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Same-Day Business Loans: Best Options for Quick Funding
Same-day business loans may be available from online lenders, but you’ll pay a premium for the speed and convenience.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
If you’re looking for fast access to capital, same-day business loans can help you get the funds you need. Same-day business loans are usually available from online lenders, some of which can offer funding within hours.
Speed comes at a cost, however. These small-business loans tend to have higher interest rates and more frequent payments compared to bank or SBA loans. You should shop around to get the most competitive rates and terms and make sure your business can afford any potential debt.
Below, compare some of the best same-day business loans and find more information to help you get the right funding for your needs.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
OnDeck offers short-term loans in amounts up to $250,000 and repayment terms up to 24 months. You can get approved in just minutes and receive funding as fast as 24 hours.
OnDeck - Online term loan
5.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
Max loan
$250,000
Min. Credit score
625
Apr range
29.90-97.30% Based on loans originated in the half-year ending March 31, 2022
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
Pros
Cash can be available within the same business day.
Accepts borrowers with a minimum credit score of 625.
Streamlined application process with minimal documentation required.
Can be used to build business credit.
Cons
Not available in Nevada, North Dakota or South Dakota.
Requires frequent (daily or weekly) repayments.
Interest rates can be high compared with traditional lenders.
You may be able to qualify for a business line of credit from Fundbox with a credit score of 600 or higher. Fundbox can approve applications within minutes and provide funding within the next day.
Fundbox - Line of credit
5.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
Max loan
$150,000
Min. Credit score
600
Apr range
10.10-79.80% Depending on your creditworthiness and your business's financials
Fundbox offers a business line of credit to fill a cash-flow gap, and qualifying is easier than with other lenders.
Pros
Financing available within one business day after approval.
Simple application with minimal documentation required.
Startup-friendly — accepts borrowers with a minimum of six months in business.
Low minimum credit score requirement.
No prepayment penalties, account maintenance fees or inactivity fees.
Cons
Rates are high compared to traditional banks.
May require personal guarantee.
Can’t be used to build business credit.
Weekly repayments required over a short term (maximum of 24 weeks).
With Bluevine, you can apply for a line of credit and access capital in as little as 12 to 24 hours. You may be able to qualify for Bluevine’s line of credit with a minimum credit score of 625.
Bluevine - Line of credit
5.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
Max loan
$250,000
Min. Credit score
625
Apr range
20.00-50.00% Depending on your creditworthiness and your business's financials
Bluevine's line of credit provides fast working capital for short-term borrowing needs.
Pros
Cash can be available within 12 to 24 hours.
Multiple term lengths for different financing needs.
Low minimum credit score requirement.
Cons
May require weekly repayments.
Requires personal guarantee.
Not available in North Dakota, South Dakota or Nevada.
Rates can be high compared to traditional lenders.
OnDeck’s business line of credit is available in amounts up to $100,000 with repayment terms of 12 months. OnDeck typically provides financing in as little as 24 hours, but qualified line of credit borrowers can use instant funding to access capital within 30 minutes.
OnDeck - Line of credit
5.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
Max loan
$100,000
Min. Credit score
625
Apr range
29.90-65.90% Based on loans originated in the half-year ending March 31, 2022
OnDeck offers a fast line of credit for small-business owners with less-than-stellar credit who need to manage cash flow or buy inventory.
Pros
Cash can be available within the same business day.
Accepts borrowers with a minimum credit score of 625.
Streamlined application process with minimal documentation required.
Can be used to build business credit.
Cons
Not available in Nevada, North Dakota or South Dakota.
Requires frequent (daily or weekly) repayments.
Interest rates can be high compared with traditional lenders.
Triton Capital provides equipment loans up to $250,000 with terms ranging from 12 to 60 months. You can get approved within two to four hours and receive funds as soon as the next business day.
Triton Capital - Equipment financing
4.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
5.99-35.00% Depending on your creditworthiness and your business's financials
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
Pros
Can fund within one to two business days.
No prepayment penalty.
Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
Typically requires a personal guarantee and UCC lien.
Requires high minimum annual revenue.
Qualifications:
Minimum credit score: 600.
Minimum time in business: Two years, but startups may be eligible (with higher costs).
Minimum annual revenue: $250,000.
4.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
Max loan
$250,000
Min. Credit score
600
Apr range
5.99-35.00% Depending on your creditworthiness and your business's financials
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
Pros
Can fund within one to two business days.
No prepayment penalty.
Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
Typically requires a personal guarantee and UCC lien.
Requires high minimum annual revenue.
Qualifications
Minimum credit score: 600.
Minimum time in business: Two years, but startups may be eligible (with higher costs).
This is a common profile for our borrowers but we have a wide number of options for many business owners.
Credit Score
550 or higher
Annual Revenue
at least $50k
Time in Business
6 months or more
What is a same-day business loan?
A same-day business loan gives you access to capital the day you’re approved, or within 24 hours. These fast business loans can be used to pay for operational costs, cover emergency expenses or take advantage of an unexpected opportunity.
Same-day business loans are generally available from alternative, online lenders. Unlike traditional credit union or bank lenders, these companies tend to offer streamlined applications with minimal documentation required.
Online lenders typically have flexible qualification requirements and may be able to offer same-day business loans to startups or borrowers with bad credit.
As a result of their speed and flexibility, however, same-day business loans usually have higher interest rates and shorter repayment terms than more traditional loan options.
Common options for same-day business loans include the following:
Short-term loans
With these loans, you receive an upfront lump sum of capital that you repay over a set period of time. In general, short-term business loans have repayment terms between three and 24 months.
Short-term loans can be used for a variety of purposes, making them a good option for immediate financing needs.
Business lines of credit
A business line of credit allows you to draw from a set amount of capital, up to a certain limit. You only pay interest on the funds you use — and once you’ve repaid what you borrowed, you can continue to draw on the line.
Business lines of credit are more flexible than term loans and can be a good choice for emergency financing. Lines of credit can also be used for making payroll, purchasing inventory and managing cash flow.
Invoice factoring
With invoice factoring, you sell you unpaid invoices to a factoring company at a discount.
You receive a percentage of the invoice amount upfront and the factoring company takes responsibility for collecting payment from your customers. Once the company collects payment, you receive the difference, minus the company’s fees.
Although invoice factoring operates differently than a standard business loan, it can be particularly useful for business owners who have cash tied up in unpaid invoices. Instead of waiting for customer payments, you can receive immediate access to funding.
Business credit cards
If you have strong credit — typically a personal credit score of 690 or above — you may qualify for near-instant approval on a business credit card. Some issuers also let you use your card immediately by providing its number before the physical card arrives.
Business credit cards can be a quick and affordable option for everyday funding, especially for startups who can’t qualify for other options — as long as you pay your bill on time and don’t carry a balance.
A merchant cash advance, or MCA, gives you an upfront sum of cash that you repay using a percentage of your debit and credit card sales, plus a fee. MCAs have flexible qualifications and can fund extremely quickly.
You should consider all other financing options before turning to a merchant cash advance, however. These products, including ACH business loans, can have interest rates as high as 350% and frequent payments that may create a cycle of debt that’s difficult to break.
When to get a same-day business loan
In an emergency
Emergency cash needs are not ideal, but sometimes they are unavoidable. Say you have a large piece of equipment that’s crucial to your business operations that needs fixing or replacing. A delay in funding may cost you more than the costs of same-day financing.
When you have a money making opportunity
Similar to emergencies, you may not always have a stash of cash to hop on a growth opportunity, like a deal on a purchase that’s going to boost your revenue or cut costs. This is an instance where same-day loans can come in handy, especially if you forecast that use of the financing is going to make you more money.
When to consider alternatives
When you can afford to wait
Generally speaking, same-day loans should be a last resort. If time and money permit you to wait for a traditional loan, it’s best to do so.
When you can qualify for more traditional forms of lending
If possible, run some quick numbers to see if you think you’re in a position to qualify for more traditional forms of lending. You don’t want to settle for more expensive financing if you can qualify for something that makes more financial sense. Conversely, you may not want to pass up a same-day loan if you don’t qualify for a traditional loan anyway.
How to get a same-day business loan
If speed is a priority in your search for financing, here are steps you can take to find the right same-day business loan.
1. Evaluate your timeline
Some business needs — such as a burst pipe — might need attention and money right away. But you may be able to wait a few days or weeks for other expenses.
If you don’t truly need funding today (and you can qualify), you may want to consider a lower cost option, like an SBA Express loan, that has expedited, but not immediate, funding times.
2. Know your credit score
The stronger your personal credit history, the easier it will typically be to receive fast financing. If you don’t know your score, you can get it for free from NerdWallet.
Same-day business loans for poor credit are available, but the combination of speed and a risky credit profile means you’ll likely pay a premium for access to capital.
3. Compare lenders
You should research and compare multiple lenders to decide which offers the best deal for your business needs. In addition to funding speed, you’ll want to consider factors such as repayment terms, interest rates, loan fees and lender reputation.
Be wary of any lenders that try to rush you through the loan process without showing interest rates and repayment terms upfront. Although there are many reputable online lenders on the market, predatory lenders may try to take advantage of borrowers who are looking for same-day business loans.
These types of lenders may try to make promises of guaranteed or instant approval, as well as business loans with no credit check. You can read online reviews and talk to other small-business owners to help gauge a lender’s reputation and trustworthiness.
4. Apply for funding
A lender may advertise same-day business loans, but that’s not always a guarantee. You should make sure your application includes everything the lenders asks for to avoid delays — and watch for any fine print.
For example, if you apply for a line of credit from Bluevine, you’ll have to pay for a business wire to receive funds within the same day. If you don’t pay for a wire, Bluevine will send your funds via ACH transfer, which may take up to three days.
Same-day business loans can be expensive, so it’s important to review multiple loan offers to find the most affordable option. You should compare interest rates, fees and repayment terms to make sure your business can afford any potential debt.
Once you decide which option is best for you, you’ll want to review the loan agreement thoroughly and ask the lender to clarify any section where you have questions or concerns.
Last updated on March 21, 2023
Methodology
NerdWallet reviewed both traditional and online lenders in order to create our list of the best same-day business loans.
Our list includes a variety of loan options to meet the diverse funding needs of small-business owners, with an emphasis on lenders that offer a streamlined underwriting and approval process.
Each small-business loan option on our list meets the following criteria:
- Maximum loan amount of at least $100,000.
- Transparent rates and repayment terms.
- Funding available between 30 minutes and 24 hours.
- Personal credit score requirements of 630 or below.
- No more than two years in business required.
Frequently Asked Questions
You can get a same-day business loan from online lenders, like Bluevine, Fundbox or OnDeck. These lenders offer streamlined applications, flexible qualification requirements and can provide funding within 24 hours.
Traditional lenders, like banks and credit unions, don’t typically offer same-day business loans.
Most small-business lenders will perform a credit check at some point during the loan application process. Depending on the type of same-day business loan you choose, however, your lender may prioritize other loan criteria, such as time in business, annual revenue or cash flow.
One of the biggest advantages of same-day business loans is they offer quick access to funds when small-business owners need to cover immediate expenses. These loans also have flexible qualification requirements and streamlined applications with minimal documentation. Startups and borrowers with bad credit may be able to qualify for a same-day business loan.
On the other hand, same-day business loans can be expensive, with high interest rates and short repayment terms. If you can’t manage the frequent payments that are often associated with these loans, you may fall into a cycle of debt that’s difficult to break.
