If your business is facing a financial emergency, you may not be able to wait even the 24 to 48 hours it can take to get your funding from a fast business lender. Thankfully, there are lenders who can fund your loan the same day you apply — if you qualify.
To be a same-day lender for our list, the lender must be able to fund the loan within the same business day as you are approved. Most require you to apply before a certain time of day to be eligible for a same-day payout. For example, you’ll need to have your application in before 10:00 a.m. if you want your funding by the end of business day.
But no matter how urgent your need, be aware that you may face higher interest rates, fees and more frequent repayment terms in return for such a quick payment.
Our lending experts researched dozens of business loan providers to narrow down the best lenders with same-day funding options. We found lenders suited to a wide range of needs, including those that offer fast approval, work with businesses of all credit types and offer a variety of financing products.
We weigh lenders against 12 key metrics:
Compare these lenders with same-day funding side-by-side.
| Lender | APR | Loan amount | Turnaround time | Loan term |
|---|---|---|---|---|
| OnDeck★★★★★ | 29.9% to 65.9% | $5,000 to $400,000 | Same-day funding under $100,000 | Up to 12 months |
| Bluevine★★★★★ | 7.8% to 86% | $5,000 to $250,000 | Same-day funding | 6 to 12 months |
| Credibly★★★★★ | As low as 1.11 factor rate | $5,000 to $600,000 | Same-day funding | 3 to 120 months |
| SunWise Capital★★★★★ | 4.8%+ | $10,000 to $2,000,000 | Same-day funding | 6 to 60 months |
| Balboa Capital | 6% to 20% | $20,000 to $250,000 | Same-day funding | 3 to 24 months |
Especially when you’re in crisis mode, it’s important to compare same-day lenders before wasting your time on a lender that isn’t right for you. Consider the following criteria:
Same-day business loans fund within the same business day the loan is approved. That’s the distinction from fast business loans, which tend to have a turnaround of 24 to 48 hours. Lots of loan types can fund quickly, including term loans, lines of credit, merchant cash advances and more. But loans that fund within a day tend to have a lower maximum loan amount and possibly a higher interest rate.
Not all business loans can be funded same-day, but here is an example of typical same-day business loans.
| Type | Typical loan amounts | Typical term lengths | Typical rates | Best for… |
|---|---|---|---|---|
| Term loans | $5,000 to $500,000 | 2 to 10 years | 6%+ | Funding a one-time purchase or expense |
| Merchant cash advance | $2,500 to $1 million | 3 to 36 months | 1.1 to 3 factor rate | Accessing future revenue from credit card sales |
| Lines of credit | $5,000 to $250,000 | 6 to 12 months | 8%+ | Working capital and other ongoing expenses |
| Equipment financing | Up to 100% of the equipment value | 2 to 5 years | 8% to 30% | Purchasing equipment to run your business |
Same-day funding can help you get funding in a business emergency where timing is important, whether that be to avoid a late fee or get a contract opportunity you may miss without the funding.
But read your loan terms carefully to be sure you’re aware of any increased interest or fees you might face due to the quick turnaround, as well as when your repayment is due.
These same-day loan options aren’t available in every state due to state-based bank transfer laws. The loans may also be subject to loan limits for the same reasons. Additionally, you may need to meet slightly higher requirements to qualify for a same-day loan. Typical qualifications include:
If you need more funding or can’t meet the requirements, you may have to wait one to three days for funding or longer, depending on the loan you get.
Only a few lenders offer same-day funding at all. So, if you have bad credit, your choice of lender may be severely limited. But we did include two lenders on our list that may consider applicants with a FICO score as low as 550. And SunWise Capital is known for working with poor-credit borrowers.
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