It is easy to get quick business advice or to find vendors for your supplies. However, you must be cautious because some are better than others. The same is true for quick business lending sources.
Looking for quick business lending help can be overwhelming. Every lender promises to have the best rates, terms and conditions, so it can be hard to know which choice is best for your small business. Before making a decision, it is important to have all the facts about each option.
Who Offers Quick Business Lending
Many small business owners believe banks are the only option for funding. The truth is that banks typically take months to make a decision on a loan application and even if you are approved, you will still have to wait for an additional amount of time to see any money.
You could go to a traditional factor for a loan. They can get you your money faster than a bank but they often charge ridiculous fees for the privilege. Also, they insist that your clients write their checks to the factor, not you, which is a clear signal that your business is having financial difficulties.
There are also merchant cash advances, where you borrow against expected credit card payments. However, these companies will get to dictate how you run your business and accept credit.
Are Loans the Only Option for Quick Business Lending
For a better option, you should choose a cash advance company, like Financing Solutions (www.fundmypayroll.com). They have a fast and easy application process that takes only about 15 minutes.
Once approved, you can have the money in your account quickly, usually in less than 24 hours. Best of all they are accredited by the Better Business Bureau, so you know that this is same day business financing you can trust.
With Financing Solutions, there is no long term commitment. They offer a flexible schedule that allows you to repay the money in a few short weeks or months without penalties.
How to Quickly Improve Your Credit Profile
The ability to obtain a quick business loan relies on your credit profile. This could mean the difference between getting the funding you need to grow or going out of business because you can’t meet expenses. If your credit profile is less than perfect, there are steps you can take to improve it.
One thing you can do is to work with vendors that both offer credit and report to the business credit bureaus. It may also be possible to find a business credit coach to help you. Basically, you need to show that you are paying your bills on time.
You must also consistently monitor your credit report. It is vital to be aware of what’s on it, fix the issues that are lowering your score and quickly clear up any discrepancies. Nothing is worse than applying for a fast business loan and being blindsided by some old problems on your credit report.
Another way to improve your credit profile is to get quick business funding from Financing Solutions. Use them to get the money you need without damaging your credit.