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The 5 Best Same-Day Business Loans & Merchant Cash Advances

Merchant cash advances can be risky and expensive, but for fast or same-day funding, they can be the only option. Keep on reading to discover our vetted business cash advance lenders.

    Chris Motola
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Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
best same day merchant cash advance funding & business loans

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 and merchant cash advances.

Fortunately, there are at least a few good eggs out there when it comes to same-day loans or merchant cash advances. 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.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
OnDeck

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  • Best for same-day business loans
  • Time to funding: same day to 3 days
  • 625 minimum credit score
  • Best for same-day business loans
  • Time to funding: same day to 3 days
  • 625 minimum credit score

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BlueVine

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  • Best for same-day lines of credit
  • Time to funding: 24 hours
  • 600 minimum credit score
  • Best for same-day lines of credit
  • Time to funding: 24 hours
  • 600 minimum credit score

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National Business Capital

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  • Best for bad credit
  • Time to funding: 1 to 3 days
  • 580 minimum credit score
  • Best for bad credit
  • Time to funding: 1 to 3 days
  • 580 minimum credit score

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Rapid Finance

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  • Best for new businesses
  • Time to funding: Same-day to 3 days
  • Minimum credit score varies by product
  • Best for new businesses
  • Time to funding: Same-day to 3 days
  • Minimum credit score varies by product

Apply Now

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Funding Circle

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  • Best for established businesses.
  • Time to funding: 1 to 5 days
  • 660 minimum credit score
  • Best for established businesses.
  • Time to funding: 1 to 5 days
  • 660 minimum credit score

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Table of Contents

What Are Same Day Business Loans?

Same-day business loans are loans that can be approved on the same day on which they’re applied. If you applied earlier enough on a weekday, and have submitted all the necessary documentation, you may even be able to get your money the same day you applied for your loan. Generally speaking, same-day loans are short-term loans or lines of credit.

As you might imagine, the main advantage of same-day business loans is that they’re fast. Much faster than your typical bank loan. Of course, this comes with trade-offs, which we’ll discuss later.

What Are Same Day Merchant Cash Advances?

Merchant cash advances resemble loans on the surface but are actually a different class of financial product. Rather than lending you money, a merchant cash advance funder is buying a percentage of your future credit card-based sales profits at a discount.

Because they’re not loans, merchant cash advances tend to be less concerned about your credit rating, only your cash flow. They also tend to be a more expensive form of financing than even short-term loans.

The 5 Best Same-Day Business Funding Lenders

These 5 business lenders may be able to fund you as soon as the same day you apply:

1. OnDeck: Best For Same-Day Business Loans

OnDeck


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Pros

  • Lower costs for repeat customers
  • Fast, easy application
  • Builds business credit

Cons

  • High APRs

OnDeck is one of the largest and best-known online small business lenders. In fact, the lender says it is the largest online small business lender in America. Though an OnDeck loan will cost you a lot more than a traditional bank loan, OnDeck has built a stellar reputation based on speed, simplicity, and transparency.

OnDeck Features

  • Same-day term loans & next-day lines of credit
  • Instant funding for LOC withdrawals between $1K-$10K (once LOC is established)
  • Repayment terms up to 24 months
  • Will waive remaining fees on current loan if you apply for second loan after first loan is halfway paid
  • Lower or 0% origination fee for repeat customers
  • Reports payments to credit bureaus

OnDeck Terms & Fees

The following rates are based on loans that originated in the half-year ending March 13, 2022.

  • Short-term loans: APRs can be as low as 29.9%, but the average is 62.1%, with a 0-5% origination fee. Term lengths are up to 24 months.
  • Lines of credit: APRs start at 29.9% but the average is 48.9%. There are no draw fees, but there is a $20/month maintenance fee. Term lengths are up to 12 months.

Loan Types/Amounts

  • Short-term: $5,000 – $250,000
  • Lines of credit: $6,000 – $100,000

Application Process

OnDeck has a fast, straightforward application process. To apply, you’ll need your EIN, SSN of the business owner, driver’s license, and bank statements for the previous few months. After you submit your application and are pre-approved, OnDeck may reach out for additional information before funding your loan. Funding can take between 1 – 3 days, or in some cases, you can get same-day business loans.

Note that OnDeck same-day funding is only available in certain states, and only for term loans up to $100K. You also need to check out (accept a loan offer) before 10:30 AM EST M-F in order to receive funds by 5 PM local time the same day.

Lending Requirements

OnDeck requires:

  • 625 credit score
  • 1 year in business
  • $100,000 per year in revenue

Where OnDeck Really Shines

OnDeck’s borrower requirements are easier to meet than those for bank loans, and you’ll get your money a lot sooner—as quickly as the same day you apply for a short-term loan under $100K. Just make sure you set your alarm the day you apply because you need to accept a loan offer by 10:30 AM EST in order to get a same-day business loan from OnDeck.

Get Started With OnDeck

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2. BlueVine: Best For Same-Day Lines Of Credit

BlueVine


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Pros

  • Easy application process
  • Transparent fee structure
  • Weekly or monthly payments

Cons

  • Rates can be expensive
  • Not available in North Dakota, South Dakota, or Vermont

Online lender BlueVine offers small business financing designed to help businesses struggling with cash flow issues. BlueVine’s automated application process is built for speedy funding decisions, with funds usually deposited in your account the same day you apply.

BlueVine Features

  • Funding decisions as fast as 5 minutes
  • Funds deposited within a few hours if you choose bank wire option ($15)
  • Access to a revolving line of credit that replenishes as you repay it
  • No monthly or maintenance fees
  • Business checking accounts also available
  • Bill pay solutions to pay vendors directly

BlueVine Terms & Fees

BlueVine APRs range between 15% to 78%. The lines of credit are offered on either a 6-month or 12-month repayment plan.

Loan Types/Amounts

  • Line of credit: $5,000 – $250,000

Application Process

BlueVine’s online application shouldn’t take you more than a few minutes to finish. Just make sure you have business information such as your EIN and business revenue details handy. You’ll also need to allow read-only access to your business bank account or supply year-to-date bank statements.

After you submit all your information, you should receive a funding decision within a few minutes. Upon approval, you can opt to pay $15 for a bank wire transfer and receive your first draw from your LOC within hours; otherwise, the free ACH transfer option will usually deposit your funds the following day.

Lending Requirements

BlueVine requires:

  • 600 credit score
  • 6 months in business
  • $10,000 per month in revenue

Where BlueVine Really Shines

LOCs such as those offered by BlueVine provide you with a set amount of credit you can draw from, much like a credit card. After approval, you can begin drawing from your credit line immediately. BlueVine is a great same-day business loan option if you need fast, ongoing access to funds.

Get Started With BlueVine

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3. National Business Capital: Best For Bad Credit

National Business Capital


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Pros

  • Bad credit-friendly
  • Startup-friendly
  • High borrowing amounts

Cons

  • Rates can be expensive

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.

National Business Capital Features

  • 75+ lender marketplace with more than a dozen types of small business financing
  • Same-day funding with Performance Advance™ Financing (merchant cash advance)
  • Financing options with no collateral or personal guarantee
  • Only 3+ months in business required
  • Customers have an assigned account manager

National Business Capital Terms & Fees

Terms and fees vary depending on the financing product. For NBC’s Performance Advance™ Financing solution, a merchant cash advance with same-day funding, there is no set term and no collateral personal guarantee required

Loan Types/Amounts

  • Merchant cash advance: $5,000-$5 million
  • Small business loans: $10,000-$5 million
  • Business line of credit: $10,000-$5 million
  • Equipment financing: $10,000-$5 million
  • SBA loan: $50,000-$5 million

Application Process

National Business Capital says its application for Performance Advance™ Financing (a merchant cash advance with same-day funding) takes only 60 seconds and a company representative will reach out immediately after receiving your application. You will potentially then receive funding that same day. Depending on the type and amount of funding you apply for, it could take 1 – 3 days to receive funds, or longer for certain loan types such as SBA loans.

Lending Requirements

National Business Capital requires:

  • 580 credit score / 650 for new businesses
  • 1 year in business (or 650 credit score)
  • $120,000 per year in gross revenue

Where National Business Capital Really Shines

Another great thing about National Business Capital is that it has higher borrowing amounts compared to a lot of other online and same-day business lenders. You also won’t need to put forth any collateral or sign a personal guarantee.

National Business Capital offers numerous types of business financing, but its Performance Advance™ Financing product in particular is eligible for same-day funding.

Get Started With National Business Capital

Read our in-depth review

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4. Rapid Finance: Best For New Businesses

Rapid Finance


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Pros

  • High borrowing amounts
  • No prepayment penalties
  • Easy application

Cons

  • Rates can be expensive

As the company’s name suggests, Rapid Finance offers quick business funding, including same-day business loans. Rapid Finance offers term loans and merchant cash advances, and if you’re approved, you may be able to get funded as soon as the same business day you apply.

Rapid Finance Features

  • Funds available as soon as a few hours
  • Several types of financing available, including merchant cash advances with same-day funding
  • Suitable for businesses with bad credit
  • Suitable for startups
  • Low revenue requirements
  • Easy to secure additional financing after your first loan
  • Positive public reputation

Rapid Finance Terms & Fees

Rapid Finance terms and fees vary depending on the loan type, and this information is not readily available on Rapid Finance’s website. For a merchant cash advance with same-day funding, the estimated completion date is between 3 and 18 months, while same-day business loans (term loans) can have a 3 – 60 month term.

Loan Types/Amounts

  • Merchant cash advance (MCA): $5,000 – $500,000
  • Short term loan (STL): $5,000 – $1 million
  • Line of credit (LOC): $5,000 – $250,000
  • Bridge loan: $5,000 – $1 million
  • Asset-based financing: $50,000 – $10 million
  • Invoice factoring: $20,000 – $10 million
  • Commercial real estate loan: $75,000 – $2 million
  • SBA loan: $500 – $5.5 million

Application Process

The online application takes just a few minutes to complete and can be submitted from your smartphone. You will be asked for a form of ID, business EIN, last three months of bank statements, last three credit card statements, and your bank routing number.

If your application is approved, you’ll receive a loan offer and you may receive same-day funding on your merchant cash advance or term loan (though funding could take as long as 1 – 3 days, or longer for other loan types).

Lending Requirements

Rapid Finance does not have any minimum borrower requirements, but be aware that requirements may vary depending on the type of product being applied for.

Where National Business Capital Really Shines

Besides being super quick, Rapid Finance MCAs are also extremely easy to qualify for, even for new businesses with bad credit. Even if you’ve only been in business a few months and are only bringing in $5,000 a month, you can qualify for a Rapid Finance merchant cash advance with same-day funding.

Get Started With Rapid Finance

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5. Funding Circle: Best For Established Businesses

Funding Circle


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Pros

  • Monthly repayments
  • No prepayment penalty
  • Few additional fees

Cons

  • Financing isn’t available in some states
  • Not available to some industries

Established businesses with good credit that are looking for fast funding may want to consider Funding Circle, a lender that offers fairly quick disbursements and reasonable rates.

Funding Circle Features

  • Offers term loans, lines of credit, and SBA 7(a) loans
  • Wide variety of term lengths for repayment
  • Lower rates than many online lenders
  • Excellent customer service

Funding Circle Terms & Fees

Funding Circle’s interest rates range between 4.99% at 27.79%, not including origination or draw fees. Business loans have terms ranging from 6 months to 7 years.

Loan Types/Amounts

  • Business term loans: $25,000 – $500,000
  • Business lines of credit: $25,000 – $250,000

Application Process

Funding Circle’s initial online application checks to see if you are pre-qualified for a loan, meaning you meet the minimum qualifications for a loan. You’ll then be contacted by a Funding Circle representative who will guide you through the rest of the process. If you submit all the requested information, Funding Circle should be able to get an official offer within a day.

Lending Requirements

Funding Circle requires:

  • 660 minimum credit
  • 2 years in business

Where Funding Circle Really Shines

Funding Circle occupies a useful niche between bank loans and subprime online lenders. You’ll get an easier and quicker application process than the former and better rates than the latter.

Get Started With Funding Circle

Read our in-depth review

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Why We Don’t Recommend These Options For Same Day Business Loans

We like the following lenders in general, but we cannot recommend them for same-day small business loans since they all take one day or longer to deposit funds in your account. Many of these lenders are good options for next-day business loans.

Lendio

Lendio is a highly reputable business lending marketplace that provides a variety of business loan types, including merchant cash advances and others. However, they do not offer same-day funding. Funding typically takes at least 48 – 72 hours.

Fundbox

Fundbox does not offer MCAs or same-day business loans. You can, however, get funded as soon as the next day after you apply.

LoanBuilder

LoanBuilder also doesn’t offer same-day business loans or merchant cash advances with same-day funding. But it can deposit your business loan as quickly as the following business day.

Fundera

Fundera does offer MCAs and other business loan types, but like Lendio, this fintech marketplace has a slightly longer time-to-funding—meaning you won’t receive your funds the same day you apply.

National Funding

National Funding doesn’t have MCAs or same-day small business loans. Still, you may be able to get a next-day loan from this small business lender.

How To Find Same-Day Business Loans Online

Now, let’s discuss how you can find the same-day loan that fits your particular business circumstances.

Which Type Of Same-Day Loan Or Business Cash Advance Should I Apply For?

With all the different financing options out there, you might be unsure as to what kind of loan makes the most sense for your business. 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. Read our articles on invoice financing and invoice factoring for more information.
  • 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 basis (though some providers may offer weekly or even monthly repayment schedules). 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. Read our piece on a common MCA practice called “double dipping” to get the full story.

How Do I Avoid Disreputable Lenders?

Not all lenders are honest and forthcoming about the fees they will charge you. To avoid unscrupulous lenders, look for customer feedback on the lender in question and see if you detect any concerning patterns emerging. Another way to weed out the bad actors is to check review sites like ours to see how they stand up to scrutiny.

Disadvantages Of Same-Day Funding

Obviously, the advantage of same-day business loans is that you get funded quickly. Naturally, as you might expect, fast funding comes with some disadvantageous trade-offs.

These include:

  • Expense: Speed comes at a cost, and that generally means higher interest rates.
  • Fast repayment terms: Many types of quick business loans involve repayment on a weekly (or even a daily) basis.
  • Financing future sales has risks: Because merchant cash advances are based on your future credit card sales, repayment can be a problem if your daily sales plummet for one reason or another. MCA companies may not have a set repayment term, but they will typically have a maximum amount of time you can take to repay.
  • Can be only a temporary solution: Short-term business financing such as MCAs and other short-term, same-day business loans may help your business out in an emergency situation. But if your business has repeated funding emergencies, this type of expensive emergency financing is not sustainable and may even compound your problems.

In Summary: Top 5 Business Loans With Same-Day Funding

While it’s always better to be prepared, you never know when you might need a quick infusion of cash to keep your business running. By working with a reputable lender, you can get back on track with minimal disruption.

For an alternative approach mitigating surprise expenses, check out our article on emergency business loans for even more information on how to get fast business funding.

FAQs: Same-Day Business Loans & Merchant Cash Advances

Are merchant cash advances bad?

Merchant cash advances are not inherently bad, but they are risky. Merchant cash advances usually have high fees and you will have to repay rapidly. There are also a lot of shady operators in the merchant cash advance space. Thus, this type of business financing is not recommended for repeat borrowing needs.

How fast can you get a business loan?

It is possible to be approved for an online business loan and get funded as quickly as the same business day you apply. But generally, it takes at least 1 – 3 days to get funded from an alternative lender, or longer for traditional business loans.

How quickly can I get an SBA loan?

Unlike online loans that can deposit your funds within a day or two, SBA loans typically take weeks or even months to come through. However, some online SBA loan facilitators such as SmartBiz can streamline the SBA application process to deliver your SBA loan proceeds to your account as quickly as one week after you apply.

Do banks offer merchant cash advances?

Banks typically do not offer merchant cash advances. Traditional bank lending for small businesses usually only offers term loans, lines of credit, and SBA loans. Instead, you will need to go through an alternative lender in order to get a merchant cash advance.

What is an ISO in merchant cash advance?

When it comes to merchant cash advances and other non-traditional business financing products, an ISO stands for “Independent Sales Organization.” A merchant cash advance ISO is an intermediary or middleman, rather than the actual lender providing the funds. Essentially, ISO employees are brokers who help lending institutions sell merchant cash advances in exchange for a fee.

What is a same day business loan?

A same-day business loan is a loan that can be approved and sometimes even disburse cash on the same day on which it was applied for.

Where can I get a quick loan for the business?

Online lenders like OnDeck are often your best bet for getting loans quickly. Just be aware that you’ll pay more than you would going through a bank.

How much interest is charged on same day business loans?

Interest rates on same-day business loans vary by lender, type of loan, and creditworthiness of the applicant, but you should generally expect to pay significantly above prime with a same-day loan.

In Summary: The 5 Best Same-Day Business Funding Lenders

  1. OnDeck:
    • Best for same-day business loans
    • Time to funding: same day to 3 days
    • 625 minimum credit score
  2. BlueVine:
    • Best for same-day lines of credit
    • Time to funding: 24 hours
    • 600 minimum credit score
  3. National Business Capital:
    • Best for bad credit
    • Time to funding: 1 to 3 days
    • 580 minimum credit score
  4. Rapid Finance:
    • Best for new businesses
    • Time to funding: Same-day to 3 days
    • Minimum credit score varies by product
  5. Funding Circle:
    • Best for established businesses.
    • Time to funding: 1 to 5 days
    • 660 minimum credit score
Chris Motola

Chris Motola

Expert Analyst & Reviewer at Merchant Maverick
An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. Chris is a graduate of the University of Central Florida.
Chris Motola
View Chris Motola's professional experience on LinkedIn.

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