If you’re a small business owner, you know the unexpected happens and you might need access to financing as soon as possible. In this case, you’ll be looking for same-day business loans—in other words, a loan that you can apply to, receive approval for, and access, all within the same day.
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
Same-Day Business Loans: The Best Lenders for Immediate Financing
Here are the best lenders that can offer same-day business loans:
- Fundbox: Fundbox provides short-term lines of credit with a simple application and funding possible within the same day.
- BlueVine: BlueVine offers invoice factoring and lines of credit. You can apply and receive approval in as little as five minutes, with financing possible within the same day.
- PayPal Business Loans: These short-term loans have a 10-minute application process and can provide capital in your bank account as soon as the next business day.
- Rapid Finance: Rapid Finance, formerly Rapid Advance, offers both short-term loans and merchant cash advances. Funding is possible as soon as the same day.
- CAN Capital: CAN Capital, one of the oldest alternative lenders in the industry, provides short-term loans, as well as medium-term loans, and can offer financing within the same day.
Let’s learn more
With Fundbox, you can receive a same-day business loan in the form of a line of credit. Fundbox offers business lines of credit in amounts starting at $1,000 and reaching up to $100,000. 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 500, and at least three months in business—fairly lenient requirements.
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 offers multiple loan products, as well as a fully digitized application and underwriting process, making it a good choice for same-day business loans.
First, BlueVine offers invoice factoring, in amounts ranging from $20,000 to $5 million. The terms for their invoice factoring start at one week and extend to 13 weeks. The rates can be as low as 0.25% per week.
Of all the financing BlueVine offers, invoice factoring will be the easiest to qualify for, as they’ll look more closely at the payment history of your customers. To qualify, you’ll need at least $120,000 in annual revenue, a minimum personal credit score of 530, and at least three months in business.
In addition to invoice factoring, 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 ranging from 4.8% to 51%.
To qualify for a line of credit from BlueVine, you’ll need the $360,000 in annual revenue, at least a 650 personal credit score, and at least two years in business.
Although BlueVine does have the ability to approve loans within the same day, it’s important to note that on average, their funding time ranges from two to seven business days, which is still incredibly fast.
PayPal Business Loans
PayPal Business Loans are short-term business loans, ranging from $5,000 to $500,000. Terms on these loans can range from 13 to 52 weeks, depending on the loan amount. Fees are fixed based on the amount borrowed and repayment term..
To qualify for a PayPal Business Loan, you’ll need at least nine months in business, $42,000 minimum annual revenue, and a personal credit score of at least 600.
Like the other same-day business loan lenders we’ve discussed, you can apply for a PayPal Business Loan by completing a simple five- to 1o-minute online application. Once you’ve done so, you’ll be able to select your desired loan amount and terms and compare the costs of financing. After you choose your terms and amount, you can complete the application.
If you provide the necessary documents promptly, you can be approved for a PayPal Business Loan and receive funding as soon as the next business day.
All of this being said, although the rates on a PayPal Business Loan will be higher than a traditional bank loan for your business, this is a great option if you’re looking for a loan with speed and a simple application.
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 $500,00, terms from three to 12 months, and interest rates starting at a 1.22 factor rate. To qualify for this product, you’ll need at least $5,000 in monthly credit card sales, a minimum 550 personal credit score, and at least three months in business.
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 three different types of short-term loans—their Standard loan, Select loan, and Preferred loan. For these loans, amounts can range from $5,000 to $1 million with terms as short as four months or as long as 18 months. The specific loan you’re looking at will determine your qualifications, but generally, you’ll need an annual revenue of $120,000, a minimum personal credit score of 550, and at least two years in business. These loans are also priced by factor rate, which can go as low as 1.11 or as high as 1.31.
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. All in all, you’ll be able to receive an initial offer within six hours and funding available as soon as the same day. Generally, however, Rapid Finance takes an average of two days to fund businesses.
Ultimately, like the other lenders we’ve discussed, Rapid Finance is a worthwhile option for fast funding, especially if you can’t qualify for a bank loan. Although Rapid Finance requires a longer time in business than some other lenders, their other requirements are relatively flexible, especially if you’re looking for speed first and foremost.
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. Like Rapid Finance, CAN Capital charges interest in the form of a factor rate, which in this case, can range from 1.15 to 1.48.
To qualify for their short-term loans, CAN Capital requires a minimum monthly revenue of $12,500, personal credit score of 600 (although they lower this to 550 if you have more than six years in business), and at least three years in business.
For their medium-term loans, CAN Capital offers amounts from $50,000 to $150,000 and terms from two to four years. These loans are priced in terms of APR, which can range from 12.9% to 29.9%. In order to qualify for this product, you’ll need a personal credit score of 680, seven years in business, and over $350,000 in annual revenue (although this is preferred, not a set minimum).
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.
How to Find Same-Day Business Loans
On the whole, if you need quick business loans, your best bet will be to turn to alternative lenders. These lenders will have simpler processes, online-based applications, more lenient requirements, and will be the most likely to loan you money quickly.
Although traditional banks will offer the most competitive rates and terms, their processes will be lengthy and more complex; plus, you’ll need to meet the highest requirements to qualify.
However, not all alternative lenders offer same-day business loans, but the majority will be able to get you funding within a week—and certainly much faster than a bank loan or SBA loan.
Of course, it’s important to keep in mind that within the world of business lending, speed comes with a cost—same-day business loans will likely mean higher interest rates, smaller loan amounts, and shorter terms—as well as the added risk of predatory companies trying to take advantage of business owners who need funding quickly.
Types of Same-Day Business Loans
If you’re looking for same-day business loans, you’ll likely be choosing from the following:
- Short-term loans: Similar to a traditional term loan, a short-term loan will allow you to borrow a set amount of money and pay it back, with interest, in daily or weekly payments over a period of about three to 18 months.
- Merchant cash advance: A merchant cash advance (MCA) is a lump sum of capital you borrow from an online financing company and repay using a portion of your daily credit card transactions.
- Business line of credit: With a business line of credit, you’ll have access to a pool of funds that you can withdraw from whenever you need it. You’ll only pay interest on the funds you withdraw and once you pay back what you’ve borrowed, your line will reset, similar to the way a credit card works.
- Invoice financing: With invoice financing (also known as accounts receivable financing), you’ll work with a lender to get an advance of about 85% of the value of your outstanding invoices. This way, you’ll get paid right away, and when your customers pay their invoices, you’ll receive the remaining 15%, minus the lender’s fees.
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.
Same-Day Business Loans: Pros and Cons
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.
Let’s discuss further.
Pros of Same-Day Business Loans
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.
Cons of Same-Day Business Loans
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.
How to Choose the Right Same-Day Business Loan
Ideally, you would turn your search toward the financing products (like SBA loans or bank financing) that can offer you the best rates as opposed to the fastest funding times. However, sometimes time is your top priority, and in that case, you’ll want to keep the following in mind when trying to determine what’s right for your business:
- Type of product: You’ll want to consider what type of financing—a term loan, line of credit, or another option—will best meet your business needs.
- Rates and fees: Rates and fees will be extremely important with same-day business loans. This funding will likely be more expensive compared to other options, so you’ll want to know exactly how much any product will cost you and what the process will look like to pay back what you’ve borrowed.
- Time to funding: Of course, if you’re looking for a same-day business loan, time will be important. However, even if a lender can fund customers within the same day, it doesn’t mean they always will. You’ll want to remember that it may take longer than a day to work through your application and get access to your funds; plus, time to funding may depend on you—how fast you are to provide documentation, answer questions from the lender, etc.
- Lenders: Whichever lender you decide to work with, you’ll want to take extra steps to ensure they’re reputable. Ask any questions you have, and determine that they’re the right choice to work with your business throughout the business loan application and payback process.
By considering all of these factors, you should be able to narrow down your options to determine what type of same-day business loan and what lender will be able to best serve your business. However, if through this process, you find that you can wait to find a product with more desirable terms and rates, we’d recommend you do so, as it will likely be better off for your business in the long run.
Frequently Asked Questions
The Bottom Line
All in all, if you need a same-day business loan, there are options out there—including different types of products from different online lenders.
However, and we can’t stress this enough, speed comes at a price. In other words, same-day business loans are going to be some of the most expensive business loans. Nevertheless, sometimes you need an emergency business loan or funds to jump on a once-in-a-lifetime opportunity. In these cases, it’s important that you still take the time to find the right product and the best lender for your business.
And, if you can efficiently qualify and pay back a same-day business loan, you’ll put yourself in a better situation in the future to find and receive funding that may be slower to fund, but can offer the most ideal terms and rates.
Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera.
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.