Fast Small Business Loans: The Best Options for 2024

As a business owner, you know that a big part of your job description is putting out fires.

That could be:

• A piece of equipment suddenly breaking
• Damaged merchandise due a shipping mishap
• Or an employee that just quit unexpectedly (whom you now need to pay to replace)

Sometimes, you’re put in a spot where no matter how hard you work you can’t fix the issue alone. You need extra funds and you need them fast.

Fortunately, thanks to alternative lending, fast small business loans are now a thing– and they can help with those very issues (and more).

The days of having one and only one lender you could go to (the bank) are long over.

No more waiting around for a month for your funding to come in. Or, worse, never being approved in the first place because your credit isn’t good enough.

Excel offers same day loan options that are easy to apply for. With one short online application, you could be funding in as little as 24-48 hours:

Apply for a fast business loan with Excel Capital: Apply Now

With that said, in this guide, we’ll break down the best fast business loan options as well as everything you need to know about qualification and approval. Including:

Table of Contents

• What is a fast small business loan?
• 4 Types of fast small business loans
• How to get approved for a fast business loan
• What do I need to qualify for fast business financing?
• How long does it take to get approved?
• Steps to follow when applying for quick business loans
• Apply for a quick business loan

What Is a Fast Business Loan?

The term ‘fast small business loan’ simply refers to any type of small business funding that can be obtained quickly (typically, this refers to 24-48 hours).

Each fast funding option is a little different from the next, and one may be better for you and your unique situation compared to the others.

So, let’s break down each major type of fast business loan so you can get a better idea of which may be a fit for you.

4 Types of Fast Small Business Loans

In the past, your only option was to walk into the bank and hope they’d approve you for a loan.

However, nowadays, thanks to alternative lenders you now have a diverse collection of options available to you no matter what your need.

Here are several fast small business loan options:

1. Unsecured business loans

Apply for an unsecured business loan with Excel Capital: Apply Now

Most fast unsecured business loan does not require hard collateral, such as property or savings, hence why it’s an unsecured loan (as in lenders take nothing to secure the loan’s repayment).

However, it’s important to keep in mind that because the loan isn’t secured, interest rates tend to be higher.

Learn more about unsecured business loans.

2. Business lines of credit

Apply for an unsecured business line of credit with Excel Capital: Apply Now

Quick business lines of credit offer a unique option if you need funds quickly.

As opposed to a single loan, a business line of credit– once approved– gives you recurring access to credit whenever you need it.

If your business is at all seasonal, this can be the perfect option to solve your short-term cash needs on a more consistent basis than getting a new loan every season.

Lines of credit don’t require collateral, however, because they’re not secured your credit score usually needs to be at least 540+.

Learn more about business lines of credit.

3. Split funding / Merchant cash advance

Apply for a merchant cash advance with Excel Capital: Apply Now

Split, funding, or a merchant cash advance, is a lump sum which is then paid back by deducting a percentage of your daily credit card sales.

The advantage of split funding is in the nature of the repayment plan. When business is good, repaying the loan is easy.

When business is down, the percentage-based nature of the repayment amount means your daily payment drops considerably and becomes easier to manage during those slow times.

Learn more about merchant cash advances.

4. Term loans

Apply for a term loan with Excel Capital: Apply Now

A term loan, either a short-term or medium-term loan, is straightforward: they’re designed to fill a need based on their description, a short-term loan taking care of a short-term need and so on.

Term loans are perfect when you need one lump sum to take care of a single purchase quickly.

Learn more about term loans.

How to Get Approved for a Fast Business Loan

So, you know the diverse range of uses for a fast working capital loans and you know your numerous options.

But how can you give yourself the best chance for approval?

First, let’s talk about what lenders look for when reviewing a loan application so you can be well-prepared when submitting your application.

Part I: What do lenders look for?

Here are the five primary factors that lenders look for when reviewing a loan application:

1. Credit score

As opposed to traditional banks, alternative lenders don’t base approval strictly on your credit score.

Being approved for a business loan was once much more difficult. Even now, traditional lenders such as banks use an old system that only takes your credit score into consideration.

However, having said that, there are some important items which you need to consider with regards to your credit:

• Bankruptcies
• Foreclosures
• Tax liens
• Negative items (NSF and overdraft) in your bank statements

The above factors, while not disqualifying, will show negatively with lenders.

Keep them in mind as you’re putting your things in order and take care of whatever you can before you apply (if possible). We do offer fast business loans bad credit and the rates may vary.

2. Annual revenue

How is your business’ revenue? Up year-to-year or has it been more of a rollercoaster?

Your annual revenue is an important sign of a healthy business, so it’s one of the more important factors to keep in mind.

3. Current debt obligation

Current debt obligation is important to lenders because they want to know how soon you’ll pay off the loan– and how likely they are to get it back without a fuss.

Here are some things to keep in mind:

• Do you already have a loan you’re currently paying off?
• Is there collateral involved?
• Have you had a loan in the past? Did you pay it on time?
• What percentage of gross monthly revenue is being paid toward current loans
• Have you had payment issues with other lenders?

Most importantly, lenders want to know that they’re not “second position”, meaning they’re second in place to be paid back.

4. Profitability

Beyond just revenue, lenders want to see how much your business is actually “bringing home” after you pay for all inventory costs, fees, marketing, payroll, and other expenses.

The reality is, you might have a large number of regular sales and a great looking annual revenue. However, if your profit margin is low and you’re struggling to make your bills, that doesn’t look good in the eyes of a lender.

It’s important to keep in mind, however, that most business loan types under $100,000 do not require a review of your profitability or financial statements.

5. Cash flow

Similar to annual revenue and profitability, cash flow shows what is coming into the business.

However, far more than just money coming in, cash flow is a more exact indicator of how liquid you are and how much extra cash you have on hand.

Lenders want to see that you not only have money coming in but that you’re being good with that money and have the habit of retaining extra funds for handling unexpected drops in business that could threaten your ability to pay the loan back.

Most lenders look at your average daily balance, any NSF or Overdraft items in your bank accounts and your ability to keep your expenses in order

Part 2: What do I need to qualify for fast business financing?

Now that you know what lenders look for when reviewing your application and what you need to get in order to increase your chances of being approved, it’s time to talk about what you need to qualify.

For the most part, this all depends on the type of loan you decide is best for you. Two loans may require different paperwork and minimum qualifications compared to one another.

If that all sounds confusing, don’t let it overwhelm you.

When you submit your application, we’ll guide you through the entire process step-by-step so you know what is required to qualify.

Having said that, there are some universal minimum qualifications to keep in mind.

For most loan types, these three basic requirements exist:

1. In business for 6+ months
2. $10,000+ gross monthly revenue (for unsecured business loans)
3. A business bank account

 our fast business capital options do not require:

• A minimum credit score, or
• Collateral

Now that we’ve covered the basic qualification requirements, let’s talk about the documents that will be required to apply.

Part 3: What documents are needed to apply for a fast business loan?

Now that we have the basics covered for what you need in place to get approved what you’ll need to apply, let’s get your documents in order.

Lucky for you, the documentation requirements for alternative lenders loans is simple and straightforward compared to traditional bank loans.

First, a very short, simple application is required to get your information in the system and get you started.

For that, all you’ll need is your last 3 months of business bank statements.

Once you’ve gotten that out of the way, it’s important to keep in mind that one or more of these additional documents may be required after submitting your application:

• Copy of photo identification (all owners)
• Business license
• Voided check
• Proof of ownership
• Property lease or landlord contact information along with last 3 month’s rent checks
•  Last filed Tax Return and financial statements may be requested for funding over 150k

Try to have as many of these documents on hand before you apply so you can streamline the process as much as possible to reduce the time it takes to get an approval.

With that in mind, exactly how long does it take to get approved and have funds deposited into your account?

How Long Does It Take to Get Approved for a Fast Business Loan?

If you’re reading this, chances are you don’t just need a business loan– you need it fast.

Clearly, time is of the essence. So, exactly how long does it take to get approved?

Approval ultimately depends on how quickly you can provide the documents requested by the lender, as mentioned a moment ago.

However, in general, approval takes just 24-48 hours from the moment you submit your application.

And, once approved, it takes just 1-2 more days for the funds to be received into the account of your choice.

To see what you qualify for, simply complete our short one-page application by clicking here.

It’s never been easier to get the funds your business needs, whether it’s to buy new equipment, make new hires, pay bills, or expand into a new location.

When to Get a Fast Business Loan: 5 Reasons

There are countless reasons to apply for a small business loan, from business growth to cash flow for survival through a tough season.

As the applications for that funding continue to expand amid a quickly changing world economy and a growing diversity of alternative funding and loan programs become available, financing is becoming a more critical element to the success of every small business.

Fortunately, as technology adapts to the rising demands of small business owners, getting a small business loan is easier than ever.

As a result, you now have the ability to get approved and funded in less than 30 minutes. Talk about fast.

It’s no surprise that 73% of small firms have received some type of business financing in the last 12 months according to the SBA.

Without proper funding, most businesses can’t keep up with the need for a consistent flow of cash to maintain business growth, especially during rough times.

But what exactly can you use this type of new, alternative financing for? Surely, a quick small business loan has limitations?

Fortunately, the only limitation is your imagination, as alternative financing solutions now offer fast small business loans that can be used for anything your business needs.

If you’re looking for a few creative ideas as to how a little extra funding can help your business grow, look no further.

Here are the top 5 most common uses for quick business loans:

1. Unforeseen Business Emergencies

Over 30% of our applicants who are requesting a fast business financing need the capital for a curveball that was thrown at their business.

What this event exactly is varies widely by case but many requests are related to vehicle and equipment breakdowns or upgrades.

Unfortunately, most banks take between 30-60 days after all the paperwork has been received according to businessmoneytoday.com.

Clearly, waiting that long with a wonky oven if you’re a restaurant or a broken-down delivery van can be devastating to a business’s immediate cash flow.

2. Distributor or wholesaler flash sale

If you’re a retail or e-commerce business, you’ve likely offered a flash sale– a special deal for bulk purchases or simply a deep discount– at one point or another to great success.

However, with a limited amount of time available to apply for extra capital through traditional sources, a business owner is typically limited to whatever cash or inventory they have on hand to run said sale.

However, with a quick small business loan to give your business the funds it needs to run such a sale, this type of purchasing power can easily double or triple a business’ bottom line without hurting your cash flow or inventory.

3. Business debt consolidation

Businesses typically have a variety of different types of debt on their balance sheet.

This varies from credit card debt to secured debt that has balloon payments attached to it.

We see many businesses apply for quick business funding when the time frame to pay off debt is running short and they need a more manageable amount of time to repay their outstanding liabilities.

4. Hiring a new employee

During times of growth, a business often isn’t quite in a position to make additional hires, with cash flow not yet having caught up to the increased business.

So, you’re posed with a problem: stunt your growth to maintain your balance sheet or overstretch yourself and risk running behind so you can push forward.

But if adding a new employee can allow you to grow your business, why wait? Growth is rarely easy, but if you’ve got the cash you need to invest in that growth it makes the process so much simpler.

5. Investing in marketing

As a business owner, you know that marketing is one of the most important aspects of running a business.

How else do you expect to get customers to know about your special product or service?

But marketing isn’t cheap, so coming up with the cash to grow your business before you actually have it appears to be a catch 22.

According to Entrepreneur.com companies under 5 years in business should invest between 6-12% of their revenue in marketing.

If you’re not investing enough into marketing, it’s likely because you lack the cash to invest in the first place. And that’s exactly the kind of problem a quick small business loan can help you solve.

Steps to Follow When Applying for Quick Business Loans

Now that we’ve covered what you need to know to give yourself the best chance of being approved for an easy small business loan, let’s talk about the steps to follow when applying.

Follow these steps to apply for quick business funding:

1. Identify Your Business’ Needs

First things first, why does your business need a loan in the first place?

Sit down with your core staff members, financial advisors, or simply yourself to determine your business’ needs and how a quick business loan could help.

Do you need to purchase inventory, hire additional staff, catch up on bills?

Having a plan of execution once the loan is acquired is essential for success, as well as a plan for paying the loan back.

2. Do the Due Diligence

You may hear the phrase, “do the due diligence” a lot when researching quick business loans.

In simpler terms, this means doing the necessary research before applying and accepting an offer with a lender.

There are thousands of lenders and brokers out there – traditional and alternative.

Don’t take everything at face value. Learn as much as you can about each lender you are interested in, compare pricing, read reviews, ask questions, and follow your gut if something just doesn’t seem right.

You have the right to protect yourself and your business.

The last thing you want to do is put your business in more of a financial bind or have setbacks.

Research and knowledge are key. Do your due diligence.

3. Choose the Best Quick small Business Loans Option

Maybe you did this when identifying why your business needs a quick business loan, but it’s a good idea to confirm again the type of loan product your business truly needs.

Could your business benefit from an SBA Loan, Term Loan, Unsecured business loan, or something else?

Speak with your chosen lender to go over all of your options and get a better understanding of how everything works.

All lenders have different business loan qualification guidelines.

Depending on your business’ financial standing the amount of money you are looking to obtain, the documentation needed to be presented with an approval will vary.

It is a good idea to at least have your last six months of business bank and credit card processing statements available, as well as additional financial documents like P&L and Balance Sheets and tax returns easily accessible.

Apply for a Fast Business Loan with Excel Capital

Excel Capital makes applying for a fast business loan quick and easy.

Say goodbye to the convoluted applications and long approval times of banks or even the stringent credit requirements of many major lenders.

You could be approved in as little as 24-48 hours and, once approved, funds are typically issued within another 24-48 hours.

Get the capital your business needs– fast. Apply for a fast business loan with Excel Capital: Apply Now

Frequently Asked Questions