Where to Get an Immediate Business Loan for Your Small Business
You probably know the best sites for instant chats and who to call for urgent medical care, but where to get an immediate loan for your small business may be a harder question to answer. Finding the answer is important for the success and health of your business.
In this age of voice activated commands and smart technology, our society is quickly becoming used to getting everything we want instantaneously. When you own a small business, things happen just as fast so if you find yourself in need of a loan, you probably want to get it immediately.
Who Offers Immediate Loans for a Small Business?
Most people think of banks when it comes time to look for an immediate business loan. However, for most small businesses, this is a waste of time.
The best a traditional bank can offer is instant approval and that is usually only given to businesses with a stellar credit history and plenty of collateral. You may be able to qualify for a home equity line of credit but this means putting your home on the line to cover the cost of the loan. Also, even if you are eligible, it could still take months before you see any money.
Are There Alternatives to Immediate Loans for Small Business Owners?
With traditional banks making it difficult for any small business to obtain a quick business loan, thankfully there are alternative lenders that can help. Each comes with distinct advantages and disadvantages so you should get all the facts before deciding which one is right for your small business.
One smart option is a cash advance company, like Financing Solutions (www.fundmypayroll.com). With a cash advance company, you can get the immediate business funding you need to make payroll, pay business taxes, build a working capital fund or grow your business.
The process is quick and easy. You sell some or all of your account receivables and receive cash based on a percentage of their value. For example, if you have an account receivable worth 100 dollars, you can get approximately 80 dollars in cash for it, without having to wait 30, 60 or 90 days for it to become due.
Best of all, by going to a cash advance company, you can get a decision on your application in a matter of hours and the funding you need in your account in less than two days. In addition, there is no long term commitment. Most businesses that use cash advance companies are able to repay the money in a few weeks or months, when your cash flow is stronger.
Another type of alternative lender is a traditional factoring company. They also purchase your account receivables, but with a few key differences you should know about.
For example, they typically lock you into a long term repayment schedule that could take years to pay off. Also, they charge expensive fees, sometimes thousands of dollars, which gets added to the cost of the loan.
What You Need in Order to Apply for an Immediate Loan?
No matter what type of lender you choose, they all usually ask for the same information. Having it ready prior to applying for an immediate loan may save you some time.
You can expect a bank or alternative lender to ask about assets, such as account receivables, and check your credit score. Some lenders give more weight to these issues than others.
For instance, at Financing Solutions, even if your credit score is not great, you may still be eligible for instant business funding. They are more flexible and willing to consider factors such as whether your current bills are up to date and you are making efforts to improve your credit score.
When all is said and done, you may find that a cash advance company is the smart choice for your small business. You owe it to yourself and the success of your small business to contact them today.