Launching and operating a business is no easy task. The main reason businesses fail is due to a lack of funding or available capital. Financial strain can also contribute to burnout, driving many entrepreneurs out of the market.
However, many business owners are unfamiliar with available financing resources that can save their organizations in moments of hardship. We have researched and assembled the best same-day business loans to help you finance your entrepreneurial dream. With this guide, you can identify the best same-day business grant for your company and ease your financial stress.
What Is a Same-Day Business Loan?
Most small business loans take months to process. For organizations facing financial hardship, this can be a prohibitive factor in applying for grants.
Same-day business loans provide emergency funding that appears in your business account within 24 hours. These loans are suitable for urgent matters and small projects and are typically ineligible for large-scale and long-term endeavors. Same-day business loans generally have looser credit requirements, making the application process efficient and easy.
Additionally, same-day loans tend to have higher interest rates and shorter repayment terms than traditional loans.
There are eight types of same-day business loans that you can obtain for your business.
Businesses typically acquire term loans for business-related investments and repay them at a regular rate over a set period of time.
Term loans have few credit and application requirements and are available within 1-3 business days. We award term loans to businesses older than three months.
Repayment terms range from six months to ten years, and you can work with an advisor to lower interest rates depending on your needs.
Business Line of Credit
A business line of credit (LOC) offers financing with flexibility, so you qualify for an amount and only borrow what you need. LOCs are suitable for short-term needs like buying inventory or covering payroll and offer similar benefits as term loans; you can borrow between $10,000 and $5 million and repay within six months up to 10 years.
Equipment financing refers to loans awarded for specific tools or machinery you need for your business. The amount you receive depends on the price of the item you need, but funds range between $10,000 and $5 million. Businesses typically receive funds within two to five business days, and repayment terms vary between one and five years.
SBA loans, or loans guaranteed by the Small Business Association, are protected loans for small businesses that generally cover growth expenses or working capital. Loan amounts vary from $10,000 to $5 million. Most SBA loans are available within 45 days, and repayment terms range from 10-25 years.
Accounts Receivable Financing
Accounts Receivable (AR) financing is a type of loan that enables companies to receive funds related to a fraction of their accounts receivable. You can turn accounts receivable into the capital from $10,000 to $5 million without notifying customers.
Businesses receive AR funds between two and five days, and repayment terms lie between six months and ten years.
Financiers award asset-based loans for large-scale investments or projects. Asset-based loans appear within 1-3 business days and are backed by assets and range between $10,000 and $5 million, with repayment terms between six months and ten years.
Franchise Financing is usually available for franchise fees and start-up costs. Funds arrive within 2-7 business days and range between $10,000 and $5 million, with repayment terms from six months to ten years.
Merchant Cash Advance
A Merchant Cash Advance is an alternative financing service that provides small businesses with lump sum funds between $5,000 and $10,000. This flexible financing option does not require collateral, and repayment terms lie between six months and ten years. MCAs are more flexible and specific to a business’s needs than traditional loans.
Why a Same Day Business Loan?
Same-day funds can relieve urgent financial pressure; they are quick, easy loans available same day.
Same-day business loans are best for organizations facing emergencies that require financial solutions. Because same-day loans typically have fewer eligibility requirements than long-term loans and grants, they are ideal for those who may not meet the traditional criteria.
Additionally, same-day loans often offer less capital than long-term loans, so they are best for small projects and most suitable for small and medium-sized businesses and entrepreneurs.
The Pros and Cons of Same Day Business Loans
While quick and easy loans same day is relatively simple, there are several important factors to consider before applying.
The Benefits of Same Day Business Loans
Same-day business loans are fast and accessible. Flexible eligibility criteria and low credit requirements accommodate otherwise ineligible applicants, and funds appear within 24 hours.
Leading providers typically offer financing services, from credit lines to term loans. The application process is often more accessible and efficient than more significant, long-term loans.
The Drawbacks of Same Day Business Loans
Same-day business loans can entail several drawbacks. First, the amount of funding is typically lower than that of traditional loans. Additionally, same-day loans may have higher interest rates and shorter repayment periods. Some loans may also have monthly revenue requirements.
Lastly, same-day loans are not conducive to larger projects and are occasionally unavailable in certain states and industries.
Same Day Business Loan Rates
Most same-day business loans offer between $5,000 to $400,000 in capital though some may offer up to $3,000,000. In contrast, we offer loans up to $5 million to accommodate your needs.
Interest rates typically range between 4.80% to 29.90% on average and sometimes appear as factor rates, representing the percentage of a loan expressed as a decimal figure.
Alternative to Same-Day Business Loans
Other financing options present different benefits and drawbacks. For example, small businesses like restaurants and entrepreneurs have several different funding options.
Below are several examples of alternative loans.
Startup Business Funding is a startup loan (often available the same day) for entrepreneurs and new businesses to acquire the capital they need to grow.
Credit Card Processing
Credit card processing is a financial service that helps businesses to lower credit card processing fees and save funds to allocate them elsewhere.
Fix N Flip Loans
Fix N Flip loans suit real estate developers, investors, and builders. This loan allows you to finance rehab purchases and obtain fast funding to pay for your projects.
How Fast Can You Get Approved for a Business Loan in 2023?
Nowadays, some business loans are available within several hours. Most lenders require 24 hours to accept, process, and provide the loan, but alternative lenders are increasingly speeding up the process, and you can obtain a loan within hours of your application.
How To Get a Business Loan in 24 Hours
Obtaining a same-day business loan in 24 hours is relatively simple. First, find a financial service provider or willing lender. Then, gather any information and documents you may need, including your identification, EIN, credit score, and bank statements.
Follow the 15-second application process and enter your personal information. You will meet with an advisor to evaluate your options. Choose a loan and await approval within the next few hours. If approved, you will receive your funds within 24 hours.
Before You Go
If you have decided to obtain a same-day business loan or are interested in doing so in the future, contact our financial service experts. The application process takes only 15 seconds, and you will meet with a dedicated Business Financing Advisor as soon as possible to help you decide on the best same-day business loan to meet your needs.
Your business—and your wallet—will surely benefit.