Get Funded ASAP: 5 Fast Business Loans for You

June 24, 2019

Unforeseen business expenses, upcoming due dates, vendor payment dues – these are just some of the expenses that need immediate cash. However, applying for traditional loans to cover these expenses can be inconvenient, burdensome, and dreary. To fund immediate expenses, it’s better to apply for fast business loans. Keep in mind that the faster you need the loan, the more you have to pay for it. But if the business loan can grow your business and keep it afloat, the cost of the loan will be all worth it.

Here are the top five fast business loans fit for every business imaginable:

1.   Merchant Cash Advance (MCA)

An MCA is technically not a loan, but it works like one. As the name suggests, an MCA is more like a cash advance against your business’ credit card transactions. The payment for the loan is automatically deducted with every card purchase. This means that the payments fluctuate along with your sales volume. But similar to a traditional loan, you still need to provide merchant processing statements and bank payment to determine the terms of the advance.

2.   Multi-Year Term Loan

Multi-year term loans have repayment schedules ranging from two to five years. This is ideal for business owners because aside from long repayment terms, the loan also comes with low monthly payments and fast funding. Once approved, you can receive funding within three to five days. To qualify, you need to show lenders strong business trade credit, good personal credit, and a history of positive cash flow.

3.   Business Line of Credit

A business line of credit (LOC) can come in handy, especially if you’ve set up one ahead of time, like with AdvancePoint Capital. With a LOC at your disposal, you can access funds every time you need it. You can use the funds to pay for unexpected business expenses, opportunities, or daily business operations. Flexibility and convenience are the biggest advantages of a business line of credit. You only have to pay interest on the amount of money you’ve used, not the entire credit limit.

4.   Invoice Factoring

Another way to finance your business is to leverage your pending invoices by selling them to a third party company or a factoring company at a discount. Your customers will directly pay their dues to the factoring company. Once your customers pay, they will give you the remaining value of the invoices, minus a small transaction fee.

However, this convenience comes at a price. The borrowing fees for invoice financing are higher than traditional loans. Not to mention the additional fees for renewals or canceling services.

Equipment Financing

Regardless of the industry you belong to – heavy construction, staffing, or medical – you most likely need expensive equipment for daily operations. Equipment financing provides you with the money you need in as little as 24 to 48 hours to purchase the equipment you need. But keep in mind that equipment financing from banks takes a long time. It’s better to apply for one through an online lender for a faster application process.

With an approval rate of around 60%, we suggest going through an online lender for fast business loans for equipment; a bank will almost certainly take longer.

Fast Business Loans for You

When in need of immediate financing, don’t think twice about applying for fast business loans. SMB Compass offers a wide variety of loans for every business need. Our lending experts can help find the right loan for you, and once approved, we can fund your business within a day. For more information, don’t hesitate to call us at (888) 853-8922 or email us at info@smbcompass.com.

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