3 Fastest Small Business Loan Companies in Canada

Are you running a small business and need money now! 

Banks take too long and turn you down, payday loans are too expensive and gambling for payroll doesn't always work out as well as it did for Fred Smith from FedEx.

Luckily there are some companies that now provide opportunities for Canadian small businesses to get access to fast cash to cover expenses.

Below is a review of the opportunities for Canadian small businesses to take out fast loans or merchant cash advances.

Merchant Advance

Best for 6+ month old businesses who don't need the $ today!

Borrow $1,000-$350,000

Receive Funds in 1-2 days

  • Great Interest Rates
  • Repayment Options
  • Must Be in Business 6 Months
  • %5k/month minimum

Fast Cap 

Best for businesses who need money FAST!

Borrow $500-$100,000

Receive Funds in 24hrs!

  • 99.8% Approval Rate
  • No Credit Check
  • Repayment terms are fixed
  • $100k limit

Dollars Direct

Best for VERY small businesses with low monthly volume

Borrow $100-$1,500

Receive Funds in 24hrs!

  • Fast Approval
  • Simple Application
  • Expensive
  • $1,500 limit

10 Reasons to Borrow Money as a Small Business...

  • Expansion
  • Payrool
  • Equipment
  • Cash Flow
  • Inventory
  • Renovations
  • Buying out a Partner
  • Paying Bills
  • Tax Payments
  • Other Emergencies

​Below are reviews of the best options to get a small business loan quickly in Canada...

FAST CAP FINANCIAL REVIEW

fastcap-financial-review

Using their secure & easy automated system, the advance is paid back automatically on a daily basis through a portion of your future Visa, Mastercard & Debit sales. The total advance consists of the funded amount, plus a fee that is determined through their application process. Unlike a bank loan, other merchant cash advance companies, there is NO credit check, NO accruing interest, NO timeframe, NO collateral & NO fixed payments.

their Program is ideal for ANY Canadian business, regardless how long you have been in business, who your processor is, your industry or processing volume. We can provide a quick infusion of cash for any and all types of business needs.

FastCap Financial offers quick injections of cash into your business. By quick, we mean the same day! Their approval process is fast, simple and transparent and we approve every qualified and completed application for an advance, guaranteed.

Requirements:

  • Must have a registered Canadian Business in Business 1 Month
  • You Must Have a Physical Business Location
  • You Must Currently Accept Debit or Credit Cards ($1k/month)

How Much Money Can I Receive?

  • $1000 to $1,000,000

Fast Cap Financial will provide you with funds based on your sales volume.

They have a handy calculator on their homepage to help determine how much you can borrow.​

How Fast Do I Get The Money?

  • 24hrs!

Fast! their application process is simple and we can have funds in your account in 24 hours.

What is the Fee for my Loan?

  • No Charges or Fees for the Loan!
  • Interest rate charged and no timeframe

Applying, getting funding options and submitting an agreement is absolutely free, there are no fees charged during the application process. There is interest and no timeframe. We purchase future receivables at a discount. There is a onetime fee, the size of the fee for your merchant cash advance depends on a number of factors including the size of the advance, the industry you are in, the level of seasonality in your business, and the size of your average sale, among other things. Find out exactly what you qualify today! Just fill out their online application form and a FastCap Funding specialist will contact you

Will I Need To Send a Fax?

  • NO Fax Is Required!

Merchant Advance Capital Review

dollars-direct-review

Their merchant advance program takes your future cash flows and turns them into immediate cash that you can use for your business right away. The balance is paid off automatically through a portion of future debit/credit card sales, or through an automatic fixed daily payment in the event that your business does not accept much debit/credit.

The balance consists of the funded amount, plus a fee that is determined through their application process. Their process is simple and transparent

Requirements:

  • Business with a physical location
  • Been in business 6 months & have 6 month lease
  • $5k/month in debit/credit card sales

Their merchant advance program takes your future cash flows and turns them into immediate cash that you can use for your business right away. The balance is paid off automatically through a portion of future debit/credit card sales, or through an automatic fixed daily payment in the event that your business does not accept much debit/credit.

How Much Money Can I Receive?

  • $350k per location!

Merchant Advance can provide up to $350k per location!

How Fast Do I Get The Money?

  • 1-2 business days

They can provide funding for your business in as little as 1-2 business days upon receiving your completed application forms and documents

What is the Fee for my Loan?

  • No Charges for the Loan!
  • Daily interest rate charged based on your application

A merchant cash advance manager will contact you to provide more details once you apply.

By analyzing your historical debit/credit card sales volumes we establish targets for the length of your merchant cash advance program. A program can be designed to last anywhere from 3-10 months and the amount of cash that we can advance you depends on the length of the program. However, the length of time it actually takes for us to get paid back depends on how well your business does (we don’t get paid until you get paid!). Apply now and a Merchant Advance Capital Relationship Manager will contact you to discuss which options best suit your needs.​

Will I Need To Send a Fax?

  • NO Fax Is Required!

DollarsDirect.ca Review

dollars-direct-review

Requirements:

  • Have an active bank account
  • Be at least 18 years of age
  • Have been employed with the same company long enough to have received at least one payslip
  • Be a resident of Alberta, Ontario, Saskatchewan or BC

How Much Money Can I Receive?

  • $500 for new customers
  • $1,500 repeat customers

New customers may qualify for up to $500. Your loan amount is determined by the information you provide in your application, including your income, and by your credit history and their qualification criteria. Repeat customers can receive up to $1,500.

How Fast Do I Get The Money?

  • Same Day (if you apply before 1PM EST Monday - Friday)

If you apply on Saturday or Sunday, you may receive your funds as early as Monday. If Monday is a holiday, you’ll receive your funds as early as Wednesday. If you apply on a holiday, you may receive your funds as early as the business day after the holiday. The exact time of funding depends in part on when your bank posts direct deposits to your bank account. If you expect loan funds on a certain day, but do not see them in your bank account, please call their Customer Service team toll-free at 1-866-770-7165.

Your due date will normally be on your next payday that is between eight and 40 days away from the date your loan funds are deposited into your bank account. If your application is submitted by 1 PM ET Monday through Friday, your funds may be deposited the same day.

What is the Fee for my Payday Loan?

  • $21 for every $100 (Ontario)
  • $23 (BC, Saskatchewan, Alberta)

If you are a resident of Ontario, you will be charged a fee of $21 for every $100 borrowed; if you are a resident of either British Columbia, Saskatchewan or Alberta , you will be charged a fee of $23 for every $100 borrowed. If you have a discount code, you must provide it when you fill out your application to receive the applicable discount on the loan fee.

Will I Need To Send a Fax?

  • Often NO Fax Is Required!

Are you running a small business and need money now!

Banks take too long and turn you down, payday loans are too expensive and gambling for payroll doesn’t always work out as well as it did for Fred Smith from FedEx.

Luckily there are some companies that now provide opportunities for Canadian small businesses to get access to fast cash to cover expenses.

Below is a review of the opportunities for Canadian small businesses to take out fast loans or merchant cash advances.