fees can add up fast and eat into operating costs –– that’s why we give a higher score to lenders that have fewer fees.

    Lena Borrelli

    Contributing Writer

    Lena Borrelli is a Tampa-based freelance writer who has worked with leading industry titans, such as Morgan Stanley, Wells Fargo, and Simon Corporation. Her work has most recently been published on sites like TIME, ADT, Fiscal Tiger, Bankrate and Home Advisor, as well as many other websites and blogs around the world.

    Reviewed by

    • Andrea Perez
      Andrea Perez
      Personal Finance Editor

      Andrea Perez is an editor at The Simple Dollar who leads our news and opinion coverage. She specializes in financial policy, banking, and investing.