Fast Business Loans: Best Options for Quick Cash #sba #business #loans


#fast business loans

#

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Fast Business Loans: Best Options for Quick Cash

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

Sometimes, your small business just can’t afford to wait for funding. Maybe a major piece of equipment has failed, or your pipes burst. Or perhaps you don’t want to miss out on a business opportunity. You need fast cash, and you’re willing to pay more for the speed and convenience.

Business loans from banks are great for keeping loan costs down, but the lengthy application and underwriting process means it can take months to get your money. Online business loans can make sense when speed is your top concern. Below, we compare some of the best business loans for fast cash.

HERE ARE OUR RECOMMENDATIONS FOR:

If you want fast cash for immediate needs: Kabbage, OnDeck and Lending Club

Kabbage, OnDeck and Lending Club can provide you with fast cash to handle virtually any immediate need, including dealing with a financial emergency, buying inventory, meeting payroll or other business purposes.

If you have shaky credit, Kabbage could be a good option. The lender does not require a minimum credit score to qualify; instead, your business needs a year of history and at least $50,000 in annual revenue. Kabbage provides a line of credit up to $100,000. You can complete the company’s online application in minutes, with approval and funding just as fast or within a few days, depending on how quickly Kabbage can obtain your business data and verify your bank account. Kabbage, though, comes with high borrowing costs, from 32% to 108% annual percentage rate.

If your personal credit score tops 500 and your annual revenue starts at $100,000, consider an OnDeck term loan. As with Kabbage, you only need a year in business. But OnDeck borrowing costs are lower than those of Kabbage, with APRs of 9% to 98% on term loans and 14% to 40% on lines of credit. The line of credit, which provides more flexibility than a term loan, is a good choice if you have a personal credit score of 600 or more. You can draw and repay funds on an as-needed basis, and with lower overall APRs the line could be less costly than the term loan. You can finish OnDeck’s online application in 10 minutes, with funding as fast as 24 hours but typically in a few days.

Lending Club offers the lowest overall borrowing costs of the three lenders, and funding for its term loan and line of credit typically arrive in less than a week. APRs range from 8% to 32%. You’ll need a personal credit score of at least 600, $75,000 in annual revenue and two years in business to qualify for either product.

  • Loan amount: $5,000 to $500,000 for term loans; up to $100,000 for lines of credit.
  • APR: 9% to 98% for term loans; 14% to 40% for lines of credit.
  • Loan term: Term loans repaid daily or weekly for three to 36 months; lines of credit are repaid weekly.
  • Funding time: As fast as 24 hours but typically a few days.
  • Read our OnDeck review .

Before you apply for an OnDeck loan, find out whether you meet the lender s minimum qualifications.

  • 500+ personal credit score for term loans; 600+ personal credit score for lines of credit.
  • 1+ year in business for term loans; 9+ months in business for lines of credit.
  • $100,000+ in annual revenue for term loans; $75,000+ in annual revenue for lines of credit.
  • No bankruptcies in the last two years.
  • Personal guarantee required.

Before you apply for a Lending Club line of credit, find out whether you meet the minimum qualifications.

  • 600+ personal credit score.
  • 2+ years in business.
  • $75,000+ in annual revenue.
  • Own at least 20% of the business.
  • No recent bankruptcies or tax liens.
  • Provide collateral for loans and lines of credit of more than $100,000.

Lending Club is currently unavailable to borrowers in Iowa and Idaho.

If you need fast cash for a business opportunity: Lending Club, OnDeck and Dealstruck

Small businesses have a number of choices when looking to finance fast expansion or growth.

Lending Club’s term loans come with low rates, but qualifying may be more difficult compared with OnDeck and Dealstruck. You’ll need at least a 600 personal credit score, $75,000 in annual revenue and two years in business.

If you don’t qualify for Lending Club or need cash sooner, OnDeck’s funding turnaround can be as fast as a single day —though, more often, several days to a week. To qualify, you need at least a 500 credit score, a year in business and $100,000 in annual revenue. Your APR will likely be higher than at Lending Club. And, unlike other lenders, OnDeck requires daily or weekly repayments on its term loans, so your business should have steady cash flow to handle the frequent repayments.

If you need more than one type of financing or are unsure which type of financing you need, Dealstruck could be your best bet. The lender has a variety of loan products, such as term loans and inventory lines of credit, with an average of 10 days to funding. To qualify, you need one year of business history, a personal credit score starting at 600 and $150,000 in annual revenue.

Before you apply for a Lending Club loan, find out whether you meet the minimum qualifications.

  • 600+ personal credit score.
  • 2+ years in business.
  • $75,000+ in annual revenue.
  • Own at least 20% of the business.
  • No recent bankruptcies or tax liens.
  • Provide collateral for loans of more than $100,000.

Lending Club is currently unavailable to borrowers in Iowa and Idaho.

Before you apply for an OnDeck loan, find out whether you meet the lender s minimum qualifications.

  • 500+ personal credit score.
  • 1+ year in business.
  • $100,000+ in annual revenue.
  • No bankruptcies in the last two years.
  • Personal guarantee required.

  • Loan amount: $50,000 to $500,000 for term loans; up to $500,000 for inventory and asset-based lines of credit.
  • APR: 10% to 28% for term loans; 22% plus prime rate for inventory and asset-based lines of credit.
  • Loan term: Six months to four years for term loans; six months per draw for lines of credit.
  • Funding time: Average of 10 days.
  • Read our Dealstruck review .

Before you apply for a Dealstruck loan, find out whether you meet the lender s minimum qualifications.

  • 600+ personal credit score.
  • 1+ year in business.
  • $150,000+ in annual revenue.
  • Breaking even or profitable.
  • Personal guarantee and a lien on business assets required.

You may also like

Lender reviews

See how different lenders stack up in NerdWallet’s expert reviews

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines. and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

2016 NerdWallet, Inc. All Rights Reserved

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools, blog content and editorial reviews are based on objective analysis. For more information, please see our Advertiser Disclosure .


Tags : , , , , , , ,

0 thoughts on “Fast Business Loans: Best Options for Quick Cash #sba #business #loans”

Leave a Reply

Your email address will not be published. Required fields are marked *