If you’re a business owner, you know that there are times when you need to get your hands on some cash STAT. Maybe you need to cover emergency repairs, settle a tax bill, or pay for an unexpected cost.

Same Day Business Loans

All business owners, at one point in time, will face situations where they need to have cash and need it right now. These are last-minute emergencies where money is of utmost importance. It can be pretty stressful if you don’t know where to get money quickly. You’re looking for a way to get your business back on track, but what if you don’t have time to wait around for funding?
What if you need it right now? Whatever the reason, it’s important to know what tools are available to you and how to get access to capital quickly.

That’s where same-day business loans come in! These loans can help you get the cash you need to meet your short-term financial needs, whether that’s buying inventory or paying down debt. But what are they exactly and how do they differ from other types of loans?

What it is Vs. What it’s not

Same-day business loans are one of the fastest ways to get the money you need to keep your business running. With a same-day business loan, you can get up to $100,000 in just one day—and that’s money that can be in your account as soon as tomorrow!

But what exactly is a same-day business loan? And what does it entail? Here are some answers for anyone who might be considering applying for one:

What It Is

A same-day business loan is basically a short-term loan that you can use to cover unexpected expenses, fund growth opportunities, or cover payroll until your next payday. It is an unsecured loan that can be funded and issued within 24 hours. The process is simple: after filling out the application online or over the phone, applicants receive an approval decision within minutes, and funds can be deposited into their bank account by midnight the same day. You apply online and get an answer within minutes.

Same-day loans can be obtained online, without the need for a physical meeting. For example, at Booster Financial, we specialize in providing fast cash advances with no credit checks required. This means that if you have less than perfect credit, it won’t hold you back from getting the cash you need to realize your dream as quickly as possible.

What It Isn’t

A same-day business loan isn’t like other forms of credit like invoice financing or factoring. Instead it’s more like an unsecured personal loan that has been tailored specifically for businesses with less than perfect credit scores (like yours!). The application process is quick and hassle-free—all you need is some basic information about your business and its financial history so we can assess the risk before approving your loan.

It’s not free money, not an investment opportunity, or a line of credit. It’s a short-term loan that must be repaid in full within 30 days.

How Same-Day Business Loans Work

A same-day business loan is a short-term, unsecured loan that can be used to pay for any business expense—from payroll to marketing to equipment.
This loan is structured similarly to other loans. You borrow a predetermined amount at a predetermined rate and repay it with interest over a predetermined repayment period.

It’s important to note that a same-day business loan is not the same thing as a line of credit (LOC). A LOC is a longer-term loan that you draw down in chunks over time. It’s similar to an overdraft or credit card, except it comes from your bank and requires regular payments.

Same-day business loans are designed for one-time expenses, so you don’t have to worry about making regular payments each month. Instead, you pay back the entire amount when you receive your next paycheck or other income (or when your next client pays their invoice).

To get same-day financing, you’ll most likely need to engage with another online lender. The majority of larger banks and credit unions do not provide same-day funding. Their loan applications usually include business experience, bank statements, and other financial requirements.

What are your other options?

While you’ll have to hunt for same-day business loans from lending institutions, still you have plenty of options available to you. You may be eligible for a variety of loans, including typical term loans, lines of credit, and cash advances. Consider the following options:

1. Business Credit Lines

You can withdraw funds as necessary up to a specified limit using this funding. Company lines of credit are a fantastic alternative if you need an urgent business loan to pay current and future expenses because you only pay interest on the amount you utilize.

2. Merchant Cash Advance (MCA)

An MCA lets you borrow a lump sum of money from an internet financing company which you pay back from a percentage of your day-to-day credit card transactions.

3. Term loans

These loans provide an initial lump sum that you return over a predetermined length of time, and their maximums are often higher than lines of credit. A term loan may be a suitable option should you need same-day financing to address a large, anticipated expense.

4. Business Credit Card

This option for quick funding should not be dismissed. If you have strong to excellent credit (a credit score of 690 or higher), you could easily get approved for a business credit card. Some lenders also allow you to use your card even before the physical card arrives by supplying its number.

5. Invoice Factoring

This method converts unpaid invoices into quick cash. You basically sell your unpaid invoices to a lender for a discount when you use invoice factoring. In that sense, it isn’t technically a company loan. What happens is, instead of waiting for customers to pay, to use invoice factoring to get the cash you need the same day you need it.

Comparing the Pros and Cons

The biggest pro is that you can get money fast. It’s not like getting a bank loan, where you have to wait for an application to be processed, and then for your credit score to be checked, and then… well, you get the picture. You can apply for a same-day business loan online. Provided you fulfill the requirements and apply during business hours, you can have money in your bank account on the very same day as when you applied.

Also, you’d be happy to know that there are no lengthy application processes and heavy paperwork requirements needed. This is the main culprit that discourages many companies from seeking funding. However, with same-day business loans, this is rarely an issue. When applying for a same-day business loan, you’ll need to supply basic financial details, but you won’t be required to hand in excessive financial documents.

Another pro: No collateral is required. With most other loans, you have to provide collateral for the loan—but not with same-day business loans. This makes them very attractive if you’re in dire straits and need to access funds quickly.

The biggest cons are that they tend to come with higher interest rates than other types of loans. Because these loans are so quick, they tend to come with higher interest rates than other types of loans. If you’re looking for a long-term solution to your cash flow problem or need more flexible repayment options than what’s offered by most same-day business loans, this may not be the right option for you.

Another con is that these loans may not be available everywhere. Since each lender has its own requirements for who qualifies—and what those requirements are—it’s important to do some research before committing yourself to one lender over another one whose terms might work better for your situation.

Lastly, this type of loan only allows for smaller loan amounts. Entrepreneurs who apply for same-day business loans frequently turn to personal loans to cover business expenses. Personal loans often range in size from $2000 to $50,000, which is much less than a regular business loan.

$50,000 may not be enough for larger and more established enterprises. But if you’re a start-up business, $50,000 may be more than enough to cover your business expenses.

Do you qualify?

Maybe now you’re thinking, since it’s so accessible then maybe the requirements to avail of this type of loan are equally stringent. Maybe my business doesn’t qualify. But here’s the good news: just about anyone can qualify for a same-day business loan!

The qualifications are pretty standard, with only a few requirements. You’ll need to be at least 18 years old, have an active business (or be starting one), and have at least $100k in revenue. Sounds good enough, right?

Let Booster Financial help you!

When it comes to same-day funding company loans, Booster Financial believes that timing is everything. We provide a simple and swift business loan application. We believe our clients shouldn’t be bothered with unnecessary paperwork or lengthy deadlines. Our loan applications can be completed entirely online and should take no more than five minutes of your time.
Our financial specialists at Booster Financial customize loan solutions based on your specific goals and needs. We make an effort to learn about your business strategy, allowing us to provide unbiased advice.

You can apply for a same-day loan from Booster Financial website. It’s easy to get started—all you need to do is fill out the application form, and then wait for us to contact you about your application. It takes just a few minutes to complete the process. If we’re able to approve you for a loan, we’ll let you know how much you’ve been qualified for and how much your interest rate will be. Then we’ll send the money through direct deposit into your bank account.

FAQs

How fast can I get the funding I need?

As discussed earlier, you will literally receive your loan amount within the same day of the application once it is approved.

Do I need a particular credit score in order to qualify?

Each lender has its own credit score requirement, but typically you can still get a same-day business loan with a credit score of 500.

How can I expedite the same-day business loan application process?

Complete your loan application accurately and upload the necessary paperwork to make the application process move as swiftly as possible. Profit and loss records, one year of personal and corporate tax filings, and current bank statements are some of the typical documentation a lender may request.

Where can I look for same-day business loans?

Alternative lenders are your best option for obtaining a same-day business loan. These lenders are more liberal with what they consider acceptable credit ratings and use technology to examine and process applications faster than traditional lenders.

Although you will have to look for same-day business loans from various lending institutions, it doesn’t mean that you will have no options. There are various loans available including traditional term loans, lines of credit, invoice factoring, and cash advances among others.

Is there an age requirement when applying for a same-day loan?

Applicants must be at least 18 years old to apply for a loan. Most creditors need at least 2 types of government-issued identification to confirm age and US citizenship. This safeguard also lowers the risk of identity theft.

What if my application is denied?

Your loan application may be denied for various reasons. It could be due to a low credit score, or a high DTI. Or, you may have applied for a larger loan than the bank believes you can repay based on criteria such as your revenues, business stability, and other existing debts.

If your loan application is denied, you still have the chance to increase your chances of securing a loan or line of credit in the future.

Understand Your Options

Find out more about the different finance opportunities available in your area and get funded today!

Unsecured Financing Secured Financing