Fast Small Business Loans – Compare Five Leading Brands in 2018

Even the highest performing small businesses can experience a sudden, unexpected cash flow crisis. Or maybe you don’t want to turn down an awesome business opportunity. Whatever the cause, you now need to explore fast small business loans without delay. In this article, we’ll cover five of the best options for differing needs and circumstances. We also summarise their main pros and cons to help you decide where to get a fast cash-injection for your business.

Fast Small Business Loans Summary Table

 Typical TurnaroundLoan Range and ConditionsAPR Range*
image-of-ondeck-a-provider-of-fast-business-loans1-2 days$5-$500K
500+ personal credit score
9-99%
image-of-fundbox-a-provider-of-fast-business-loans1-2 days$1-$100K
No minimum credit score
15-59%
image-of-kabbage-a-provider-of-fast-business-loans1-3 days$2-$250K
No minimum credit score
24-99%
image-of-quarterspot-a-provider-of-fast-business-loans1-3 days$5-$200K
550+ personal credit score
30-70%
image-of-street-shares-a-provider-of-fast-business-loans1-5 days$2-$100K
600+ personal credit score
9-40%

(* Note: The lender will assess the risk you represent to calculate the actual APR you are be offered).

Fast small business loans tend to be more expensive than mainstream bank loans, which take longer to put in place. However, if your credit score is good, they should cost less than business credit card borrowing. Below we have recommended five options to solve short-term cash flow problems under different circumstances.

We also recommend that you make time to take advice from your accountant or an independent financial advisor before putting a fast small business loan in place.

image-of-ondeck-a-provider-of-fast-business-loans

OnDeck: Best for Fast Short-Term Loans

To qualify your credit score needs to be 500 or higher and you need a solid trading history with over $100k in revenue taken over the last 12-months. If you can match this criteria, OnDeck can often provide a more competitive APR than other short-term fast small business loans options. You can apply online or over the phone in around 10-minutes and get funding approved typically within 48-hours. If your business has uneven cash flow, OnDeck’s line of credit can provide you a workable solution.

Main Pros

  • The application process is easy to complete
  • You won’t be asked for any personal guarantees
  • Second time around, your fees will reduce

Main Cons

  • If you represent a high risk, your loan will cost more
  • You need to provide a lien over your business assets
  • There’s no cost-reduction for early settlement
Visit OnDeck

image-of-fundbox-a-provider-of-fast-business-loans

Fundbox: Best for Invoice Financing

Fundbox typically turnaround your loan application within 24-hours. And qualifying for Fundbox invoice financing is easier because they don’t set a minimum credit score. In addition, you only have to be in business for six months to qualify. Fundbox may be a great way to solve your cash-flow crisis if you have a bad credit score and a high volume of customers who are slow to pay.

Main Pros:

  • It’s easy to qualify
  • You won’t be asked for a personal guarantee
  • You get early repayment flexibility without penalties

Main Cons:

  • If you represent a high risk, your loan will cost more
  • You need to be using online accounting software like QuickBooks or Xero
Visit Fundbox

image-of-kabbage-a-provider-of-fast-business-loans

Kabbage: Best for Working Capital Loans

Like Fundbox, Kabbage is a great option if you have a less than perfect credit history. This is because you don’t have to provide a minimum personal credit score to qualify for a loan. In addition, Kabbage has a user-friendly online application process, which takes 10-minutes to complete. Thereafter, loan decisions are typically made within 48-hours. However, to qualify your business needs to have been trading for at least 12-months and generated more than $50,000 over the last 12-months of trading.

Main Pro:

  • It’s easy to qualify
  • There’s no application process to complete, you connect via your accounting software (e.g. QuickBooks or Xero)
  • You can borrow up to $250K

Main Con:

  • If you represent a high risk, your loan will cost more
  • There’s no benefit from paying the loan back early
Visit Kabbage image-of-quarterspot-a-provider-of-fast-business-loans

QuarterSpot: Best for Poor Credit Borrowers

Quarterspot have designed their small business loan packages for business owners with poor credit. Loans are for nine, 12 and 18 months with the APR in the range of 30-70%. This rate reflects that borrowers are likely to have less than perfect credit and the increased risk is reflected in the cost of money. Quarterspot assess your ability to pay the loan back by analysing your recent bank transactions rather than using your credit score.

Main Pro:

  • It’s easy to qualify
  • Quarterspot assesses your bank transactions to make a decision
  • You can save interest by paying the loan back early

Main Con:

  • If you represent a high risk, your loan will cost more
  • You have to provide a personal guarantee
Visit QuarterSpot

image-of-street-shares-a-provider-of-fast-business-loans

Street Shares: Best for Government Contract Financing

Street Shares has an innovative new loan product for small businesses who generate their revenue from long-term government contracts. They will loan you 80 to 90% of the contract value once it is signed. This is great for businesses you need to manage  payment terms that challenge small business cash flow. After you have been reimbursed, StreetShares will pay over the balance of the contract value less their costs. The cost is an APR in the range of 12 to 25%.

Main Pro:

  • It’s easy to qualify
  • New businesses can qualify
  • You can save interest by paying the loan back early

Main Con:

  • If you represent a high risk, your loan will cost more
  • You pay your loan back via automated weekly payments
Visit Street Shares

The Juice Press

Even the highest performing small businesses can experience a sudden, unexpected cash flow crisis. If you’re looking for a fast small business loan, this article has hopefully provided you with a good range of options to explore. We also recommend discussing the pros and cons with your accountant or financial advisor.