Same Day Business Loans – What You Need to Know

Same Day Business Loans – What You Need to Know

Same day business loans are available if you are willing to check out lenders beyond your local bank or a credit union.

 

The issue with banks is that the regulations they are required to follow make it very difficult, if not impossible for them to give you a business loan. That’s because small business loans are seen as high-risk. Unlike a mortgage or a car loan, it is tricky to assign a value to business assets to use them as collateral. Same day business loans

 

So your traditional banks shy away from making business loans unless your business has been in operation for a long period of time and is quite successful.

 

Not to mention, if you do apply at a credit union or bank, it can take weeks and loads of paperwork to be approved.

 

Even so, there are many choices and types of business loans available to you. Some of them are even same day business loans. That means you will have an answer on your application either immediately or within 24 hours.

 

Some same day business loans will actually have the money in your account on the day you are approved. It all depends on who you decide to do business with and the type of loan you select.

 

Types of Same Day Business Loans

There are several types of same day business loans. They fall into three major categories that include:

 

  • Personal loans
  • Short-term loans
  • Lines of credit

 

Let’s look at each type of loan and available lenders.

 

Starting with personal loans, you’ll find that they usually provide loans from $1,000 to $35,000 dollars. Often, their requirements to obtain a loan are a little looser than other types of loans.

 

TopBizTips Pro Tip: A personal loan can be used for your business.

 

There are a few personal loan lenders that are same day business loan lenders. You might want to check these two out.

 

1.Personalloans.com – Their loans range from $1,000 to $35,000 dollars. Their requirements include:

 

  • Credit score of 580 or higher.
  • Age of 18 or older
  • U.S. citizen or permanent resident
  • Full-time employment or self-employed or on stable disability
  • Checking account
  • Monthly income of $2,000 or more

 

They will approve you in one day and if you are approved, you will receive the money in 1 to 5 days. Their interest rates range from 5.99% to 35%.

 

2. Lead NetworkTheir loans range from $1,000 to $5,000. They use a vast network of lenders to match you with the best one based on your personal situation.  Requirements include:

 

  • U.S. Citizen
  • Age of 18 or older
  • Monthly income of $1,000 or higher
  • Checking account
  • Working at the same job for 90 days or longer
  • Home and work telephone

 

You will be approved within minutes and your money will be in your bank account within one day.

 

Same Day Business Loans – Short-Term Loans and Lines of Credit

If you’re looking for a line of credit or a short-term loan that is a same day business loan, then you’re in luck. These types of loans are out there as well.

 

The approval requirements ar normally a bit tougher than personal loans, but they aren’t so rigid that you have to jump through a bunch of hoops to be approved.

 

There are a couple that you should consider. The first one offers both short-term loans and lines of credit.

 

1.OnDeck – They have short-term loans up to $500K with interest rates that start at 5.99%. Their lines of credit top out at $100K with interest rates starting at 13.99%. Their requirements include:

 

  • Personal credit score of 500 or more
  • Approval based mostly on the performance of your business
  • 1 or more years in business
  • Annual revenue of $100K over the past 12 months

 

Your loan is approved in minutes and you will receive your money in as little as 24 hours. If you meet the lending requirements and need your small business loan fast, OnDeck is a great option. They even have an A+ rating with the BBB.

 

2.Kabbage – They offer lines of credit up to $100K with term times between 6 and 12 months. This is a good option if you need a line of credit that you plan on paying back quickly. Their requirements include:

 

  • Minimum of $50,000 in annual revenue or;
  • Revenue of $4,200 per month for prior 3 months
  • No personal credit score needed
  • In business 1 year or longer

 

You will know whether or not you are approved in minutes.

 

With it comes to same day business loans, you have options. There are lenders out there that will approve your application within in minutes without you having to jump through a bunch of hoops. So, if you need money for your business right now, check out these lenders today. You’ll be glad you did.

 

 

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