Best Same-Day Business Loans To Consider in 2023

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. 

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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. 

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 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 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. To qualify for funding from Backd, you need to be in business for at least two years, have $200,000 or more in annual revenue, 640+ FICO score, be based in the U.S., and have a business bank account.

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.

Same-day loans offered by SMB Compass include invoice factoring, business lines of credit, bridge loans, inventory financing, equipment financing, and purchase order financing. If you know you need a loan quickly but aren’t sure which loan would be best for your business, SMB Compass could be the lender for you. You can contact a representative M-F with any questions and to help you decide which same-day business loan to choose. To qualify for most loans, the lender prefers a minimum credit score of 650, one year of business history, and $20,000 per month or more in revenue. 

Main Features

SMB Compass offers nine different types of small business loans to borrowers. Their mission is to make loans more accessible to small business borrowers by providing cost-effective and flexible lending solutions. SMB Compass business loans range from $10,000 to $10 million with terms up to 25 years. Rates start at 7.99% for qualified borrowers. The lender has currently provided more than 1,200 U.S. businesses with more than $250 million in financing. To apply, simply fill out their easy online application. It takes just a few minutes and will not impact your credit score. If approved, funding can be dispersed within 24 hours.

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.