Same-day Business Loans: 6 Quick Loan Options for 2022
This article is part of a larger series on Business Financing.
Small business owners often need funding quickly to take care of financial emergencies that might arise. Some small business loans can take weeks or even months to close, but there are hundreds of online lenders that provide same-day business loans. Here are our choices for the six best same-day business loan options:
- Fundbox: Best overall for same-day business loans
- National Funding: Best for low credit score borrowers
- Bluevine: Best line of credit
- Rapid Finance: Best for established businesses with lower credit
- SunWise Capital: Best for businesses with financial difficulties
- LoanBuilder: Best for most flexible terms
Fundbox: Best Overall Same-day Business Loan
When comparing the lenders on this list, Fundbox proved to be the best overall choice for a same-day business loan by a narrow margin over National Funding and Bluevine. Fundbox edges its competitors due to its lower starting interest rate and lower minimum annual revenue requirement.
The minimum credit score required by Fundbox is 600. You must also have been in business for at least six months to qualify, so companies just exiting the startup stage can be eligible if they meet revenue requirements. Because Fundbox offers a line of credit, you only pay interest on the amount borrowed and can take draws against the line as funds are available.
Fundbox gives users the ability to start the application process through its website or by calling a toll-free number. Fundbox promises quick credit decisions and funding within one business day. Stop by Fundbox’s website to get the process started.
National Funding: Best for Low Credit Score Borrowers
While coming in just behind Fundbox on our list of same-day business lenders, National Funding is also an excellent choice, thanks to several criteria. National Funding promises an easy application process, quick credit decisions and funding, and credit availability to lower-credit borrowers.
In addition, customers who pay off a working capital loan balance within the first 100 days receive a 7% discount on the remaining balance. One drawback of National Funding’s same-day business loan product is a higher top-end APR rate. Customers with solid credit profiles will likely find better rates with Fundbox or Bluevine.
You can begin the application process with National Funding either directly through its website or by calling a toll-free number. National Funding has a one-page application and requires three months of bank statements as part of the application process. A decision and funding are promised within 24 hours. Go to National Funding’s website to apply.
Bluevine: Best Line of Credit
With one of the best business line of credit products on the market, Bluevine is another outstanding choice for same-day business loans. Bluevine offers a higher maximum credit line than Fundbox; however, the interest rate is slightly higher with Bluevine.
If your business has at least $10,000 in monthly revenue and has been in business for at least six months, you can qualify for a business line of credit through Bluevine. The company also requires a minimum credit score of 600.
You can apply directly through Bluevine’s website. One of the great features of the Bluevine website is the ability to connect your QuickBooks Online directly as part of the application. Bluevinepromises an application that takes less than two minutes to complete, with approvals in as soon as five minutes. Check out Bluevine’s website to get started.
Rapid Finance: Best for Established Businesses With Lower Credit
For more established businesses with less-than-perfect credit looking for a same-day business loan, Rapid Finance is a good choice. Rapid Finance requires at least two years in business, so startup businesses wouldn’t qualify. However, with a minimum personal credit score of 550, this is a good option for business owners with lower credit scores. Rapid Finance does use a third party for some of its lending products.
Rapid Funding requires three months of bank statements as part of the application process. You can get a quote from its website to get the application process started. If you’re approved, you can be funded in a matter of minutes. Funding should be completed within 24 hours. Stop by Rapid Finance’s website for more information.
SunWise Capital: Best for Businesses With Financial Difficulties
SunWise Capital has a working capital product geared toward established businesses facing financial difficulties, such as liens and credit delinquencies. The low minimum credit score allows even borrowers with very poor credit scores to qualify. However, because of the one-year minimum time-in-business requirement and the $120,000 minimum annual revenue requirement, startups and businesses struggling financially may not qualify.
Borrowers with solid credit profiles and income may qualify for SunWise Capital’s line of credit product at a much lower interest rate. However, for a six-month line of credit, businesses must have at least $240,000 in annual revenue. Business owners who qualify for the line of credit can see it funded within 24 hours.
You can begin the application process directly on SunWise Capital’s website. Check out the website for more information or to apply.
LoanBuilder: Best for Financing With Flexible Terms
While it has one of the higher interest rates of the lenders on our list, LoanBuilder is still a good option for same-day business loans, thanks to one of the lowest minimum annual revenue requirements on the market. Your business must have just $42,000 in minimum annual revenue and at least nine months in business to qualify.
One thing to consider before using LoanBuilder is the size and term of your project. With maximum terms of only 12 months, LoanBuilder’s same-day business loan product isn’t good for long-term or high-cost projects. Also, loan fees are the same regardless of when you pay the loan off, so there’s no financial benefit to paying the loan off early.
LoanBuilder allows you to start your application through its website. There’s also a toll-free number to call to start the loan process. Stop by the lender’s website for more information.
How We Evaluated Best Same-day Business Loans
We considered several factors when determining the best options for same-day business loans. For example, we considered which lenders had the most straightforward application process, the fastest decision process, and the most rapid funding process. We also considered interest rates, required qualifications, and reviews of each lender in the ranking process.
For more information about the loan application process, check out our guide on how to get a small business loan.
Why Choose Online Lenders for Same-day Business Loans?
Online lenders are best for same-day business loans because of the convenience and speed of filling out applications and submitting documents online. Borrowers can complete the application in minutes, with decisions usually coming the same day.
Online lenders typically have more lenient qualification requirements, making it easier for even struggling businesses to receive financing. According to the Federal Reserve Small Business Credit Survey, the number of companies experiencing financial challenges rose from 66% in 2019 to 80% in 2020. Of those businesses, 62% turned to personal funds to solve those issues, while 55% cut staff hours or downsized operations. Most of the difficulties were caused by COVID-19 as 95% of businesses reported being impacted by the worldwide pandemic.
Same-day business loans can solve short-term problems for a business quickly. However, businesses should always be wary of the amount of debt incurred, the cost of capital, and the repayment terms of any financing they accept. According to the same Small Business Credit Survey, 79% of businesses report outstanding debt, with 44% reporting debt of more than $100,000.
Bottom Line
The six lenders listed in this article can all provide your business with a same-day business loan that can help your business in the event of a financial emergency. However, if your business doesn’t need funding right away, there are other types of loans that may take longer to close but will have lower interest rates and more reasonable repayment terms. However, for businesses that need money right away or business owners with lower credit scores, the six lenders listed can provide rapid funding for your business.
