Best Same-Day Business Loans in November 2024

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Updated September 30, 2024
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Same-day business loans can cover emergency expenses or fund a new opportunity. Some online lenders provide 24-hour loans, but be prepared to pay a higher price for the convenience.

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Same-day business lenders at a glance

OnDeck: Best same-day funding for short-term loans

$5,000 to $250,000

27.30% (for at least 5% of customers)*

18 to 24 months

625

12 months

*Minimum APR offered to at least 5% of customers (not the lowest rate offered).

Pros
  • Streamlined application process that can be completed in minutes
  • Fair to low credit scores accepted
  • Can help build business credit
Cons
  • Relatively high-interest rates compared to other lenders
  • Doesn’t fund all industries
  • Loans not available in North Dakota

Why we picked it

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OnDeck offers short-term business loans up to $250,000 for various expenses like hiring employees, purchasing inventory, consolidating business debt and more. If approved, you could receive same-day loan funding depending on your state of residence; otherwise, funds will be deposited within two to three business days.

You can choose to repay the loan with fixed daily or weekly installments. To qualify, businesses must operate for at least one year and generate an annual revenue of $100,000 or higher.

See Business Loan Offers

Bluevine: Best same-day funding for lines of credit

$6,000 to $250,000

7.80%

6 or 12 months

625

24 months

Pros
  • Credit decision made within minutes
  • Fair to low credit scores accepted
  • No monthly or maintenance fees
Cons
  • High annual revenue requirement
  • May require weekly repayments
  • Not available in Nevada, North Dakota or South Dakota

Why we picked it

+

Bluevine’s instant business line of credit provides up to $250,000 in flexible funds for short- and long-term expenses. You can withdraw up to your approved limit, repay the debt and borrow again. Bluevine doesn’t charge monthly or maintenance fees — you only pay interest on the withdrawn amounts.

Funds could be deposited into your bank account within a few hours after approval if you choose a wire transfer. Otherwise, the ACH transfer takes one to three business days. Note that Bluevine requires a minimum annual revenue of $480,000 to qualify, making this a better option for well-established companies.

See Business Loan Offers

Credibly: Best same-day funding for working capital

$5,000 to $600,000

1.11 factor rate

6 to 24 months

500

Six months

Pros
  • Low minimum credit score requirement
  • Ideal for startups and well-established businesses
  • Prequalification in minutes
Cons
  • High annual revenue requirement
  • Charges a one-time 2.5% origination fee
  • Most products provided by third-party partners

Why we picked it

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Credibly offers same-day working capital loans up to $400,000 to help cover daily expenses like hiring, payroll, marketing campaigns and cash flow management. Approvals can take less than four hours, with funds typically hitting your bank account within 24 hours.

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 hard to compare against competing offers.

See Business Loan Offers

National Funding: Best same-day funding for unsecured loans

$5,000 to $500,000

1.11 factor rate

4 to 24 months

600

Six months

Pros
  • No down payment or collateral needed
  • Early payoff discounts
  • Dedicated Funding Specialist can help you find the best solutions for your business
Cons
  • High annual revenue requirement
  • Factor rate makes it hard to compare to other lenders
  • Misleading website marketing makes it appear like the lender offers more than two loan options

Why we picked it

+

If you can’t provide collateral or a down payment, an unsecured business loan from National Funding could be just for you. You can borrow up to $500,000 for marketing, payroll, inventory, equipment, business taxes and more.

There are many perks to working with National Funding, such as fast approvals, 24-hour funding, early payoff discounts, flexible repayment terms and your own dedicated Funding Specialist to help guide you along the way. Your business must earn $250,000 or more in annual sales to qualify.

See Business Loan Offers

Taycor Financial: Best same-day funding for equipment financing

$500 to $5,000,000

7.90%

12 to 84 months

550

Startup

Pros
  • Ideal for startups
  • No minimum revenue requirements
  • Offers 100% equipment financing with no down payment
Cons
  • Personal guarantee may be required
  • Charges a document fee (not publicly disclosed)
  • Stricter eligibility requirements apply for equipment refinancing

Why we picked it

+

Taycor Financial’s equipment financing can help startups and well-established companies acquire and upgrade necessary equipment up to $5,000,000 with no down payment required. Eligibility requirements are pretty lenient — you only need a personal credit score of 550 or higher to qualify, with no annual revenue or time-in-business requirements. Because of this, Taycor Financial can be an excellent choice for a startup business loan.

Once approved, you can expect to receive your funds within four to 24 hours. Repayment options include monthly, deferred and semi-annual payments.

See Business Loan Offers

Elevation Capital: Best same-day funding for merchant cash advances

$10,000 to $3,000,000

1.08 factor rate

12-month avg. repayment

500

6 months

Pros
  • Low minimum credit score requirement
  • Factor rates may start lower than other lenders
  • Short time-in-business requirement
Cons
  • High annual revenue requirement
  • May include origination fees
  • Factor rate makes it hard to compare against other lenders

Why we picked it

+

Elevation Capital offers several finance solutions, but the merchant cash advance (MCA) can be the quickest way to receive cash within 24 hours. With an MCA, you can borrow between $10,000 and $3 million in exchange for a portion of your future credit card or debit card sales. Note that MCAs generally use a factor rate, making it hard to compare overall costs against other loan types.

While you typically don’t need a robust credit score to qualify for an MCA with Elevation Capital, your business must earn $120,000 or higher annually with at least six months in operation.

See Business Loan Offers

What is a same-day business loan?

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.

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Types of same-day business loans

Many types of small business loans provide instant funding. Here are the most common options to consider for your last-minute funding needs.

Short-term loans

Short-term business loans typically have a repayment term that ranges from three to 24 months. With a term loan, a lender issues you a lump sum and you repay the loan on a regular schedule, such as daily, weekly, monthly or semimonthly. Loan amounts can go up to $1.5 million or higher.

Business lines of credit

Similar to a credit card, a business line of credit allows you to borrow money as needed to cover a range of business expenses. It offers more flexibility than a short-term loan since you can borrow, repay and borrow again. Credit limits can go as high as $250,000 or more. While you typically only pay interest on the withdrawn amounts, some lenders charge additional maintenance and withdrawal fees.

Merchant cash advances

Although technically not a loan, a merchant cash advance (MCA) can provide a lump sum of cash in exchange for a portion of your future credit and debit card sales. After the company issues your funds, you repay the advance in daily or weekly installments from your earnings. However, many MCA lenders charge high factor rates, which can make this a more expensive manner of small business financing.

Invoice factoring

Invoice factoring is another way to access capital for urgent business needs. With this option, you can sell your unpaid invoices to a factoring company and receive a cash advance of around 70% to 90% of the face value. The factoring company then collects payments on your behalf, giving you the balance after subtracting a factoring fee (also called a discount rate).

Tip When to consider a same-day business loan for your companyWhile same-day business loans can help you access emergency funds within 24 hours, their high rates and short repayment terms can make them a more expensive form of financing. That said, some situations call for such speedy funding.

A same-day business loan could be a good fit for your business if

  • You need help covering emergency cash flow problems.
  • You’re a startup with limited credit and revenue.
  • You can’t meet the strict eligibility requirements for traditional financing.
  • You want to take advantage of an immediate opportunity for growth.

How to get a same-day business loan

If you decide a 24-hour loan is right for you, here are the general steps to take to get a small business loan.

1. Determine your timeline

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.

2. Review your qualifications

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:

  • Credit score: Check your credit score before applying to see where you stand. Some same-day business lenders accept scores as low as 500. However, having a higher score can help you secure a better rate with more flexible terms.
  • Annual revenue: Many lenders want to see your business generating a steady cash flow before approving your loan application. In general, you need between $50,000 and $480,000 in yearly sales to qualify for same-day business loans, although lenders like Taycor Financial don’t have any minimum revenue requirements.
  • Time in business: You typically need to be in business for at least a year or two to qualify for small business financing. However, some same-day business lenders have less stringent eligibility criteria and will work with startups or those with only a six-month business history.

3. Compare lenders

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 exciting 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.

Caution 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 report any suspicious activity to the Better Business Bureau.

4. Gather required documents

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:

5. Apply and review

As the name implies, same-day business loans can 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.

How to compare same-day business loans

Picking the best same-day business loan can be challenging if you receive multiple offers. Here is a breakdown of what to look for when considering instant business loans.

Interest rate: Business loan interest rates will vary based on your credit score, the loan type and other criteria. Try to convert factor rates to annual percentage rates (APRs) to help you find the best deal. Also, remember that same-day business loans typically have higher rates than traditional business financing — a price you pay for the convenience of receiving money today.

Repayment term: Same-day business loans can have a range of repayment terms, typically three to 84 months or longer. Some lenders require daily, weekly, monthly or seasonal payments. Above all else, make sure your budget can handle the repayment schedule.

Time to fund: Read the lender’s fine print about how quickly funds could be deposited into your business bank account. For example, Bluevine advertises same-day funding, but only if you pay an extra $15 for a bank wire transfer. The difference between one to three days can be significant when facing a crisis.

Additional fees: Thoroughly scour your loan contract for origination fees, late charges and business loan prepayment penalties. Extra fees can make or break a loan deal.

Collateral: You might need to provide collateral like equipment or a cash down payment when getting a secured business loan. This provides an extra layer of security in case you default on the loan. While unsecured business loans don’t require collateral, you might need to sign a personal guarantee, which puts your personal assets at risk.

Pros and cons of same-day business loans

ProsCons
 Fast access to funds
If 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 requirements
Along with the fast approval process, same-day business loans often require less application documentation.

 Available to applicants with poor credit
Because eligibility requirements are more lenient, same-day business loans may be an option if you have poor credit.		 Potentially high costs
Some same-day business loan lenders charge high APRs and origination fees.

 May restrict your business growth
Growing your business with a high loan payment dragging you down could be a challenge for your budget.

 Can negatively impact your personal or business credit
If you make late payments or default on the loan, your business credit can suffer.

Alternatives to same-day business loans

While same-day business loans can help during emergencies or keep your business afloat during unexpected lulls, other financing options might be a better fit.

  • Traditional bank loan: You can explore a wide range of small business solutions with a traditional lender, such as long-term business loans, lines of credit, commercial loans and more.
  • SBA loans: Backed by the Small Business Administration (SBA), you can receive up to $5 million or more with the popular SBA 7(a) loan. Other options include SBA microloans or the quickest SBA loan — the SBA Express Loan.
  • Business credit cards: With a business credit card, you can finance daily expenses like supplies, equipment, meals, travel and more. Approval times are typically within a few minutes, although interest rates are generally significantly higher than small business loans and lines of credit.
  • Small business grants: You can apply for small business grants through various government agencies and private corporations. While the competition can be intense, receiving free money for your business can be worth the effort.

How we chose the best same-day business loans

We reviewed traditional and online lenders to determine the six best same-day business loans. In addition to offering a 24-hour funding timeline, lenders on our list must meet the following criteria:

  • Minimum time in business: Options available to startups and those in operation for 24 months or longer.
  • Minimum credit score: Personal credit score requirements of 625 or lower.
  • Rates and terms: We prioritize lenders with competitive rates, limited fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: We consider each lender’s reputation and overall business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide unique perks and rewards to customers, like early payoff discounts and free business coaching.

Frequently asked questions

The approval and funding timeline can vary significantly by lender and loan type. For example, traditional small business loans and lines of credit can take around three or four weeks to process and fund. Meanwhile, you might have to wait several months with commercial real estate and SBA loans.

If you need funds as quickly as possible, consider an online lender offering a fast business loan, typically taking one to three business days to fund. Just remember that instant business loans usually have higher rates and less favorable repayment terms than the more conventional options.

Yes, lenders like Credibly and Elevation Capital provide fast bad credit business loans for borrowers with credit scores as low as 500. Depending on your criteria, you could receive your funds within 24 hours. However, you will likely get a better rate if you can boost your credit score before applying for financing.

Most reputable business lenders require a credit check during the application process. However, you might find a lender who prioritizes other criteria like your annual revenue or potential for growth over a spotty credit history. You could also consider merchant cash advances and invoice factoring, which don’t emphasize your personal and business credit scores as much.