Cost is an important factor when choosing among business loans. But sometimes “fast” and “easy” are equally important.
SBA loans from banks, for example, are great for keeping loan costs down, but the protracted application and underwriting process means it can take months to get funded. When you can’t wait — you have an inventory order, emergency repairs, or you don’t want to miss out on a business acquisition — online lenders can provide fast, easy business loans at higher approval rates than banks.
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Here are four options for fast business loans depending on your qualifications and your business’s needs:
Fast business loans from OnDeck:
- When you need cash within a day or two
- Have annual revenue of at least $100, 000
- Have a personal credit score of at least 500
are a good option for a short-term expansion opportunity, such as hiring new employees or purchasing inventory. The lender works with most types of businesses, including restaurants, retailers, doctors, dentists, auto body shops and beauty salons.
Speed: You can complete OnDeck’s online application in just 10 minutes, with a decision from the lender in minutes and funding as fast as one business day. Applying is quick and easy: Supply basic information, including a business tax ID, three months of credit card statements, one to three months of bank statements, and your Social Security number and driver’s license number.
ONDECK LENDING TERMS:
- APR: 9% to 98%
- Term loan amount: $5, 000 to $500, 000
- Term loan duration: Repaid daily or weekly over 3 to 36 months
To qualify, you can’t have had any personal bankruptcies in the last two years, and make sure your industry is not among those on the company’s restricted list.
Fast business loans from Dealstruck:
- When you need money for a business expansion
- Have a minimum personal credit score of 600
- Are profitable and earn at least $150, 000 in revenue annually
For business expansions, Dealstruck offers a term loan that allows you to borrow from $50, 000 to $250, 000, repaid monthly over a period of six months to four years.
Speed: You can get prequalified for a loan online in about 10 minutes and receive an offer letter in two to three days. If you’re approved, funding occurs within four days to 20 days, or about 10 days on average.
During the application process, you’ll be required to submit a minimum of three months of business banking statements, two years of business tax returns, and one year of personal tax returns.
DEALSTRUCK LENDING TERMS:
- APR: 11% to 28%
- Term loan amount: $50, 000 to $250, 000
- Term loan duration: 6 months to 4 years
To qualify, borrowers must not have had a personal bankruptcies within the last two years, and a lien on your business assets is required.
Fast business loans from Lending Club:
- When you need a line of credit to handle unexpected expenses
- Own at least 20% of your business
- Have a personal credit score of at least 600
Lending Club recently introduced a business line of credit that provides access to $5, 000 to $300, 000. You borrow cash on an as-needed basis and pay a small fee each time you borrow and interest on the amount borrowed.There are no fees for keeping the line of credit open and unused. This flexibility makes it a better option for handling unexpected expenses than for one-time investments.
Speed: Small businesses can complete Lending Club’s online application in about five minutes and get an immediate decision at no cost and without affecting your credit score. You’ll be required to submit documents only if you’re approved (three months of business bank statements and business tax returns).
Depending on how quickly you submit the required documents, funding can be as fast as two days, or it can take a week or two. Funding also can take longer for larger credit lines of credit.
LENDING CLUB LENDING TERMS:
- APR: 8% to 32%
- Line of credit amount: $5, 000 to $300, 000
- Line of credit duration: Up to 25 months
The immediate cause or trigger of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005–2006. High default rates on "subprime" and adjustable rate mortgages (ARM), began to increase quickly thereafter. An increase in loan incentives such as easy initial terms and a long-term trend of rising housing...
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