If you’re a small business owner looking for fast capital, you have probably ran into headaches with getting a traditional bank loan. Working capital is the life-blood of every business and if you don’t have enough of it you fail. We can help you get $2,000 to $25,000 within the same day in most cases, even with bad credit. Here’s our best same-day working capital loans online.
What are Same-Day Working Capital Loans
More than a million to three million small businesses closed for good since the pandemic, even though the actual numbers aren’t clear – a lot of businesses closed while a lot of the PPP loans went to businesses with plenty of money.
The system is flawed and genuinely good honest small business owners were left with the short end of the stick. That’s why we are proud to offer extremely fast working capital for business owners.
If you have been in business for 6 months, have a credit score of 450 or higher, and have made $5,000 or more the last 3 months with your business then chances are great that you already qualify. We also have loans up to $2 Million, and require $20k a month in revenue and a 500 credit score, and 4 months in business.
How Same-Day Working Capital Loans Function
More and more businesses are turning to the alternative lending space to receive fast capital because banks have become more stringent with their loan requirements.
The alternative lending industry is a thriving $37 Billion a year industry because of the fast funding times and ease of applying. Alternative lending typically uses AI and other algorithms to match you with the best offer and money can be dispersed the same day in most cases.
These same-day working capital loans are actually a type of merchant cash advance (MCA), which is primarily based on your cash flow more than anything else. Some of the obvious benefits of using a MCA or a business cash advance are the no collateral needed, bad credit ok, and same-day disbursement of funds.
Business cash advances can be used for anything business-related and some of the more popular uses are to catch up on payroll, expand a business, pay off old debt, and fix or replace equipment, or create hiring bonuses to attract more employees (which everyone needs right now).
Same-Day Working Capital Loans Rates
Working capital cash advances do not use interest rates, but rather factor rates which can be easily calculated. The quicker you pay off the short-term advance (typically less than 6 month terms) the lower the factor rate.
For example, if you borrow $10,000 and pay it off quickly (within 30 days) your factor rate would be around 1.19 – which would mean you pay back a total of $11,900 (1.19 x 10,000) Our factor rates rate from 1.19 to 1.49 depending on how long you need the money.
Business cash advances are usually paid back through ACH through your business checking account, so you need to be a real business and have a business checking account and an EIN number.
They are paid back on a daily basis, but sometimes we can offer weekly withdrawals. Therefore, your business needs steady revenue and cannot have more than 5 negative bank days (NSFs) in the last 90 days.
How to Get a Same-Day Working Capital Loan
If this type of loan sounds good to you, simply click the link below or go to the banner on the right or notification bar at the top, click on it and it will lead to the application. It takes just 5 minutes to apply. You will connect your bank account on the second page of the application for a final underwriting.
If everything checks out, you can most likely get the funds the same day if you have applied early enough in the day. We are committed to helping every business owner stay open.
Times are very tough right now and we are a family-ran business, so know that you are not being taken advantage of by a large corporate conglomerate. Thanks for reading, God bless!
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Erik C. Johnson