5 Best Same-Day Business Loans

Best for Small Businesses: Clarify Capital

Why it's a good choice: Clarify Capital is an excellent choice for small businesses that need fast funding. The application process is very simple, and funding for loans can be granted within 24 hours. The company's team of funding advisors can help business owners secure the capital they need and create plans to repay loans effectively. Lastly, Clarify Capital's application for same-day business loans can be completed in minutes.

Loan Amount Range: Borrow up to $5 million

Minimum Credit Score Needed: 550

Pros:

• Connects borrowers with a network of more than 75 lenders.
• Applicants with a minimum credit score of 550 are eligible.
• Offers flexible terms and repayment options for same-day loans.

Cons:

• Some products and services are not available in every state.
• Lower credit borrowers may have daily repayment schedules.
• Excellent credit may be necessary to secure the best interest rates.

Loan details:

• Requires business to have a minimum monthly revenue of $10,000.
• Borrowers need at least six months to one year in business, depending on the loan they're applying for.
• May request a signed personal guarantee for unsecured loans.

Best for Bad Credit: Fundbox

Why it's a good choice: We chose Fundbox due to its comparatively low 600 credit score requirement for loans and its experience working with startups. Fundbox can offer same-day approval for applicants and issue loans on the following business day.

Loan Amount Range: $1,000 to $150,000

Minimum Credit Score Needed: 600

Pros:

• Willing to help borrowers with bad credit (600 minimum needed, however).
• Supports startups and businesses with six months of operating time.
• Allows early repayment with no fees.

Cons:

• Only offers weekly repayments and a maximum term of 24 weeks.
• Loans with Fundbox do not build business credit.
• Fairly high APR rates.

Loan details:

• Requires businesses to have $100,000 or more of annual revenue.
• Loans with Fundbox do not build business credit.
• Same-day approval and funds issued within the next business day.

Apply Online

Best for Short-Term: OnDeck

Why it's a good choice: OnDeck excels at offering same-day loans for small businesses that can award up to $100,000 of funding. OnDeck's expedient application process can qualify borrowers in minutes, and the payments you make on your OnDeck loans are reported to credit bureaus — which will build business credit over time.

Loan Amount Range: $5,000 to $250,000

Minimum Credit Score Required: 625

Pros:

• Can build business credit with Equifax and Experian.
• Works with businesses with poor credit (at least 625).
• Offers same-day funding for loans up to $100,000.

Cons:

• Notably high APR rates starting at 35.4% for loans.
• Requires automatic daily or weekly repayments from borrowers.
• Takes a lien on your business and requires a personal guarantee.

Loan details:

• 0%-4% origination fee based on the total loan amount.
• Interest is charged as a factor rate which is multiplied by your loan amount.
• You must qualify for the prepayment benefit to prepay 100% of your interest.

Apply Online

Best for Equipment Financing: Balboa Capital

Why it's a good choice: Balboa Capital is a division of Ameris Bank, a financial institution with over five decades of experience and industry expertise. Balboa offers up to $500,000 loans for equipment financing, though hard collateral is required. However, soft collateral is fine for loans less than or equal to $350,000.

Loan Amount Range: $1,000 to $550,000

Minimum Credit Requirement: 620 (Poor Credit)

Pros:

• One-hour approval process for applicants.
• Same-day funding is available for approved parties.
• Connects you with an account manager

Cons:

• $100,000 or more required for annual revenue.
• A FICO score of 620 or more is a requirement.
• Potential fees include a documentation fee, equipment inspection fee, prorated rent, sale tax, and a UCC filing fee.

Loan details:

• Monthly repayment schedule for equipment financing.
• Terms normally range from 24 to 60 months.
• Requires businesses to operate for a minimum of one year.

Apply Online

5 Types of Same Day Business Loans

Instant business loans provide businesses with immediate access to capital, typically within 24 hours. Unlike traditional bank loans, which can take weeks or even months to process, online lenders can offer a faster alternative when you need same-day funding.

Business Line of Credits

A business line of credit offers flexible access to a preset amount of capital. Businesses can draw from the credit line as needed and only pay interest on funds they use. This option provides ongoing access to working capital for businesses with fluctuating cash flow needs.

Equipment Financing

Equipment financing is a loan specifically designed to help businesses acquire, upgrade, or replace essential equipment, machinery, or technology. The equipment itself is collateral, reducing the risk for lenders and often resulting in more equipment financing rates.

Invoice Factoring

Invoice factoring lets businesses borrow funds from lenders by using outstanding invoices as collateral. Invoice financing can help businesses bridge the gap between issuing invoices and receiving customer payments.

Merchant Cash Advances

A merchant cash advance (MCA) provides your business with a lump sum in exchange for a percentage of your future credit card sales. This option is ideal for businesses with strong credit card sales, as repayments are made through automatic deductions from your daily or weekly sales. MCAs typically don't require credit checks or collateral to obtain.

Short-term Loans

Short-term business loans grant quick access to funds and help businesses take advantage of time-sensitive opportunities. These loans are designed to be repaid within a short period, usually 3-18 months.

How To Get a Same-Day Business Loan

There are many same-day business loans available, so finding the right loan for your needs comes down to narrowing your options. Here are some helpful steps to streamline this process.

1. Review Your Finances and Credit

Same-day business loans usually have faster repayment terms and specific credit limits. Reviewing your finances and credit can help you determine which loans fall within your means. Conversely, you can also stop overborrowing or applying for more funding than you need.

2. Compare Your Options

Once you better understand your current financial situation and credit standing, you can compare and contrast same-day business loans more effectively. For example, a $50,000 loan might not support your financial goals if that loan also comes with a three-month repayment term and far exceeds your business' monthly revenue.

3. Complete the Application Process

Lenders like Clarify Capital allow entrepreneurs to apply for same-day business loans online. Applicants normally have to provide basic information about their businesses, such as the total number of months or years in operation and monthly/annual revenue.

Pros and Cons of Same Day Business Loans

All loans come with advantages and disadvantages, so it's crucial to account for them when you're speaking to lenders. Here are some of the pros and cons that come with same day business loans.

Pros

• Fast approval and quick access to funds
• Low credit isn't always a problem
• Prepayment discounts can apply

Cons

• Higher interest rates on average
• Shorter than average repayment terms
• May not contribute to building credit

Explore Same-Day Business Loans with Clarify Capital

We understand that your time is valuable, so we've designed a quick and efficient online application process for same-day business loans, allowing you to get the funding you need without any delays. Here's an overview of our application process:

1. Complete Online Application

Apply for loans in minutes by filling out our online application. You'll need to provide some basic information about your business, such as your annual revenue and credit score.

2. Submit Required Documentation

Your loan advisor will ask you to send over three months of most recent bank statements, which will help us assess your financial health.

3. Get a Quick Decision

Your Clarify advisor will review your application, and you'll receive a decision usually within 24 hours. We'll then contact you to discuss your loan options and answer any questions you might have.

4. Access Your Funds

Once your loan is approved, the funds will be deposited into your business bank account, often on the same day.

Same-Day Business Loans FAQ

You can find a large variety of same-day business loans online or in person, which might create confusion about how they all work. Here are a few frequently asked questions about same-day business loans.

How long does a business need to operate to get a loan?

Lenders like Clarify Capital typically require that your business has been operational for six months to 1 year. Banks, on the other hand, typically require businesses to be active for a minimum of 2 years.

What are the disadvantages of same-day business loans?

Same-day business loans may have much shorter repayment terms which may add additional strain on your cash flow. The ease and convenience of a same-day loan might also lead to several small business mistakes like overborrowing or forgetting to make payments on time.

Can you get a same-day business loan with bad credit?

Yes, lenders like Clarify Capital offer multiple business loans for bad credit. We consider various factors, such as your business's revenue, cash flow, and growth potential when evaluating loan applications.

However, a lower credit score may result in higher interest rates or less favorable loan terms.