There are many financing options available however, the amount of time it takes to process an application and receive funding can vary greatly depending on the type of loan or financing options available.
Business owners who need fast business loans and other types of financing should focus on the best options for those time-sensitive needs.
There are several options for quick business loans and other types of financing that can get you the money you need fast. repayment structures and terms vary, so be sure to compare options to see what works best for your company.
Business Term Loan
You can get a business term loan for up to $2,000,000 and range from 1 to 10 years. This is a much better option than a business credit card, which usually has a higher APR and includes a fixed payment.
There are many different ways that you can use this type of financing to improve your business. Whether you need to remodel your office, hire seasonal employees, or update your fleet, this type of financing can help you get the funds you need.
Short-term Loan
Small business loans can be a great way to get the funding you need to grow your business. They tend to have lower interest rates and can be used for a variety of business-related expenses. These loans typically have terms of 6 months to 3 years and can provide up to $500,000 in funding.
Qualifying for a short-term loan is easy in most cases. If you've been in business for more than a couple of years and have a solid credit score, you're likely a great candidate. Be aware that you may need to use collateral to secure the loan.
Cash Advance
You don't need good credit to qualify for a cash advance - instead, funding is based on future sales. This makes it easier to get the cash you need, when you need it. Repayment is a simple, agreed-upon percentage of your income, taken directly from your bank account.
This form of financing is one of the easiest and most convenient ways to get the money you need. You can apply for up to $250,000 and the repayment terms are very flexible, usually lasting around 2 years. The only drawback is that the interest rates are a bit higher than average, starting around the same rate as a credit card.
We understand that the paperwork and credit checks associated with traditional loans can be daunting. With this type of loan, you won't have to submit as much paperwork - only the past six months of receivables or bank statements. In some cases, there may not even be a credit check required.
Equipment Financing
Equipment financing is definitely a great option for those who need access to large amounts of money quickly. Most other forms of expedited financing have much lower limits, which can make approval and repayment more difficult. But with equipment financing, you can get the funding you need to purchase some of the most expensive pieces of equipment available.
You can expect a lower rate than an unsecured option with repayment terms of 1 to 5 years. The money can be used for all kinds of equipment, from an excavator for your worksite to state-of-the-art software for your office. Whatever equipment you decide to purchase will then serve as the collateral for your loan.
FAQs
How hard is it to get a fast business loan?
How easy it is to get a fast business loan depends on the type of small business loans you apply for. Each variety comes with different eligibility requirements. For a fast business term loan, lenders typically review your credit score, time in business, collateral, and revenue. You can typically get pre-qualified for a loan in just a few minutes.
What is the typical time to receive funds?
It depends on the lender and type of financing. Online business term loans and equipment financing are usually the fastest. But you can also get financing through a business line of credit or short-term loan in a few weeks or less.