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Same-Day Business Loans: Best Options That Fund Fast

Same-day business loans may be available from online lenders, but you’ll pay a premium for the convenience.

Meredith TuritsJune 15, 2021
Many or all of the products featured here are from our partners who compensate us. This may influence 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.

When an unexpected repair or emergency arises, same-day business loans can help you secure capital quickly. But in exchange for that speed, you may face high interest rates and frequent payments.

You’ll likely need to rely on alternative online lenders for same-day funding, as conventional small-business loans may take a month or more to finalize. Even if you can’t afford to wait long for funding, you’ll still want to take the time to find a business loan that fits your needs and finances.

Here are online lenders that offer same-day business loans, as well as what to know about these options.

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Our picks for

Same-day business line of credit

BlueVine offers a line of credit of up to $250,000 with funding times typically ranging from 12 to 24 hours.

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BlueVine - Line of credit

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Est. APR

15.00 - 78.00%

Depending on your creditworthiness and your business's financials

Min. Credit Score

600

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.

Cons

  • Short repayment term results in higher payment amounts.
  • Requires personal guarantee.
  • Not available in North Dakota, South Dakota or Vermont.
Read full review

Qualifications:

  • 6-month line of credit:
  • Minimum credit score: 600.
  • Minimum time in business: 6 months.
  • Minimum annual revenue: $120,000.
  • 12-month line of credit:
  • Minimum credit score: 600.
  • Minimum time in business: 6 months.
  • Minimum annual revenue: $120,000.

Our pick for

Same-day business loans for poor credit

OnDeck’s line of credit and term loan products can offer funding in as little as 24 hours to business owners with bad personal credit (a FICO score below 630).

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OnDeck - Line of credit

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Est. APR

11.00 - 61.90%

Depending on your creditworthiness and your business's financials

Min. Credit Score

600

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.
  • Requires low minimum credit score.
  • Less paperwork than most lenders.

Cons

  • Fixed-fee structure means early repayment will not save interest.
  • Requires weekly repayments.
  • Requires personal guarantee.
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Qualifications:

  • Minimum credit score: 600.
  • Minimum time in business: 1 year.
  • Minimum annual revenue: $100,000.
  • No bankruptcies in the past 2 years.
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OnDeck - Online term loan

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Est. APR

9.00 - 99.00%

Depending on your creditworthiness and your business's financials

Min. Credit Score

600

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.
  • Requires low minimum credit score.
  • Less paperwork than most lenders.

Cons

  • Fixed-fee structure means early repayment will not save interest.
  • Requires frequent (daily or weekly) repayments.
  • Requires business lien and personal guarantee.
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Qualifications:

  • Minimum credit score: 600.
  • Minimum time in business: 1 year.
  • Minimum annual revenue: $100,000.
  • No bankruptcies in the past 2 years.

Our pick for

Same-day business loans for B2B businesses

Businesses with unpaid customer invoices can turn them into working capital in less than a day with BlueVine invoice factoring.

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BlueVine - Invoice factoring

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Est. APR

15.00 - 68.00%

Depending on your creditworthiness and your business's financials

Min. Credit Score

530

BlueVine's invoice factoring can turn unpaid customer invoices into fast cash.

Pros

  • Finances larger invoices.
  • Cash can be available within the same day.
  • Accepts low minimum credit score and short time in business.

Cons

  • Not for businesses that do not invoice on net terms.
  • Loan amount is tied to the value of your invoices.
  • Dependency on customers to pay their bills on time.
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Qualifications:

  • Minimum credit score: 530.
  • Minimum time in business: 3 months.
  • Minimum annual revenue: $120,000.

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Summary of Same-Day Business Loans: Best Options That Fund Fast

LenderBest ForEst. APRMin. Credit ScoreNext Steps

BlueVine - Line of credit

Best for Same-day business line of credit15.00 - 78.00%600
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OnDeck - Line of credit

Best for Same-day business loans for poor credit11.00 - 61.90%600
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OnDeck - Online term loan

Best for Same-day business loans for poor credit9.00 - 99.00%600
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BlueVine - Invoice factoring

Best for Same-day business loans for B2B businesses15.00 - 68.00%530
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Can you get a same-day business loan?

Online lenders may offer you same-day business loans. Companies like BlueVine and OnDeck tout turnaround times from application to funding of as little as a day. Other alternative lenders, such as Credibility Capital, can provide loans as quickly as three days.

But fast business loans shouldn’t be your first option to borrow money. Rather, they’re designed to help with an emergency or to seize a time-sensitive opportunity. That’s because these loans may come with higher interest rates and fees compared with those from traditional lenders, which take more time to fund.

Where to look for same-day business loans

Alternative lenders are likely your best bet for a same-day business loan. These lenders use technology to evaluate and process applications faster than traditional lenders, and tend to be more flexible with what they consider acceptable credit scores, as well.

While you’ll need to look to alternative lenders for same-day business loans, that doesn’t mean you’ll lack options. The loans available to you may take many shapes — from traditional term loans to lines of credit to cash advances. Here are some options to consider:

  • Business lines of credit. This funding lets you take out money as needed up to a certain limit. You pay interest on only the amount you use, making business lines of credit a good option if you might need an emergency business loan to cover expenses today and in the future.
  • Term loans. These loans offer an upfront lump sum that you repay over a set period of time and typically have larger maximums than lines of credit. If you need same-day funding to cover a big expense with a known cost, a term loan may be a good fit.
  • Invoice factoring. This process converts outstanding invoices into fast cash. With invoice factoring, you sell a lender your unpaid invoices at a discount. In that way, it is not a business loan, strictly speaking. But invoice factoring can get you cash the day you need it instead of waiting on customers to pay.
  • Business credit cards. Don’t overlook this option for fast financing. If you have good to excellent credit (a FICO 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.

One potential same-day funding option to be wary of: merchant cash advances,  or MCAs. These loans can carry triple-digit annual percentage rates and require frequent payment, which should make them a last resort.

How to get a same-day business loan

  • 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 others. If you don’t truly need funding today, you may want to consider a lower cost option like an SBA Express loan that has expedited, but not immediate, funding time frames.
  • 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.
  • Follow the lender’s directions. A lender may advertise same-day business loans, but that’s not a guarantee. Make sure your application includes everything the lender asks for to avoid delays — and watch for fine print. For example, if you opt for BlueVine to send funds via ACH transfer (instead of paying for a business wire), funding can take up to three days.
Last updated on June 15, 2021

To recap our selections...

NerdWallet's Same-Day Business Loans: Best Options That Fund Fast

Does your business need funding? Find your best loan options with Fundera by NerdWallet.

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