The best same-day business loans should be able to issue an approval and disburse funds within 24 hours of receiving a completed application. These loans should also have a combination of excellent customer service, easy qualification requirements, low documentation needs, flexible loan terms, and an easy application process.
Many different types of business loans exist, and the best one will depend on your specific needs and goals. To ensure you find one suited for your company’s needs, we’ve selected a number of providers, each offering multiple types of loans.
Here are the 10 best same-day small business loans:
- National Funding: Best overall for customer service and custom loan terms
- QuickBridge: Best for simple application process
- SBG Funding: Best custom loans for business with good credit and high revenue
- Credibly: Best for businesses with bad credit
- Bluevine: Best fast small business line of credit for established companies
- Clarify Capital: Best broker for businesses seeking short-term financing
- Lendio: Best broker for multiple loan options
- Balboa Capital: Best for smaller loan amounts
- Sunwise Capital: Best for businesses seeking long repayment terms
- LoanBuilder: Best for newer businesses and companies with low revenue
Best Same-day Business Loans At a Glance
Maximum Loan Amount | Maximum Repayment Term | Estimated Starting Annual Percentage Rate (APR) | Minimum Credit Score | Minimum Annual Business Revenue | Minimum Time in Business | |
---|---|---|---|---|---|---|
$500,000 | 16 months | Varies | 600 | $250,000 | 6 months | |
$500,000 | 16 months | Varies | 600 | $250,000 | 6 months | |
$5 million | 5 years | Varies | 500 | $250,000 | 6 months | |
$600,000 | Varies | Varies | 500 | $180,000 | 6 months | |
$250,000 | 12 months | 6.2% to 78% | 625 | $480,000 | 24 months | |
$5 million | 2 years | Varies | 500 | $120,000 | 6 months | |
$10 million | 10 years | Varies | 500 to 600 | $50,000 to $120,000 | 3 months to 1 year | |
$500,000 | 5 years | 6% to 20%+ | 620 | $100,000 to $300,000 | 12 months | |
$2 million | 10 years | 4.8% | 550 | $180,000 | 12 months | |
$500,000 | 52 weeks | 12% to 136% | 620 | $42,000 | 9 months | |
National Funding: Best Overall for Customer Service and Custom Loan Terms
Rates & Terms | |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Starting Interest Rate | Factor rates as low as 1.11x |
Estimated APR | Varies |
Loan Amount | $5,000 to $500,000 |
Repayment Term | Up to 16 months |
Repayment Schedule | Daily and weekly |
Financing Type | Term loans |
Qualifications | |
Credit Score | 600 |
Time in Business | 6 months |
Revenue | $250,000 annually |
Why We Like National Funding
With National Funding, applications are reviewed on a case-by-case basis. This is done to ensure you have the best approval odds and to match you with a loan best suited for your needs. This personalized level of service is a big reason why we selected it as the best option for business owners looking for excellent service levels.
The provider offers short-term business loans and loans for working capital. Most of the businesses it works with are companies that are generally performing well and are primarily looking for funding to continue expanding. Minimum qualification requirements include a credit score of 600, annual revenue of $250,000, and a time in business of six months. Businesses will also need to provide 4 months of business bank statements. However, meeting the minimum criteria does not guarantee loan approval.
In terms of financing costs, this provider charges a factor rate starting as low as 1.11x. Loans are generally meant to cover short-term expenses that will be paid off within 16 months. If you do pay off your loan early, you can get up to a 7% discount on the remaining balance if paid within the first 100 days of getting the loan.
To apply, you can visit the National Funding website. Applications can be completed within 10 minutes, and you should typically hear back from a loan representative within several business hours.
QuickBridge: Best for a Simple Application Process
Rates & Terms | |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Starting Interest Rate | Factor rates as low as 1.11x |
Estimated APR | Varies |
Loan Amount | Up to $500,000 |
Repayment Term | Up to 16 months |
Repayment Schedule | Daily and weekly |
Financing Type | Term loans and working capital financing |
Qualifications | |
Credit Score | 600 |
Time in Business | 6 months |
Revenue | $250,000 annually |
Why We Like QuickBridge
If you’re looking for a simple loan, QuickBridge can provide an easy loan application process with fewer documentation requirements compared to many other providers. For example, others may ask for a wide range of financial statements, such as multiple years of tax returns, profit and loss statements, balance sheets, and bank statements. With QuickBridge, you likely won’t need to provide as much paperwork. It can also offer competitive rates and flexible loan terms.
It offers a product similar to that of National Funding, although there are some differences. QuickBridge does not provide the option to make payments on a monthly basis nor does it issue equipment financing. Otherwise, minimum qualification requirements are the same as National Funding including the need to provide at least 4 months of business bank statements, and you can also get the same maximum loan amount of $500,000.
You can complete an online application. Once that is done, you’ll be paired with a QuickBridge advisor who will work with you to match you with the best loan for your business.
SBG Funding: Best Custom Loans for Businesses With Good Credit and High Revenue
Rates & Terms | |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Starting Interest Rate |
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Estimated APR | Varies |
Loan Amount |
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Repayment Term |
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Repayment Schedule |
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Financing Type | Term loan, line of credit, bridge capital, and invoice financing |
Qualifications | |
Credit Score | 500 |
Time in Business | 6 months |
Revenue | $250,000 annually |
Why We Like SBG Funding
SBG Funding is a good option to consider for businesses that can meet its high revenue requirement and have good credit. It boasts a high approval rate of 85%, and although it has a low minimum credit score requirement of 500, businesses with bad credit can find it challenging to get approved without other compensating factors.
SBG Funding offers different types of financing options. These include term loans, credit lines, invoice financing, bridge capital, and more. If you’re not sure which is the best option, you’ll have the ability to work with a loan specialist to get tailored recommendations and approvals for your specific business needs. SBG Funding is also able to work with businesses in a number of different industries, including retail; heating, ventilation, and air conditioning (HVAC); manufacturing; and cannabis.
If you aren’t in need of fast funding, you can also consider SBG Funding’s other loan products, such as its Small Business Administration (SBA) loans and equipment financing.
To learn more or to apply, visit the SBG Funding website. There, you can complete an online application in less than 5 minutes. Most decisions can be made within 12 hours and, if approved, funds can be deposited as soon as the same day.
Credibly: Best for Businesses With Bad Credit
Rates & Terms | |
Approval Speed | Less than 4 hours |
Funding Speed | As fast as same day |
Starting Interest Rate | Factor rates as low as 1.11x |
Estimated APR | Varies |
Loan Amount | $5,000 to $600,000 |
Repayment Term | Varies |
Repayment Schedule | Varies |
Financing Type | Working capital, merchant cash advance (MCA), line of credit, equipment financing, and invoice factoring |
Qualifications | |
Credit Score | 500 |
Time in Business | 6 months |
Revenue | $180,000 annually |
Why We Like Credibly
While many other lenders may also have low credit score requirements, Credibly has a better ability to focus on other factors to get you approved with bad credit. In addition, it offers many different types of loans, including working capital loans, MCAs, long-term loans, business credit lines, equipment financing, invoice factoring, and more. It also states it can work with more than 300 different industries, including:
- Food and service
- Liquor stores
- Healthcare
- Gas stations
- Auto repair
- Beauty salons
- Grocery stores
- Hotels and motels
When you work with Credibly, you’ll be able to work with a team of knowledgeable and experienced specialists dedicated to getting you the best financing option. To date, Credibly has provided funding for more than 30,000 businesses and more than $2 billion in loans. It also retains 100% of its finance experts in the United States and has maintained a 4.8 out of 5-star rating on Trustpilot.
To learn more or to submit an application, you can visit the Credibly website. There, you can get pre-qualified online in a matter of minutes as well as have the option to speak with a loan advisor. Qualified businesses can get approvals in as soon as four hours, and funding can be disbursed the same day to your bank account.
Bluevine: Best Fast Small Business Line of Credit for Established Companies
Rates & Terms | |
Approval Speed | As fast as 5 minutes |
Funding Speed | As fast as 24 hours |
Starting Interest Rate | 6.2% |
Estimated APR | 6.2% to 78% |
Loan Amount | Up to $250,000 |
Repayment Term | 6 or 12 months |
Repayment Schedule | Weekly and monthly |
Financing Type | Line of credit |
Qualifications | |
Credit Score | 625 |
Time in Business | 24 months |
Revenue | $480,000 annually |
Why We Like Bluevine
With a Bluevine business line of credit, you have the ability to get same-day funding whenever you need it. The line of credit provides you with the flexibility to draw funds on an as-needed basis, up to your designated credit limit. As you pay down the loan balance, you can then continue to draw additional funds.
Funds drawn from the credit line can be used for any business purpose. This can include emergencies and unexpected expenses. It was also selected for our list of the best working capital loans as it can be used for payroll and other daily operational costs.
On top of the qualifications listed above, you’ll also need the following to be eligible for financing:
- Be structured as a corporation or limited liability company (LLC)
- Have no bankruptcies within the past three years
- Be in good standing with your secretary of state
- Operate or be incorporated in a state other than Nevada, North Dakota, or South Dakota
- Not operate in Bluevine’s list of restricted industries
Bluevine’s line of credit is typically issued on a weekly payment plan. If you’re interested in making monthly payments, you must meet the following additional requirements:
- Have a FICO credit score of 700
- Be in business for three years or more
- Earn $960,000 in annual revenue
To learn more or to submit an application, visit the Bluevine website.
Clarify Capital: Best Broker for Businesses Seeking Short-term Financing
Rates & Terms | |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Starting Interest Rate | 6% and up |
Estimated APR | Varies |
Loan Amount | $10,000 to $5 million |
Repayment Term | 6 months to 2 years |
Repayment Schedule | Varies |
Financing Type | Term loan, line of credit, equipment loan, invoice financing, and MCA |
Qualifications | |
Credit Score | 500 |
Time in Business | 6 months |
Revenue | $120,000 annually |
Why We Like Clarify Capital
As a broker, Clarify Capital has more than 75 lenders in its network. This gives you the most number of opportunities to get matched with a lender well-suited to your business needs and goals. However, its fast business loans have one of the shortest repayment terms available in our guide, making it a better option for companies that only need short-term financing.
It offers several different types of fast business loans. These include term loans, invoice financing, lines of credit, equipment loans, and MCAs. Depending on the type of loan you need, you could get up to $5 million in funding within 24 hours with APRs starting as low as 6%.
Clarify Capital can work with startups and businesses with bad credit. You can qualify for financing with a credit score as low as 500 and six months’ time in business. Other requirements include annual revenue of at least $120,000.
To apply, you can complete an application on the Clarify Capital website in less than 2 minutes. Applying does not obligate you to accept a loan offer, but it does allow you to work with a loan specialist who can help you identify the best type of financing for your company.
Lendio: Best Broker for Multiple Loan Options
Rates & Terms | |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Starting Interest Rate |
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Estimated APR | Varies by loan program |
Loan Amount |
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Repayment Term |
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Repayment Schedule | Varies by loan program |
Financing Type | A/R financing, line of credit, term loan, cash advance, and equipment financing |
Qualifications | |
Credit Score |
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Time in Business |
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Revenue |
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Why We Like Lendio
Lendio is another loan broker, and it’s a great option if you want to have multiple loan options as it has a network of more than 75 different lenders. With this large of a network, you can improve your chances of getting approved for a loan, as well as get a financing option with more favorable rates and terms.
Lendio offers a wide range of lending products and can issue funding within 24 hours for accounts receivable financing, a small business line of credit, a business term loan, MCAs, and equipment financing.
If you’re not in need of funding quickly or have other needs, you can also consider the provider’s other loan products. Lendio can help with short-term loans, SBA loans, commercial mortgage financing, startup loans, business acquisition financing, and business credit cards.
You can visit the Lendio website to learn more about its products or to submit an online application. Applications can be completed in minutes, after which you’ll be contacted by a funding manager to learn about your needs in finding suitable financing options. Once approved, you can get funding in as soon as 24 hours.
Balboa Capital: Best for Smaller Loan Amounts
Rates & Terms | |
Approval Speed | As fast as 1 hour |
Funding Speed | As fast as same-day |
Starting Interest Rate | 6% to 20% |
Estimated APR | 6% to 20%-plus |
Loan Amount | Up to $500,000 |
Repayment Term | Up to 5 years |
Repayment Schedule | Monthly |
Financing Type | Term loan, equipment financing, commercial financing, franchise financing, and equipment vendor financing |
Qualifications | |
Credit Score | 620 |
Time in Business | 12 months |
Revenue | $300,000 annually ($100,000 for equipment loans) |
Why We Like Balboa Capital
With Balboa Capital, applications for smaller loan amounts can qualify for a streamlined, reduced documentation process. This can allow for approvals to be issued within one business hour, in addition to same-day funding.
Balboa Capital offers different types of loan programs, including equipment financing, term loans, commercial financing, and franchise financing. The specific requirements to qualify for the streamlined process will vary for each program. For example, equipment financing for hard collateral up to $500,000 or soft collateral up to $350,000 can qualify for the application-only method. Franchise financing, on the other hand, is limited to $350,000 for businesses that want to go through the reduced documentation process.
To get the process started, you can submit a short online questionnaire from the Balboa Capital website. This allows you to then receive a callback from the company with a free quote, and to discuss further steps if you wish to proceed.
Sunwise Capital: Best for Businesses Seeking Long Repayment Terms
Rates & Terms | |
Approval Speed | As fast as several minutes |
Funding Speed | As fast as same day |
Starting Interest Rate | 4.8% |
Estimated APR | 4.8% |
Loan Amount | $10,000 to $2 million |
Repayment Term | 6 months to 10 years |
Repayment Schedule | Daily, weekly, and monthly |
Financing Type | Term loan, MCA, line of credit, and equipment financing |
Qualifications | |
Credit Score | 550 |
Time in Business | 12 months |
Revenue | $180,000 annually |
Why We Like Sunwise Capital
With a repayment period of up to 10 years, Sunwise Capital has the longest loan term in our guide. Its rates also start as low as 4.8%, and although you’ll need excellent credit to get its best rates, this provider can also fund borrowers with low credit scores.
With a long repayment period, Sunwise Capital can be a good option if you’re looking to have a low payment for your loan. If you’re looking to get the best rates, it’s recommended that you have a credit score of 720 or above. Other minimum qualification requirements include 12 months’ time in business and annual revenue of $180,000. As with most other providers, meeting the minimum criteria does not necessarily mean you’ll be approved.
You can complete an online application from the Sunwise Capital website. Applying does not negatively affect your credit score, and there is no cost or obligation to accept a loan if approved. The loan application process is simple and involves a one-page application that can be completed in less than 5 minutes. Qualified businesses can receive approval and funding as fast as the same day.
LoanBuilder: Best for Newer Businesses and Companies With Low Revenue
Rates & Terms | |
Approval Speed | 24 hours |
Funding Speed | 24 hours |
Starting Interest Rate | 2.9% to 18.72% |
Estimated APR | 12% to 136% |
Loan Amount | $5,000 to $500,000 |
Repayment Term | 13 to 52 weeks |
Repayment Schedule | Weekly |
Financing Type | Term loan |
Qualifications | |
Credit Score | 620 |
Time in Business | 9 months |
Revenue | $42,000 annually |
Why We Like LoanBuilder
LoanBuilder has an annual revenue requirement of $42,000. That’s the lowest amount on our list, making the provider a good option if your business does not meet the revenue requirements of other lenders.
Other qualification requirements include a credit score of 620 and at least nine months’ time in business. Eligible businesses can get up to $500,000 in funding. Repayment periods are typically anywhere from 13 to 52 weeks, and the rate you get will depend on your business qualifications.
Note that LoanBuilder requires weekly payments and does not offer the option for a monthly payment schedule. Due to the higher frequency of payments, you should consider how it may affect your business cash flow. Other requirements include a personal guarantee as a condition of getting a loan.
How We Chose the Best Same-day Business Loans
The best same-day business loans were chosen using the following criteria:
- Application, approval, and funding speeds
- Interest rates, fees, and estimated APRs
- Qualification requirements
- Amount of documentation required for loan approval
- Loan terms, including loan amount and repayment period
- Number and types of loan programs offered
- Customer reviews and ratings
Pros & Cons of Same-day Business Loans
PROS | CONS |
---|---|
Offer quick access to funds | Tend to come with higher rates and fees |
Have an easy application process with low documentation requirements | Have a higher cost, which can impact your business cash flow negatively |
Have easy qualification requirements | Can impact credit scores negatively if you have less cash on hand to pay other debt |
Alternatives to Same-day Business Loans
One of the tradeoffs of a same-day business loan is the fact that rates and fees tend to be higher. If you are looking for a more cost-effective solution or are having difficulty getting approved for a loan, consider the following alternatives:
- Small business credit card: Although credit cards generally have a higher interest rate between 20% and 30%, some issuers may offer an introductory rate as low as 0% for new cardholders. If you do see a similar offer, be aware that you may need to wait between seven and 10 business days to receive the physical card in the mail for use. Check out our picks for the best small business credit cards.
- Personal loan for business: If you’re unable to get approved for a business loan, a personal loan can be a good option to consider if you have excellent personal credit. Many providers on our list of the leading personal loans for business use can also issue funding within 24 to 48 hours.
- Funds from friends and family: If all else fails and you’re unable to get either a personal or business loan from a bank, you can consider asking friends and family for funding. This can also be used as a temporary bridge loan to be paid off when you get a more permanent source of funding elsewhere. We walk you through how to do this in our guide on how to ask friends and family to fund your business.
Check out our tips on improving your approval odds in our article on how to get a small business loan.
Frequently Asked Questions (FAQs)
The pros of same-day business loans are the ability to access emergency funding in less than 24 hours with low credit score requirements and more lenient time-in-business and revenue requirements. The cons include very high fees and interest rates and challenging repayment terms, including required daily payments.
Since same-day business loans tend to be more expensive, you should get a same-day business loan only if you’ll be getting enough of a benefit to outweigh the costs. One example of this could involve getting funds to conduct repairs to equipment that will help your business generate a substantial amount of revenue.
A same-day business loan can be obtained from banks, credit unions, online lenders, and business loan brokers. However, not all lenders advertise their financing options as same-day loans. If you’re in need of funds quickly, we recommend confirming with your lender how long its typical process takes.
Bottom Line
The picks in our guide offer several loan options for same-day funding. Loan types include term loans, working capital loans, lines of credit, equipment financing, and more. You’ll find that these lenders have a wide range of qualification requirements, but you should be aware that the fast approval and funding speeds will come at the cost of higher rates when compared to other financing options.