Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$5,000 to $250,000
31.30% Minimum APR offered to at least 5% of customers (not the lowest rate offered)
Up to 24 months
OnDeck is our top pick for short-term loans with same-day funding options because it gives you access to up to $100,000 the very same day you apply and offers repayment terms up to 24 months. Beyond that, the company is remarkably upfront about its eligibility criteria, which makes it easy to know if you qualify. Plus, it offers a streamlined application process, which makes applying simpler.
Still, OnDeck’s loans also come with strict conditions. For one, the company reserves the right to charge up to a 4.00% origination fee. Additionally, they require a UCC filing against your business assets, which can make it harder to qualify for more financing in the future, such as if you need to purchase a new delivery vehicle before your loan term is up.
Read our full OnDeck review.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
Up to $250,000
7.80%
3 to 12 months
If you need a source of ongoing funding that you can pull from as needed, a business line of credit may be a better option for you than a term loan. Bluevine is our top pick for lines of credit because this funding can be made available instantly if you have a Bluevine checking account or within a few hours if you choose to make a wire transfer.
At the same time, each wire transfer you make will come with a $15 fee and Bluevine requires all of its borrowers to show at least $120,000 in annual revenue. As a result, lower-earning businesses may not qualify.
Read our full Read our full Bluevine review.
In order to qualify, you’ll need to meet Bluevine’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$25,000 to $600,000
1.11
6 to 24 months
Credibly is our top pick for those who need fast funding on a bad credit business loan because it offers same-day financing up to $600,000 to those with credit scores as low as 500. Loan approval can take less than four hours, with funds typically hitting your bank account within 24 hours of receiving the green light.
While Credibly has more lenient eligibility requirements than some lenders, your business must earn at least $180,000 in annual revenue to qualify. Note that Credibly charges a factor rate, not a standard interest rate, which can make it harder to compare against competing offers.
Read our full Credibly review.
In order to qualify, you’ll need to meet Credibly’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$500 to $5,000,000
7.90%
12 to 84 months
Taycor Financial made our list for same-day funding because it offers equipment financing loans that can be funded in as little as four hours. In addition, it has more lenient qualifying requirements than some other lenders. Specifically, there is no annual revenue requirement and its time in business requirement is suitable for startups with less than a two-year business history.
However, be aware that equipment financing arrangements use the equipment itself as collateral for the loan, which is why Taycor is able to offer more lenient eligibility criteria than other lenders. In addition, you may be subject to a personal guarantee with this company, which means you’ll be personally responsible for repayment if your business fails.
Read our full Taycor Financial review.
In order to qualify, you’ll need to meet Taycor Financial’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$5,000 to $500,000
1.11
4 to 18 months
If you’re looking for an unsecured business loan — or a loan where you don’t have to put up an asset as collateral — consider National Funding. The company offers unsecured loans worth up to $500,000 that can be funded within 24 hours of loan approval. Plus, it offers some unique perks, like an early payoff discount and a dedicated loan specialist to walk you through the application process.
Yet, at $250,000, National Funding’s revenue requirements are higher than most other lenders on this list. Additionally, they advertise a factor rate, which can make it harder to figure out how much interest you’re being charged on your loan.
Read our full National Funding review.
In order to qualify, you’ll need to meet National Funding’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$5,000 to $1,500,000
1.13
Varies based on sales volume
Business owners with fluctuating revenue may want to consider Fora Financial’s revenue advance. Also known as a merchant cash advance (MCA), this type of financing allows you to receive an advanced cash payment in exchange for a portion of your future sales. Fora finances up to $1,500,000 in revenue advances and can fund them in as little as 24 to 48 hours.
Unfortunately, though, Fora Financial also charges a rather high origination fee, equal to either $300 or 3.00% of the loan amount, whichever is greater. What’s more, like some of the other lenders we’ve highlighted, you may have a harder time figuring out your total interest charges because Fora Financial has chosen to advertise a factor rate.
Read our full Fora Financial review.
In order to qualify, you’ll need to meet Fora Financial’s criteria of:
Same-day business loans allow you to receive funds the day you’re approved or within 24 hours. You can use the loan funds to cover everyday or emergency business expenses.
Typically offered by alternative online lenders, same-day business funding utilizes streamlined application software to make speedy decisions.
While fast business lending can help keep your business afloat during times of need, you could end up with a higher interest rate and less flexible repayment terms than other small business loans.
If you decide a 24-hour loan is right for you, here are the general steps to take to get a small business loan.
You might be able to delay certain business expenses, but some situations can’t be postponed. For example, a broken pizza oven could be disastrous to your daily profits if you run a popular restaurant. However, you will likely find better rates and more flexible repayment terms if you’re able to delay financing, such as opting for an SBA loan.
Business loan requirements can vary by loan type and lender. However, most lenders usually look at the following when reviewing your small business loan application:
Once you have a list of the best same-day business loans that fit your needs, pay attention to each lender’s details. While some lenders advertise enticing offers, these so-called deals often come with hidden fees and strict prepayment penalties. You can read business lender reviews to ensure a lender is legit before signing on the dotted line.
Beware of scamsWatch out for lenders trying to pressure you into borrowing more funds than you need or companies promising “no-credit-check” business loans. Stay up-to-date on the signs of predatory lending and read the fine print before signing any contracts.
Getting essential paperwork in order can speed along the application process, ensuring you receive your funds within 24 hours. Here is a general list of what you might need to provide when applying for a small business loan:
As the name implies, same-day business loans may get approved and funded within 24 hours. However, this timeline isn’t guaranteed since many variables determine your overall funding speed. For example, if you submit your application late in the day and miss a few critical documents, you might have to wait an extra day or two before approval.
Thoroughly review the business loan agreement before moving forward. Remember, same-day loans don’t always offer the best rates and terms. You want to make sure you can handle the debt before agreeing to the terms.
| Pros | Cons |
|---|---|
| Fast access to fundsIf you need quick access to cash, same-day business loans can provide the funding you need to keep your business running during difficult times. Lower documentation and more lenient eligibility requirementsAlong with the fast approval process, same-day business loans often require less application documentation. Available to applicants with poor creditBecause eligibility requirements are more lenient, same-day business loans may be an option if you have poor credit. | Potentially high costsSome same-day business loan lenders charge high APRs and origination fees. May restrict your business growthGrowing your business with a high loan payment dragging you down could be a challenge for your budget. Can negatively impact your personal or business creditIf you make late payments or default on the loan, your business credit can suffer. |
