Best Fast and Easy Business Loans in 2020

Did you know that big banks grant only about 30% of the funding applications they receive?1 Fortunately, alternative online business loans can help companies that are looking to borrow cash with fast approval.
Best Overall
  • Funding in as little as 3 days
  • Access to a network of 75*& lenders
Best for Bad Credit
  • Early as next-day funding
  • Easy qualifications
Best for Convenience
  • Funding available in 1–3 days
  • Options for small businesses
Best If Established
  • Funding available in 3 days
  • Benefits for repeat customers
Best for Custom Funding
  • Multiple loan offers
  • 24-hour approval process
Price Tag Approach

Brands considered

Money Approach

Features compared

Calendar Approach

Days of research

Person Approach

Business owners talked to

Whether you’re responding to an emergency, keeping inventory stocked, or covering payroll, if you’re a small-business owner looking for money, you usually need those funds fast. Unlike traditional bank loans and SBA loans that require tedious paperwork, difficult eligibility requirements, and long waiting times, online alternative lenders can provide funds in as little as 24 hours to businesses that can’t qualify for traditional loans. So instead of sitting around and worrying about making ends meet, you’ll find out if you got approved for funding and have access to capital right away. But fast or easy loans usually require paying a high interest rate and unfavorable repayment terms. By building personal and business credit and improving your business’s cash flow, you can qualify for lower-cost alternatives, such as lines of credit.

To narrow the field, we looked at how long different online companies took to get funding to small businesses, in addition to several other factors such as annual income requirements and loan minimums and maximums to determine who was best.

Fastest and easiest business loans

Compare the fastest small-business loans

How long to get funded
Min. credit score
Loan min./max.
Required annual income
Get a loan


3 days


$500/$5 million



1 day





1–3 days





3 days





1 day

No credit check

Contact representative


Data effective 11/11/19. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Since small-business financing is such a broad topic, this is just one part of our small-business loan series. In this review, we’ll unpack all the moving parts of quick and easy business loans. That way, you’ll have what you need to get the capital to grow your business.

Lendio: Best overall

Pro Bullet Fast funding approval
Pro Bullet Several different funding options
Pro Bullet Minimum credit score requirement of only 550
Con Bullet No options for startups
Con Bullet Potential hard credit inquiries

Lendio is first up in our top five fast and easy business loans. Lendio is an online marketplace that collects loan options from a network of over 75 business funders, including Kabbage, OnDeck, and Fundbox.

So instead of spending hours researching and shopping around, you’ll simply fill out one application and get matched with several lenders who may be able to finance you.

And while it may take up to three days to get funded, the time you’ll save comparing loan companies makes it our top choice.

To be clear, Lendio doesn’t offer financing itself. Instead, it matches you with lenders that do. Since it offers a variety of loans from several different lenders, your chances of finding financing are high.

If you choose to go this route, make sure you meet the minimum requirements. To qualify for financing, borrowers must own a business that has been operating for at least six months, rake in a minimum yearly revenue of $50,000, and have a credit score of 550 or higher.

Fundbox: Best for bad credit

Pro Bullet Affordable interest rates
Pro Bullet Many options for startups
Con Bullet Fast repayment terms
Con Bullet High interest rates

As an alternative lender, Fundbox provides some of the fastest funding on the market but is limited in the loan types provided.

If you have six months of business operations under your belt, compatible accounting software, and at least $50,000 in annual income, then Fundbox could offer you a business line of credit within a matter of hours.

In addition to providing same-day funding, Fundbox doesn’t require a credit check.

Kabbage: Best for conveniences

Pro Bullet Fast and automated application
Pro Bullet No credit check
Con Bullet High interest rates
Con Bullet Complex fee structure

Many business owners value convenience, which is what Kabbage is known for. In fact, Kabbage can provide funding as quickly as the same day you apply. The convenience extends to how you access your loan—no matter where you are, you can withdraw from your line of credit by using the Kabbage mobile app, swiping your Kabbage Visa card, or logging into your computer.

Younger, less established businesses have a solid chance of qualifying for Kabbage’s business line of credit.

For the best chance of getting approved with Kabbage, business owners must be in operation for at least one year and bring in a minimum of $50,000 per year.

While these fairly lenient requirements are great for small-business owners and startups, there’s a catch. Kabbage requires a personal guarantee for its line of credit. So if you default on your loan, you’ll be held personally responsible for the debt.

OnDeck: Best for established businesses

Pro Bullet Fast funding
Pro Bullet Benefits for repeat customers
Con Bullet High interest rates
Con Bullet Frequent payments

OnDeck offers business lines of credit that give you a set amount of funds, which can be accessed within three days of applying. You can draw from these funds whenever you need working capital, whether it’s to cover a one-off cost or simply stay afloat. Borrowers must make fixed weekly payments that are automatically deducted from their bank account.

OnDeck’s web platform and mobile app make it easier than ever for business owners to access their funds anywhere and anytime.

We also love OnDeck for its loyalty benefits and discounts for repeat customers.

To get approved for OnDeck’s line of credit financing option, your business must have been in operation for 12 months, have a minimum of $100,000 in annual income, and have a majority owner (the person who owns and controls most of the business, usually the business founder) with a personal credit score of 600 or higher. Thanks to OnDeck’s fast funding times, you’ll see your funds land in the bank as soon as 24 hours after you apply.

As for OnDeck’s rates and fees, be prepared to pay roughly 13.99% APR and a $20 monthly maintenance fee. Fortunately, this pesky maintenance fee can be waived for six months if you draw at least $5,000 or more in the first five days of opening your account.

QuickSpot: Best for custom funding

Pro Bullet Lenient eligibility requirements
Pro Bullet Personalized approach
Pro Bullet 24-hour turnaround time
Pro Bullet Wide variety of lenders
Con Bullet Little information about terms and fees

Like Lendio, QuickSpot serves as a matchmaker between businesses and lenders. This boutique online marketplace provides business lines of credit and term loans to small businesses within 24 hours. In fact, QuickSpot prides itself on speed and flexible funding. To receive financing, borrowers must show at least six months of business bank statements. Once QuickSpot receives your application and required bank statements, you’ll have access to a wide network of lenders.

Unfortunately, QuickSpot doesn’t offer the most detailed information on their website. So to fully understand their terms and fees, we recommend contacting QuickSpot directly.

Once QuickSpot receives your application and required bank statements, its underwriters will review and approve them within 24 hours.

Unfortunately, QuickSpot isn’t very forthcoming on its website. So to fully understand their terms and fees, we recommend contacting QuickSpot directly.

Don't qualify for a business loan because of your credit? Get a personal loan instead.

Types of fast business loans

Once you decide which lender is right for your business, your next step is choosing the type of loan that’s best for your business. If you have a weak credit score and credit history, here are some of the easiest and fastest loans on the market.

Merchant cash advance

Merchant cash advances (MCAs) provide businesses with a lump sum of cash in exchange for a percentage of future sales. This quick and easy financing solution is best for businesses whose income comes mostly from credit and debit card sales.

Invoice financing

Are invoices your main source of income? If so, you likely understand the agony of delayed payments. Fortunately, there’s a solution to this problem. Invoice financing, oftentimes referred to as accounts receivable financing, allows businesses to finance their outstanding invoices and receive funds right away. With this type of financing, borrowers can get a fast advance of roughly 85% of the value of their invoices. Once a customer has paid their invoice, borrowers can receive the remaining funds from the invoice financing company—minus a fee, of course.

Equipment financing

Although purchasing equipment with cash is a more affordable option in the long run, we understand that cash purchases are impossible for some small businesses. If this is the case, equipment financing can help you purchase any tangible asset used to operate your business. This may include desks, computers, tools, cars, phone systems, specialized production equipment—you name it.

Best Small-Business Loans
Best overall
4.3 out of 5 stars
Best for low credit
3.6 out of 5 stars
Fundera by Nerdwallet
Best for SBA microloans
3.9 out of 5 stars
Best for larger loans
4 out of 5 stars
Funding Circle
Best for P2P lending
2.9 out of 5 stars
Learn more about our top brands.

Some business term loans

When you apply for small-business loans, the lender will look at various factors, including credit history, cash flow, collateral, time in business, and debt load. When partnering with one of the microlenders on this list, these business loan requirements tend to be less stringent. Keep in mind, however, that your interest rate and other fees will be more expensive.

The takeaway

Although each of these lenders offers fast and easy business loans, we think Lendio should be your go-to option. Its sleek matchmaking platform helps business owners find their perfect financing fit, which is why it’s our number one choice for fast and easy business loans.

Ready to apply for financing? Expedite your loan application process by learning the details of how to get a business loan.


At, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. Staff Writer
Written by Staff Writer is committed to providing up-to-date, valuable information to help our users make easy and successful decisions. Our team works collaboratively behind the scenes to ensure our pieces meet high standards for the best possible content.
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