Small businesses were under attack literally in 2020. More than 10 million businesses shut down temporarily or permanently. Now, more than ever, small businesses are rebuilding and the fastest way to do that is with small business loans with same day funding.
What are Small Business Loans with Same Day Funding
If you’re looking for a fast bank loan you can forget it. Big banks are only approving 13% of businesses who apply for a loan. On top of that, businesses must have great credit, put up collateral, and then wait weeks or months for the money.
The only way to get a same day business loan is to go down the alternative lending route and use merchant cash advances or business cash advances. These types of loans aren’t loans at all but actually are cash advances based on your revenue.
A traditional MCA advance bases what they advance you by your future credit card transactions, whereas a BCA advance bases what they advance you by your general business revenue. More businesses and lenders are switching to BCA’s rather than MCA’s because not all businesses use credit cards enough if at all.
The key benefits of using a MCA or BCA are:
- Only need 450 to 500 credit score to get approved
- No collateral is required
- Only need $5k per month business revenue
- Can Receive Funds the same day
- No restrictions how to use the money
- Over 700 Industries Accepted
Most small businesses who need fast money are either in an emergency, or they need to expand. You can use the money for the most urgent matters, especially if you need to fix or replace equipment, pay off old debt, or expand the business.
How Small Business Loans with Same Day Funding Work
Small business loans with same day funding is exactly that – you can get money for your small business within 24 hours, sometimes as fast as 8 hours if you have your statements ready for the application process.
The entire cash advance process is straightforward and you can see what you qualify for in a matter of minutes. If you agree with the terms, you will accept them which will take you to the second step of the application where you connect your business checking account.
We only accept businesses that have been in business at least 6 months, have a business checking account, have an EIN number, and generate at least $5,000 per month in business revenue. Other income sources will not help get you approved.
If everything looks great to our underwriters, you will get a contract in your email. Check your spam folder as well if you don’t get it within a few hours (Monday thru Friday 9Am to 6PM Eastern).
Our lenders will approve up to 75% of your monthly revenue as an advance. So, if you make $10,000 per month, you can possibly get up to $7500 as an advance. You can also request more funding in five months and additional fundings in the future. We want you to know that money is always available to you if any other emergencies come up.
Applying for Same Day Small Business Loans
Whether you need a micro business loan between $2500 to $5000, or up to $2 million from over 70 top-rated lenders, we have you covered. We also do customer financing and credit card processing as well.
We are a family-owned lender based in Milford, Michigan and have helped hundreds of businesses in the last 6 years get the funding and other business services they need to stay in business.
Business cash advances are the fastest way to get same day funding. Again, if you have perfect credit, make over $100k per year, and can wait months for your money then go for a bank loan. We help small businesses that need money fast. That’s all we do and nothing makes us more happy than knowing we helped another small business survive these very trying times.
Erik C. Johnson