The Fastest Ways to Get a Business Loan in 2024

The business landscape in 2024 is more competitive than ever. With rising inflation, supply chain disruptions, and rapid technological advancements, securing quick funding can be the difference between scaling your business or falling behind. Whether you're a startup founder, a small business owner, or an entrepreneur looking to expand, knowing the fastest ways to get a business loan this year is crucial.

Below, we break down the most efficient financing options available in 2024, along with insider tips to speed up the approval process.

1. Online Lenders: The Speed Champions

If you need funds fast, online lenders are your best bet. Unlike traditional banks, digital platforms leverage AI and automation to approve loans within hours—sometimes even minutes.

Top Online Lending Platforms in 2024

• Kabbage (by American Express): Offers lines of credit with instant approvals.
• Fundbox: Specializes in short-term loans and invoice financing.
• OnDeck: Provides term loans and lines of credit with same-day funding options.

Why Online Lenders Are Faster

• Automated Underwriting: Algorithms analyze your business data (bank statements, revenue, credit score) in real time.
• Minimal Paperwork: No lengthy applications—just connect your accounting software or bank account.
• Flexible Requirements: Some lenders accept lower credit scores (as low as 500).

2. SBA Loans with Expedited Processing

The U.S. Small Business Administration (SBA) remains a trusted source for low-interest loans. While SBA loans traditionally take weeks to process, new programs in 2024 have accelerated approvals.

Fast-Track SBA Loan Options

• SBA Express Loans: Approval in as little as 36 hours, with loans up to $500,000.
• SBA 7(a) Small Loan: Streamlined process for loans under $350,000.

How to Speed Up Your SBA Application

• Use an SBA Preferred Lender (PLP): These lenders have delegated authority to approve loans faster.
• Prepare Documents in Advance: Have your tax returns, financial statements, and business plan ready.

3. Business Credit Cards (Instant Approval Options)

For smaller funding needs, a business credit card can be the fastest solution—especially if you already have good credit.

Best Instant-Approval Business Credit Cards

• Brex Corporate Card: No personal guarantee required; approval in minutes.
• Capital One Spark Cash Plus: High credit limits and fast decisions.
• American Express Business Gold Card: Instant spending power upon approval.

When to Use a Business Credit Card

• Emergency expenses (e.g., equipment repairs, inventory restocking).
• Building business credit for future loans.

4. Merchant Cash Advances (Same-Day Funding)

If your business has consistent credit card sales, a merchant cash advance (MCA) can provide same-day funding.

How an MCA Works

• A lender advances cash based on your future sales.
• Repayment happens automatically via a percentage of daily credit card transactions.

Pros & Cons of MCAs

✅ Fastest funding option (often within 24 hours).
✅ No collateral required.
❌ High fees (effective APRs can exceed 100%).
❌ Daily repayments can strain cash flow.

5. Crowdfunding & Revenue-Based Financing

For startups and eCommerce businesses, alternative funding models like crowdfunding and revenue-based financing (RBF) are gaining traction.

Fast Crowdfunding Platforms

• Kickstarter & Indiegogo: Pre-sell products to raise capital quickly.
• GoFundMe for Business: Community-driven funding for urgent needs.

Revenue-Based Financing (RBF)

• Investors provide capital in exchange for a percentage of future revenue.
• No equity dilution—ideal for SaaS and subscription businesses.

6. Peer-to-Peer (P2P) Lending

P2P platforms like LendingClub and Funding Circle connect borrowers with individual investors, cutting out traditional banks for faster approvals.

Benefits of P2P Lending

• Lower interest rates than MCAs or online lenders.
• Flexible terms (3-5 years).

7. Invoice Financing (Get Paid Now, Not Later)

If unpaid invoices are tying up your cash flow, invoice financing lets you borrow against them immediately.

Top Invoice Financing Companies

• BlueVine: Advances up to 90% of invoice value.
• FundThrough: AI-driven approvals in minutes.

Final Tips to Secure a Business Loan Faster in 2024

• Check Your Credit Score Early – Know where you stand before applying.
• Gather Financial Documents – Bank statements, tax returns, and profit/loss reports.
• Apply Early in the Week – Lenders process applications faster on Mondays/Tuesdays.
• Consider a Co-Signer – If your credit is weak, a strong co-signer can help.

The key in 2024? Speed and flexibility. Whether you choose an online lender, SBA express loan, or a creative solution like crowdfunding, the right financing can propel your business forward in record time.