If you are a small business who needs to get a loan with fast approval, listen up. Long gone are the days of traditional business loans.
If you need a quick loan for your small business to have cash on hand when you need it (like right now), then you’ll be a bit disappointed after applying for that conventional business loan when you find out how dreadfully long the process takes.
Any business loan with fast approval is the product of non-traditional lending.
Getting a small business loan doesn’t have to feel like pulling teeth. In fact, it should only take a few easy steps, and then voila, instant cash.
There are several types of fast business loans out there on the market, but for the purpose of this conversation, we’ll be going over the steps you need to take to secure your next round of funding as quickly as possible.
Let’s dive in.
1. What Type of Loan or Funding Do You Need?
Before you begin sending out applications and applying for anything with the word “loan” written on it, you need to do some preliminary brainstorming to figure out what exactly you need. How much cash do you need? How much debt can your business handle? What are your preferred payback methods?
The type of loan with the highest quick approval rate is merchant cash advances, coming in at about 85%. Your loan options could also include microloans, cash flow loans, credit line extensions, a few forms of financing, and more.
2. Understanding How You Will Be Assessed
The key to getting a fast loan is understanding how you will be assessed by the lender you work with. Lenders tend to look for a few pieces of criteria before approving your loan application. Normally your Credit scores would be at the top of the list but with Merchant Cash Advances that’s not always the case.
Depending on the type of loan you apply for, factors apart from credit history may be considered: cash flow, length of business operation, business debit/credit history. Understanding what lenders look for will steer you in the direction towards a quick loan approval.
3. Narrow Down Your Choices for Quick Loan Lenders
Approximately 32% of small business owners who applied for loans in 2019 used online lenders. The best way to get instant financial support as a small business (particularly if your credit isn’t stellar) is to work with online lenders. Do your research before choosing a lender.
Not all online lenders are made equal. Some have pretty strict approval requirements, and others cater to small startups with low credit scores and a short business history. Always pick the lender that you feel confident will provide a fast approval & offer the best financial options for your small business.
4. Gather Your Loan Documents Ahead of Time
Prepare, prepare, prepare. The loan process is always quickest when you come to the table prepared. After you’ve determined the type of loan you need and the lender you want to work with, gather your documentation.
This could include any business bank statements, tax returns, and other relevant financial information. Your word is not enough to secure a loan; you’ll need documentation of your business dealings. Keep everything together in a secure location for speedy access.
5. Apply as Quickly as Possible
Last but not least, fill out the small business loan application from your chosen lender. The application might look similar to what you’d expect with traditional offline forms, but with the lender’s personal flavor. Planning ahead of time and applying as quickly as possible will only speed up the process.
Try not to apply for more than one to two loans at a single time. Each lender you work with will pull your credit history. It’ll also make things easier to keep track of if you only have a couple of applications floating around at once.
Small Business Loans with Fast Approval
Get a loan for your small business with fast approval at Merchant Funding Solutions. Not only do we offer 24hr approval on merchant cash advances, but we also provide most other types of small business loans.
Figure out what you need, fill out a quick quote form, and we’ll work with you on the rest. You get a free consultation, no application fees, and fast loan options. We give you the best, so you can feel like the best.