When running a business, you never know what may be around the corner. Therefore, it’s important to adapt to change and overcome setbacks quickly if you want to survive. In order to do so, however, many business owners will find themselves in need of same-day business funding.
While traditional lenders often require a lengthy qualification process, online lenders offer fast online application and approvals within a day.
Keep reading to learn more about same-day small business loans, as well as your best options for instant funding.
What are the Best Ways to Get a Small Loan on the Same Day?
We’ve rounded-up the top four same-day business loans to help you determine which one is most suitable for your needs.
1. Short-Term Business Loan
A short-term business loan is similar to a business term loan; however, its repayment period is shorter. Generally, short-term loans have terms of just 3 to 18 months in length. This type of same-day funding allows businesses to receive a lump sum of cash to cover their cashflow shortfalls. They must then repay the loan in installments–plus interest–over the term of the loan.
Zinch offers term loans to business owners who prefer the straightforward process that a fixed interest rate, fixed payments, and a set repayment period provide. With approval within one day, this takes the guesswork out of obtaining same-day finance.
2. Merchant Cash Advance
For businesses with a high volume of credit and debit card sales, a merchant cash advance (MCA) is another same-day loan option. This type of funding uses the future sale transactions of a business as collateral, thus requiring a faster and less-stringent application process than traditional funding.
Repayments are based on a fixed percentage of your credit and debit card sales, allowing your repayment amounts to increase or decrease in-line with how many sales you’re making.
Zinch Flex is a popular MCA option for business owners that prefer simple and flexible payment terms based on the revenue their company generates.
3. Business Line of Credit
Borrowers with a business line of credit can access up to a specified borrowing limit as needed. With this form of same-day business loan, interest is only charged on the amount of the line of credit that the borrower has utilized. Generally, the business line of credit will have a draw period of between 12 and 24 months.
A business line of credit can be used to meet recurring expenses without incurring interest on funds that aren’t required. This flexibility can provide a cost-effective same-day loan option for business owners.
4. Invoice Factoring
Invoice factoring is ideal for businesses who have a large volume of outstanding invoices and require same-day funding. It allows you to select the number of invoices you want to use to secure the loan, and then a lender will advance you 90% of the entire amount.
When customers pay their invoices, they will pay the lender directly, rather than you. Once you’ve paid off all of your invoices, you’ll receive the remaining 10%, less any costs that accrued over the loan’s duration.
Same-Day Business Loans FAQs
Want to find out more about same-day business loans? We’ve answered the most common questions about this funding below.
How Much Time Does a Business Loan Take for Approval?
Business loans from online lenders can take just one day for approval. Zinch, for example, provides an application outcome within 24 hours.
How Long Does it Take for a Small Business Loan to Deposit?
This varies by lender, but online lenders like Zinch deposit approved funds within your nominated bank account within just 48 hours.
Can I Get a Same Day Business Loan with No Credit Check?
You can. Online lenders often have a less stringent qualification process that doesn’t take a business owner’s credit score into account. To qualify for a Zinch same-day loan, you simply must have been in operation for more than six months and have over $10,000 in monthly sales.
Need a Same-Day Business Loan to Get Cash Fast?
Zinch offers same-day loans to give your business the instant cash flow boost it needs. With a flexible, fast, and easy application process, you’ll have a loan outcome in a single day.
Contact us at (714) 500-6622 to learn more about your small business loan options with Zinch. You could qualify for up to $250,000 in just 24 hours.
