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Top 5 Best Loans For Small Businesses: Compare Rates & Apply Today

Get The Money You Need To Grow Your Business

Don’t let your business suffer because of a lack of funding. We can help you get the money you need quickly and easily.

When we say “Fast Business Loans”, we mean excellent customer service, professional communication & superior funding speed. We can fund the same or next day in most cases. That’s why they call us FAST Business Funds!!

Often times companies need some fast capital, but finding the right business loan for your company is easier if you understand the various types of available small business loans. The purpose of your loan often dictates the type of financing best suited for you, and the available funding options. The products below are for established businesses looking for working capital. Use this link If you need businessstartupfunding or click the tab in the main menu above for our startup loan application. If you need invoice factoring or real estate related financing,contact ustoday.

Fast Business Funds offers the four primary loan types that are typically used by small businesses: term-loans, merchant cash advances, business credit lines & equipment financing. The qualifications for each business loan type are different. The loan you need is unique to your specific situation. Thus, it’s important to evaluate all of your options before you applying for small business loans. You don’t want to waste time applying for business loans that you either don’t qualify for, or won’t help you to achieve your current goals.

What Business Loan Options are Available?

Term Loans – Loan Amounts from $10k – Up to $10 million. Cash flow based approval. Credit scores as low as 500 can get approved.
Merchant Cash Advance – Similar to a term loan. Easy to qualify. No minimum credit score. Cash flow based loan approval.
Business Line of Credit – We have two levels of Credit lines available for small business owners.
Top tier Business Line of Credit: Lowest market rates. Credit Lines up to $250k. Minimum credit score of 650 required. Monthly Payments.
Second Tier Business Line of Credit: Competitive rates. Credit lines up to $55k. Minimum credit score of 550 required. Weekly payments.
Equipment Financing – We Have two levels of equipment financing available for business owners.
Top Tier Equipment Financing: “Best Market Rate” equipment loans. Requires a minimum credit score of 650 & above. Terms from 2-7 years. Monthly payments.
Second Tier Equipment Financing: Great Rates. Available for challenged credit scores below 650. Easy to qualify. Terms from 2-5 years. Monthly payments.

There are a Variety of Ways to Get Financing With Fast Business Funds

Getting the right small business loan means that you can focus on growing your business without worrying about how you’re going to pay for it.

Shorter term financing is easier to get approved for than most other small business loans you can apply for. They typically have much quicker funding times than other options and don’t necessarily depend on your FICO score for approval. Nearly one in four applicants sought short-term financing from online lenders in 2021. We offer a term loan from 3 to 36 months with early payoff discounts

These loans are renewable, so you can have funds available any time you need the capital. Business owners can easily qualify by completing a one-page online application & returning minimal paperwork. That’s probably why they’re the most popular product online when it comes to getting a quick business loan. Most of the alternative business loan programs out there, whether it’s a term loan or line of credit, depend mostly on cash flow & time in business.

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Don’t Miss Out on the Best Loan for Your Small Business. Compare Our Top Picks

Business Term Loans

Short term financing is faster & easier to get approved for than most other small business loans you can apply for, such as sba loans which take 45+ days & require at least a 650 credit score. Term loans typically have much quicker funding times than other options and don’t necessarily depend on yourFICO scorefor approval. Nearly one in four business owners sought short-term financing from online lenders in 2021. We offer term loans from 3 to 36 months. These loans are renewable, so you can have funds available any time you need working capital. Term loans are widely considered to be on of the best loans for small businesses.

Business owners can easily qualify by completing our one-page online application & returning minimal paperwork. That’s probably why they’re the most popular product from online lenders when it comes to getting working capital. Most of the non-bank business loan programs out there, whether it’s aterm loanor an MCA, depend primarily on business cash flow, and far less on credit score. However, if you need a small business loan & happen to have a great credit score, you will have enhanced loan options & even more favorable loan terms than someone with a poor credit score. There are never any prepayment penalties even if you have bad credit. In fact, most term loans have an early pay discount. They will not put a lien on your personal assets either.

For small business owners to get approved for a term loan, you’ll just need to return our simple one page loan application along with your business checking statements. We’ll get you approved for the maximum loan amount within a couple of hours. In most cases we provide same day funding & wire the proceeds directly to your business bank account. It’s probably the fastest way for a business owner to charge up your cash flow.

Business Line of Credit

A Business line of credit typically offers smaller loan amounts than term loans & requires a decent FICO score. They are best for working capital and recurring expenses because the line can be paid down & re-used. This means that once you repay a draw, your credit line is available to borrow from again. We are one of the best online lenders you can find when it comes to lines of credit.

We offer monthly or weekly payments to borrowers & fast same day financing. Think of it as a 0% interest loan with no credit limit due to the credit-card-like nature of these loans. ZERO percent interest rate?? Yes! Because the interest paid business loans is 100% Tax Deductible as a business expense. This is a great way to get financing for small business owners.

Equipment Financing

This is one of the most convenient services we offer. You can use the equipment you are purchasing to secure the loan. Banks and online lenders like us offer these financing options, however, you can only use the proceeds for the purchase of the equipment on the invoice. If you default on your loan, the lender claims the equipment, making the loan less risky and leading to a 90%+ approval rate. Your credit score isn’t the only factor either. Cash flow & annual business revenue are big part of the loan approval too. We make it easy for small business owners to get approved because we have two tiers of equipment loans. One level for business owners with great credit & another level if you happen to have some challenges with your personal credit score at the moment. Just send your invoice for the equipment along with our easy one-page application & you’re approved. That’s equipment financing made easy!! If you only need new equipment, rather than needing to cover a variety of different company expenditures, this is a great small business loan option. Most small business owners appreciate the longer terms & monthly payments associated with equipment financing.

Merchant Cash Advances

This type of financing is one of the most common options for small business. An advance is typically used by borrowers that are unable to qualify for small business loans with major banks. Your financing amount depends on the capital your business collects from cc & debit card transactions. They advance the capital to your business account. Then small payments are made daily [only on business days] or weekly as a percentage of your credit card settlements. You can set it up to be drawn from your merchant account or business bank account where you can track it on your bank statements. Some cash advance providers like our company, don’t have a minimum FICO score requirement to qualify. If you need a small business loan, this is a quick way to get cash.

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Small Business Owner’s Ultimate Guide to Loans

Don’t let your business fall short. Read our guide to small business loans and get the funding you need to succeed.

As a small business owner, you have a lot of options when it comes to financing your business. But with so many choices, it can be hard to know which loan is right for you. That’s why we’ve put together this ultimate guide to loans for business owners. In this guide, we’ll cover the different types of small business loans, how to get them, and what to consider before you apply.

Small business loans are a type of loan that is typically used by business owners to help finance their company. small business loans typically have higher interest rates than traditional bank loans, but they can be a good option for business owners who may not qualify for traditional loans. Small business loans can be used for a variety of purposes, such as working capital, inventory, business acquisition or equipment. Smallbusiness loansare typically repaid over a period of time, such as two to five years. small business borrowers may be required to pay interest on the loan, but the interest rates on small business loans are typically lower than the interest rates on personal loans or credit cards. Small businesses owners can compare different loan options and choose the best small business loan for their needs. Direct lenders like Fast Business Funds offer same day funding, which can help small businesses get the financing they need quickly.

Get the Working Capital You Need to Grow Your Business

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We Have the Loan Product That You’re Looking For

When you’re a small business owner, it’s important to have working capital on hand to cover unexpected costs or take advantage of new opportunities. There are a number of different ways to get the funding you need, including term loans, credit lines, and equipment financing. Each option has its own benefits and drawbacks, so it’s important to do your research before you apply.

There are a few different places to look for small business loans: banks, online lenders, and alternative lenders. Banks are the traditional choice for small business loans, but they’re not always the best option. Online lenders are a good option for almost any credit situation and when businesses need a fast approval process. Alternative lenders are a good option if you have bad credit or don’t meet the requirements for a traditional loan. Fast Business Funds has multiple alternative products as well as traditional & government loan programs.

Small business loans can be a great way to get the funding you need to grow your business. However, it’s important to understand how these loans work before you apply. Small business loans are typically provided by banks or other financial institutions. The interest rate on the loan will be based on a number of factors, including your credit score, the amount of the loan, and the term of the loan. You will be required to pay back the loan over a period of time, usually in monthly, weekly or daily installments depending on the loan product you choose. When you’re ready to apply for a small business loan, it’s important to compare different loan products and their terms. This will help you find the best small business loan for your company. Remember, you’ll need to pay back the loan plus interest, so make sure you can afford the payments before you take out a loan.

Compare The Best Business Loans Without Leaving the House

Business owners need cash flow, not debt

Before taking out a small business loan, it’s important to explore all of your options. Be sure to look at the different loan types and understand the terms of the loan, as well as the repayment schedule. It’s also a good idea to compare the pros & cons of each type of business loan. If you need funding quickly, same day funding is an option with Fast Business Funds. Loan amounts range from about $10k up to a maximum loan in the $10 million range.

Taking out a small business loan can be a helpful way toaccess the fundsyou need to grow your business. However, it’s important to understand the terms of any loan before agreeing to borrow. By doing your research and comparing products vs. payments & loan terms, you can ensure that taking out a business loan is the right decision for your company. Sometimes paying down current debt will free up tremendous amounts of operating capital. Sometimes adding additional equipment, marketing or hiring will bring in far more cash flow. Sometimes it’s a combination of debt reduction & increased sales. Remember, the idea is to use the funds to maximize or increase revenue.

If you’re a small business owner in need of financial assistance, you may be wondering if taking out a small business loan is the right move for your company. Small business loans can offer a number of advantages, including access to funds that can help you grow your business. However, it’s important to understand the terms of any loan before you agree to borrow, as you will be responsible for repaying the loan plus interest. You should also be aware that some loan products may require collateral, such as personal assets or business equipment, in order to qualify for that particular type of small business loan.

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Bank & Government Loans vs. Alternative Lenders

One of the most popular sources of funding for small businesses is the Small Business Administration (SBA). SBA loans are backed by the government, so they typically have lower interest rates and longer repayment terms than other types of loans. However, they also usually require a higher minimum credit score of at least 650- 675 depending on the SBA loan program. Keep in mind that SBA loans can take 45-60 days for an approval & there are limitations on what they allow you to use the money for. If you have bad credit, an SBA loan is not an option. Another option is to apply for a loan from a bank. Bank loans often have higher interest rates than SBA loans, and they will be less flexible when it comes to credit score requirements. You’ll need at least a 680 -720 to even be considered at the bank in most cases. Plan on waiting 60-90 days for an approval from the bank, if you can get approved at all. They will put a lien on your home and/ or business too. Banks turn down over 80% of business loan requests.

If you’re looking for an alternative to traditional lending options & SBA loans, Fast Business Funds offers working capital loans and MCA loans. We also offer credit lines & equipment financing. Alternative lenders like us have less stringent credit score requirements than banks, and are not only faster – but far easier to deal with than banks. No matter which loan option you choose, you’ll have a much better chance at getting approved than at any traditional bank out there. Plus any interest you pay on the loan will be written off 100% as a business expense at the end of the year. It’s a handy tax deduction that ‘zero’s out’ your costs on the books, making the effective interest rate 0%. While it isn’t much of a factor on term Loans or MCA loans, your credit score may impact your approval for some types of equipment financing & credit lines. So it’s important to check your credit report and credit score before you apply.

Don’t Overlook These Four Types of Small Business Loans

Compare business loans in 5 minutes

Term Loans

We’ll start with the most popular type of small business loan: the term loan. A term loan is a lump sum of money that you borrow and repay over a set period of time, usually 3-36 months. Term loans are a good option for small businesses that need a large amount of money for things like equipment, inventory, or expansion.

Best Features:

Unsecured Loan – No Lien on Your Business or Personal Property
Easy Approval – Scores as low as 500
Same Day Approval – Same or Next Day Funding
Loans from $10k to $10 Million
Simple 1 page application
Early Payoff Discounts

To get a term loan, you’ll typically need to have good cash flow and there’s no lien on your collateral, like property or equipment. You’ll just need to provide a signed application & business bank statements so the underwriters can determine that you can afford to make the payments. Credit score isn’t a major factor if you have good average daily balances, good monthly ending balances & at least 4 -6 consistent deposits each month. It will require a personal guarantee as well. Meaning you promise not to take the cash & vanish. You can do as you wish with the loan funds, there’s no restrictions like there are with PPP loans or an SBA loan.

The fact that there are typically no minimum personal credit score requirements, no previous business credit stipulations & you can have cash in less that 24 hours, makes term loans a popular alternative to traditional banks & their rigid financing criteria.