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Same-day business loans can save your business when you need money for payroll, a leaky roof, or other urgent needs that can't wait. You can apply in the morning, get approval in a couple of hours, and have access to those funds by the end of the day.
Same-day funding doesn't happen for every loan. Bank loans, SBA loans, and invoice factoring can take 30 to 60 days, sometimes longer. Only loans built for speed fund same-day. Those include short-term loans, business lines of credit, and merchant cash advances (MCAs). Each one fills a different need. Same-day loans may come with higher rates than other loans, because lenders are taking on a greater risk by acting more quickly.
Below, I'll explain what "same-day" really means, which loans actually fund that fast, what you need to qualify, and how to spot a predatory lender.
| Loan type | Time to receive funds | Borrowing limit | Rate | Repayment Period |
|---|---|---|---|---|
| Short-term loan | As fast as same-day | $10,000 to $5 million | Starting at 6% APR | 6 to 36 months |
| Business line of credit | As fast as same-day | Up to $5 million | Starting at 6% APR | Revolving |
| Merchant cash advance | As fast as same-day | Up to $5 million | Factor rate 1.08 to 1.45 | No fixed term |
What Loans Offer Same-Day Funding
Below is a breakdown of each option from Clarify, including how each one works and who tends to use it.
Short-Term Business Loan
A short-term business loan gives you a single lump sum up front. After receiving your loan, you make regular payments (weekly, biweekly, or monthly) over six to 36 months. This loan works best for one-time costs like replacing equipment, buying a truckload of inventory at a discount, or covering payroll while you're waiting on a client to pay.
Business Line of Credit
A business line of credit gives you a revolving source of funds you can draw on as needed. You only pay interest on the portion of the credit limit you use. Once you repay what you borrowed, the credit becomes available again, so you can borrow more if needed.
Lines of credit are useful for businesses with cash flow that ebbs and flows throughout the year, or for handling irregular expenses. You'll generally need a minimum credit score of 600 and at least one year in business.
Merchant Cash Advance
A merchant cash advance (MCA) gives you a lump sum in exchange for a percentage of your future sales. You repay through automatic withdrawals from your business bank account on a daily, weekly, or monthly schedule, or as a percentage of your credit card sales.
Instead of charging an interest rate, MCA lenders charge a factor rate. Here's an example: If you receive a $50,000 MCA with a factor rate of 1.30, you'll pay back $65,000 total ($50,000 plus $15,000 in fees).
MCAs work for established merchants who need cash quickly and have strong daily or weekly card sales. They also have the most flexible credit requirements of our same-day options, accepting scores as low as 500.
Other Financing Options That Don't Fund Same-Day
A few financing options work for situations similar to same-day loans, but they take longer to fund. They're worth knowing about if you can plan ahead.
Invoice Factoring
Invoice factoring lets you turn unpaid customer invoices into cash instead of waiting weeks or months for the customer to pay. You sell your invoices to a factoring company and collect up to 100% of the outstanding balance up front. Funding typically takes one to two weeks. Fees run from 0.5% to 5% per invoice per month, and repayment is tied to when your customer pays (usually 30, 60, or 90 days).
SBA Loans
SBA loans work for borrowers who need long-term financing at lower rates. Processing typically takes 30 to 90 days. If you can plan ahead, an SBA loan can be a lower-cost option.
Qualifying Through Clarify Capital
To handle the fast turnaround of same-day funding, we've kept our requirements simple. Here's what your business needs to qualify.
Time in business
Six months or more for short-term loans and MCAs. One year for lines of credit.
Monthly revenue
$10,000+ in monthly deposits to your business account.
Credit score
500+ for MCAs, 550+ for short-term loans, and 600+ for lines of credit.
Bank account
An active business bank account in the U.S.
Bank statements
Three to four months of recent statements.
Being a U.S. business
Located or incorporated in the United States.
