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Life doesn’t always allow us time to plan, and the same is certainly true when it comes to running a business. Equipment can break, revenue can unexpectedly slow, and other circumstances may arise that leave you in need of extra cash, and quick. For business owners that can afford to wait a few days for a loan or line of credit to come through, the options are plentiful.

But what about when you can’t wait and need cash now? Fortunately, there are some lenders who fund business loans and lines of credit within 24 hours, though borrows should know that faster loans can be pricy loans.

As you research your options, including those listed below, it’s important to note that many of them are alternative lenders that operate largely or exclusively online. As such, in order to secure the funds within in that 24-hour window, you will likely need to submit the application, and any required documents, online. Before completing the application, it’s important to note any day or time cutoffs.

Business Loans You Can Get in 24 Hours

Fundbox

Line of Credit by Fundbox

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The Fundbox Line of Credit offers transparent pricing with no origination or application fees, with Learn More

With no origination fees, no minimum credit requirement, and a quick application process, Fundbox finds a home on a variety of small business lending lists, and their funding speed lands them this list as well.

Though Fundbox doesn’t offer a term-loan, they do offer a revolving credit product as well as invoice financing, both of which have similar requirements, funding times, and repayment terms, but here we will focus on their line of credit.

Fundbox lines of credit give qualified borrowers access to $1,000 to $100,000, which can be used as necessary, and approval can often be obtained in less than three minutes.

Rates & Terms

If approved for a Fundbox line of credit, you will be required to repay the loan within twelve or twenty-four weeks, and payments are made on a weekly basis.

Because this is a revolving line of credit, borrowers only pay interest on what they borrow; however, borrowers will have between 12 and 24 weeks to repay the drawn amount.  

Repayment is based on the amount you draw, the term you choose, and a weekly fee.

For example, if you borrow $1,000 for 24 weeks, the minimum weekly fee would be about $3.75, with a weekly repayment total of $45.41. However, all rates are based on the user’s credit history and business financials, and most customers will pay approximately $7 per $1,000 borrowers.

Requirements

To get a line of credit through Fundbox, you’ll need to have a business checking account, at least three months of business bank account transactions or two months of business activity accessible through a supported accounting software. Fundbox typically expects borrowers to have at least $50,000 in annual revenue, though the average approved borrower earns over $250,000.

In most cases, you can access your funds in twenty-four, but in order to do so, you will need to apply for and draw funds before 12:00 pm PST, Monday thru Thursday — an important distinction as many assume Friday to be an acceptable “business day”.

OnDeck

Unlike Fundbox, which doesn’t offer term loans, OnDeck provides small business owners with fixed term loans for $5,000 to $500,000, though they also offer a line of credit product. The application is fast and requires little paperwork, with decisions often happening in minutes and funding frequently available within one day.

Rates & Terms

OnDeck offers both short-term loans, which range from three to twelve months, and long-term loans, which range from fifteen to thirty months.

If you’re approved for an OnDeck loan, you can expect to pay an origination fee between 0% and 4%. First-time borrowers will be required to pay the highest interest fees, while return borrowers are rewarded with lower fees. After the second loan, some borrowers will be eligible for a 0% origination fee.

In addition to the origination fee, OnDeck also charges interest which can be as low as 9.99%, though this rate is extremely limited and only for highly qualified borrowers; the weighted average rate is 25.3%.

Requirements

To qualify, you must be in business for at least one year, have a minimum annual revenue of $100,000, and have at least one owner with a personal credit score above 500. Borrowers should know that daily or weekly payments are automatically deducted from their business bank account, and therefore you must be able to agree to that payment arrangement before accepting the loan.

LoanMe

If you haven’t been in business all that long or have poor personal or business credit, getting a loan can be difficult; getting one quickly can be even harder. LoanMe is designed to meet the urgent cash needs of small business owners who may not be able to meet the requirements of other lenders. LoanMe offers qualified borrowers’ intermediate loans for $3,5000 to $250,000.

Rates & Terms

LoanMe may be designed for borrowers who find it difficult to secure a loan elsewhere, but the perk is not without a cost. LoanMe loans can be pricey, as rates range anywhere from 24% to 149%, with origination fees between 5% and 10%.  

Repayment terms range between six months and ten years, and payments are made monthly; these terms, though not unique, do set LoanMe apart from some of the other fast-funding options. Because of the extensive loan repayment periods, LoanMe loan payments may be lower as well – though that’s not the likely true for the overall price of the loan.

Requirements

While many lenders require borrowers be in business for several months, if not a year, LoanMe extends loans to businesses that have been in business for at least three months, with income. Additionally, applicants must have a bank account in the name of the business and a personal credit score of at least 500.

Additionally, access to loan through the lender is fairly limit, as LoanMe will only extend loans to businesses in the following states: AL, AZ, CA, DE, HI, IA, ID, IL, IN, KY, LA, ME, MO, MS, NE, NH, NM, OH, OR, SC, UT, WI, and WY.

If you need cash fast and a loan is your only option, today’s alternative loan market is likely to serve up a financing product that can meet your needs.  Keep in mind that quick funding doesn’t always equal cheap funding, and so it’s best to shop around to find the terms and rates that meet your neets.

Finally, if time is of the essence, it pays to take note of application and fund requests deadlines, as many lenders, though capable of releasing funds within 24 hours, may not be able to do so for requests outside of certain business hours.