Finding and accessing same-day business loans can be tricky. Plus, the faster you need the funding, the more expensive it’s likely to be. But if you’re in a tight situation, you’ll want to know what your business loan options are.
This guide explores the best options for same-day business loans, including what to expect from lenders, what types of financing products fund quickly, and the pros and cons of accessing same-day small business loans.
Best Lenders for Same-Day Business Loans
Here are the best lenders that can offer same-day business loans:
With Fundbox, you can receive a same-day business loan in the form of a business line of credit. The terms for this product are short, only 12 or 24 weeks. Interest rates start at 4.66% of the draw amount, but can range depending on your qualifications.
Generally, to qualify for a same-day business line of credit from Fundbox, you’ll need at least $100,000 in annual revenue, a personal credit score of at least 600, and at least six months in business.
You can apply for a line of credit from Fundbox quickly and easily online. Typically, once you’ve created a Fundbox account and connected your accounting software or bank account, Fundbox can give you a credit decision within minutes. If you qualify, you’ll be able to see the line you’ve been approved for and draw funds easily once you’ve accepted the offer. Funds will arrive in your business bank account as soon as the next business day.
Bluevine (like Fundbox) provides lines of credit. Unlike FundBox, however, the Bluevine lines of credit have longer terms: six or 12 months. These lines of credit start at amounts of $5,000 and reach up to $250,000 with interest rates starting at 6.2%. This is a simple interest rate calculated from total repayments over 26 weeks.
To qualify for a line of credit from Bluevine, you’ll need $40,000 in monthly revenue, at least a 625 personal credit score, and at least 24 months in business. Additionally, your business must operate or be incorporated in an eligible U.S. state.
Another option for same-day business loans is Rapid Finance. Rapid Finance offers both short-term loans and merchant cash advances, with funding available as soon as the same day.
First, with their merchant cash advances, Rapid Finance offers amounts ranging from $5,000 to $500,000.
Although this may seem like a great option for newer businesses, it’s important to remember that merchant cash advances are often the most expensive financing product, and therefore, you’ll want to consider all of your other options before turning to this type of product.
Rapid Finance also offers short-term loans with amounts ranging from $5,000 to $1 million and terms as short as three months or as long as 60 months. The specific loan you’re looking at will determine your qualifications.
With Rapid Finance, you’ll be able to submit an application with your bank statements online and then you’ll receive an offer based on your cash flow that will tell you which of the Rapid Finance products you qualify for. If you accept the initial offer, you’ll go through the underwriting process, in which you’ll provide more information and work with a Rapid Finance representative directly.
The last lender on our list of the top options for same-day business loans is CAN Capital. CAN Capital is actually one of the oldest alternative lenders in the industry and provides both short-term and medium-term loans.
First, CAN Capital offers short-term loans that can range in amounts from $2,500 to $250,000, with terms between six and 18 months.
To qualify for their short-term loans, CAN Capital requires a minimum annual revenue of $150,000, personal credit score of 600, and at least three years in business.
Out of all of the lenders for same-day business loans, CAN Capital will probably require the most involved application process. Nevertheless, if you can complete their online application, work with a representative, and go through the underwriting process, you can receive funding extremely quickly. Although it’s possible to receive same-day funding, generally CAN Capital funds their customers within a few days.
If you’re looking for same-day business loans, you’ll likely be choosing from the following:
These types of financial products lend themselves to speed better than others. SBA loans, for example, are notorious for their slow funding—due to the extensive application requirements and the lengthy process involved. This being said, however, SBA loans also have some of the most competitive terms and rates on the market.
If you’re looking for a same-day business loan, time may be of the essence. But you don’t want to rush through the process and end up with the wrong business financing product—something that you can’t afford or won’t actually fulfill your needs.
So, what are the top benefits of same-day business loans?
First, of course, there’s speed. With any of the financial products we’ve explored from top same-day lenders, you’ll have access to the business funding you need, and quickly. Whether you need the funding to cover an emergency or take advantage of a new opportunity, sometimes it’s necessary to access financing as quickly as possible—and in this case, you’ll have access to the funds you need, fast.
Along these lines, another benefit of these same-day business loans is that they’re available in many types of financing products. These options are not just short-term loans, but also medium-term loans, lines of credit, invoice factoring, and more. Therefore, these loans will not only give you access to financing fast, but they will also allow you to explore different products to find the one that will best meet your specific needs.
Moreover, many of these lenders and products have lenient requirements and simple application processes. Compared to a traditional bank loan or SBA loan, you’ll be able to apply for a loan quickly and easily (and mostly online) and often won’t have to worry about excessive documentation or information. Not only does this add to the speed of the loan, but it also makes the whole process easier for you.
Plus, for many newer businesses or business owners with less-than-ideal credit, it can be extremely difficult to receive financing. With many of these options, however, you’ll find that lenders are flexible with their requirements—whether time in business, credit score, or revenue—meaning a greater amount of business owners can access the funding they need.
There are also notable downsides to consider when it comes to same-day business loans.
First and foremost, speed often comes at a price. On the whole, the faster you need access to financing, the more expensive it’s going to be. This is especially true if you can only meet lower-level business loan requirements. Therefore, although these loans may be able to get you financing quickly, you’ll also be paying a significant amount in interest and fees to receive this capital.
Along these lines, same-day business loans will also have shorter repayment terms, especially in comparison to other products on the market. In this way, you’ll not only be paying more for access to financing, but you’ll also have to pay back what you’ve borrowed in a shorter amount of time.
Finally, since you’ll only be able to access same-day funding from online, alternative lenders, you’ll have to take more care as you explore lenders and what they can offer. Overall, the online lending industry is much less regulated than traditional banks, and therefore, you’ll need to be on the lookout for predatory companies looking to take advantage of small business owners.
Although there certainly are reputable lenders out there—like the ones we’ve discussed—there are also companies that will promise immediate funding but will also charge hefty fees, expensive rates, and ultimately, trap your business in a cycle of debt that’s difficult to break. With this in mind, if you’re looking for same-day business loans, you’ll want to take extra care to ensure that you’re working with a trustworthy lender and aren’t falling prey to scams or unsavory companies.
Meredith Wood is the founding editor of the Fundera Ledger and a GM at NerdWallet.
Meredith launched the Fundera Ledger in 2014. She has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending and financial management.