5 Same-Day Merchant Cash Advance Funding & Business Loan Options
Merchant cash advances can be risky and expensive, but when your business needs fast funding or same-day, they can be the only option. Keep on reading to discover our vetted business cash advance lenders.
Whether you’re looking for a merchant cash advance with same-day funding or same-day business loans, it can be tough to find a reputable lender that will really deliver as promised. “Same-day” lenders often charge exorbitant fees that they hide at the outset, or they will not send your loans quickly enough for you to receive them that same day.
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.
Read more below to learn why we chose these options.
Table of Contents
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:
- Rapid Finance: Best for new businesses
- BlueVine: Best for same-day lines of credit
- OnDeck: Best for same-day business loans
- National Business Capital: Best for bad credit
- Balboa Capital: Best for established businesses
1. OnDeck: Best For Same-Day Business Loans
- Same-day business loans up to $100K
- Lower costs for repeat customers
- Fast, easy application
- Builds business credit
- High APRs
- Smaller borrowing amounts
- 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
- STL: APRs can be as low as 35%, but the average is 54.96%, with a 0-5% origination fee. Term lengths are up to 24 months.
- LOC: APRs start at 35.9% but the average 47.14%. There are no draw fees, but there is a $20/month maintenance fee. Term lengths are up to 12 months.
- STL: $5,000 – $250,000
- LOC: $6,000 – $100,000
OnDeck has a fast, straightforward application process. To apply, you’ll need your EIN, SSN of business owners, 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.
OnDeck requires a credit score of 600, 1 year in business, and $100,000 in annual revenue.
Where OnDeck Really Shines
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’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.
2. National Business Capital: Best For Bad Credit
National Business Capital
- Merchant cash advance same-day funding
- Bad-credit & no-credit friendly
- High borrowing amounts
- Minimal time-in-business requirements
- Rates can be expensive
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
- No minimum FICO score
- 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.
- 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
National Business Capital says its application for Performance Advance™ Financing (a merchant cash advance with same-day funding) takes only 60 seconds and 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 vary depending on which loan you apply for. For Performance Advance™ Financing, you just need 3 months in business. There is no minimum credit score required, though National will conduct a soft pull to check your credit profile. The amount of MCA you qualify for will be in proportion to your daily sales totals. Generally, National likes to see at least $120,000 in annual revenues.
Where National Business Capital Really Shines
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. 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.
3. Rapid Finance: Best For New Businesses
- Merchant cash advance same-day funding
- Same day business loans
- High borrowing amounts
- No prepayment penalties
- Easy application
- Rates can be expensive
- Frequent repayments required
Rapid Finance Features
- Funds available as soon as a few hours
- Several types of financing available, including merchant cash advance 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.
- 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
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 vary by lending product. For a business cash advance, you’ll only need 3 months in business, a FICO score of 550, and $5,000 in monthly revenues.
Where Rapid Finance Really Shines
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.
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.
4. BlueVine: Best For Same-Day Lines Of Credit
- Same-day business lines of credit
- Easy application process
- Transparent fee structure
- Weekly or monthly repayments
- Rates can be expensive
- Not available in North Dakota, South Dakota, or Vermont
- 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
Interest rates for BlueVine same-day small business loans start at 4.8%. The lines of credit are offered on either a 6-month or 12-month repayment plan.
- LOC: $5,000 – $250,000
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.
BlueVine requires a credit score of 600, 6 months in business, and $10,000 in monthly revenue.
Where BlueVine Really Shines
Online lender BlueVine offers small business financing designed to help businesses struggling with cash flow issues—and BlueVine’s automated application process is built for speedy funding decisions, with funds usually deposited in your account the same day you apply.
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.
5. Balboa Capital: Best For Established Businesses
- Multiple types of same-day business loans available
- Long-term loans available
- Solutions for any size business
- Easy online application
- Not for startups or bad credit
- Opaque fee structure
Balboa Capital Features
- 5+ types of business financing available
- One-hour approval decisions during regular business hours
- Same-day funding on loans up to $250,000
- A+ BBB rating
- Daily, weekly, & monthly repayments available
- Small business loan calculators show estimated payments
Balboa Capital Terms & Fees
Terms vary depending on the type of loan you’re applying for, and information on fees is not disclosed publically. Small business loans have a term length of 3 – 24 months.
- Small business loans: $5,000 – $250,000
- Equipment financing: Up to $500,000
- Commercial financing: Up to $500,000
- Vendor financing: Up to $500,000
- Franchise financing: Up to $350,000
Balboa Capital offers a quick, easy online application that’s so simple you can fill it out and submit the entire thing on your smartphone. During normal business hours, you’ll receive a loan decision within an hour and, potentially, you can receive funds the same day. If you’re applying for a loan larger than $250,000, the application and funding process can take a little longer.
Lending requirements vary depending on the type of loan you’re applying for. To apply for a small business loan, you’ll need at least 1 year in business, $300,000 in annual revenue, and a minimum FICO of 620.
Where Balboa Capital Really Shines
Balboa Capital offers a variety of same-day loan options for established businesses with strong revenues and at least fair credit. If you have strong business qualifications, there is a good chance you will qualify for a fast, competitively priced loan from Balboa Capital, whether you need a short-term loan, equipment financing, franchise financing, or another type of financing.
If your funding needs don’t exceed $250,000, you should receive your funds on the same business day you apply to Balboa Capital.
Why We Don’t Recommend These 5 Options
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 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 does not offer MCAs or same-day business loans. You can, however, get funded as soon as the next day after you apply.
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 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 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 The Right Same-Day Business Funding
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’s 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.
Have a look at our article on emergency business loans for even more information on how to get fast business funding.
What’s The Difference Between Same-Day Merchant Cash Advance Funding & Business Loans?
Same-day business loans and merchant cash advances are similar in that you receive a lump sum of cash which you repay over time. However, these two financing types are structured slightly differently.
Merchant cash advances are not technically loans—they are an advance on your future earnings. The MCA provides you with a lump sum and then takes a portion of your daily credit card sales each day until the advance is repaid (plus a financing fee).
When it comes to business loans, there are many different types, but most same-day business loans are short-term loans wherein you receive a lump sum upfront and then repay the loan via daily or weekly ACH (automated clearinghouse payments). The ACH payments come from your bank account are not dependent on your sales. The lender may also take a flat fee called an origination fee off the top of the loan.
Which Is Faster, A Same-Day Business Loan Or Merchant Cash Advance?
In some cases, a same-day loan can be faster, but in other cases, a same-day merchant cash advance can be faster. It depends on the lender and their time-to-funding claims. With either type of financing, it may be possible to receive your funds within a few hours of applying—again, depending on the lender and their claims.
How Much Same-Day Merchant Cash Advance Funding Can You Get?
Generally, it is difficult or impossible to get same-day business financing, including same-day merchant cash advances, in amounts larger than around $250,000. Larger amounts of financing typically have a longer underwriting process.
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.
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.
Financing Future Sales Has Inherent 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. If you exceed this term or don’t have enough sales to make payments, the MCA lender may consider you to be in default on your loan, at which point they may file a lawsuit against you and you could even lose your business.
Only Provides Short-Term 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 once you finish making all of the punishing daily repayments on your MCA or loan, your business’s finances could be in an even more precarious position than ever.