Real comparison of who ACTUALLY offers same-day decisions. Don't fall for marketing hype.
Reality Check: Most "same-day" loan marketing is misleading. This guide reveals who ACTUALLY delivers.
Skip the marketing hype. Get matched with lenders who can ACTUALLY deliver fast approvals for your situation.
✓ Honest timelines ✓ Real lenders only ✓ No false promises
We surveyed 1,000+ NZ business loan applications. Here's what actually happens:
Get genuine same-day funding
Get conditional approval same day
Need additional docs/take 2+ days
These lenders can genuinely approve and fund within 24 hours - but there's always a catch:
| Lender | Approval Time | Funding Time | Rate Range | Max Amount | The Catch |
|---|---|---|---|---|---|
| Juno Finance | 2-6 hours | Same day | 18-35% | $300K | Merchant cash advance only |
| Zip Business (ex-Spotcap) | 4-8 hours | Same day | 15-25% | $250K | Perfect credit required |
| Finance Now | 1-4 hours | Same day | 12-30% | $100K | Equipment finance only |
| Lender | Best Case | Typical Time | Rate Range | Why It's Usually Slower |
|---|---|---|---|---|
| Flexi Group | 24 hours | 2-5 days | 8-18% | Manual credit assessment |
| Become Finance | Same day | 2-3 days | 12-22% | Revenue verification needed |
| Scottish Pacific | 24 hours | 3-7 days | 7-15% | Asset valuation required |
Reality: This usually means an automated pre-qualification, not a funding decision.
What actually happens: System checks basic criteria and gives conditional approval pending full documentation review.
Reality: ALL legitimate lenders require extensive documentation.
What actually happens: They need bank statements, tax returns, financial statements, ID, and business registration.
Reality: Even alternative lenders have credit score minimums.
What actually happens: Bad credit = higher rates, smaller amounts, or outright rejection.
Reality: Banking hours, weekends, and settlement processes create delays.
What actually happens: Even approved loans need 1-2 business days for fund transfers.
Faster funding always costs more. Here's exactly how much you pay for speed:
| Speed Category | Approval Time | Rate Range | Example: $100K Loan | Annual Interest Cost |
|---|---|---|---|---|
| Traditional Banks | 2-8 weeks | 5.5-12% | 8.5% average | $8,500 |
| Non-Bank (1 week) | 3-7 days | 7-18% | 12.5% average | $12,500 |
| Alternative (48 hours) | 1-2 days | 15-28% | 21.5% average | $21,500 |
| Same-Day | Same day | 18-45% | 31.5% average | $31,500 |
For a $100,000 loan over 3 years:
Is same-day funding worth $58,500 extra?
Key: Use for short-term needs only
How it works: Get approved for a business overdraft or line of credit when you don't need it.
Benefit: Instant access to funds when you do need them, at much lower rates.
Best for: Businesses with seasonal cash flow or unpredictable needs.
| Lender | Product | Limit Range | Rate | Access Speed |
|---|---|---|---|---|
| ANZ | Business Overdraft | $5K-$500K | 8-15% | Instant online |
| ASB | Business Line of Credit | $10K-$1M | 9-16% | Same day online |
How it works: Get cash immediately for unpaid invoices instead of waiting 30-90 days.
Benefit: Fast access to your own money, relatively low cost.
Best for: B2B businesses with regular invoicing.
How it works: Finance equipment purchases over 1-7 years with the equipment as security.
Benefit: Lower rates than unsecured loans, preserve cash flow.
Speed: 2-5 days typical for equipment finance approvals.
Best approach: Apply for financing BEFORE you need it urgently.
3 months bank statements, tax returns, financial statements, ID
Give lenders full business day to process
Juno Finance, Zip Business, Finance Now
Plan to refinance once crisis passes
Business overdraft or line of credit while you don't need it
Regular contact with business bankers at 2-3 institutions
Quarterly financial statements, current tax returns
Annual funding review, anticipate seasonal needs
Yes, but only a few lenders can genuinely deliver same-day decisions. Merchant cash advance providers like Juno Finance and some alternative lenders like Zip Business can approve within hours, but traditional banks typically take 2-6 weeks.
Same-day approvals usually come with much higher interest rates (15-45% vs 5-12% for traditional loans), smaller loan amounts, shorter terms, and require perfect documentation. The speed premium is significant.
Perfect documentation ready: recent bank statements, tax returns, business registration, ID, and clear use of funds. Any missing documents will delay the process significantly.
For a $100,000 loan, you might pay $58,500 extra in interest over 3 years compared to a traditional bank loan. Same-day loans typically cost 15-45% APR vs 5-12% for banks.
Yes: pre-approved overdrafts or credit lines, invoice financing, equipment finance, or strategic planning to secure funding before urgent need. These options offer much better rates.
Banks have strict risk management processes, multiple approval layers, detailed credit assessments, and regulatory requirements. This thoroughness enables lower rates but takes 2-8 weeks.
No marketing hype. No false promises. Just real lenders who can actually deliver.
✓ Honest timelines ✓ Real rates ✓ No false advertising