Up to $250,000
27.30% Minimum APR offered to at least 5% of customers (not the lowest rate offered)
Same day to 3 business days
We chose OnDeck as the best emergency business loan for fast funding because this lender offers you the ability to access funding as soon as the same business day for loans up to $100,000. Loans that don’t qualify for same-day funding are generally funded in two to three business days.
In addition, its lower annual revenue requirement and shorter time-in-business requirement make it accessible for more borrowers.
That said, OnDeck only offers short-term business loans, which means there is a quick repayment timeline — up to 24 months for term loans. Plus, since they don’t disclose their minimum interest rate, it can be harder to tell how much you’ll pay for the privilege of borrowing.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
Up to $150,000
4.66% to 8.99% 4.66% for 12-week terms8.99% for 24-week terms
As soon as next business day
With a time-in-business requirement of just six months and a minimum credit score of 600, it should come as no surprise that we’re calling Fundbox the best emergency loan for startups. Its attainable eligibility criteria and competitive interest rates are a big bonus to newer businesses.
However, with a funding cap of only $150,000, you won’t be able to borrow as much from Fundbox as you might from other lenders. Plus, the company only offers next-day funding, which may not be fast enough in some emergency situations.
In order to qualify, you’ll need to meet Fundbox’s criteria of:
$5,000 to $1,500,000
1.15 factor rate Factor rates start at 1.15, but can go as low as 1.10 with early payback provisions
24 to 48 hours
Fora Financial’s minimum credit score of just 570 makes it a smart choice for borrowers who need access to bad credit business loans. Its short time-in-business requirement and high borrowing cap of $1,500,000 may make this option even more appealing. The lender offers terms up to 18 months for business loans, as well as revenue advance loans with weekly repayments.
However, Fora uses a factor rate, which makes it harder to compare rates — make sure you understand the full cost of borrowing before signing up. Plus, Fora Financial charges a one-time processing fee of around 2.50%, which can be hefty.
In order to qualify, you’ll need to meet Fora Financial’s criteria of:
Up to $500,000 for term loans
7.49%
2 to 4 days
iBusiness Funding, which recently purchased Funding Circle, offers loan amounts up to $500,000 and loan terms as long as 84 months for their business term loans, which can provide a bit more breathing room for those who need a substantial amount of emergency funds and a longer loan repayment term.
Yet, with its higher minimum credit score of 640 and multi-year time-in-business requirement, it’s likely a better fit for established businesses, who have sufficient resources to meet the collateral and personal guarantee requirements.
In order to qualify, you’ll need to meet iBusiness’ criteria of:
$500,000 for Express loans
10.50% to 14.00%
14.00% for loans $50,000 or less
13.50% for loans $50,001 to $250,000
12.00% for loans $250,001 to $350,000
10.50% for loans above $350,000
Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
12.50% to 15.50%
15.50% for loans $25,000 or less
14.50% for loans $25,001 to $50,000
13.50% for loans $50,001 to $250,000
12.50% for loans above $250,000
Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
36 hours
Huntington National Bank has been a preferred SBA lender for over 16 years, meaning they’re qualified to process SBA Express loans without SBA approval, which can speed up funding time.
Their SBA loan options can offer funding up to $5,000,000, though Express loans are capped at $500,000. They serve businesses across the country, and the application process is quick and straightforward.
If you’re considering an Express loan, however, make sure you’re familiar with the SBA’s requirements and Huntington National Bank’s requirements. Loans over $50,000 may require collateral per the SBA’s requirements.
Huntington National Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Apply online or contact the lender directly to learn if your business qualifies for a loan.
Up to $250,000
7.80%
As soon as 24 hours
If you need revolving funding, which allows you to withdraw funds as needed, a business line of credit may be a smart choice. Bluevine is our pick for best emergency business line of credit because of its relatively high funding cap of $250,000 and relatively low minimum credit score requirement. It also has quick approval processes, especially for current customers, and can provide access to funding within 24 hours.
Still, you must be in business for at least a year and make at least $10,000 a year in monthly revenue to qualify. It’s also not an option for businesses in Nevada, North Dakota or South Dakota.
In order to qualify, you’ll need to meet Bluevine’s criteria of:
An emergency business loan is a form of small business loan that is meant to provide you with fast funding to cover unexpected expenses.
Many of these loans are offered by online lenders, who tend to have shorter funding timelines than more traditional financial institutions.
Notably, the federal government also provides its own form of emergency business funding. However, this funding is reserved for individuals whose businesses are located in federally declared disaster areas. FEMA funding approval can take up to 10 days after an inspection to receive a decision, and it may take longer to receive assistance.
The exact process you’ll follow to apply for a business loan can vary by lender. Here is a general overview of the process.
| Pros | Cons |
|---|---|
Can be used to help cover costs to get your business through an emergency. Many lenders offer same-day or next-day funding options. SBA disaster loan option is available for those who are in federally declared disaster areas. | Interest rates can be high with some lenders. Collateral may be required for a secured business loan. Some lenders may have eligibility requirements that make funding inaccessible for startups. |
Getting an emergency business loan involves following the same process you would when applying for any other type of business financing. You have to fill out an application, submit supporting documentation and wait for loan approval.
Fortunately, the approval process is automated for many online lenders, with funds disbursement sometimes as soon as the same business day.
The fastest way to get a business loan is to look for a lender who offers fast funding. If you don’t see what you need in the list above, our roundup of quick business loans may be of assistance.
It depends on the type of business loan you need. It’s possible to get business funding in 24 hours or less with same-day business loans. Online lenders are the most likely to offer this service, while banks and credit unions often take several days to grant loan approval.
SBA disaster loans have a quicker funding timeline than traditional SBA loans, but the process can take a few weeks.
