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.

Last Updated: Less than 6 months
Small businesses can now receive government aid to meet payroll through the Paycheck Protection Program. The program costs $349 billion of the $2.2 trillion stimulus package and allows small businesses to receive money totaling 250% of their average monthly payroll in 2019.

The loans max out at $10 million and can be used at the discretion of the business. The loan can be forgiven, however, if certain requirements are met. If no employee is compensated above $100,000 and at least 75% of the money goes to paying workers, the entire loan may be forgiven.

Loans that are not forgiven must be repaid in two years at a 0.5% interest rate after six months of interest deferment.

The only way to apply for these loans is through an SBA authorized lender. Applications open on Friday, April 3, and close on June 30. The application consists of a two-page form in addition to required documentation.

To see if you qualify, apply at a Paycheck Protection Program authorized lender.
More than 6 months
We updated this page to reflect current loan pricing and qualification details. Thanks to some of these changes, Fundbox moved up in our ranking. Its low credit requirements and quick funding make it a great option.
Our Approach
20 Brands considered
12 Features compared
30 Days of research
21 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.

Compare the fastest small-business loans
CompanyHow long to get fundedMin. credit scoreLoan min./max.Required annual incomeGet a loan
Lendio3 days550$500/
$5 million
$50,000Apply Now
Fundbox1 day500$1,000/
$50,000Apply Now
Kabbage1–3 days540$2,000/
$50,000Apply Now
OnDeck3 days600$5,000/
$100,000Apply Now
QuickSpot1 dayNo credit checkContact representativeN/AApply Now
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

  • Fast funding approval
  • Several different funding options
  • Minimum credit score requirement of only 550
  • No options for startups
  • 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

  • Affordable interest rates
  • Many options for startups
  • Fast repayment terms
  • 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.

Apply Now

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

Kabbage: Best for conveniences

  • Fast and automated application
  • No credit check
  • High interest rates
  • 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

  • Fast funding
  • Benefits for repeat customers
  • High interest rates
  • 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

  • Lenient eligibility requirements
  • Personalized approach
  • 24-hour turnaround time
  • Wide variety of lenders
  • 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.

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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.

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

Fastest Small Business Loans

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.

1. Justifi Capital, “The Future of the Merchant Advance Industry”