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Get Fast Business Funding With These 5 (Reputable) Lenders That Offer Same-Day Business Loans

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Your original business plan may not have called for seeking a same-day business loan from an alternative lender, but, as you know, things happen. Crucial equipment could break and need repairing. Extra inventory may be required to cover a surge of orders. You may not have planned for these challenges, but when the unexpected happens, it’s possible to get a quick business loan β€” perhaps even a same-day business loan.

Unfortunately, banks and traditional lenders aren’t exactly known for speed when processing the applications of potential borrowers or when distributing funds. That’s why you’ll want to look online to alternative lenders in order to fill your need for quick funding. Now, you may be skeptical about the idea of same-day business loans, but don’t worry β€” we’re not going to recommend disreputable lenders to you.

Let’s get started.

Learn More About Our Top Picks

CompanyBest ForNext Steps
Fundbox
Best for new businesses.

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BlueVine
Best for smoothing out your cash flow.

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LoanBuilder
Best for short-term loans.

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National Funding
Best for bad credit.

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Rapid Finance
Best for longer repayment terms.

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Read more below to learn why we chose these options.

Best Lenders That Offer Same-Day Business Loans

Same-day business loans aren’t easy to find, but some online lenders do offer rapid funding that you may be able to access within a day. The following alternative lenders offer fast funding for businesses facing unexpected challenges and opportunities.

1. Fundbox

Fundbox



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Fundbox is attractive as an online lender for a number of reasons. The factor that places Fundbox on this list, naturally, is the quick time to funding. If Fundbox approves you for a line of credit or for invoice financing, you may get your funds within a business day. Credit score requirements are forgiving as well β€” a personal credit score of 500+ will suffice. And the application process is quick and easy β€” after creating your account, you simply link your accounting/invoicing software (as long as it’s compatible) or your business bank account, and Fundbox will evaluate the activity on your account. A funding decision can come within a few minutes.

However, the speed, convenience, and low borrower qualifications come at a price. Fundbox’s rates are fairly high, and payments are required relatively frequently. But for businesses in need of some quick cash, there are few options better than FundBox.

Pros

  • Quick time to funding
  • A fast and easy application process
  • Low credit score requirements

Cons

  • Rates can be expensive
  • Frequent repayments are required

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2. BlueVine

BlueVine



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Online lender BlueVine offers loan products designed to help businesses struggling with cash flow issues — and BlueVine’s automated application process is built for speedy funding decisions. You may be able to get approval within a day, though it’s also possible you’ll have to wait two to seven days.

BlueVine’s invoice factoring helps keep you funded even when your invoice payments take a while to come through, while BlueVine’s lines of credit β€” offered on either a six-month (Flex6) or 12-month (Flex12) repayment plan β€” 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 or selling invoices immediately.

Just be aware that with BlueVine’s Flex6 lines of credit, you’ll have to make repayments on a weekly basis.

Pros

  • Quick time to funding
  • A fast and easy application process
  • Financing available for startups and entrepreneurs

Cons

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

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3. LoanBuilder

LoanBuilder



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LoanBuilder is a PayPal-operated service that offers quick short-term business loans. With this service, you’ll get funded pretty quickly β€” if you get your loan approved before 5 PM EDT Monday-Friday, you should get your funds within 24 hours. Short-term loans are interest-free β€” you instead repay a predetermined fixed fee along with the borrowed amount. Repayment is automated β€” LoanBuilder will deduct a fixed amount from your business bank account via ACH on a weekly basis.

LoanBuilder’s loans are attractive in that they tend to be relatively inexpensive, while at the same time, borrower requirements are fairly low.

Note that PayPal’s other business loan service β€” PayPal Working Capital β€” is a separate and distinct service, though it also offers short-term business loans. Unlike LoanBuilder, PayPal Working Capital is only available to PayPal sellers.

Pros

  • Low credit score requirements
  • No extra fees
  • A fast and easy application process
  • Funds get distributed quickly

Cons

  • Not available to businesses in some industries
  • No discounts for repaying early
  • No long-term financing options available

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4. National Funding

National Funding



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National Funding offers both merchant cash advances and short-term loans to businesses. The application process is fast and simple, and if you’re approved, you should have your funds directly deposited into your account within a business day. National Funding’s personal credit score requirements are particularly low (just 500), making National Funding a good lender for business owners who need fast cash but whose personal credit isn’t the best.

Though National Funding’s credit score requirements are low, your business will need to make at least $100,000 per year in revenue.

Pros

  • Low credit score requirements
  • Discounts for repaying early
  • The application process is fast and easy
  • Funds are distributed quickly

Cons

  • Rates can be expensive
  • Some additional fees charged
  • Repayments are required frequently

Get Started with National Funding

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5. Rapid Finance

Rapid Finance



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

Like National Funding, Rapid Finance’s loans are offered to those without stellar credit β€” a score of just 500 is required. Furthermore, one nice aspect of Rapid finance’s short-term loans is that they are offered with term lengths as long as 60 months β€” longer than that of many of the other lenders on this list.

To get a short-term loan, you’ll need at least 12 months in business, though for a merchant cash advance, you’ll need just three months in business.

Pros

  • High borrowing amounts
  • Few extra fees
  • No prepayment penalties
  • The application process is fast and easy

Cons

  • Rates can be expensive
  • Frequent repayments required

Get Started with Rapid Finance

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Disadvantages Of Same-Day Business Loans

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.

Fast Loans Are Usually More Expensive

The nature of a same-day business loan means that you may not be paying interest in the traditional sense. However, whether you’re repaying a fixed fee (as with short-term loans), merchant cash advance fees, or you’re dealing with some other fee structure, expect that you’ll be paying higher fees than you will with more traditional loan types. Speed comes at a cost.

Inconvenient Repayment Terms

Many types of quick business loans involve repayment on a weekly (or even a daily) basis. It’s not the most convenient arrangement (though in certain instances, repayment is automatic), but it’s something you’ll likely have to put up with in exchange for a speedy business loan.

Risk Of Getting Scammed

The nature of the same-day business loan industry means that shady operators will always be attracted to this market. When one’s funding needs are more pressing and urgent, one might be tempted to skimp on the due diligence. Do not skip the research stage! One way to ensure that a lender is reputable is to check our reviews before making a decision.

How To Find The Right Same-Day Loan For Your Business

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

Which Type Of Same-Day Loan 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: Having a line of credit is similar to having a business credit card in that you get (typically) a revolving line of credit 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 β€” 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 β€” 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 merchant cash advances to get the full story.

Have a look at our article on emergency business loans for even more information on how to get fast business funding.

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.

FAQs About Same-Day Business Loans

Is it possible to get a same-day business loan?

Yes, it is possible to be approved for a loan and get funded within a day. Just be aware that even with the speediest lenders, there’s no guarantee that you will receive same day funding. The approval process can always take longer than anticipated, as can the distribution of funds.

What is the easiest type of business loan to get?

There’s no definitive answer as to the types of business loans that are easiest to obtain. However, there are some general rules of thumb:

  • Loans from online/alternative lenders are generally easier to get than bank loans
  • Smaller/shorter-term loans are easier to get than larger/longer-term loans
  • Pricier loans are easier to get than cheaper loans with low fees
  • Alternative funding types such as merchant cash advances and invoice-financed loans tend to be easier to get than term loans.

Do banks offer same day business loans?

From the application process to the approval process to the funding distribution process, a traditional bank operates more slowly and deliberately than an online lender every step of the way, so it is extraordinarily unlikely that you could ever get same day funding from a bank.

How can I speed up the loan application process?

The best way to make sure the process goes as quickly as possible is to have all your paperwork and information in order before you apply for a loan. From your revenues to your processing statements to your business and personal credit scores to your company’s federal tax ID, be ready to produce any and all information and documentation the application process may require. Also, be ready with an explanation for anything that looks amiss on your credit report.

In Summary: Best Lenders That Offer Same-Day Business Loans

  1. Fundbox: Best for new businesses.
  2. BlueVine: Best for smoothing out your cash flow.
  3. LoanBuilder: Best for short-term loans.
  4. National Funding: Best for bad credit.
  5. Rapid Finance: Best for longer repayment terms.
Jason Vissers

Jason Vissers

Jason Vissers is a writer and cereal chef from San Diego. He graduated with a Political Science degree from San Diego State University in 2001. He's been writing about website builders, crowdfunding sites, online lenders, and credit cards for Merchant Maverick since 2015. Additionally, Jason can't eat raisins.
Jason Vissers
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