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The Best Same-Day Business Loans & Funding Options For Fast Funds
Same-day loans and advances can be expensive, but may be worth the cost when you need access to fast funding.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Chelsea KrauseChelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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Erica SeppalaErica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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When you need financing quickly, it can be tough to find same-day loans from lenders who won’t take advantage of your desperation. “Same-day” lenders often charge exorbitant fees for same-day business loans, lines of credit, and merchant cash advances.
Fortunately, there are at least a few good eggs in the same-day loans and merchant cash advances basket.
Though there is never a 100% guarantee that you’ll receive your money the same day you apply, the following same-day business lenders have a solid track record for delivering funds on the same day businesses submit their loan applications.
A same-day business loan is a type of business funding where funds are made available the same day as the application is completed.
Same-day business loans are most often available with short-term loans, but merchant cash advances, lines of credit, and even some regular term loans can offer same-day funding, depending on the lender.
The Best Same-Day Business Loans
The best same-day business loans should be easy to apply for and quickly disburse funds to applicants. They should also have reasonable rates, repayment terms, and borrowing amounts. Here are the best same-day business funding options that stack up higher than the rest.
Funding can take awhile to disburse (for some products)
Why We Chose BusinessLoans.com For The Easiest Same-Day Business Loan Application Process
Not every business owner has the time to send multiple loan applications to different lenders, so BusinessLoans.com lets business owners apply to an entire network of lenders with a single application.
Between a quick application process, excellent customer service, and no credit score requirement, business owners are likely to find a funding option that meets their needs with BusinessLoans.com. Overall, the company gets a 4.0/5 star rating from us.
BusinessLoans.com Rates, Fees, & Turnaround Times
BusinessLoans.com offers term loans, short-term loans, lines of credit, and merchant cash advances up to $3 million. Repayment terms vary by lender.
BusinessLoans.com doesn’t disclose terms and fees upfront. Expect these to vary by specific lender, type of funding, and your credit rating.
Just be aware that while same-day funding is possible through BusinessLoans.com, it can take up to a week. Funding time will depend on how the matching process goes and which specific lenders your business qualifies for.
BusinessLoans.com Eligibility Requirements
A plus of BusinesssLoans.com is that there is no credit minimum to apply. A higher score will give you access to more favorable rates, but BusinessLoans.com has a large lender pool so business owners are likely to find something they qualify for.
BusinessLoans.com only requires:
6 months in business
$100,000/year in annual income
When To Use BusinessLoans.com
You want to save time by applying to multiple lenders at once
You have poor credit and stillw ant same-day funding
You have excellent credit and want to unlock better same-day funding rates
Why We Chose OnDeck For The Best For Same-Day Business Loans Overall
OnDeck gets points (and a rating of 3.9/5 stars) for building a stellar reputation based on speed, simplicity, and transparency. The company makes it easy to get same-day funding, is upfront with pricing and fees, and has relatively easy borrower requirements.
Though an OnDeck loan will cost you a lot more than a traditional bank loan, OnDeck is a good option if you don't have time to wait on a bank. Plus, OnDeck's borrower requirements are easier to meet than those for bank loans, and you'll get your money a lot sooner.
OnDeck Rates, Fees, & Turnaround Times
OnDeck offers term loans up to $250,000 with repayment terms of up to 24 months. It also offers lines of credit up to $100,000 with repayment terms of 12, 18, or 24 months.
APRs for OnDeck’s term loans can be as low as 29.9%, but the average is 60.9%, with a potential 0% – 5% origination fee. APRs for lines of credit start at 29.9%, but the average is 52.6%. There are no draw fees, but there is a $20/month maintenance fee and a possible minimum draw of $1,000 at origination required.
Short-term loans are available for same-day funding with OnDeck. Just make sure you set your alarm the day you apply because you need to accept a loan offer by 10:30 AM EST to get a same-day business loan from OnDeck.
OnDeck Eligibility Requirements
For an OnDeck loan or LOC, you’ll need:
625 credit score
12 months in business
$100,000/year in revenue
A business checking account
When To Choose OnDeck
You need same-day funding on a short-term loan
You don’t mind high APR in exchange for fast funds
Why We Chose National Business Capital For The Best Same-Day Business Loans For High-Risk Industries
National Business Capital uses a lending network with dozens of lenders to provide small business financing to all types of businesses, including startups and businesses with bad credit.
Unlike most lenders, National Business Capital doesn't have a list of restricted industries and partners with over 75 lenders --so regardless of industry, you're likely to find a lender for your needs.
National Business Capital Rates, Fees, & Turnaround Times
Through its lender marketplace, National Business Capital offers merchant cash advances, term loans, lines of credit, equipment financing, and SBA loans up to $10 million. Not all funding is available on the same day.
Term lengths vary by product and lender.
Terms and fees also vary depending on the financing product. There is no set term and no collateral personal guarantee required.
National Business Capital Eligibility Requirements
National Business Capital requirements vary depending on which type of funding you apply for, but here are the base requirements:
580 credit score
1 year in business
$120,000/year
Again, National Business Capital also has no restricted industries, making it a good option for traditionally high-risk or undersupported industries.
You also won’t need to offer collateral or sign a personal guarantee.
When To Choose National Business Capital
If you are in a high-risk industry
If you are a new business with little established credit history
Why We Chose Rapid Finance As The Best Same-Day Business Loans For Bad to Little Credit
As the company's name suggests, Rapid Finance offers quick business funding, including same-day business loans. Besides being super quick, Rapid Finance MCAs are also extremely easy to qualify for, even for new businesses with bad credit, earning the company a 4.2/5 star rating from us.
Even if you've only been in business a few months, have lower revenues, or have less-than-perfect credit, you can qualify for a Rapid Finance merchant cash advance with same-day funding.
Rapid Finance Rates, Fees, & Turnaround Times
Rapid Finance offers:
Merchant cash advances up to $500,000 with repayment terms up to 18 months
Same-day business term loans up to $1 million with repayment terms of up to 60 months.
Rapid Finance also offers the following services:
Short-term loans up to $1 million
Line of credit up to $250,000
Bridge loans up to $1 million
Asset-based financing up to $10 million
Invoice factoring up to $10 million
SBA loans up to $5.5 million
Rapid Finance does not disclose its rates publicly.
If you’re approved for a Rapid Finance short-term loan or merchant cash advance, you may be able to get funded as soon as the same business day you apply. Rapid Finance’s other funding options may take longer for funds to disperse.
Rapid Finance Eligibility Requirements
Rapid Finance does not have any minimum borrower requirements. Requirements may vary depending on the type of product being applied for.
Why We Chose Revenued For Best Same-Day Revenue-Based Funding
Revenued offers two unique products for businesses that want fast funding. The Flex Line is a spending line up to $750,000 that's determined based on your business revenue. The Revenued Business Card can be used just like a debit or credit card and gives you instant access to your Flex Line funds.
Because it is based on your business revenue, businesses with fair, poor, or even no credit may qualify provided they have $20,000+ monthly cash flow and meet other underwriting requirements. The Revenued Flex Line uses factor rates (similar to invoice factoring), which only apply to funds you've spent -- not your entire line. This is a flexible, fast funding option for businesses with solid revenues.
Revenued Rates, Fees, & Turnaround Times
Revenued charges flat factor rates ranging from 1.1 – 1.5. The factor rate you receive is based on multiple variables, including your bank balance and revenue.
You can access funds through the Revenued app or the Revenued Business Card. There is no monthly or annual fee for this card.
Applying for Revenued takes just minutes, and you could be approved in as little as one hour. Once approved, you’ll receive a virtual card and can access your funds within 24 hours.
Revenued Eligibility Requirements
Revenued does not have minimum credit score requirements. However, you will have to meet some basic requirements, including:
1 year in business
$20,000+ monthly cash flow
US-based businesses only
No sole proprietorships
When To Use Revenued
You want funding that doesn’t rely on your credit history
You want a flexible spending line that you can access when you need it
Why We Chose Bluevine As The Best For Same-Day Lines Of Credit
Bluevine's small business financing is designed to help businesses struggling with cash flow issues. Lines of credit such as those offered by Bluevine provide you with a set amount of credit you can draw from, much like a credit card.
The automated application process is built for speedy funding decisions, with funds usually deposited in your account the same day you apply. BlueVine boasts application decisions "as fast as 5 minutes." After approval, you can begin drawing from your credit line immediately, making Bluevine a great same-day business loan option if you need fast, ongoing access to funds.
Bluevine Rates, Fees, & Turnaround Times
Bluevine offers lines of credit up to $250,000 with monthly or weekly payments over 6 months or 12 months. There are no prepayment penalties.
Interest rates to vary based on your creditworthiness.
Once approved for a LOC with Bluevine, funds can hit your account within a few hours if you choose to pay the $15 wire fee.
Bluevine also offers business checking and bill pay services.
Bluevine Eligibility Requirements
Bluevine works with U.S based companies only and requires:
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.
With multiple types of same-day loans on the market, it can be difficult to know exactly which type of lending is best for getting your funds fast. Let’s go through some of the most common types of quick loans and spell out which kinds of businesses are best suited to each.
Short-Term Loans
Short-term loans can be used for a wide variety of short-term business purposes. Working capital, hiring/training, business expansion, and marketing are just some of the things a short-term loan can cover.
Just be aware that the fees are relatively high and that you’ll need to be able to repay the loan relatively quickly (at the same time, it’s likely you won’t save any money by repaying the loan early).
Lines Of Credit
If you want to get a small business line of credit, you should know that it is similar to having a business credit card in that it’s a revolving credit line that replenishes when you pay off the amount you’ve borrowed.
However, compared to a business credit card, business lines of credit tend to sport lower interest rates and higher credit limits, so if you plan to carry a balance month-to-month or you need to borrow more than an average business credit card account will allow, you should seek a line of credit over a business credit card.
Likewise, business lines of credit are better than business term loans when you can’t predict exactly how much money you’ll need to borrow.
Invoice Financing/Factoring
Invoice financing involves putting up your customers’ invoices as collateral in exchange for a loan — a loan you repay once you’ve collected your customers’ outstanding payments.
Another means of funding involving the use of your customers’ invoices is invoice factoring, which entails selling your outstanding invoices to a factoring company — the company then collects your customers’ invoices on your behalf.
These forms of financing can be helpful when your business suffers from inconsistent cash flow due to customers not paying their invoices in a timely manner. However, these forms of financing can carry higher fees than other loan types, and, in the case of invoice factoring, can involve monthly minimums and maximums.
Merchant Cash Advances
A merchant cash advance (MCA) can provide funding to businesses whose short time in business or poor credit scores make traditional loans hard to come by. This type of funding involves selling your future revenue at a discount to a merchant cash advance company; in return, the MCA company takes a portion of your sales revenue on a daily or sometimes weekly basis.
This arrangement lets you pay less when your sales are slow and more when your sales are higher, thus smoothing out your cash flow. However, the fees are high, you’ll have to repay the advance quickly, and you’ll have to avoid the shady operators in this space.
Are Same Day Business Loans Worth It?
Pros
Quick access to funds
No waiting on lengthy application or funding timelines
Helps with unexpected expenditures or emergencies
Cons
Higher interest rates
Same-day wire transfer fees may apply
Fast repayment terms
Same-day funding may have strict qualifications & is generally not 100% guaranteed
Not a great long-term solution, especially if future funds are needed
If you need immediate cash flow, same-day business loans can be worth it. The tradeoff is that to get same-day funds, you’ll usually have much higher interest rates than traditional funding, but if you’re willing to sacrifice fees over a slower timeline, the pros of same-day business loans might outweigh the cons for your business’s situation.
The obvious advantage of same-day business loans is that you get funded quickly. As you might expect, fast funding comes with some disadvantages and trade-offs, so whether a same-day loan is worth it will really depend on what you are comfortable with, why your business needs the funds, and what turnaround time you require.
A same-day business loan or other same-day funding option like same-day lines of credit can be good choices if:
Your business needs immediate funds and can’t wait for traditional funding
Your need for fast funds outweighs concerns over high interest rates
You qualify for a same-day line of credit so that you can continually access business funding
You want a short repayment period for your loan
Your business is facing an emergency situation
When To Find An Alternative To Same-Day Business Loans
While quick access to business funds is great, same-day lending does have its drawbacks. Same-day loans aren’t the best idea if:
You don’t need immediate funding
You can qualify for lower interest rates elsewhere
You are uncomfortable with the repayment terms or time period
You are planning on paying your loan early (many short-term loans have prepayment penalties)
You have a strong credit profile and can get more favorable terms & rates by waiting
How Much Interest Is Charged On Same-Day Business Loans?
Interest rates on same-day business loans vary by lender, type of loan, and the creditworthiness of the applicant, but you should generally expect to pay significantly above prime with a same-day loan. If low interest rates are important to you, you may want to look at other top business loans.
How To Apply For Same-Day Business Loans
To apply for a same-day loan, you’ll first need to identify exactly how much you want to borrow, what interest rate threshold you’re comfortable with, and what your current credit profile is (knowing your annual revenue, time in business, and credit score is a good starting point). Then it’s time to start comparison shopping!
Next, Carefully research reputable lenders that offer same-day funding (reading this article is a great way to start your search). Read customer feedback and expert reviews (like our full Merchant Maverick reviews, linked in each lender section above) to get a good understanding of a lender’s reputation.
Then, read up on the lender to make sure you understand the lender’s eligibility requirements, offerings, terms, and fees before you apply. Sometimes you may need to fill out an online pre-qualification application to learn the APR, borrowing amounts, and other rates/terms you are eligible for. Before filling out a pre-qualification, always ensure there will be only a soft pull of your credit report.
If you like the terms you are granted, you can continue with that lender’s application process to complete your application and hopefully be on your way to same-day funds! Remember that some lenders have specific time windows and other qualifications that have to be met to get same-day funding.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
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