Fast Business Loans: Everything You Need to Know
Fast business loans give business the financial flexibility to respond to emergencies, cover funding shortages, and fund opportunities. Unlike a loan from a bank, rapid financing through Fast Business Financial means you can get approved and have funds deposited into your business account in as little as 24 hours.
Same-day business financing isn’t just for fixing catastrophes; this type of loan is perfect for a number of unforeseen events, including:
- Machinery repairs
- Tax payments
- Inventory purchases
- Revenue shortages
- Personnel hiring
As a direct lender, Fast Business Financial can improve your loan application instantly. And, all it takes is 3 to 5 minutes to get started.
If your business has run into an unexpected situation or opportunity, complete our fast financing application. Even those with ‘poor’ credit may qualify for rapid financing. Apply today and have funds deposited within the next 24 hours!
Quick Business Loans: Getting Started
Have a few minutes? That’s all the time you’ll need to find out if qualify when you apply for quick business loans through Fast Business Financial. The process is easy and straightforward. All you need to do is following these three easy steps:
1Fill Out a 5-Minute Application
To see if you are eligible for quick business financing, simply complete our online application. The process takes just 5 minutes and you will find out how much you can borrow within minutes. In some instances, Fast Business Financial may follow-up your application with a brief phone call to clarify information or make recommendations on securing the right type of loan for you and your business.
In the application, you wil be asked for general information, such as your business’ annual revenue, how long you’ve been in operation, and the reason you are seeking rapid financing.
2Review and Accept Our Financing Offer
If your fast business loan application is approved you will receive a confirmation containing the details of the loan. This will include important information such as the term, rate, and conditions of the loan. Each loan offer is good for a set amount of time, so keep that in mind when you apply!
Once you have accepted the offer, Fast Business Financial may ask for your last three months of bank statements. This information is used for underwriting purposes.
3Your Funds are Ready to Use!
Once you are approved for a loan, and accept the terms, rates, and conditions of your rapid financing offer, funds will be wired directly into your business account (within 24 hours, in most cases). You can draw these funds immediately and apply them to equipment purchases, repairs, payroll, and other business purposes.
How Do I Qualify for Rapid Business Funds?
While the requirements to qualify for rapid business funds vary from lender to lender, you’ll find Fast Business Financial to have some of the most flexible qualification criteria in the industry. Here’s what you’ll need:
- FICO credit score of 450 or better
- Documented revenue gains
- At least six months in business
- No recent bankruptcies
- Three (3) most recent bank statements
Have bad credit? Those with a FICO® score of 450 or less, and $15,000 monthly revenue, can speak to a loan specialist to see if credit score requirements can be waived.
Have a Business Emergency? A Quick Business Loan Might Help
Let’s say you are the owner of a food truck and the transmission unexpectedly fails. Instead of a traveling dispensary of deep-fried goodness, you now have a not-so-mobile kitchen parked in your driveway. The situation does not look good. Checking your bank account, you realize that you can’t repair the transmission using your own funds. And, the only way you can raise enough money to fix your truck is to make money selling food. You’re in a “catch 22.” To complicate matters, this coming weekend is the county fair, your business’ most profitable date on your food truck’s calendar.
In this situation, you could borrow money from friends and family, but time is short and you’d rather not be in the situation of bothering personal relations with a loan request. The only sensible solution is to seek a quick business loan.
So, you go to the Fast Business Financial website, apply for a loan, get approved, and check all the boxes that say you agree with the terms and conditions of the loan. Within 24 hours, funds are deposited into your business checking account and you are back in business! This is just one example of how business emergencies can be solved through fast business funding.
Quick Funds for Business Continuity
Quick funds aren’t just for up-and-coming businesses in their first few years of business. There are instances where highly profitable, well-established business may take out a loan to cover the costs of an unexpected event.
Let’s say, a pipe bursts at a digital marketing firm. Several computer towers, monitors, and industry-specific pieces of equipment will require replacement. But, the business will also need to hire plumbers and a flood remediation company before they can resume work at the office. While the business can file a claim through insurance to cover much of this cost, there are still contractual deadlines to meet. So, the only option is to secure funds for a temporary workspace — and do both in a short amount of time.
Rapid business loans are useful for those unplanned, pivotal moments when a business needs to come through for the sake of their customers, community, and employees. Fast Business Financial is proud to be part of many such business success stories.
Seize Business Opportunities with Rapid Business Financing
What about financing business opportunities? Rapid business financing can also be useful in situations where a business encounters an unforeseen opportunity, such as unexpected demand that requires hiring additional staff or fast-tracking inventory replenishment.
The city approaches a contractor to help restore the city’s town hall. This promises to be the most lucrative contract the firm will see in its 10 years of business. There’s just one catch. The contractor’s team is booked solid for a full 18 months in advance. Yet, the project is slated for completion in just six months, when the newly restored town hall will serve as the centerpiece for the city’s bicentennial celebrations. The contractor knows that he can’t backtrack on existing projects, or risk losing out on a project as prestigious and financially rewarding as restoring the town hall.
The contractor consults with an accountant, who recommends securing rapid business financing to cover replacements for the existing lineup of projects. This allows the contractor’s all-star team of restoration specialists to devote their full attention to the town hall project.
If your business is in a situation to “seize the day,” consider rapid financing. Fast Business Financial makes it easy — apply today!
How the Two Largest Companies Used Loans to Build Their Empires
Here’s some food for thought: At this moment, the two most profitable businesses in the world — Amazon and Apple — struggled to get by until “angel investors” came along. These loans allowed them to take advantage of emerging markets. For Apple, it was the innovation of a personal computer that included a color monitor, for Amazon, online book sales (followed with online sales of nearly everything). The point is, even in an age when the world is more connected and promoting your business is relatively cheap, it still “takes money to make money,” as the old adage goes.
When Steve Jobs was looking to take Apple from his parent’s garage and become a major contender in the world of personal computers, he sought a loan from Mike Markkula, a former marketing manager and engineer at Intel. Likewise, Jeff Bezos sought a loan from his parents following a successful demonstration of how the website is used.
These are two extreme examples of how a business loan was quickly secured to take advantage of an opportunity in the marketplace.
Working with a Direct Lender for Fast Business Funding
Once a business is established for a number of years, they can seek a business loan from a full range of financial institutions. But, sometimes businesses require fast business funding through a direct lender. After all, it can take weeks, sometimes months to get approved for a loan through traditional banking channels.
The truth of the matter is that sometimes working capital can’t come soon enough. An essential piece of machinery fails, a business opportunity arises, or the company needs to hire more staff to handle growing pains — all of these are instances where a business can benefit from using quick business funding through an online direct lender.
Direct lenders (such as Fast Business Financial) offer fast business loans to help businesses respond to unexpected financial challenges or opportunities. Instead of going through the weeks- or months-long process of filling out applications, signing over collateral, and then waiting to learn about whether or not they’ve been approved, businesses can see if they qualify in a matter of minutes. If the borrower agrees to the terms, rates, and conditions of the loan, these funds can then be deposited directly into business’ bank account — usually in less than 24 hours.
When you need rapid financing, Fast Business Financial is here to help. Since 2014, we have helped SMEs gain access to working capital — and quickly!
Helping Small Businesses Become Smart Borrowers
On the Small Business Administration website, the agency notes that “How you choose to fund your business could affect how you structure and run your business.” At Fast Business Financial, we know that rapid business loans are not the right solution for every financial burden a small business might face. There is a time and place for fast business loans, and these types of loans should only be used to ensure the short- and long-term stability of your company.
Before you apply for rapid financing, ask yourself these two things: “If I do not take out a loan, will it have a devastating effect on my business?” and “Would my business be better served with a short-term loan or maybe a line of credit?” Also, follow these bits of advice before applying for a loan:
Make time to speak with a financial expert
Before you take out a loan you should first meet with a certified public accountant (CPA). You may also use Fast Business Financial as a resource. Our loan specialists can help guide your decision-making process so you arrive at a decision that reflects the short- and long-term goals of your business.
Fast financing isn’t the only solution
If there is a high demand for the products or services your business offers, you may want to hold off securing a loan, and instead, increase your rates. While raising prices might not fix your business’ immediate financial needs, it might just be the solution to long-term financial stability.
Can’t decide which type of loan is right for your business? Call Fast Business Financial at 1-866-277-2907. Our lending specialists will answer your questions and make recommendations on how to get the most out of your loan opportunities.
What to Expect with Instant Business Loans
We wish we could say there are nothing but positives when it comes to instant business loans, but there are a few things you should consider before applying for this type of business financing. Since these are rapidly funded business loans, there are some trade-offs you will make compared to other types of short-term and long-term loans.
To ensure funds are delivered at a rapid pace, lenders such as Fast Business Financial forego the collection of collateral information. Instead, borrowers can expect to pay a slightly higher annual percentage rate (APR) due to the added risk lenders face with these types of loans.
Since fast business financing is funded rapidly, you can expect to pay a slightly higher rate than you’d expect from a collateral-secured short-term business loan.
Zero Collateral Required
As we already mentioned, rapid business loans often do not come with collateral requirements, but the terms and conditions may include language on a general asset lien being placed with the borrower. This is to give the lender some leverage if the borrower should default on the loan. Collateral-based loans often come with lower interest rates, but at least you will not have to complete UCC-1 forms.
Since fast business loans are financial instruments designed to fix immediate needs, you may be surprised by the term duration of the loan; most of these come with terms that fall in a repayment schedule of 3 to 18 months.
Quick Working Capital for SMEs
Fast Business Financial is all about helping small to medium-sized business gain access to working capital — and fast. In fact, many of our business loans can deposited into clients’ accounts within 24 hours.
We know SMEs are always in a crunch for time (and cash). On average, the entire loan application process takes just 5 minutes. Once you apply, get approved, and agree with the terms and conditions of the loan, you can have working capital deposited into your business account, either today or tomorrow (usually within a 24-hour window). That’s the speed and flexibility of working with a leading online business lender.
FAQs on Fast Business Loans
?How long do I need to be in business to qualify for a 24-hour business loan?
Most direct lenders, including Fast Business Financial, require businesses to be established for at least six months to a year before they are considered for a loan.
?Will ’bad credit’ reduce my chances of securing a rapid business loan?
In many instances, yes. But, Fast Business Financial will consider lending to business owners with FICO® scores hovering around 450 so long as the business is earning at $15,000 per month in revenues and has operated for at least 6 months. So, even if your personal credit score is somewhat “poor,” Fast Business Financial can help you to secure a fast business loan.
?How much money can Fast Business Financial lend?
While most fast financing options are in the range of $10,000 to $150,000, Fast Business Financial can lend as much as $5 million to approved borrowers.
?What is the repayment schedule?
Fast Business Financial offers flexible repayment schedules. You can choose to repay your loan on a daily, weekly, or monthly basis.
?What types of documentation do I need?
Unlike loans secured through traditional lenders, there are less steps and paperwork necessary to secure instant financing through a direct lender. Once you are approved for a loan through Fast Business Financial, you will only need three of your latest bank statements. These will be used for underwriting purposes.
?Why is the APR higher with rapid loans?
Since funds are secured right away, lenders forego seeking any type of collateral on the loan. This means the risk to lenders is higher if a borrower should default on the loan. Therefore, lenders charge a premium for rapidly funded business loans to make up for the additional risk.
?Can I only use rapid business financing for emergencies?
These types of loans are designed for unexpected events, such as emergency funds, equipment purchases, covering revenue shortfalls, and machinery repairs. But, you are under no obligation to demonstrate how the funds are used.
For more information on how to qualify and secure instant financing in as little as 24 hours, call 1-866-277-2907 to speak with a Fast Business Financial loan specialist.
Truly Fast Funding
With Fast Business Financial, the speed of applying is fast, the approval is fast, and funds are quickly deposited into clients’ accounts in as little as 24 hours. Have a few minutes? That’s all you’ll need to apply for rapid financing through Fast Business Financial. If you’re facing a cash crunch and you need working capital “like last week,” then rapid financing might be the best option for you.
Other direct lenders may claim they offer fast funding, but only Fast Business Financial has built their entire financing model around delivering funds fast. To see if you qualify for a loan, complete the fast financing loan application for businesses today!