6 Quick Business Loans For When You Need Funding Fast

Have you ever found yourself in need of capital right away? Traditional term loans can take days, while SBA loans can take weeks.

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6 Quick Business Loans For When You Need Funding Fast

 

Have you ever found yourself in need of capital right away? Traditional term loans can take days, while SBA loans can take weeks.

Fortunately, you have options. Several types of loans can be funded in as little as two days.

BCCUSA aims to help you know your options so you can make informed decisions. Read on to learn about fast financing sources that are available to you. If you work with us, we can provide further guidance on choosing and obtaining a quick business loan.

1. Merchant Cash Advance

Merchant cash advances are advances against your future credit sales, not loans. But no matter, because you can get a merchant cash advance within 24 hours.

Under a merchant cash advance agreement, your provider gives you a lump sum of cash. In exchange, they get a slice of all credit sales for a defined period. 

The cost of this form of financing is called the factor rate. Your lender adds a percentage (that they determine after evaluating your application) of the amount borrowed to arrive at the total amount you’ll pay back.

For example, if your factor rate is 1.3, and you borrow $10,000, you’d pay back $12,000. That’s relatively expensive, but at least you only pay when you sell.

You can typically get up to $250,000 with a merchant cash advance. These are excellent if you need cash fast and don’t have good credit.

2. Invoice Financing

Another one of the quickest methods of business lending is invoice financing. In essence, you leverage your accounts receivable to obtain cash.

You can either sell your accounts receivable outright (called invoice factoring) or use them as collateral for a loan.

Invoice Factoring

Under invoice factoring, your lender remits a significant portion of the accounts receivables’ value up front. They then take possession of your invoices — thus, they now have the responsibility to collect on them.

One the lender collects on your invoices, they send you a portion of the proceeds and keep the rest as interest/fees.

Invoice factoring is ideal if you aren’t sure you can collect on most of your receivables. Better to receive most of their value than to earn nothing.

Borrowing Against Your Invoices

If you’re confident in your ability to collect on receivables but need cash now, borrowing against them may be the better option.

Under this kind of agreement, your lender remits 75%-90% of your receivables’ value. As you collect on your invoices, you pay the principal back your lender plus fees and interest.

3. Business Line of Credit

Business lines of credit are a form of revolving credit, which is the opposite of a loan. You can borrow at any time (up to your credit limit) and pay it back when you want — as long as you make the minimum payment every month.

Interest rates vary widely. SBA lines of credit have some of the lowest interest rates. Banks are a close second, whereas online lenders have some pretty high interest rates.

The advantage of online lenders, however, is that approval happens much faster.

SBA credit lines (that aren’t part of the Express program) especially can take a long time. We consider business lines of credit to be quick primarily because can access it immediately if you already have it.

Consequently, getting a line of credit as soon as possible might be a good idea. If nothing else, it’ll help you build credit. If you ever need funding fast, it’ll save you, too.

4. Short-Term Business Loans

 

Some lenders offer traditional term loans that last a year or less. These short-term business loans typically take less time to apply for and obtain. That said, speed can vary by lender.

These loans are less risky to the lender than, say, a five-year loan. Consequently, you’ll likely see better interest rates than traditional loans.

Plus, it’s easy to work a term loan’s fixed payments into your budget.

Still, you’ll need excellent credit and strong financials to get a short-term business loan.

5. SBA Express Loan

The SBA offers quick business loans in the form of SBA Express loans.

You can get approved for one of these quick business loans or credit lines in as little as 36 hours. Credit lines last seven years, although they permit extensions at the outset of the loan.

Such speed comes with a few drawbacks. For one, you can only borrow up to $350,000 in Express loans — much less than the 7(a)’s $5 million limit.

Interest rates can be higher, as well. After all, a faster lending decision gives the SBA and lenders less time to evaluate your riskiness.

The SBA also offers specialized Express loans for businesses that export called Export Express. Approval times are faster at 24 hours, and they come with a $500,000 borrowing limit.

6. Equipment Financing

Equipment financing is a surprisingly quick business loan. You can use equipment financing to upgrade/repair current equipment or to replace it.

Be careful with equipment financing, though. If your equipment depreciates too fast, you’ll be stuck paying a loan for an asset you can’t use.

When you need funding fast, you don’t have time to research your options — let alone go back and forth with various lenders. But if you move too quickly, you could end up with an unaffordable interest rate or lousy loan terms.

With a broker like BCCUSA at your side, you can rest assured you’re getting the best funding vehicle for your business — without investing much of your time. Our experts examine your financials and can quickly recommend a financing source that’s right for you. 

Fast funding that you can afford is possible to obtain if you work with an expert. Contact us today for a free consultation.

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