)
)
)
)
Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.
Updated on
Best Same-Day Business Loans To Consider in 2023
Sometimes, emergencies can leave business owners in need of quick cash. If you need an immediate business loan, several online lenders offer instant business loan approval, and some may even be able to offer same-day business loans to select applicants.
Written by:Lindsay Frankel
Online lenders leverage technology to provide a more streamlined application process than banks or credit unions. This enables faster processing times, so some business owners can receive same-day business funding in as little as a few hours. To help you choose the right lender for your funding needs, our team of financial experts reviewed and ranked the top online lenders with the fastest funding times. Though next-day funding is more common, our top-ranked lenders may be able to provide same-day funding to some applicants.
)
In this review, we highlight the terms, rates and fees of each lender, and explain what makes them a good choice. We also share potential downsides of each company, and provide a rating methodology you can use to select the best equipment financing option for your needs.
Best Same-Day Business Loans - Full Overview
Best Overall
){kind=logo}
Bluevine - Best Overall
Min. Monthly Revenue
$10,000
Min. Time in Business
6 months
Min. Credit Score
625
Key Features
- Funding up to $250,000
- Interest rates as low as 4.8%
- Loan Repayment 6-12 months terms
- Quick and simple application
Pros & Cons
- Funding available within hours for some applicants
- Rates as low as 6.2%
- No origination fee
- No prepayment penalty
- Choose six or 12-month terms
- Open to new businesses with six months of history
- Excellent customer reviews on Trustpilot
- Requires $10,000 in monthly revenue
- Not available in NV, ND, or SD
Overview
Bluevine is the only lender we reviewed that can offer same-day business funding to applicants who apply in-time and pay the $15 wire transfer fee. The lender offers a line of credit up to $250,000 with an approval decision in as little as five minutes.
Main Features
With Bluevine, you can access a line of credit up to $250,000 and pay back your draws in six or 12-month terms with rates as low as 6.2%. Your credit line replenishes with repayment. You can get your funds as soon as the next business day via ACH or within a few hours if you request a wire transfer by the cutoff time. Bluevine is also open to new businesses with as little as six months of business history, but you’ll need at least $10,000 in monthly revenue and a 625 FICO score to qualify. You’ll also need to be operating or incorporated in an eligible U.S. state.
Bluevine is our top choice for business owners who need instant business loans because it is the only lender able to provide same-day business funding. It’s also a great option for young businesses.
)
Backd - Best for Large Business Loans
Min. Annual Revenue
$100,000
Min. Time in Business
12 months
Min. Credit Score
Not specified
Key Features
- Borrow up to $2 million
- Industry best factor rate for MCA - as low as 1.10
- APR for the Line of credit product starts at 35%
- Flexible repayment terms up to 16 months
- Get funding in as little as 24 hours
- Check your rate with a soft credit pull
Pros & Cons
- Large loan amounts
- Funding in 24-48 hours
- Instant lending decisions
- Excellent customer reviews
- Flexible payment options
- Rates not disclosed prior to application
- Not all industries qualify
- Not available for startups
Overview
If you’ve been denied by traditional lenders, Backd may be able to get you the funds you need in a relatively short period of time. Since their inception in 2018, they’ve funded more than $1 billion to over 10,000 small businesses. While same-day funding isn’t available, they do offer large loan amounts up to $2 million for qualified borrowers. The application takes just a few minutes to fill out and you’ll be given a lending decision instantly. If you accept the loan, you can be funded in as little as 24-48 hours.
Main Features
Backd offers working capital loans up to $2 million and business lines of credit up to $750,000. Working capital loans have terms up to 16 months with payments made daily, weekly, or semi-monthly. These types of loans are best for businesses in need of a large sum of money in order to renovate their business space, expand their business, or fund an expensive project. A business line of credit, on the other hand, is best for businesses that need constant access to cash. It acts as a revolving line of credit where you draw on the funds, pay them back, and can draw on them again. To qualify for funding from Backd, you need to be in business for at least one year, have $100,000 or more in annual revenue, be based in the U.S., and have a business bank account.
Backd wants to help your small business succeed. If you need funds fast and are looking for flexible payment options, we recommend reaching out to Backd. Within just a few minutes, you will know whether or not you can move forward with the loan.
){kind=logo}
Lendzi - Best for Businesses With High Revenue
Min. Annual Revenue
$180,000
Min. Time in Business
6 months
Min. Credit Score
500
Key Features
- Borrow up to $400,000
- Competitive starting rates on most products
- Bad credit accepted
- See your options without hurting your credit
- Flexible terms: 3 to 15 months
- Excellent customer reviews on independent review sites
Pros & Cons
- Easy online application
- Fast funding times
- Excellent customer reviews
- Bad credit accepted
- Applying does not impact your credit score
- Annual income requirements may be high
- Certain loans take longer to fund
- Startups may not qualify
Overview
Lendzi caters to small businesses with high revenue in need of funding. And with certain loans, funds can be in your account within 24 hours of loan approval. Lendzi was founded in 2020 and is both a direct lender and a partner with more than 75 other lenders. Because of this, you get the best lending options presented to you all in one stop.
Main Features
If you have high revenue and need same-day funding, we recommend a working capital loan from Lendzi. Working capital loans require a credit score of just 500 and allow you to borrow up to $400,000. Factor rates start at 1.15 and terms vary between three and 15 months. In order to qualify, you’ll need to be in business for at least six months and ideally have $180,000 or more in annual revenue. If credit is not an issue, Lendzi has many other products to choose from, including SBA loans, business lines of credit, long-term loans, and commercial mortgages. The company offers competitive rates to those with good credit in addition to flexible terms and excellent customer service. Lendzi currently has more than 2,000 5-star reviews on Google, TrustPilot, and Better Business Bureau.
Lendzi offers same-day business loans to borrowers with poor credit and to borrowers who have been denied elsewhere. After you submit your application, a representative will give you a call to discuss your loan options. Once you choose a loan and are approved, it can take as little as 24 hours to see your funds.
){kind=logo}
GoKapital - Best for Merchant Cash Advance
Min. Annual Revenue
$360,000
Min. Time in Business
12 months
Min. Credit Score
550
Key Features
- Borrow up to $5 million
- Loan Terms 2 to 10 years
- Interest rates start at 25%
- Wide range of loan offers
- Simple application process
- Instant pre-approval
Pros & Cons
- Simple online application
- Early payment discounts
- Large loan amounts
- Low credit accepted
- Low credit accepted
- High income requirements
- High rates for those with poor credit
- Same-day funding not available for all loan types
Overview
GoKapital was founded in 2013 and offers six different types of loans. The two that come with same-day funding are the merchant cash advance and the business line of credit. Typically, a lending decision is made within 24 hours of loan application, and if approved, funds can be dispersed the same day.
Main Features
GoKapital merchant cash advances range from $20,000 to $5 million with terms of three to 18 months. Factor rates range from 1.20 to 1.49 and payments are made daily or weekly. With a merchant cash advance, you borrow funds from future credit and debit card sales. This type of funding is ideal for cyclical businesses who may experience slow periods. When business is slower, your daily or weekly payment decreases. To qualify for a merchant cash advance from GoKapital, you need to have a minimum credit score of 550, one year of business history, and $360,000 in annual revenue. If your revenue is not that high, GoKapital offers other types of loans with lower income requirements. However, you may not receive your funds the same day of loan approval.
If you need funding for your small business today, head over to GoKapital and fill out their easy online application. They offer many loan types, two of which same-day funding is available. Any questions can be answered via phone, email, or chat by one of their qualified representatives.
){kind=logo}
Fundbox - Best for Convenience
Min. Annual Revenue
$100,000
Min. Time in Business
6 months
Min. Credit Score
600
Key Features
- Borrow up to $150,000
- Loan repayment 6-12 months terms
- Interest rate 4.66% minimum
- No monthly fees or prepayment penalties
- Same-day or next-day funding
- Best for business lines of credit
Pros & Cons
- Next-day funding
- Highly-rated mobile app
- Apply directly from your Stripe dashboard
- Rates starting at 4.66% for 12-week terms
- Excellent customer service reviews on Trustpilot
- No origination fee
- No prepayment penalty
- Requires $100,000 in annual revenue
Overview
While an instant loan for business isn’t available from Fundbox, you can apply for a business line of credit up to $150,000 directly from your Stripe dashboard and receive the funds as soon as the next business day. Once approved, you can also draw funds on-the-go with the Fundbox app.
Main Features
Fundbox offers a business line of credit up to $150,000. Draws are repaid in 12 or 24-week terms, with rates starting at 4.66% for 12-week terms and 8.99% for 24-week terms. You can apply in just a few minutes and receive your funds as soon as the next business day once approved. Fundbox requires that you have at least three months of business history, but ideally six months, along with $100,000 in annual revenue. However, Fundbox is friendly to fair-credit borrowers, and only requires a minimum FICO score of 600.
Fundbox makes it very convenient to apply for funding and to draw funds once approved. While Fundbox doesn’t offer same-day wire transfers like Bluevine, funding is still relatively fast. Furthermore, Fundbox has excellent customer reviews on third-party sites.
)
)
)
)
How We Chose the Best Same-Day Business Loans
- Loan features: We considered the available loan amounts and loan terms when evaluating lenders.
- Application process: We evaluated the ease of the application process, including credit check requirements, and selected only the lenders capable of providing funding the same day or next business day.
- Interest rates and fees: We considered the range of interest rates and fees when selecting the best same-day business lenders.
- Qualification process: We assessed the stringency of each lender’s requirements, including minimum credit score, annual revenue, and business history requirements.
- Customer support: We checked the accessibility of the customer service team and whether the lender offered digital support and other online resources.
- Online user reviews: We checked for issues with customer satisfaction by evaluating borrower reviews on third-party websites like Trustpilot and ConsumerAffairs.
- Perks and Bonuses: Lenders were given bonus points for maintaining advertising transparency, offering payment flexibility, and providing digital tools to borrowers.
Main Features of the Best Same-Day Business Loans
| Company | Min. Credit Score | Min. Time in Business | Min. Revenue | Loan Amount | Interest Rate |
| Backd | N/A | 12 months | $100,000 | $10,000 to $2 million | Not disclosed |
| Bluevine | 625 | 6 months | $10,000 per month | Up to $250,000 | Starting at 6.2% |
| Lendzi | 500 | 6 months | $180,000 | Up to $400,000 | Factor rates starting at 1.15 |
| GoKapital | 550 | 1 year | $360,000 per year | $20,000 to $5 million | Factor rates 1.20 to 1.49 |
| Fundbox | 600 | 3 months | $100,000 per year | Up to $150,000 | Starting at 4.66% |
What Is a Same-Day Business Loan?
A same-day business loan refers to any business loan or line of credit for which the funds can be delivered on the same day the applicant accepts the loan offer. Since same-day business funding options are few and far between, we’ve also included next-day business loans in our roundup of lenders.
When to Get a Same-Day Business Loan
Same-day business loans are most useful for emergencies, when you need to intervene quickly to keep your business up and running. Some examples of emergency situations include:
- Natural disasters
- Power outages
- Cyber security threats
- Property damage or vandalism
How to Get a Same-Day Business Loan
While the process will vary from one lender to the next, you can generally expect the following steps to getting a same-day business loan:
- Check your rate with one or more lenders
- Formally apply for the funding solution that best meets your needs
- Quickly submit any additional documents required for approval
- Accept and sign your loan documents
- Wait for the money to be transferred to your account
- Begin repayment
Types of Same-Day Business Loans
When you need fast funding for your business, there are several types of same-day business loans you may consider. Some of the most popular types of funding include:
- Business term loans: Term loans provide a lump sum that is repaid in fixed monthly installments.
- Business lines of credit: Lines of credit provide revolving access to funding. You can draw from a business line of credit as-needed and only pay interest or fees on the amount you borrow.
- Invoice factoring: Invoice factoring is a way to get money from your unpaid invoices. The factoring company provides a portion of the funds upfront and pays the rest, less any fees you owe, once payment has been collected.
- Revenue-based financing: With revenue-based financing, you borrow a lump sum and pay it back as a percentage of your revenue. Merchant cash advances are a form of revenue-based financing that typically come with high fees, but some companies provide revenue-based financing at competitive rates.
When to Consider Alternatives
Same-day business loans won’t be the best solution for every funding need. You might consider alternatives if:
- You need to cover a purchase that falls within credit card limits
- You can wait to shop around for the lowest rates and fees
- You need to purchase commercial real estate or acquire another business, and a quick loan won’t meet your needs
- You’d prefer to work with a loan officer face-to-face
Alternatives to Same-Day Business Loans
If a same-day business loan isn’t the right fit for your business, you may consider the following alternatives:
- SBA-backed loans
- Business credit cards
- Business grants
- Crowdfunding
- Loans from friends and family
- Angel investors
Conclusion
Business emergencies can happen at any time. For example, if your window gets smashed or a key appliance breaks down and you can’t operate without funds for replacement, a same-day business loan can save you from losing revenue. However, it’s not always possible to get same-day business funding, nor is it the best fit for every business need. You should evaluate alternative options before applying for a same-day business loan, and always ensure you can afford the fees associated with borrowing.
Frequently Asked Questions(FAQ)
How Long Do Business Loans Take to Process?
With online lenders that offer wire transfers, it’s possible to get a loan approved, processed, and funded in just a few hours. Most online lenders use ACH transfers, however, which take at least one business day to process. Bank loans typically take at least two weeks, while government-backed loans take at least one month to process.
How Much Does a Small Business Loan Cost?
That depends on both the Prime rate and individual factors such as your creditworthiness and chosen loan term. Current SBA 7(a) loan rates start at 9.75%. Meanwhile, some online lenders are able to offer financing for as little as 2% of the loan amount.
How Hard Is It to Get a Business Loan?
Getting a loan from a bank can be difficult, especially if you struggle with your credit score. However, some online lenders use alternative data to approve a greater share of applicants. Even so, you’ll typically need at least 6 months of business history, and most lenders have minimum revenue requirements as well. Bear in mind that while you may be approved for a business loan with a bad credit score, the lowest rates are only available to the most creditworthy borrowers.
About the Author
)
Written by: Lindsay Frankel
Personal finance expert with 3 years experience specializing in researching, writing, and editing insurance, loans, and credit cards content
More about me