For businesses needing quick access to working capital, a same-day business loan may fit the bill. It can provide you with a simple application process, usually with minimal documentation required. The best options will offer flexible qualifications, various loan types, and favorable rates and terms. Iâve reviewed the best same-day business funding options across various lenders, with my top picks detailed below.
- Best overall for flexible qualification requirements: Lendio
- Best for a variety of flexible loan options: Credibly
- Best for businesses seeking short-term financing: Bluevine
- Best for tailored financing solutions: National Funding
- Best for minimal documentation requirements: QuickBridge
- Best for large funding needs: Fora Financial
Best same-day business loans at a glance
| Lendio | ||||
| Credibly | ||||
| Bluevine | ||||
| National Funding | ||||
| QuickBridge | ||||
| Fora Financial |
Lendio: Best overall for flexible qualification requirements
Lendio is a standout choice if youâre looking to explore various loan options. With a network of over 75 partnering lenders, it has multiple loan options you can apply for with a single application, saving you time and money. Whether youâre seeking a line of credit, working capital, or equipment financing, Lendioâs broker services can connect you with lenders offering products tailored to your business needs.
I recommend Lendio for its flexible qualifications, regardless of whether youâre a startup, a borrower with less-than-ideal credit, or a company looking for a large loan amount. Depending on the loan type you choose, you can receive both approval and funding as fast as same-day.
After filling out a short online application, youâll be paired with a funding specialist who will guide you through your potential options and ensure youâre matched with the best financing option for your business. Theyâll review your application, answer any questions, and ensure youâre matched with the best lender that understands your financing needs.
How to qualify
- Credit score: Varies by loan product
- Time in business: Varies by loan product
- Annual revenue: Varies by loan product
Loan types & details
| A/R financing | |||
| Short-term loan | |||
| Equipment financing | |||
| Cash advance | |||
| Line of credit |
Features
- Access to over 75 lenders with a single application
- Quick application process (10-15 minutes)
- Fast approval and funding (as fast as same-day)
- Dedicated funding specialists to help you
- Various financing options
Pros and cons
| Pros | Cons |
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Credibly: Best for a variety of flexible loan options
I chose Credibly for its variety of loans, which have quick funding speeds and overall flexibility. It offers a wide variety of business loans, including working capital loans, merchant cash advances, business lines of credit, and equipment financing. Each offers quick access to financing and is designed to meet the unique needs of various business industries.
You can receive approval within as little as four hours by completing a simple and efficient online application. Depending on the loan type, funding can be available as quickly as the same day, helping you gain access to capital if your business has time-sensitive financing needs.
How to qualify
- Credit score: Minimum of 500 (can vary per loan type)
- Time in business: At least 6 months
- Monthly revenue: Minimum of $15,000
Loan types & details
| Equipment financing | |||
| Working capital loans | |||
| Business lines of credit | |||
| Merchant cash advances |
Features
- Same-day funding for most loan types (as quick as four hours)
- Multiple loan options for a wide variety of business needs
- Flexible qualifications, even for businesses with low credit scores
Pros and cons
| Pros | Cons |
|---|---|
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Bluevine: Best for businesses seeking short-term financing
Bluevine stands out to me because of its combination of competitive rates, quick approval and funding speeds, and flexible repayment options. Its line of credit is a solid option if you seek fast access to capital with favorable rates and terms. Itâs also ideal if you need to make quick decisions and move fast without the stress of high fees or long wait times, which is why I chose it as the best pick for short-term financing needs. Notably, itâs also in our roundup of the best business lines of credit.
The application process is quick and easy to fill out. You can apply online in as little as five minutes, and if approved, you can access funds as fast as the same day. With low starting rates and flexible repayment terms, Bluevineâs offerings are designed to help businesses manage their finances efficiently without any complicated processes.
How to qualify
- Credit score: 625 or higher
- Time in business: At least 12 months
- Annual revenue: $120,000 or more
Loan type & details
- Loan type: Small business line of credit
- Loan amount: Up to $250,000
- Interest rate: Starting at 7.8%
- Estimated APR: 8%+
- Repayment term: 26 weeks or 12 months
- Repayment schedule: Weekly or monthly
Features
- Fast application process (as little as 5 minutes)
- Same-day funding available
- Flexible repayment terms and schedules
- Low starting interest rates
- No hidden fees, making it ideal for businesses with limited resources
Pros and cons
| Pros | Cons |
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National Funding: Best for tailored financing solutions
I chose National Fundingâs working capital loan because of its ability to provide tailored financing solutions that work with a broad range of qualifications, making it an especially ideal option if your business has less-than-ideal credit or limited resources. Itâs also valuable for companies facing unexpected costs or looking to get funding for time-sensitive opportunities in which traditional financing might be too slow or have stricter requirements.
This short-term financing option provides quick access to capital and considers factors other than credit scores, making it a great choice if your business may not qualify for traditional bank loans. With a streamlined application process and opportunity for fast funding timelines, National Funding ensures that you can typically secure the capital you need quickly, allowing you to address immediate operational needs or emergency expenses without long waiting times.
How to qualify
- Credit score: 600+
- Time in business: 6 months
- Annual revenue: $250,000
Loan type & details
- Loan type: Working capital loan
- Loan amount: Up to $500,000
- Interest rate: Factor rates as low as 1.11x
- Term length: Varies
- Funding speed: As fast as same-day
Features
- Flexible credit requirements
- Short-term financing options
- Early payoff discounts
- Dedicated funding specialist provided
Pros and cons
| Pros | Cons |
|---|---|
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QuickBridge: Best for minimal documentation requirements
Known for its great customer service and fast approval processes, QuickBridge provides businesses with access to working capital and short-term loans that require minimal documentation. For those looking to cover immediate expenses or wanting a simple application process, it can provide financing tailored to your business needs, with funding as quick as within 24 hours. As such, itâs one of my top picks for borrowers looking for a seamless application experience with minimal documentation required.
You can receive an approval decision in just a few minutes. QuickBridge ensures that businesses of various sizes and industries can find a financing option best suited to their needs and offers loans with favorable rates and terms for businesses needing same-day financing.
How to qualify
- Credit score: 600+
- Time in business: 6 months
- Annual revenue: $250,000
Loan types & details
- Loan type: Working capital and short-term loans
- Loan amount: Up to $500,000
- Interest rate: Factor rates starting at 1.11x
- Repayment terms: Up to 18 months
Features
- Quick approval and funding timeline (often within 24 hours)
- Excellent customer service
- Simple online application process
- Minimal documentation requirements
Pros and cons
| Pros | Cons |
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Fora Financial: Best for large funding needs
Fora Financial makes the list for those with large funding needs, as it offers one of the highest loan amounts in this guide â in addition to quick access to funds with a simplified application process. Its noteworthy feature is that it provides opportunities to increase borrowing amounts once youâve paid off at least 60% of the original loan, which can be great if youâre looking to use funds for growth opportunities or recurring business expenses.
The lender offers small business loans, revenue advances, and lines of credit with same-day approvals. These can apply to numerous business industries and uses and provide funding solutions specific to your businessâs needs, whether youâre looking for a revolving credit facility or a lump sum payout.
Fora Financial offers a streamlined application and approval process, requiring minimal documentation and no hard credit pulls to get started. Also, you can apply fee-free and get a no-obligation quote for its term loans. From there, you can work with one of its Capital Specialists to go over your financing options.
How to qualify
- Credit score: 570+
- Time in business: 6 months
- Annual revenue: $240,000
Loan types & details
| Term loan | |||
| Revenue advances | |||
| Business line of credit |
Features
- Simple application process
- Low credit score requirements
- Less documentation than other traditional providers
- Quick access to funds
- Offers secured and unsecured options
Pros and cons
| Pros | Cons |
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How I chose the best same-day small business loans
The best same-day business loans were selected using the following criteria:
- Application, approval, and funding speeds
- Interest rates, fees, and estimated APRs
- Qualification requirements
- Ease of application
- 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
How to choose a provider
When shopping around for a same-day business loan, there are a few factors to consider when choosing a lender.
- Consider your business financing needs. Based on the specifics of your funding requirements, evaluate which type of financing aligns best with your business operations, such as a line of credit, working capital loan, or other short-term financing methods.
- Review lender qualification requirements. Lenders have different qualification criteria to assess your eligibility. Factors like credit score, time in business, and annual revenue will all be evaluated during the review process. Ensure you meet the minimum requirements to improve your chances of approval before submitting your application.
- Compare loan costs and terms. Based on your budget and business needs, itâs important to partner with a lender who understands your situation and can assist you throughout the process. Carefully review all associated costs, such as repayment terms and potential fees, and compare rates and terms from different lenders to find the best fit before finalizing any agreement.
Pros and cons of same-day business loans
| Pros | Cons |
|---|---|
| Quick access to funds to use for a variety of business purposes. | Interest rates and associated fees are typically higher than other loan types. |
| Application process is usually simplified and requires minimal documentation. | Repayment terms are often short. |
| Qualification requirements are often flexible depending on the loan type and lender. | Some loan options may be limited or only applicable to well-qualified borrowers. |
Alternatives to same-day business loans
Immediate business loans may not be available to all businesses. In the event you donât qualify or are simply exploring all of your applicable financing options, consider the following alternatives:
- Crowdfunding: This enables you to raise money from the public via a platform where you can pitch your campaign to potential donors and investors. In return, you typically offer different types of rewards, which may include debt-, equity-, donations-, or rewards-based incentives.
- Friends and family loan: This is a more informal method of securing financing, where you borrow money from friends or family without the qualification requirements of traditional lenders. While youâll need to apply the applicable federal rate to comply with tax regulations, it can be a useful option if resources are limited.
- Rollover for Business Startups (ROBS): This allows you to use your retirement savings to fund your business without incurring taxes or penalties. Generally, a minimum investment of $50,000 is required to get started.
Frequently asked questions (FAQs)
Can you get a business loan the same day?
Yes. Some lenders offer instant business loans in which funds can be issued immediately or within a few hours. Qualifications for these types of loans will vary based on the loan type and lender you seek, so you should only apply with lenders you think you are well-qualified for.
What is the quickest way to get a business loan?
Certain loan types are quicker to get than others. These include lines of credit, short-term working capital loans, or alternative financing methods like invoice factoring or merchant cash advances.
What credit score is needed for a same-day business loan?
Credit score requirements can vary per loan type and lender. Generally, the higher your score, the better your odds of approval. You should aim for 650 and above, although some lenders are more flexible and will work with borrowers with less-than-ideal credit or limited resources.
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