Best Same-Day Business Loans for 2024

Compare the best same-day business loans

How to choose the right same-day business loan

Same-day business loans can be expensive, so it’s important to review multiple loan offers to find the most affordable option. You should compare factors such as:

• Loan type. You’ll want to consider which loan type is best suited to your needs. If you’re purchasing equipment, an equipment loan may be the right fit. If you need working capital, on the other hand, you might opt for a business line of credit.

• Funding speed. Confirm the processing speed and funding times with different lenders. You should also ask how a lender deposits funds — and if timelines vary based on your individual bank.

• Interest rate. You’ll often pay more for speed and convenience, so make sure you understand how much a same-day loan will cost. Although lenders may charge interest in different ways, it’s helpful to convert these costs into an annual percentage rate. An APR will give you the total cost of the loan — and make it easier to compare options directly.

• Additional fees. Be on the lookout for additional fees a lender may charge, such as origination fees, underwriting fees or prepayment penalties. You’ll want to make sure you consider these fees in the total cost of your loan.

• Repayment schedule. Some same-day business loans require daily or weekly payments. These frequent payments can impact your cash flow. Use a business loan calculator to estimate payment amounts and make sure you can afford them.

• Term. Many same-day business loans have shorter repayment terms. Make sure you understand your term length options — and how a term affects your payment amount. If you want to repay your loan back over a longer period, you may want to explore other funding choices.

• Collateral requirements. Although same-day lenders may not require physical collateral, such as equipment, inventory or real estate — offering it (or offering more than required) may help you access more competitive interest rates and repayment terms.

• Customer support. You can read online reviews or talk to other business owners to get a sense of how a particular lender operates. Whereas some lenders may offer a dedicated customer representative, others may use an online portal to communicate with you about your loan status.

What is a same-day business loan?

A same-day business loan gives you access to capital the day you’re approved, or within 24 hours. These fast business loans can be used to pay for operational costs, cover emergency expenses or take advantage of an unexpected opportunity.

Same-day business loans are generally available from alternative, online lenders. Unlike traditional credit union or bank lenders, these companies tend to offer streamlined applications with minimal documentation required.

Online lenders typically have flexible qualification requirements and may be able to offer same-day business loans to startups or borrowers with bad credit.

As a result of their speed and flexibility, however, same-day business loans usually have higher interest rates and shorter repayment terms than more traditional loan options.

Types of same-day business loans

Common options for same-day business loans include the following:

Short-term loans

With these loans, you receive an upfront lump sum of capital that you repay over a set period of time. In general, short-term business loans have repayment terms between three and 24 months.

Short-term loans can be used for a variety of purposes, making them a good option for immediate financing needs.

Business lines of credit

A business line of credit allows you to draw from a set amount of capital, up to a certain limit. You only pay interest on the funds you use — and once you’ve repaid what you borrowed, you can continue to draw on the line.

Business lines of credit are more flexible than term loans and can be a good choice for emergency financing. Lines of credit can also be used for making payroll, purchasing inventory and managing cash flow.

Invoice factoring

With invoice factoring, you sell your unpaid invoices to a factoring company at a discount.

You receive a percentage of the invoice amount upfront and the factoring company takes responsibility for collecting payment from your customers. Once the company collects payment, you receive the difference, minus the company’s fees.

Although invoice factoring operates differently than a standard business loan, it can be particularly useful for business owners who have cash tied up in unpaid invoices. Instead of waiting for customer payments, you can receive immediate access to funding.

» MORE: Compare the best working capital loans

Merchant cash advances

A merchant cash advance, or MCA, gives you an upfront sum of cash that you repay using a percentage of your debit and credit card sales, plus a fee. MCAs — sometimes also called business payday loans — have flexible qualifications and can fund extremely quickly.

You should consider all other financing options before turning to a merchant cash advance, however. These products, including ACH business loans, can have interest rates as high as 350% and frequent payments that may create a cycle of debt that’s difficult to break.

How to get a same-day business loan

If speed is a priority in your search for financing, here are steps you can take to find the right same-day business loan.

1. 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 other expenses.

If you don’t truly need funding today (and you can qualify), you may want to consider a lower cost option, like an SBA Express loan, that has expedited, but not immediate, funding times.

2. 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 for access to capital.

3. Review additional qualifications

Although online lenders typically have flexible qualification requirements, they’ll usually look at your time in business and annual revenue — in addition to your personal credit score. Lenders may also consider your cash flow and sales projections.

It’s important to review this information ahead of time so you have a sense of where you stand before you begin your loan search.

4. Compare lenders

You should research and compare multiple lenders to decide which offers the best deal for your business needs. In addition to funding speed, you’ll want to consider factors such as repayment terms, interest rates, loan fees and lender reputation.

5. Apply for funding

Many online lenders allow you to connect your financial accounts to their system to expedite the underwriting process. You may also need to provide:

Keep in mind that a lender may advertise same-day business loans, but that’s not always a guarantee. You should make sure your application includes everything the lender asks for to avoid delays — and watch for any fine print.

For example, if you apply for a line of credit from Bluevine, you’ll have to pay for a business wire to receive funds within the same day. If you don’t pay for a wire, Bluevine will send your funds via ACH transfer, which may take up to three days.

» MORE: How to get and apply for a small-business loan

When to get a same-day business loan

In an emergency:

Emergency cash needs are not ideal, but sometimes they are unavoidable. Say, for example, you have a large piece of equipment that’s crucial to your business operations that needs fixing or replacing. A delay in funding may cost you more than the costs of same-day financing.

When you have a money-making opportunity:

You may not always have a stash of cash to hop on a growth opportunity, like a deal on a purchase that’s going to boost your revenue or cut costs. This is an instance where same-day loans can come in handy, especially if you forecast that use of the financing is going to make you more money.

Pros and cons of same-day business loans

Alternatives to same-day business loans

If you can wait longer to get capital, you may find financing options with lower interest rates than same-day business loans. You may also find other types of funding that are better suited for your needs. Here are some alternatives to consider:

• Business bank loans. Although bank business loans are often known for their slower funding timelines, these options will typically offer you the lowest interest rates and most competitive repayment terms. To qualify, however, you’ll likely need strong credit and finances, as well as multiple years in business. 

• SBA loans. These loans are issued by banks and credit unions and partially guaranteed by the U.S. Small Business Administration. Like bank loans, SBA loans offer low interest rates and long repayment terms. Although you’ll still need to meet fairly strong credentials to qualify, it may be easier to get an SBA loan compared to a bank loan. SBA loans often take anywhere from 30 to 90 days to fund, however, working with an SBA preferred lender can help expedite the process. SBA Express loans also offer a faster funding timeline, but smaller funding amounts.

• CDFI loans. Community development financial institutions, or CDFIs, are mission-based financial institutions that provide loans and business assistance to borrowers that may not be able to access capital through traditional lenders. CDFIs often work with borrowers in underserved communities, such as rural and low-income areas. Although funding times may be slow, CDFI loans typically offer low interest rates and have flexible qualification requirements.

• Business credit cards. If you have strong credit — typically a personal credit 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. Business credit cards can be a quick and affordable option for everyday funding, especially for startups who can’t qualify for other options — as long as you pay your bill on time and don’t carry a balance.

How we chose the best same-day business loans