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How can I get a quick business loan?

You’ve spent countless hours investing time and energy into your business.

You’ve done everything you could to prepare yourself for the future and the inevitable curveball that comes from left field that has you looking for small business loans to get you the emergency cash you need fast. 

However, there are some things you just can’t plan for– good and bad– when it comes to owning a business.

Whether it’s catching up on a bill or getting the funds you need to invest in new equipment when something breaks, same day small business loans can be just the thing you need to keep your business running smoothly.

Fortunately, the days of having one and only one lender you could go to (the bank) are long over.

Now, you have numerous options for fast business lending, much quicker than has ever been possible, whether it’s to keep things afloat or grow to new heights.

We have same day business loan options available at your fingertips. With a simple online application, you’re just a few clicks away from getting approvals. 

So, in this guide, we’ll break down all your fast business loan options and everything you need to know about qualifying and approval, including:

Table of Contents

Click on the relevant section below to get straight to what you’re looking for or keep scrolling to take it one section at a time.

Either way, this guide is designed to give you all the information you need about fast business financing, from fast financing options to qualifying and approval.

Let’s get started!

What can you use fast business financing for?

Complete our online application and discover how much you can be approved for:Apply Now

If you need an instant business loan, it’s critical to understand what you can use fast small business loans for now so you can get the best loan for your business’ needs.

Here are a few examples of the kinds of things you can use fast small business loans for:

Unexpected issues

Business, like life, often hits you with one unexpected surprise after another.

Sometimes, it’s less about pushing for growth and innovation and more about riding the current flow of things, maintaining a meandering path to success while you put out fires along the way.

For that reason, having access to quick business loans can be exactly what you need to keep things running smoothly.

Giving you the flexibility to put out fires as they happen, not after they left a path of destruction that needs to be cleaned up.

Business Expenses

Many business owners need instant business loans for unexpected expenses yet most don’t know that several alternative loan types can be used for everyday expenses.

You don’t need a special product launch or equipment purchase to get funds fast.

If you just need it to stay afloat during a slow season, a quick small business loan could be just the thing.

Inventory and Equipment Purchases

New equipment can be one of the costliest purchases for a business at any stage, whether it’s new computers, machines, or vehicles.

Acquiring working capital is one of the most common reasons for obtaining new equipment and inventory because it doesn’t cut into your existing cash flow.

Plus, you can pay it off over time.

Expansion

Sometimes, you need capital to handle issues in the business.

Other times, business is great and you need capital just to keep up with growth, from opening a new location to building on a preexisting one.

 Fast business finance can give you exactly what you need, when you need it, so you don’t have to pass up on taking advantage of this growth phase.

New Hires and Employee Training

Similarly, during times of growth, it’s common for business owners to be running low on cash, trying to keep up with demand.

However, if you’re all tied up just trying to keep up with demand, you won’t have the cash flow to invest in the new hires and employee training you need to handle that new demand over the long-term.

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What are the best quick business loan options?

In the past, your only option was to walk into the bank and hope they’d approve you for a loan.

However, nowadays, thanks to alternative lenders you now have a diverse collection of options available to you no matter what your need.

Here are several fast small business loan options:

Unsecured business loans

Most fast unsecured business loan does not require hard collateral, such as property or savings, hence why it’s an unsecured loan (as in lenders take nothing to secure the loan’s repayment).

However, it’s important to keep in mind that because the loan isn’t secured, interest rates tend to be higher.

Learn about unsecured business loans.

Business lines of credit

Quick business lines of credit offer a unique option if you need funds quickly.

As opposed to a single loan, a business line of credit– once approved– gives you recurring access to credit whenever you need it.

If your business is at all seasonal, this can be the perfect option to solve your short-term cash needs on a more consistent basis than getting a new loan every season.

Lines of credit don’t require collateral, however, because they’re not secured your credit score usually needs to be at least 540+.

Learn about business lines of credit.

Split funding / Merchant cash advance

Split, funding, or a merchant cash advance, is a lump sum which is then paid back by deducting a percentage of your daily credit card sales.

The advantage of split funding is in the nature of the repayment plan. When business is good, repaying the loan is easy.

When business is down, the percentage-based nature of the repayment amount means your daily payment drops considerably and becomes easier to manage during those slow times.

Term loans

A term loan, either a short-term or medium-term loan, is straightforward: they’re designed to fill a need based on their description, a short-term loan taking care of a short-term need and so on.

Term loans are perfect when you need one lump sum to take care of a single purchase quickly.

How to get approved for fast business loans?

So, you know the diverse range of uses for a fast working capital loans and you know your numerous options.

But how can you give yourself the best chance for approval?

First, let’s talk about what lenders look for when reviewing a loan application so you can be well-prepared when submitting your application.

What do lenders look for?

Here are the five primary factors that lenders look for when reviewing a loan application:

1. Credit score

As opposed to traditional banks, alternative lenders don’t base approval strictly on your credit score.

Being approved for a business loan was once much more difficult. Even now, traditional lenders such as banks use an old system that only takes your credit score into consideration.

However, having said that, there are some important items which you need to consider with regards to your credit:

  • Bankruptcies
  • Foreclosures
  • Tax liens
  • Negative items (NSF and overdraft) in your bank statements

The above factors, while not disqualifying, will show negatively with lenders.

Keep them in mind as you’re putting your things in order and take care of whatever you can before you apply (if possible). We do offer fast business loans bad credit and the rates may vary.

2. Annual revenue

How is your business’ revenue? Up year-to-year or has it been more of a rollercoaster?

Your annual revenue is an important sign of a healthy business, so it’s one of the more important factors to keep in mind.

3. Current debt obligation

Current debt obligation is important to lenders because they want to know how soon you’ll pay off the loan– and how likely they are to get it back without a fuss.

Here are some things to keep in mind:

  • Do you already have a loan you’re currently paying off?
  • Is there collateral involved?
  • Have you had a loan in the past? Did you pay it on time?
  • What percentage of gross monthly revenue is being paid toward current loans
  • Have you had payment issues with other lenders?

Most importantly, lenders want to know that they’re not “second position”, meaning they’re second in place to be paid back.

4. Profitability

Beyond just revenue, lenders want to see how much your business is actually “bringing home” after you pay for all inventory costs, fees, marketing, payroll, and other expenses.

The reality is, you might have a large number of regular sales and a great looking annual revenue. However, if your profit margin is low and you’re struggling to make your bills, that doesn’t look good in the eyes of a lender.

It’s important to keep in mind, however, that most business loan types under $100,000 do not require a review of your profitability or financial statements.

5. Cash flow

Similar to annual revenue and profitability, cash flow shows what is coming into the business.

However, far more than just money coming in, cash flow is a more exact indicator of how liquid you are and how much extra cash you have on hand.

Lenders want to see that you not only have money coming in but that you’re being good with that money and have the habit of retaining extra funds for handling unexpected drops in business that could threaten your ability to pay the loan back.

Most lenders look at your average daily balance, any NSF or Overdraft items in your bank accounts and your ability to keep your expenses in order

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What do I need to qualify for fast business financing?

Now that you know what lenders look for when reviewing your application and what you need to get in order to increase your chances of being approved, it’s time to talk about what you need to qualify.

For the most part, this all depends on the type of loan you decide is best for you. Two loans may require different paperwork and minimum qualifications compared to one another.

If that all sounds confusing, don’t let it overwhelm you.

When you submit your application, we’ll guide you through the entire process step-by-step so you know what is required to qualify.

Having said that, there are some universal minimum qualifications to keep in mind.

For most loan types, these three basic requirements exist:

  1. In business for 6+ months
  2. $10,000+ gross monthly revenue (for unsecured business loans)
  3. A business bank account

 our fast business capital options do not require:

  • A minimum credit score, or
  • Collateral

Now that we’ve covered the basic qualification requirements, let’s talk about the documents that will be required to apply.

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What documents are needed to apply for a fast business loan?

Now that we have the basics covered for what you need in place to get approved what you’ll need to apply, let’s get your documents in order.

Lucky for you, the documentation requirements for alternative lenders loans is simple and straightforward compared to traditional bank loans.

First, a very short, simple application is required to get your information in the system and get you started.

For that, all you’ll need is your last 3 months of business bank statements.

Once you’ve gotten that out of the way, it’s important to keep in mind that one or more of these additional documents may be required after submitting your application:

  • Copy of photo identification (all owners)
  • Business license
  • Voided check
  • Proof of ownership
  • Property lease or landlord contact information along with last 3 month’s rent checks
  •  Last filed Tax Return and financial statements may be requested for funding over 150k

Try to have as many of these documents on hand before you apply so you can streamline the process as much as possible to reduce the time it takes to get an approval.

With that in mind, exactly how long does it take to get approved and have funds deposited into your account?

I need a fast easy small business loan, how long does it take to get approved?

If you’re reading this, chances are you don’t just need a business loan– you need it fast.

Clearly, time is of the essence. So, exactly how long does it take to get approved?

Approval ultimately depends on how quickly you can provide the documents requested by the lender, as mentioned a moment ago.

However, in general, approval takes just 24-48 hours from the moment you submit your application.

And, once approved, it takes just 1-2 more days for the funds to be received into the account of your choice.

To see what you qualify for, simply complete our short one-page application by clicking here.

It’s never been easier to get the funds your business needs, whether it’s to buy new equipment, make new hires, pay bills, or expand into a new location.

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5 Reasons to Get a Quick Small Business Loan

There are countless reasons to apply for a small business loan, from business growth to cash flow for survival through a tough season.

As the applications for that funding continue to expand amid a quickly changing world economy and a growing diversity of alternative funding and loan programs become available, financing is becoming a more critical element to the success of every small business.

Fortunately, as technology adapts to the rising demands of small business owners, getting a small business loan is easier than ever.

As a result, you now have the ability to get approved and funded in less than 30 minutes. Talk about fast.

It’s no surprise that 73% of small firms have received some type of business financing in the last 12 months according to the SBA.

Without proper funding, most businesses can’t keep up with the need for a consistent flow of cash to maintain business growth, especially during rough times.

But what exactly can you use this type of new, alternative financing for? Surely, a quick small business loan has limitations?

Fortunately, the only limitation is your imagination, as alternative financing solutions now offer fast small business loans that can be used for anything your business needs.

If you’re looking for a few creative ideas as to how a little extra funding can help your business grow, look no further.

Here are the top 5 most common uses for quick business loans:

1. Unforeseen Business Emergencies

Over 30% of our applicants who are requesting a fast business financing need the capital for a curveball that was thrown at their business.

What this event exactly is varies widely by case but many requests are related to vehicle and equipment breakdowns or upgrades.

Unfortunately, most banks take between 30-60 days after all the paperwork has been received according to businessmoneytoday.com.

Clearly, waiting that long with a wonky oven if you’re a restaurant or a broken-down delivery van can be devastating to a business’s immediate cash flow.

2. Distributor or wholesaler flash sale

If you’re a retail or e-commerce business, you’ve likely offered a flash sale– a special deal for bulk purchases or simply a deep discount– at one point or another to great success.

However, with a limited amount of time available to apply for extra capital through traditional sources, a business owner is typically limited to whatever cash or inventory they have on hand to run said sale.

However, with a quick small business loan to give your business the funds it needs to run such a sale, this type of purchasing power can easily double or triple a business’ bottom line without hurting your cash flow or inventory.

3. Business debt consolidation

Businesses typically have a variety of different types of debt on their balance sheet.

This varies from credit card debt to secured debt that has balloon payments attached to it.

We see many businesses apply for quick business funding when the time frame to pay off debt is running short and they need a more manageable amount of time to repay their outstanding liabilities.

4. Hiring a new employee

During times of growth, a business often isn’t quite in a position to make additional hires, with cash flow not yet having caught up to the increased business.

So, you’re posed with a problem: stunt your growth to maintain your balance sheet or overstretch yourself and risk running behind so you can push forward.

But if adding a new employee can allow you to grow your business, why wait? Growth is rarely easy, but if you’ve got the cash you need to invest in that growth it makes the process so much simpler.

5. Investing in marketing

As a business owner, you know that marketing is one of the most important aspects of running a business.

How else do you expect to get customers to know about your special product or service?

But marketing isn’t cheap, so coming up with the cash to grow your business before you actually have it appears to be a catch 22.

According to Entrepreneur.com companies under 5 years in business should invest between 6-12% of their revenue in marketing.

If you’re not investing enough into marketing, it’s likely because you lack the cash to invest in the first place. And that’s exactly the kind of problem a quick small business loan can help you solve.

Will I be approved?

As you can see, the need for business funding is as diverse as the businesses themselves.

However, at this point, you might be worried about whether you’ll be approved or not.

Perhaps you have bad credit or something on your credit history that you’re uncertain will disqualify you.

Unfortunately, traditional lenders such as banks only base their decisions on your credit rating and history. So, in either case, you wouldn’t be approved.

However, alternative lending works differently.

We take into account not only your credit history but several different factors to take a more accurate picture of your business’ health.

That, in turn, means you can be approved even with bad credit as long as your business is in good standing.

Here’s a breakdown of the process to help guide you along the way:

Steps to Follow When Applying for Quick Business Loans

Now that we’ve covered what you need to know to give yourself the best chance of being approved for an easy small business loan, let’s talk about the steps to follow when applying.

Follow these steps to apply for quick business funding:

1. Identify Your Business’ Needs

First things first, why does your business need a loan in the first place?

Sit down with your core staff members, financial advisors, or simply yourself to determine your business’ needs and how a quick business loan could help.

Do you need to purchase inventory, hire additional staff, catch up on bills?

Having a plan of execution once the loan is acquired is essential for success, as well as a plan for paying the loan back.

2. Do the Due Diligence

You may hear the phrase, “do the due diligence” a lot when researching quick business loans.

In simpler terms, this means doing the necessary research before applying and accepting an offer with a lender.

There are thousands of lenders and brokers out there – traditional and alternative.

Don’t take everything at face value. Learn as much as you can about each lender you are interested in, compare pricing, read reviews, ask questions, and follow your gut if something just doesn’t seem right.

You have the right to protect yourself and your business.

The last thing you want to do is put your business in more of a financial bind or have setbacks.

Research and knowledge are key. Do your due diligence.

3. Choose the Best Quick small Business Loans Option

Maybe you did this when identifying why your business needs a quick business loan, but it’s a good idea to confirm again the type of loan product your business truly needs.

Could your business benefit from an SBA Loan, Term Loan, Unsecured business loan, or something else?

Speak with your chosen lender to go over all of your options and get a better understanding of how everything works.

All lenders have different business loan qualification guidelines.

Depending on your business’ financial standing the amount of money you are looking to obtain, the documentation needed to be presented with an approval will vary.

It is a good idea to at least have your last six months of business bank and credit card processing statements available, as well as additional financial documents like P&L and Balance Sheets and tax returns easily accessible.

Apply for a quick business loan

Fortunately, unlike traditional bank loans, the application and documentation needed for a fast business loan from an alternative lender are simple and straightforward.

Complete our online application and discover how much you can be approved for:Apply Now

Approval typically takes 24-48 hours and, once you’ve been approved, funds are typically issued within another 1-2 days.

Talk about a quick!

Getting a quick business loan doesn’t have to be difficult

Skip the tedious application process and long wait for traditional financing.

Call one of our funding specialists at 877-880-8086 or apply here today to learn what you qualify for!

Frequently Asked Questions

What is the easiest business loan to get?

Thanks to the digital tech revolution, several new business funding vehicles have become available. 

These options don’t require good credit (for some, even bad credit is acceptable), though your business does have to be in good standing. 

Here are some of the easiest and most accessible new small business financing tools:

  • Unsecured business loan: A lump sum of cash with no hard collateral requirements such as property or savings.
  • Split funding: Acquire a sum equal to a portion of future credit card sales. The advance is then repaid based on a percentage of credit card sales.
  • Term loan: A lump sum of cash designed to serve immediate, often smaller-scale cash needs. Predetermined payment schedules and amounts.
  • Business line of credit: This gives you access to a pool of capital you can draw from as you need it, allowing you to reuse given you repay your balance.

With each of the above options, you can be approved with less than stellar credit. No longer do you need to settle for one or two bank financing options. 

Now, you have several new and unique business financing options with more realistic qualification requirements, which you can use to get the funding your business needs– and get on with the important stuff, like growing your business. 

How can I get funding fast?

Nowadays, many quick business funding options exist. 

If your business is in need of funds fast, all you need to do is: 

  • Complete a short application, and 
  • Include 3 months of your recent business bank statements 

Most quick business loan options can fund in as little as 24-48 hours from application to approval. 

So, if you’re in need of funds fast, submit an application to see what you’re approved for.

Is getting a business loan easy?

Getting approved for a business loan is easier than ever, thanks to recent developments in the fintech (financial technology) space. 

In the past, acquiring a business loan from a traditional bank was tough. You either had the credit or you didn’t. 

And because acquiring financing was only available from friends, family, or your local bank, if you didn’t have someone who would lend to you and no bank would approve you, your luck was up. 

Today, getting a business loan from a traditional bank isn’t any easier. The typical credit requirement is often 720+, far above the average credit rating, and credit is the primary qualifying factor.

However, thanks to the fintech movement, new business funding options have become available that take your entire business’s health into consideration. 

That means you don’t need perfect credit. In fact, you can even be approved on bad credit if your business is in good standing.