The Best Emergency Business Loans For 2024

Total Rating	3.9
Rates & Fees4.6
Services2.9
Eligibility Requirements3.8
Application4.5
Sales & Advertising Transparency3.8
Customer Service4.1
User Reviews4.0

Pros

Multiple types of financing available
Application process is fast & easy
Funds are disbursed quickly

Cons

Rates can be expensive
Not available to businesses in some industries

Why We Chose OnDeck For Fastest Emergency Loan

If you're in a real emergency, you probably need your money sooner rather than later. While OnDeck isn't the cheapest way to get financing, we've found it to be an excellent one-stop shop for fast, emergency loans and lines of credit.

A successful application will get money into your bank account within two days. In some states, you can even get your money the same day you apply. If you need an immediate lump sum, you can get a term loan from OnDeck. On the other hand, if your emergency is ongoing, we'd recommend looking into a line of credit.

OnDeck Services

OnDeck offers term loans up to $250,000 with repayment terms of up to 24 months. OnDeck also offers lines of credit up to $100,000 with repayment terms of up to 24 months.

OnDeck Rates & Fees

For OnDeck’s term loans, APRs range from 29.9% to 97.3%, with most borrowers paying an average of 55.8%. An origination fee of up to 5% may apply.

OnDeck’s lines of credit have APRs that range from 29.9% to 65.9%, with the average borrower paying about 52.6%. There are no origination fees, but a $20 monthly maintenance fee will apply to most borrowers.

OnDeck Eligibility Requirements

OnDeck’s eligibility requirements are as follows:

1+ years in business
625+ credit score
$100,000+ per year in revenue

When To Use OnDeck For Emergency Loans

You need your money very quickly
You need to borrow small to moderate amounts of money
You’ve been in business for more than a year

Get Started With OnDeck

Fundbox: Fastest Emergency Line Of Credit

Fundbox

Total Rating	3.8
Rates & Fees3.1
Services3.6
Eligibility Requirements4.5
Application4.8
Sales & Advertising Transparency3.8
Customer Service3.0
User Reviews4.4

Pros

Application process is fast & easy
Funds are disbursed quickly
Early repayment discounts

Cons

Rates can be expensive
No long-term financing options

Why We Chose Fundbox For Fastest Line Of Credit

Who wants to waste time with complex applications during an emergency? When it comes to raw speed and convenience, it's hard to do better than Fundbox. We found Fundbox's fully automated application process, which can be completed in as little as three minutes, to be quite painless. Funds can hit your bank account as soon as the next business day, depending on what time of day you complete your application.

Fundbox Services

Fundbox offers lines of credit up to $150,000

Fundbox Rates & Fees

Fundbox’s rates start at 4.66% for 12-week repayment terms and 8.99% for LOCs with 24-week repayment terms.

Fundbox Eligibility Requirements

To qualify for funding from Fundbox, you must meet these requirements:

6 months in business
$100,000 per year in revenue
600+ credit score

When To Use Fundbox

You need fast access to a line of credit
You have fair credit
You need to borrow small to moderate amounts of money

Get Started With Fundbox

Lendio: Best Marketplace For Emergency Loans

Lendio

Total Rating	4.8
Rates & Fees5.0
Services5.0
Eligibility Requirements4.9
Application4.5
Sales & Advertising Transparency4.4
Customer Service4.9
User Reviews4.9

Pros

Multiple types of financing available
High borrowing amounts
Low credit score requirements for some products

Cons

Rates can be expensive
Funds can take awhile to disburse
Application process can be slow

We We Chose Lendio For Best Emergency Loan Marketplace

Lendio is a loan marketplace rather than a direct lender, which means you can apply to its entire pool of 75+ lenders with a single application. While Lendio isn't necessarily the fastest option on this list, it's faster than traditional bank lending. We think you'll also appreciate being able to apply to Lendio's entire network of lenders with a single application, because who wants to waste time filling out multiple applications during an emergency?

Also, with a lending limit of $5 million, Lendio should be able to cover even large emergencies.

Lendio Services

Lendio offers nearly any type of funding you need for your business, including:

Short-term loans up to $500,000
Term loans up to $2 million
Lines of credit up to $500,000
Merchant cash advances up to $200,000
SBA loans up to $5 million
Equipment financing up to $5 million

Lendio Rates & Fees

Lendio’s rates and fees vary based on product type and the lender you select. Lendio has low-interest options such as SBA loans, as well as more expensive funding like MCAs for borrowers with bad credit or other challenges.

Lendio Eligibility Requirements

Lendio works with multiple lenders, and each lender has its own set of eligibility requirements for funding. However, Lendio recommends having a credit score of at least 550 to qualify. Additionally, the more revenue, higher credit score, and longer time in business you have, the better odds you have for qualifying for better rates and terms.

When To Use Lendio

You need to borrow large amounts of money
You aren’t sure who you want to borrow from
You want to compare multiple offers

Get Started With Lendio

Riviera Finance: Best Emergency Invoice Factoring

Riviera Finance

Visit Site

Get Started With Riviera Finance

Total Rating	3.7
Rates & Fees2.3
Services3.7
Eligibility Requirements4.5
Application4.0
Sales & Advertising Transparency3.6
Customer Service4.2
User Reviews3.9

Pros

Suitable for startups
No minimum credit score
Competitive terms & fees

Cons

Must have unpaid invoices to use
6-month contract required (in most cases)

Why We Chose Rivera Finance For Best Emergency Invoice Factoring

One particularly frustrating scenario in an emergency is when you have money due to come in, but your invoices haven't been paid yet. What if we told you that you could get an advance on those invoices through invoice factoring? Essentially, you're selling your unpaid invoices to a factoring company at a small discount. You're taking a small hit on your revenue, but you'll get fast access to the funds due to you.

If you're in a hurry, one of the best companies to do this with is Riviera Finance, a non-recourse invoice factoring company that offers reasonable fees, high credit facilities, and a relatively fast application process.

Rivera Finance Services

Rivera Finance offers credit facilities up to $2 million with a contract length (generally) of six months.

Rivera Finance Rates & Fees

Discount rates for invoice factoring start at 2%, with an advance rate of up to 95%

Rivera Finance Eligibility Requirements

To qualify for invoice factoring through Rivera Finance, you must meet these requirements:

1 year in business
$100,000 per year in revenue
625+ credit score

When To Use Rivera Finace

You have unpaid invoices available
You want to avoid going into debt
You’ve been in business for over a year

National Business Capital: Best Advisory Service For Emergency Loans

National Business Capital

Get Started With National Business Capital

Total Rating	4.2
Rates & Fees4.0
Services3.5
Eligibility Requirements4.3
Application4.5
Sales & Advertising Transparency4.4
Customer Service4.7
User Reviews4.9

Pros

Low credit score requirements
Customers are assigned an account manager
Long-term financing options available

Cons

Rates can be expensive
May require collateral

Why We Chose National Business Capital For Best Advisory Service For Emergency Loans

National Business Capital is another loan aggregator that matches applicants to a lender within its pool of affiliates. The service is surprisingly fast for an aggregator and is willing to work with a wide variety of industries, including cannabis.

We also like that National Business Capital assigns a financing advisor to make recommendations to improve their chances of approval. That's somewhat rare in the age of automation. You can also ask for advice on what kind of loan is the best fit for your particular emergency.

National Business Capital Services

National Business Capital offers:

Term loans up to $5 million
Lines of credit up to $5 million
Equipment financing up to $5 million
SBA loans up to $5 million

National Business Capital Rates & Fees

National Business Capital’s rates vary by type of product and lender but generally begin around 7%. Some lenders may charge additional fees.

National Business Capital Eligibility Requirements

To qualify for funding through National Business Capital, you must meet these requirements:

1 year in business
$120,000 per year in revenue
580+ credit score

When To Use National Business Capital

You want the assistance of a person advisor
You need to borrow large amounts of money
You aren’t sure what type of service best suits your emergency

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

Weighted Rating Breakdown

Rates & Fees 20%

Services 20%

Eligibility Requirements 20%

Application 15%

Sales & Advertising Transparency 10%

Customer Service 10%

User Reviews 5%

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

SBA Emergency Loans

The list above covers private lenders that can cover capital shortfalls for personal emergencies. However, if your business has been affected by a federally declared disaster, your best bet may be to seek an SBA disaster loan.

These loans have long term-lengths and low interest rates, making them far more suited to recovering from a serious disruption to your business. SBA disaster loan options include:

SBA Economic Injury Disaster Loan (EIDL): EIDLs are reserved for small business owners facing financial hardship due to a specifically declared disaster. These loans have interest rates of up to 4% and repayment lengths of up to 30 years.
SBA Physical Damage Loans: SBA Physical Damage Loans are reserved for business owners (and homeowners) whose private property has been physically damaged as a result of a disaster. These loans have repayment periods of up to 30 years, with interest rates of up to 4% for businesses that can’t get credit elsewhere (8% for other businesses).
Military Reservist Loans: These loans cover businesses that lose critical personnel due to military deployment.

4 Tips For Getting An Emergency Business Loan

When you’re looking for emergency funding for your small business, you don’t have a lot of time to weigh your options the way you would during normal times.

Here are some tips for when time is of the essence:

Get The Right Type Of Loan: Some types of loans disburse much faster than others, but that’s only one part of the picture. Consider the repayment schedules and whether your business will bounce back quickly enough to service your debt. You don’t want to compound your emergencies.
Get An Online Loan: There are some very good reasons to stick with traditional banks. They offer better rates and longer terms in most cases. But what they don’t usually offer is speed. Online loans, on the other hand, are designed to be fast and easy to apply for. If there’s ever a time where that model shines, it’s when you need money quickly.
Avoid Scams: Desperate people make good marks, which is something you don’t want to be. While you may be in a hurry, make sure you’re dealing with a reputable lender. Read reviews of the company on sites such as Merchant Maverick, and search for user reviews to see what the lender’s reputation looks like.
Understand The Cost Of The Loan: Loans can be complicated, especially since the lending industry is notorious for hiding costs. Remember that you’re effectively buying money for more than it’s worth, and be sure to ask about any fees involved beyond interest. Make use of online tools to evaluate your offer.

Get The Right Emergency Loan For Your Business

There’s no shortage of options for getting emergency small business loans. The trick is making sure you get it on the schedule you need at a rate you can afford. Assessing the vulnerabilities of your business can go a long way toward being prepared for a financial emergency, as can having a lender you can trust to give you the best small business loans you can get during an emergency.

FAQs: The Best Emergency Business Loans For 2024

Can I borrow money and get it instantly?

While you can’t borrow money and get it instantly, you can get it very quickly, often within a business day or two, and occasionally in the same day. This usually requires working with an online lender like OnDeck which features an expedited application process.

What credit score do you need for an emergency loan?

A higher credit score inevitably gives you more options when it comes to getting an emergency loan, but it’s possible to find emergency funds with a credit score in the 500s. Borrowers with at least a 580 credit score will fare better, however.

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Chris Motola

Expert Contributor at Merchant Maverick

Chris has been writing about small business topics since 2003. He has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York.

View Chris Motola's professional experience on LinkedIn.

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1. OnDeck

❮ ❯

Term loans, lines of credit
FICO: 625+
APR: 29.9%+

2. Fundbox

❮ ❯

Lines of credit
FICO: 600+
APR: 4.66%+

3. Lendio

❮ ❯

Term loans, short-term loans, lines of credit, merchant cash advances
FICO: No minimum
APR: Varies by lender

4. Riviera Finance

❮ ❯

Invoice factoring
FICO: No minimum
Discount Rate: 2%+

Visit Site

5. National Business Capital

❮ ❯

Term loans, lines of credit, equipment financing, SBA loans
FICO: 580+
Interest rates: 7%+