Approval and funding timelines vary by lender type. Here's what to expect.
How long to get a business loan depends on lender type: Alternative lenders approve in 24-72 hours and fund in 1-3 business days. Banks take 1-4 weeks for approval and 1-2 weeks for funding. SBA loans take 4-12 weeks for approval and 1-2 weeks for funding. Factors affecting timeline: application completeness, credit score, loan amount, and lender workload. Fastest option: online alternative lenders with automated underwriting.
Online lenders with automated underwriting and fast processes.
Best for: Urgent needs, smaller loans ($25k-$500k), businesses with good revenue but lower credit.
Banks with manual underwriting and stricter requirements.
Best for: Larger loans ($100k+), established businesses, lower rates preferred.
Government-backed loans with extensive documentation and review.
Best for: Large loans ($500k+), low rates, businesses willing to wait.
Missing documents delay approval. Gather all required documents before applying. See our complete documents checklist.
Higher credit scores (700+) often get faster approval. Lower scores may require additional review. Learn about credit score requirements.
Larger loans ($500k+) require more documentation and review, increasing timeline. Smaller loans ($25k-$100k) process faster.
Busy periods (end of quarter, tax season) may slow processing. Apply during slower periods for faster turnaround.
Secured loans (equipment, real estate) may take longer due to collateral evaluation. Unsecured loans process faster but have higher rates.
Alternative online lenders offer the fastest approval (24-72 hours) and funding (1-3 days). They use automated underwriting and require less documentation than banks or SBA.
Some alternative lenders offer same-day or next-day funding for smaller loans ($25k-$100k) with strong applications. Most take 1-3 business days.
SBA loans require extensive documentation, government review, and manual underwriting. The trade-off: lower rates and longer terms. Learn about SBA loans.
Consider alternative lenders or business lines of credit for fastest access. Equipment financing or invoice factoring can also fund quickly (3-7 days) since they're asset-backed.
Complete step-by-step guide to the loan process.
Complete checklist to speed up your application.
Compare loan types and find the right option.
Prepare your business before applying.
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