Best Same-Day Business Loans in May 2024

Same-day business loans can cover emergency expenses or fund a new opportunity. Some online lenders provide 24-hour loans, but be prepared to pay a higher price for the convenience.

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The best business loans with same-day funding

By Jill A. Chafin and Jerry Brown | Edited by Abigail Bassett and Janet Schaaf | April 29, 2024
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUser ratingsBest for…Max. loan amountTerm lengthMin. credit scoreTime in business
(692)
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Short-term loans$250,00018 to 24 months62512 monthsGet business loan offers
User ratings coming soonLines of credit>$250,0006 or 12 months62524 monthsGet business loan offers
(20)
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Working capital$600,0003 to 24 months5006 monthsGet business loan offers
(99)
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Unsecured loans$500,0004 to 18 months6006 monthsGet business loan offers
(155)
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Equipment financing$2,000,00012 to 84 months550StartupGet business loan offers
Elevation Capital lender logo
(14)
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Merchant cash advances$3,000,00012-month avg. repayment5006 monthsGet business loan offers

Learn more about how we chose our picks.

Same-day business lenders at a glance

OnDeck: Best same-day funding for short-term loans

Loan amounts$5,000 to $250,000
Starting interest rate27.30% (for at least 5% of customers)*
Term length18 to 24 months
Minimum credit score625
Minimum time in business12 months

*Minimum APR offered to at least 5% of customers (not the lowest rate offered).

ProsCons

 Streamlined application process that can be completed in minutes

 Fair to low credit scores accepted

 Can help build business credit

 Relatively high-interest rates compared to other lenders

 Doesn’t fund all industries

 Loans not available in North Dakota

Bluevine: Best same-day funding for lines of credit

Loan amounts$6,000 to $250,000
Starting interest rate6.20%
Term length6 or 12 months
Minimum credit score625
Minimum time in business24 months
ProsCons

 Credit decision made within minutes

 Fair to low credit scores accepted

 No monthly or maintenance fees

 High annual revenue requirement

 May require weekly repayments

 Not available in Nevada, North Dakota or South Dakota

Credibly: Best same-day funding for working capital

Loan amounts$5,000 to $600,000
Starting interest rate1.11 factor rate
Term length3 to 24 months
Minimum credit score500
Minimum time in businessSix months
ProsCons

 Low minimum credit score requirement

 Ideal for startups and well-established businesses

 Prequalification in minutes

 High annual revenue requirement

 Charges a one-time 2.5% origination fee

 Most products provided by third-party partners

National Funding: Best same-day funding for unsecured loans

Loan amounts$5,000 to $500,000
Starting interest rate1.11 factor rate
Term length4 to 18 months
Minimum credit score600
Minimum time in businessSix months
ProsCons

 No down payment or collateral needed

 Early payoff discounts

 Dedicated Funding Specialist can help you find the best solutions for your business

 High annual revenue requirement

 Factor rate makes it hard to compare to other lenders

 Misleading website marketing makes it appear like the lender offers more than two loan options

Taycor Financial: Best same-day funding for equipment financing

Loan amounts$500 to $2,000,000
Starting interest rate4.99%
Term length12 to 84 months
Minimum credit score550
Minimum time in businessStartup
ProsCons

 Ideal for startups

 No minimum revenue requirements

 Offers 100% equipment financing with no down payment

 Personal guarantee may be required

 Charges a document fee (not publicly disclosed)

 Stricter eligibility requirements apply for equipment refinancing

Elevation Capital: Best same-day funding for merchant cash advances

Loan amounts$10,000 to $3,000,000
Starting interest rate1.20 factor rate
Term length12-month avg. repayment
Minimum credit score500
Minimum time in business6 months
ProsCons

 Low minimum credit score requirement

 Factor rates may start lower than other lenders

 Short time-in-business requirement

 High annual revenue requirement

 May include origination fees

 Factor rate makes it hard to compare against other lenders

What is a same-day business loan?

Same-day business loans allow you to receive funds the day you’re approved or within 24 hours. You can use the loan funds to cover everyday or emergency business expenses.

Typically offered by alternative online lenders, same-day business funding utilizes streamlined application software to make speedy decisions.

While fast business lending can help keep your business afloat during times of need, you could end up with a higher interest rate and less flexible repayment terms than other small business loans.

Types of same-day business loans

Many types of small business loans provide instant funding. Here are the most common options to consider for your last-minute funding needs.

Short-term loans

Short-term business loans typically have a repayment term that ranges from three to 24 months. With a term loan, a lender issues you a lump sum and you repay the loan on a regular schedule, such as daily, weekly, monthly or semimonthly. Loan amounts can go up to $1.5 million or higher.

Business lines of credit

Similar to a credit card, a business line of credit allows you to borrow money as needed to cover a range of business expenses. It offers more flexibility than a short-term loan since you can borrow, repay and borrow again. Credit limits can go as high as $250,000 or more. While you typically only pay interest on the withdrawn amounts, some lenders charge additional maintenance and withdrawal fees.

Merchant cash advances

Although technically not a loan, a merchant cash advance (MCA) can provide a lump sum of cash in exchange for a portion of your future credit and debit card sales. After the company issues your funds, you repay the advance in daily or weekly installments from your earnings. However, many MCA lenders charge high factor rates, which can make this a more expensive manner of small business financing.

Invoice factoring

Invoice factoring is another way to access capital for urgent business needs. With this option, you can sell your unpaid invoices to a factoring company and receive a cash advance of around 70% to 90% of the face value. The factoring company then collects payments on your behalf, giving you the balance after subtracting a factoring fee (also called a discount rate).

 When to consider a same-day business loan for your companyWhile same-day business loans can help you access emergency funds within 24 hours, their high rates and short repayment terms can make them a more expensive form of financing. That said, some situations call for such speedy funding.

A same-day business loan could be a good fit for your business if

  • You need help covering emergency cash flow problems.
  • You’re a startup with limited credit and revenue.
  • You can’t meet the strict eligibility requirements for traditional financing.
  • You want to take advantage of an immediate opportunity for growth.

How to get a same-day business loan

If you decide a 24-hour loan is right for you, here are the general steps to take to get a small business loan.

1. Determine your timeline

You might be able to delay certain business expenses, but some situations can’t be postponed. For example, a broken pizza oven could be disastrous to your daily profits if you run a popular restaurant. However, you will likely find better rates and more flexible repayment terms if you’re able to delay financing, such as opting for an SBA loan.

2. Review your qualifications

Business loan requirements can vary by loan type and lender. However, most lenders usually look at the following when reviewing your small business loan application:

  • Credit score: Check your credit score before applying to see where you stand. Some same-day business lenders accept scores as low as 500. However, having a higher score can help you secure a better rate with more flexible terms.
  • Annual revenue: Many lenders want to see your business generating a steady cash flow before approving your loan application. In general, you need between $50,000 and $480,000 in yearly sales to qualify for same-day business loans, although lenders like Taycor Financial don’t have any minimum revenue requirements.
  • Time in business: You typically need to be in business for at least a year or two to qualify for small business financing. However, some same-day business lenders have less stringent eligibility criteria and will work with startups or those with only a six-month business history.

3. Compare lenders

Once you have a list of the best same-day business loans that fit your needs, pay attention to each lender’s details. While some lenders advertise exciting offers, these so-called deals often come with hidden fees and strict prepayment penalties. You can read business lender reviews to ensure a lender is legit before signing on the dotted line.

 Beware of scamsWatch out for lenders trying to pressure you into borrowing more funds than you need or companies promising “no-credit-check” business loans. Stay up-to-date on the signs of predatory lending and report any suspicious activity to the Better Business Bureau.

4. Gather required documents

Getting essential paperwork in order can speed along the application process, ensuring you receive your funds within 24 hours. Here is a general list of what you might need to provide when applying for a small business loan:

5. Apply and review

As the name implies, same-day business loans can get approved and funded within 24 hours. However, this timeline isn’t guaranteed since many variables determine your overall funding speed. For example, if you submit your application late in the day and miss a few critical documents, you might have to wait an extra day or two before approval.

Thoroughly review the business loan agreement before moving forward. Remember, same-day loans don’t always offer the best rates and terms. You want to make sure you can handle the debt before agreeing to the terms.

How to compare same-day business loans

Picking the best same-day business loan can be challenging if you receive multiple offers. Here is a breakdown of what to look for when considering instant business loans.

Interest rate: Business loan interest rates will vary based on your credit score, the loan type and other criteria. Try to convert factor rates to annual percentage rates (APRs) to help you find the best deal. Also, remember that same-day business loans typically have higher rates than traditional business financing — a price you pay for the convenience of receiving money today.

Repayment term: Same-day business loans can have a range of repayment terms, typically three to 84 months or longer. Some lenders require daily, weekly, monthly or seasonal payments. Above all else, make sure your budget can handle the repayment schedule.

Time to fund: Read the lender’s fine print about how quickly funds could be deposited into your business bank account. For example, Bluevine advertises same-day funding, but only if you pay an extra $15 for a bank wire transfer. The difference between one to three days can be significant when facing a crisis.

Additional fees: Thoroughly scour your loan contract for origination fees, late charges and business loan prepayment penalties. Extra fees can make or break a loan deal.

Collateral: You might need to provide collateral like equipment or a cash down payment when getting a secured business loan. This provides an extra layer of security in case you default on the loan. While unsecured business loans don’t require collateral, you might need to sign a personal guarantee, which puts your personal assets at risk.

Pros and cons of same-day business loans

ProsCons
 Fast access to funds
If you need quick access to cash, same-day business loans can provide the funding you need to keep your business running during difficult times.

 Lower documentation and more lenient eligibility requirements
Along with the fast approval process, same-day business loans often require less application documentation.

 Available to applicants with poor credit
Because eligibility requirements are more lenient, same-day business loans may be an option if you have poor credit.
 Potentially high costs
Some same-day business loan lenders charge high APRs and origination fees.

 May restrict your business growth
Growing your business with a high loan payment dragging you down could be a challenge for your budget.

 Can negatively impact your personal or business credit
If you make late payments or default on the loan, your business credit can suffer.

Alternatives to same-day business loans

While same-day business loans can help during emergencies or keep your business afloat during unexpected lulls, other financing options might be a better fit.

  • Traditional bank loan: You can explore a wide range of small business solutions with a traditional lender, such as long-term business loans, lines of credit, commercial loans and more.
  • SBA loans: Backed by the Small Business Administration (SBA), you can receive up to $5 million or more with the popular SBA 7(a) loan. Other options include SBA microloans or the quickest SBA loan — the SBA Express Loan.
  • Business credit cards: With a business credit card, you can finance daily expenses like supplies, equipment, meals, travel and more. Approval times are typically within a few minutes, although interest rates are generally significantly higher than small business loans and lines of credit.
  • Small business grants: You can apply for small business grants through various government agencies and private corporations. While the competition can be intense, receiving free money for your business can be worth the effort.

How we chose the best same-day business loans

We reviewed traditional and online lenders to determine the six best same-day business loans. In addition to offering a 24-hour funding timeline, lenders on our list must meet the following criteria:

  • Minimum time in business: Options available to startups and those in operation for 24 months or longer.
  • Minimum credit score: Personal credit score requirements of 625 or lower.
  • Rates and terms: We prioritize lenders with competitive rates, limited fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: We consider each lender’s reputation and overall business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide unique perks and rewards to customers, like early payoff discounts and free business coaching.

Frequently asked questions

The approval and funding timeline can vary significantly by lender and loan type. For example, traditional small business loans and lines of credit can take around three or four weeks to process and fund. Meanwhile, you might have to wait several months with commercial real estate and SBA loans.

If you need funds as quickly as possible, consider an online lender offering a fast business loan, typically taking one to three business days to fund. Just remember that instant business loans usually have higher rates and less favorable repayment terms than the more conventional options.

Yes, lenders like Credibly and Elevation Capital provide fast bad credit business loans for borrowers with credit scores as low as 500. Depending on your criteria, you could receive your funds within 24 hours. However, you will likely get a better rate if you can boost your credit score before applying for financing.

Most reputable business lenders require a credit check during the application process. However, you might find a lender who prioritizes other criteria like your annual revenue or potential for growth over a spotty credit history. You could also consider merchant cash advances and invoice factoring, which don’t emphasize your personal and business credit scores as much.