All businesses need cash to operate. When you are stuck in a situation and you need cash to manage your business. You can apply for a loan but what happens when you need cash fast? There is no need to worry since there are lenders who offer fast loans. Here is a list of lenders who offer fast loans.
OnDeck can offer you a loan within 3 days. This lender can offer up to $500,000 within 3 days. For these short term loans, the repayment period is from 3 months to 36 months. They also offer lines of credit up to $100,000 and the repayment term is usually six months. You can finish the application process in 10 minutes and you will know if you have been approved immediately. With Ondeck term loans, you will have a weekly repayment schedule. It is easy to qualify for this loan. Your credit score will have to be 500 at a minimum and your business should be operational for at least a year. Your business’ annual revenue also has to reach about $100,000 or more. The APR on their loans range from 30% to 50%, however, prime borrowers can access APRs as low as 9.99%.
With FundBox, you can get up to $100,000 in short term loans. You will need to repay in either 12 or 24 weeks. This lender does not focus on personal credit scores. Your qualification depends on your recent business history instead. FundBox has a simple application process that only takes about 10 minutes to complete and you will get same day approval. The money you loaned will be deposited into your account within three business days. You can apply for as low as $1,000. FundBox has not stated their minimum annual revenue requirement for this loan option. However, your business will need to be up and running for at least 6 months. There is no requirement for a minimum credit score as well. This lender will not even conduct a credit check for this loan option. They charge an APR that ranges between 0.5% up to 0.7% per week. The good thing about FundBox’s fast loan is that they have no prepayment penalty. That means that you will not be penalized when you pay your loan at an earlier time.
BlueVine is one of the best funding companies when we talk about a business credit line. This lender offers lines of credit at a fast rate. When you need a need fast cash to supplement your working capital, you can opt for BlueVine’s lines of credit. BlueVine can offer up to $250,000 and you can repay in 6 or 12 months. You if decide to repay the loan in 12 months, you can opt for a monthly payment schedule. There are weekly payment schedules and these are available for people who decide to pay the loan in 6 months. You can apply for their line of credit in 10 minutes and they will approve instantly. You will get the cash in your account in 1 to 3 days. With BlueVine’s line of credit, you will need a minimum credit score of 600 to qualify. Your business should be operating for at least 6 months and you will need an annual revenue of $120,000 or more. They charge a rate that ranges between 0.3% and 1.2% during weekly repayments. Blue Vine’s line of credit is revolving, so when you repay the amount you drew from the line, your balance increases.
Kabbage has a fast funding process; the entire application process does not take more than 10 minutes. You will also get approved instantly and the funds will be disbursed in 1 to 3 days. The loan amounts range from $2,000 to $250,000 and you are able to choose a repayment period that ranges from 1 to 12 months. You will need a minimum credit score of 550 and you will need a minimum annual revenue of $50,000. Your business should be in operation for at least 1 year. The APR ranges from 30% to 50%. The average fee for a six- month payment schedule is 4% and that for a 12- month period is 3%. Kabbage will not penalize you for paying up your loan before the due date.
- Loan Builder
This is another lender that is worth mentioning. The loan amounts they offer ranges from $5,000 to $500,000 and the repayment ranges from 13 to 52 weeks. You can easily qualify for this loan since this lender has one of the lowest eligibility requirements. The application process takes less than 10 minutes and you will receive a response instantly. You will need a minimum credit score of 550 and your business needs to be in operation for at least 9 months. You will also need an annual revenue of $42,000 minimum. Loan builder charges an APR that ranges between 25% and 50%.
If you need a loan in a matter of days, Credibly is a lender you should consider. They also have a simple and fast application process. Their fast loan option is a merchant cash advance. The entire process, as well as the approval, takes 10 minutes. They can fund the advance in 2 to 5 days. They offer loan amounts up to $250,000. The repayment terms for their loans ranges from 4 to 18 months. You will be making daily payments for their merchant cash advance. You will need a credit score of 500 or more, and your business needs to be in operation for at least 6 months. Your minimum annual revenue should also be at least $180,000. The APR for their merchant cash advance ranges from 80% to 120%. The daily repayment percentage is 8% to 30% of daily credit card sales.