1. What Are Fast Business Loans?
Fast business loans are short-term financing options designed to deliver funds to businesses quickly—often within 24 to 72 hours. They are ideal for:
- Managing cash flow gaps
- Emergency equipment repair
- Unexpected supplier deals
- Short-term growth opportunities
These loans prioritise speed over traditional approval processes.
2. Online Lenders Offering Fast Approval
UK-based FinTech companies offer streamlined, digital applications. Top options include:
- Iwoca – decisions within hours; loans up to £500,000
- Fleximize – funding within 24–48 hours
- Capify – flexible repayment linked to cash flow
- Tide Capital – loans for Tide account holders with fast turnaround
Most use soft credit checks and digital bank integration to speed up approvals.
3. Merchant Cash Advances
This option lets businesses borrow based on future debit/credit card sales. Highlights:
- Repayments are taken as a % of daily sales
- No fixed monthly payment
- Quick access—often same-day approval
Great for retail, hospitality, and ecommerce businesses with card revenue.
4. Invoice Finance for Fast Access to Cash
Convert unpaid invoices into working capital through:
- Invoice factoring (lender collects payments)
- Invoice discounting (you collect payments)
Funds are typically released within 24–48 hours, freeing up tied capital.
5. Revolving Credit Facilities
Instead of a lump sum loan, you access a pre-approved credit line:
- Withdraw funds as needed
- Only pay interest on what you use
- Quick drawdowns available via mobile or web apps
Perfect for managing ongoing or unpredictable expenses.
6. Credit Cards and Overdrafts
While not traditional loans, business credit cards and overdrafts provide:
- Instant access to short-term funds
- Flexible repayments
- Useful for emergencies and cash flow dips
Be cautious of interest rates and limits.
7. Tips to Get Fast Business Loan Approval
To speed up your application:
- Prepare 3–6 months of bank statements
- Have basic financials and ID ready
- Maintain a clear credit record (if possible)
- Apply to lenders who offer soft checks and API-based assessments
Always read the loan terms carefully—even if you’re in a hurry.
Frequently Asked Questions
How fast can I get a business loan in the UK?
Some lenders fund within 24–48 hours, depending on your financials and documentation.
Are fast loans more expensive?
Often, yes. Speed and flexibility usually come with higher interest rates or shorter terms.
Can I get a fast business loan with bad credit?
Yes. Many lenders assess business performance more than credit scores, though rates may be higher.
Do I need a business plan for fast loans?
Not always. Many online lenders don’t require detailed plans—just bank data and basic financials.
Can sole traders apply for fast loans?
Yes. Many fast loan providers accept sole traders, limited companies, and partnerships.
Is it safe to use online lenders?
Yes, if FCA-regulated. Always verify lender credentials before sharing personal or business data.
Conclusion
For urgent financial needs, fast business loans provide UK entrepreneurs with the agility to respond to challenges or seize opportunities quickly. With a growing number of digital lenders and alternative finance options, funding your business doesn’t have to take weeks—sometimes, it’s just hours away.