What Type of Instant Business Funding Loans are Available
In an instant, you can order a movie, make hot chocolate or immediately regret the words you just uttered. You may wonder if it is possible to get instant business funding loans just as fast.
The definition of the word instant is a very short period of time. When you are in need of an instant business funding loan, instant is usually the operative word.
Who Offers Instant Business Funding Loans
As an entrepreneur, there are many banks and lending institutions screaming for your business, with tons of advertisements promising to help you on your quest for growth and success. However, when you say you need an instant business funding loan, they can become eerily silent.
For most banks, any type of service that requires instant action is usually a problem, due to the very nature of how they conduct business. Banks can be great for paying bills or for assistance with financial planning, but they are notoriously slow when it comes to fast business financing.
At a bank, the most they can offer is instant approval, but this is typically reserved for small businesses with excellent credit and loads of collateral. The best you can hope for in terms of a short term business loan is a home equity line of credit. This is a type of business bank loan in which you put your house up for collateral to back the loan, but if you have any difficulty with payments, you could lose both your business and your home.
What Other Types of Instant Business Funding is Available?
When you need instant business funding, it is likely for a temporary situation, such as difficulty making payroll. Many small businesses experience this problem due to an account receivable gap, where you have to wait 30, 60 or 90 days for clients to pay but you have bills and other daily expenses that need to be paid now.
Thankfully, there are alternative lenders that can help, like Financing Solutions (www.fundmypayroll.com). This is a cash advance company that provides instant business financing when you need access to fast cash but are not eligible for a business loan from a bank.
With Financing Solutions, you can get the fast business financing you need in less than 48 hours. You simply sell some or all of your account receivables and receive cash based on a percentage of their value. All it takes is a 15 minute phone interview and a few financial documents to be approved.
Small businesses that have been in operation for at least two years, requiring 5,000 to 100,000 in immediate business financing are eligible to apply. Best of all, receiving help from Financing Solutions does not affect your credit score and you can repay the money in a couple of weeks or months, when your cash flow is stronger.
Another type of alternative lender is a traditional factoring company. They can also get you a quick business loan faster than a bank but you should be wary of their expensive fees and long-term repayment schedules.
Questions to Ask Before Seeking an Instant Business Funding Loan
Running a small business is never easy. There are many roadblocks and pitfalls on your way to success. One of the biggest is not having access to fast cash. Before seeking an instant business loan to help, it is important to have all the facts.
You should not sign on the dotted line until you get all the pertinent questions answered. It is crucial to ask your lender about the terms of the loan, the cost of your monthly payments and any additional costs that could increase the price of the loan. After all, a loan is only helpful if you can develop a solid plan to repay it.
Instead of turning to banks or other lenders for instant business funding, contact Financing Solutions first. When you are done shopping around and comparing offers, you will discover that this is the best remedy for your quick business financing needs.