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.