The Best Same-Day Business Loans &#038; Funding Options For Fast Funds

Get Started With BusinessLoans.com

Total Rating	4.0
Rates & Fees4.6
Services4.0
Eligibility Requirements4.1
Application3.0
Sales & Advertising Transparency3.6
Customer Service4.1
User Reviews4.4

Pros

High borrowing amounts
No minimum credit score required
Excellent customer support
Quick & easy application

Cons

Limited information disclosed online
Funding can take awhile to disburse (for some products)

Why We Chose BusinessLoans.com For The Easiest Same-Day Business Loan Application Process

Not every business owner has the time to send multiple loan applications to different lenders, so BusinessLoans.com lets business owners apply to an entire network of lenders with a single application.

Between a quick application process, excellent customer service, and no credit score requirement, business owners are likely to find a funding option that meets their needs with BusinessLoans.com. Overall, the company gets a 4.0/5 star rating from us.

BusinessLoans.com Rates, Fees, & Turnaround Times

BusinessLoans.com offers term loans, short-term loans, lines of credit, and merchant cash advances up to $3 million. Repayment terms vary by lender.

BusinessLoans.com doesn’t disclose terms and fees upfront. Expect these to vary by specific lender, type of funding, and your credit rating.

Just be aware that while same-day funding is possible through BusinessLoans.com, it can take up to a week. Funding time will depend on how the matching process goes and which specific lenders your business qualifies for.

BusinessLoans.com Eligibility Requirements

A plus of BusinesssLoans.com is that there is no credit minimum to apply. A higher score will give you access to more favorable rates, but BusinessLoans.com has a large lender pool so business owners are likely to find something they qualify for.

BusinessLoans.com only requires:

6 months in business
$100,000 in annual income

When To Use BusinessLoans.com

You want to save time by applying to multiple lenders at once
You have poor credit and stillw ant same-day funding
You have excellent credit and want to unlock better same-day funding rates

OnDeck: Overall Best Same-Day Business Loans

OnDeck

Total Rating	3.9
Rates & Fees4.6
Services2.9
Eligibility Requirements3.8
Application4.5
Sales & Advertising Transparency3.8
Customer Service4.1
User Reviews4.0

Pros

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

Cons

High APRs

Why We Chose OnDeck For The Best For Same-Day Business Loans Overall

OnDeck gets points (and a rating of 3.9/5 stars) for building a stellar reputation based on speed, simplicity, and transparency. The company makes it easy to get same-day funding, is upfront with pricing and fees, and has relatively easy borrower requirements.

Though an OnDeck loan will cost you a lot more than a traditional bank loan, OnDeck is a good option if you don't have time to wait on a bank. Plus, OnDeck's borrower requirements are easier to meet than those for bank loans, and you'll get your money a lot sooner.

OnDeck Rates, Fees, & Turnaround Times

OnDeck offers term loans up to $250,000 with repayment terms of up to 24 months. It also offers lines of credit up to $100,000 with repayment terms of 12, 18, or 24 months.

APRs for OnDeck’s term loans can be as low as 29.9%, but the average is 60.9%, with a potential 0-4% origination fee. APRs for lines of credit start at 29.9%, but the average is 52.6%. There are no draw fees, but there is a $20/month maintenance fee and a possible minimum draw of $1,000 at origination required.

Short-term loans are available for same-day funding with OnDeck. 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.

OnDeck Eligibility Requirements

For an OnDeck loan or LOC, you’ll need:

625 credit score
1 year in business
$100,000 per year in revenue
A business checking account

When To Choose OnDeck

You need same-day funding on a short-term loan
You don’t mind high APR in exchange for fast funds

Get Started With OnDeck

National Business Capital: Best Same-Day Business Loans For High-Risk Industries

National Business Capital

Get Started With National Business Capital

Total Rating	4.2
Rates & Fees4.0
Services3.5
Eligibility Requirements4.3
Application4.5
Sales & Advertising Transparency4.4
Customer Service4.7
User Reviews4.9

Pros

Bad credit-friendly
Startup-friendly
High borrowing amounts

Cons

Rates can be expensive

Why We Chose National Business Capital For The Best Same-Day Business Loans For High-Risk Industries

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.

Unlike most lenders, National Business Capital doesn't have a list of restricted industries and partners with over 75 lenders--so regardless of industry, you're likely to find a lender for your needs.

National Business Capital Rates, Fees, & Turnaround Times

Through its lender marketplace, National Business Capital offers merchant cash advances, term loans, lines of credit, equipment financing, and SBA loans up to $10 million.

Term lengths vary by product and lender.

Terms and fees also vary depending on the financing product. There is no set term and no collateral personal guarantee required.

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

National Business Capital Eligibility Requirements

National Business Capital requirements vary depending on which type of funding you apply for, but here are the base requirements for the same-day Performance Advance™ Financing option:

No minumum credit score
3+ months in business
$120,000+ per year in revenue

Again, National Business Capital also has no restricted industries, making it a good option for traditionally high-risk or undersupported industries.

You also won’t need to offer collateral or sign a personal guarantee. National Funding also lowered its minimum time in business from 1 year to 3 months since our last update to this post.

When To Choose National Business Capital

If you are in a high-risk industry
If you are a new business with little established credit history
You want to apply to multiple lenders at once

Rapid Finance: Best Same-Day Business Loan For Bad To Little Credit

Rapid Finance

Get Started With Rapid Finance

Total Rating	4.2
Rates & Fees3.6
Services4.3
Eligibility Requirements4.9
Application4.8
Sales & Advertising Transparency4.2
Customer Service2.9
User Reviews4.9

Pros

High borrowing amounts
No prepayment penalties
Easy application

Cons

Rates can be expensive

Why We Chose Rapid Finance As The Best Same-Day Business Loans For Bad to Little Credit

As the company's name suggests, Rapid Finance offers quick business funding, including same-day business loans. Besides being super quick, Rapid Finance MCAs are also extremely easy to qualify for, even for new businesses with bad credit, earning the company a 4.2/5 star rating from us.

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.

Rapid Finance Rates, Fees, & Turnaround Times

Rapid Finance offers:

Merchant cash advances up to $500,000 with repayment terms up to 18 months
Same-day business term loans up to $1 million with repayment terms of up to 60 months.

Rapid Finance also offers the following services:

Short-term loans up to $1 million
Line of credit up to $250,000
Bridge loans up to $1 million
Asset-based financing up to $10 million
Invoice factoring up to $10 million
SBA loans up to $5.5 million

Rapid Finance does not disclose its rates publicly.

If you’re approved for a Rapid Finance short-term loan or merchant cash advance, you may be able to get funded as soon as the same business day you apply. Rapid Finance’s other funding options may take longer for funds to disperse.

Rapid Finance Eligibility Requirements

Rapid Finance does not have any minimum borrower requirements. Requirements may vary depending on the type of product being applied for.

When To Choose Rapid Finance

You want multiple loan type financing options
You have poor or unestablished credit

Funding Circle: Best Same-Day Business Loan For Established Businesses

Funding Circle

Get Started With Funding Circle

Total Rating	4.2
Rates & Fees4.6
Services4.0
Eligibility Requirements3.8
Application4.3
Sales & Advertising Transparency4.8
Customer Service4.5
User Reviews3.2

Pros

Monthly repayments
No prepayment penalty
Few additional fees

Cons

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

Why We Chose Funding Circle As The Best Same-Day Business Loan For Established Businesses

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

Funding Circle requires two years in business, so only established businesses will be able to qualify; however, this means more favorable interest rates for qualified businesses. We give Funding Circle a 4.2/5 star rating for its services and competitive rates.

Funding Circle Rates, Fees, & Turnaround Times

Funding Circle offers term loans up to $500,000 with repayment terms of up to 7 years. It also offers lines of credit up to $250,000 with variable repayment terms.

Funding Circle is also very transparent with their rates and fees which is refreshing in the small business lending market.

Funding Circle’s interest rates range between 4.99% at 27.79%. Term loans have an origination fee of 3.49% to 6.99%. Lines of credit have a draw fee of 1.6%.

Funding Circle charges an origination of 4.49% – 10.49% and a late payment or missed payment fee of 5%. There are no other monthly fees, transaction fees, or prepayment fees.

Funding Circle offers same-day funding for business lines of credit and up to 48 hours for short-term loans, although some customers report loan funding taking up to a week.

Funding Circle Eligibility Requirements

Funding Circle requires:

660+ credit score
2 years in business
$50,000+ in annual revenue
No bankruptcies for seven years

When To Choose Funding Circle

If you have established business credit
You want excellent interest rates
You’ve been in business at least 2 years and have a credit score of 660+

Bluevine: Best Same-Day Business Line Of Credit

Bluevine

Get Started With Bluevine

Total Rating	3.7
Rates & Fees3.8
Services3.6
Eligibility Requirements3.6
Application4.5
Sales & Advertising Transparency3.4
Customer Service3.4
User Reviews3.4

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

Why We Chose Bluevine As The Best For Same-Day Lines Of Credit

Bluevine's small business financing is designed to help businesses struggling with cash flow issues. Lines of credit such as those offered by Bluevine provide you with a set amount of credit you can draw from, much like a credit card.

The automated application process is built for speedy funding decisions, with funds usually deposited in your account the same day you apply. BlueVine boasts application decisions "as fast as 5 minutes." After approval, you can begin drawing from your credit line immediately, making Bluevine a great same-day business loan option if you need fast, ongoing access to funds.

Bluevine Rates, Fees, & Turnaround Times

Bluevine offers lines of credit up to $250,000 with monthly or weekly payments over a 6-month or 12-month repayment term. There are no prepayment penalties.

BlueVine no longer discloses exact APR information, so expect interest rates to vary based on your creditworthiness.

Once approved for a LOC with BlueVine, funds can hit your account within a few hours if you choose to pay the $15 wire fee.

Bluevine also offers business checking and bill pay services.

Bluevine Eligibility Requirements

BlueVine works with U.S based companies only and requires:

625+ credit score
24 months in business
$40,000 per month in revenue

When To Choose Bluevine

You want a business line of credit
You need fast access to funds
You have a credit score of at least 625+ and 2+ years in business

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

Weighted Rating Breakdown

Rates & Fees 20%

Services 20%

Eligibility Requirements 20%

Application 15%

Sales & Advertising Transparency 10%

Customer Service 10%

User Reviews 5%

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

Types Of Same-Day Business Loans

With multiple types of same-day loans on the market, it can be difficult to know exactly which type of lending is best for getting your funds fast. 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.

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 or sometimes weekly basis. 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.

Are Same Day Business Loans Worth It?

Pros

Quick access to funds
No waiting on lengthy application or funding timelines
Helps with unexpected expenditures or emergencies

Cons

Higher interest rates
Same-day wire transfer fees may apply
Fast repayment terms
Same-day funding may have strict qualifications & is generally not 100% guaranteed
Not a great long-term solution, especially if future funds are needed

If you need immediate cash flow, same-day business loans can be worth it. The tradeoff is that to get same-day funds, you’ll usually have much higher interest rates than traditional funding, but if you’re willing to sacrifice fees over a slower timeline, the pros of same-day business loans might outweigh the cons for your business’s situation.

The obvious advantage of same-day business loans is that you get funded quickly. As you might expect, fast funding comes with some disadvantages and trade-offs, so whether a same-day loan is worth it will really depend on what you are comfortable with, why your business needs the funds, and what turnaround time you require.

Our MCA calculator and our short-term loan calculator can help you determine whether a funding opportunity makes sense for your specific business situation.

When To Get A Same-Day Business Loan

A same-day business loan or other same-day funding option like same-day lines of credit can be good choices if:

Your business needs immediate funds and can’t wait for traditional funding
Your need for fast funds outweighs concerns over high interest rates
You qualify for a same-day line of credit so that you can continually access business funding
You want a short repayment period for your loan
Your business is facing an emergency situation

When To Find An Alternative To Same-Day Business Loans

While quick access to business funds is great, same-day lending does have its drawbacks. Same-day loans aren’t the best idea if:

You don’t need immediate funding
You can qualify for lower interest rates elsewhere
You are uncomfortable with the repayment terms or time period
You are planning on paying your loan early (many short-term loans have prepayment penalties)
You have a strong credit profile and can get more favorable terms & rates by waiting

How Much Interest Is Charged On Same-Day Business Loans?

Interest rates on same-day business loans vary by lender, type of loan, and the creditworthiness of the applicant, but you should generally expect to pay significantly above prime with a same-day loan. If low interest rates are important to you, you may want to look at other top business loans.

How To Apply For Same-Day Business Loans

To apply for a same-day loan, you’ll first need to identify exactly how much you want to borrow, what interest rate threshold you’re comfortable with, and what your current credit profile is (knowing your annual revenue, time in business, and credit score is a good starting point). Then it’s time to start comparison shopping!

Next, Carefully research reputable lenders that offer same-day funding (reading this article is a great way to start your search). Read customer feedback and expert reviews (like our full Merchant Maverick reviews, linked in each lender section above) to get a good understanding of a lender’s reputation.

Then, read up on the lender to make sure you understand the lender’s eligibility requirements, offerings, terms, and fees before you apply. Sometimes you may need to fill out an online pre-qualification application to learn the APR, borrowing amounts, and other rates/terms you are eligible for. Before filling out a pre-qualification, always ensure there will be only a soft pull of your credit report.

If you like the terms you are granted, you can continue with that lender’s application process to complete your application and hopefully be on your way to same-day funds! Remember that some lenders have specific time windows and other qualifications that have to be met to get same-day funding.

Read more about how to apply for small business loans and best of luck on your funding journey!

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

FAQs: The Best Same-Day Business Loans & Funding Options For Fast Funds

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.

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Chelsea Krause

Lead Staff Writer

Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.

@AccountingMage

View Chelsea Krause's professional experience on LinkedIn.

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1. BusinessLoans.com

❮ ❯

Term loans, short-term loans, lines of credit, & merchant cash advances
FICO: No minimum given
APR: Varies by lender

2. OnDeck

❮ ❯

Terms loans & lines of credit
FICO: 625+
APR: 29.9%+

3. National Business Capital

❮ ❯

Term loans, lines of credit, equipment financing, merchant cash advances, & SBA loans
FICO: No minimum
APR: Varies

4. Rapid Finance

❮ ❯

Term loans, lines of credit, merchant cash advances, invoice-factoring, & SBA loans
FICO: No minimum
APR: Not publicly disclosed

5. Funding Circle

❮ ❯

Term loans, lines of credit
FICO: 660+
APR: 4.99%+

6. Bluevine

❮ ❯

Lines of credit
FICO: 625+
APR: Not publicly disclosed