Best Same-Day Business Loans of April 2024
Updated March 29, 2024 at 3:12 pm
Moving at the speed of business is not simply a catchphrase—it’s a truth most business owners face each day. Running a business means facing unexpected challenges that business owners must react to quickly—challenges that have the potential to wreak havoc on business finances along the way. Whether there’s an emergency thanks to equipment failures or an opportunity in the marketplace too good to pass up, a same-day business loan can offer a financial solution to many businesses.
While instant business loans can be a financial lifesaver, they also come at a cost. They almost certainly include higher interest rates and shorter repayment terms, which means they might not work for every business. We highlight our top picks for same-day business loans below so you can determine if it’s the right course of action for your business.
Our Methodology Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:
- Application process
- Eligibility requirements
- Interest rates
- Loan amounts (minimum and maximum)
- Repayment flexibility
Our Picks - Best for Fair Credit: Fundbox
- Best for Quick Approvals: Balboa Capital
- Best for Low Revenue Requirement: OnDeck
- Best Line of Credit: Bluevine
- Best for Large Borrowing Amounts: Fora Financial
- Best for Equipment Financing: SMB Compass
6 Best Same-Day Business Loans of 2024
Best for Fair Credit
Fundbox
Vault Verified
Why we chose it: You can secure a line of credit from Fundbox of up to $150,000 if you have a minimum credit score of at least 600. This credit score requirement is lower compared to other options available, and, if approved, you can get access to your funds by the next business day.
Pros
- Quick approval decision
- Funds available the next business day if approved
- An unsecured option with no prepayment penalty
Cons
- Short repayment period
- Lower borrowing range
- May require a personal guarantee
Additional Information
Interest rates
4.66% to 8.99% APR
Earliest Funding Time
Next business day after approval
Minimum Requirements
Minimum six months in business, $100,000 in annual revenue, U.S.-based with a business checking account
Best for Quick Approvals
Balboa Capital
Vault Verified
Why we chose it: Once you submit the required paperwork to Balboa Capital, you can expect a loan approval decision within an hour. There’s minimal paperwork required too—simply answer basic information questions about your business and the owners. Though you can also access more than $250,000 in funds, it requires additional paperwork.
Pros
- Loan approval decision within an hour
- Same-day funding available
- Larger borrowing range available
Cons
- Higher minimum revenue requirement
- Doesn’t disclose APR range
- May require daily or weekly repayments
Additional Information
Interest rates
Not disclosed
Earliest Funding Time
Same day
Minimum Requirements
At least $300,000 in annual revenue
Best for Low Revenue Requirement
OnDeck
Vault Verified
Why we chose it: Some lenders require a history of higher monthly revenue, but OnDeck considers businesses with an annual revenue of at least $100,000. If you receive loan approval, you may have access to a larger borrowing range with up to two years of repayment terms.
Pros
- Simple application process
- May receive funds the same day
- Reports activity to commercial credit bureaus, which can help build business credit
Cons
- High interest rate charges
- May charge up to 4% origination fee
- It’s a secured loan requiring a lien on business assets
Additional Information
Interest rates
Average of 60.9% APR
Earliest Funding Time
Same business day
Minimum Requirements
At least one year in business, a business checking account, $100,000 in annual revenue
Best Line of Credit
Bluevine
Vault Verified
Why we chose it: A line of credit from Bluevine allows businesses access to funds as needed and the potential for a generous credit line upon approval. Once approved, it’s possible you can access the funds within a few hours, making it ideal for those who need access to funds quickly.
Pros
- Can receive funding within a few hours of approval
- Variety of term lengths available
- Competitive interest rates
Cons
- High monthly revenue requirements
- Not available in Nevada, North Dakota or South Dakota
- Uses a personal guarantee
Additional Information
Interest rates
As low as 6.2% APR
Earliest Funding Time
As soon as a few hours
Minimum Requirements
At least two years in business, $40,000 in monthly revenue, operating or incorporated in a U.S. state, business in good standing and no bankruptcies within the last year
Best for Large Borrowing Amounts
Fora Financial
Vault Verified
Why we chose it: Your emergency expense may require access to a greater amount of funds than what some lenders offer. Fora Financial may approve a business loan for up to $1,500,000 based on creditworthiness.
Pros
- Potential of borrowing up to $1,500,000
- Can earn discounts for early loan repayment
- Considers minimum credit score of 500
Cons
- May take as long as 72 hours for funding
- Charges a factor rate versus interest rates
- Loan includes a 2.5% processing fee
Additional Information
Interest rates
15 to 40 cents per dollar
Earliest Funding Time
24 hours
Minimum Requirements
At least 6 months in business; your business must generate at least $15,000 in monthly gross sales
Best for Equipment Financing
SMB Compass
Vault Verified
Why we chose it: Equipment financing allows businesses an opportunity to buy expensive equipment, which can mean vehicles, machinery, heavy equipment or a specialty item related to a specific industry. Since SMB Compass uses the equipment itself as collateral, business owners with less-than-perfect credit may find an easier time qualifying for the loan. Plus, you may be able to finance up to 100% of the equipment’s value—which means less out of pocket.
Pros
- Equipment is the collateral and no additional collateral is required
- Quick application and quick decision making
- May qualify for 100% financing of equipment value
Cons
- May require a down payment
- Can only use funds for equipment financing
- Must be in business at least one year
Additional Information
Interest rates
Starting at 5.99% APR
Earliest Funding Time
24 hours
Minimum Requirements
Must be in business for one year
What Is a Business Loan?
A business loan is a loan specifically taken out to cover business-related expenses only. These business expenses can run the gamut from real estate and operating expenses to marketing, production and payroll. Business loans come in a wide range of forms, which means there’s a wide variety of repayment options, terms and conditions and lenders. You can secure a business loan through an online lender, bank or credit union, and approval is often based on creditworthiness.
There are same-day business loans available, which means you have access to the funds within a business day after receiving official loan approval.
How Do Same-Day Business Loans Work?
Same-day business loans can typically provide funding within 24 hours of loan approval. Traditional lenders, such as banks and credit unions, can’t offer funding this quickly due to the paperwork and requirements for getting a traditional business loan. However, online lenders are often able to bypass many of these obstacles thanks to their more flexible lending requirements.
Online lenders require online applications and documentation, although the type of paperwork needed for approval may vary. One key step to getting approval as quickly as possible requires the business owner to submit all requested documents as soon as possible.
Keep in mind that while online lenders may offer greater flexibility and speed, borrowers will often face higher interest rates and shorter repayment periods.
Why Would You Need an Instant Business Loan?
Your business may face an emergency or may be presented with an opportunity too good to pass up. There are a wide range of reasons why a business may need a same-day business loan, such as:
- Your business is a startup. Startups often have no history of revenue or credit and have limited financial history. An instant loan may offer more lenient requirements but require a more stringent repayment plan.
- Cash flow challenges. Your business may need financing to help with a short-term cash flow challenge. Whether you need the funds to make payroll or cover expenses due to a revenue shortfall, an instant loan can bridge the gap.
- You don’t meet typical eligibility requirements. Banks and credit unions often have strict credit and financial requirements for business loan approvals. Instant loans provided by online lenders may have easier qualification requirements versus a traditional business loan.
- A business owner needs quick cash. Whether taking advantage of an opportunity in the marketplace for another business or equipment, there may be a time when a business owner needs access to quick cash to close a deal.
- There’s an emergency. Emergencies can range from equipment that suddenly breaks down and halts production to a catastrophic event. A same-day loan can offer a lifeline if your expenses can’t handle an unplanned event.
How To Choose the Best Same-Day Business Loan for Your Business
When you need funds quickly, there may be more options available than you realize thanks to a number of online lenders. It’s critical you compare lenders and consider what factors are most important to your business as you seek out same-day funding, such as:
Funding Times
If you’re in a rush for funding, you’ll need to know up front how long a typical approval takes and the funding times once you receive approval. You should note it’ll only be possible to receive approval quickly if you submit your requested documentation as soon as possible.
Interest Rates
Same-day business loans often come with higher interest rates thanks to the riskier nature of the loans. Before submitting an application, consider your business needs and how much your monthly budget can afford for both principal and interest payments.
Repayment Terms
Another common trait among same-day business loans is a shorter repayment period. You’ll find loans requiring weekly, bi-weekly, monthly or even daily repayments. Again, reviewing your budget and ensuring your business can handle the repayment term is essential before selecting a same-day loan.
Fees
Same-day business loan lenders often charge higher fees in the form of origination, administrative or processing fees. They may also include prepayment penalties for early loan payoff. When possible, select a lender offering no or low fees, otherwise these fees can dramatically increase the cost of a business loan.
Frequently Asked Questions
What Is the Fastest SBA Loan?
SBA loans typically take at least a month for approval and processing, and sometimes longer. However, the SBA Express loan has the fastest approval and funding times among the SBA loan options. Approval can occur within days and funding within 30 days in exchange for lower borrowing limits and lower amounts guaranteed by the SBA.
Where Can You Get a Same-Day Business Loan?
You will typically find a same-day business loan available only through online lenders. Traditional banks and credit unions can’t offer the speed and flexibility an online lender can, although getting a same-day business loan often means higher interest rates and shorter repayment terms.
Can You Get a Same-Day Business Loan Without a Credit Check?
It’s possible you can find an online lender that doesn’t require a credit check for a same-day business loan. However, you’ll have a tougher time finding one. You’re more likely to find a lender not requiring a credit check for merchant cash advances or invoice factoring versus a short-term loan or line of credit.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
