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Fast Business Loans: What’s available?

Published on 15th November 2018 - Last update on 31st March 2020

Need money - and now? Every business needs access to capital but may not have it readily available. Although your first thought might be to explore what small business loans traditional financial institutions have to offer, this route could leave you potentially waiting weeks for a decision, time that you may not have the luxury of possessing. But if you need money in a hurry, you could apply for a Fast Business Loan instead. Fast Business Loans come in a variety of forms and are a great way of raising money for a wide range of purposes, sometimes in as little as 48 hours. So if your business is hard-pressed for cash but you need money sooner rather than later, here’s what applying for a Fast Business Loan can do for you.

Why might I need a Fast Business Loan?

Every now and then you may need access to external funding. Yet sometimes, the needs of your business might be such that you require those funds at short notice. This might be on account of uneven cash flow, working capital expenses, Corporate Tax demands, insufficient stock levels, projects that have gone over budget, an emergency situation or even to take advantage of a supplier or other business offer. Yet, no matter what your situation might be, applying for a Fast Business Loan could offer you an agreement in as little as 48 hours (depending on the complexity of the request), with the funds following soon after.

Does your business require access to additional capital? Need help sourcing a suitable finance solution? Apply for a Fast Business Loan or learn more about how your business could benefit.

How much can I borrow using a Fast Business Loan?

Plus, as well as giving you the means to support any aspect of your business, many of the products on offer don’t impose set borrowing limits. As such, there’s no limit to how much capital your business could raise. However, funding is dependent on how your chosen product operates. For example, you could apply for a Fast Business Loan that could raise the funding against your past income, unpaid business-to-business invoices, current inventory (small business inventory loans) or the equity held inside your business’ unencumbered assets (equipment, machinery as vehicles). So rather than get stressed out, all you need to do in order to safeguard your success is to source a Fast Business Loan agreement which fits with your current business goals and needs.

What types of Fast Business Loans are available?

Another reason why you may want to consider applying for a Fast Business Loan is due to the flexibility. By going down this path you could gain access to a range of business finance products, giving you the strength and confidence necessary to support your business at this time.

As such, you could benefit from applying for products such as Merchant Cash Advance, Overdraft Replacement, Invoice Factoring or Asset Refinance. However, in order to make an informed decision, it’s important to know how each of these products works to support your business, which is why speaking with a qualified business finance professional could prove invaluable to you.

How do I qualify for a Fast Business Loan?

Fast Business Loans are available to support a wide of financial situations so no matter whether you’re a start-up, small business or an established corporate entity, you could still qualify for a Fast Business Loan. And if you’re considering applying, there are 3 areas that you need to address:

  • Credit - Although your credit rating won’t always be used against you, lenders will usually request permission to review your commercial credit profile, all the same, allowing them to understand your current financial position. As such, they may incorporate into their check whether your business has any past or outstanding CCJs, Accelerated Payment Notices, arrears, unpaid debts (e.g. credit card debt), existing finance agreements and your history of resolving debt on time. However, although you could qualify for a Fast Business Loan even with bad credit, possessing an adverse credit rating will affect how much interest you’re charged (find out more about business loans for bad credit).
  • Security - Also, Fast Business Loans can be Secured or Unsecured agreements. If you choose a secured product, you’re required to present the lender with collateral as standard through the use of unencumbered assets (equipment, machinery, vehicles or capital). Though this may help you to negotiate a lower interest rate, it does involve putting assets at risk of repossession should your business default. On the other hand, unsecured agreements don’t require you to provide collateral but are subject to higher interest rates as a result.
  • Documentation - Finally, you also need to consider what document is required by the lender, which will vary according to your chosen type of loan. Though this should be outlined by the lender, as well as the required format, you may be asked to provide anything from proof of identity, past and recent bank statements, profit and loss statements, cash flow forecasts, sale reports, business-to-business (B2B) invoices, turnover reports, collateral documentation to tax returns. As such, in order to speed up the application process, review all the documents provided by lenders and prepare everything beforehand.

Do you need a Fast Business Loan?

Ensuring that your business has access to sufficient amounts of capital is no doubt one of your top priorities as a business owner. But if you lack the necessary capital to achieve your goals or maintain your bottom line, getting the support you need at short notice can be frustrating. However, you could acquire additional funds by applying for a Fast Business Loan. Depending on the complexity of the request, you could be approved in as little as 48 hours. All you need to do is source an agreement suitable for your business, which is where can help.

At Rangewell, we’re an Access to Finance specialist who’s mapped over 400 lenders to offer you an overview of more than 23,000 business finance products, including Small Business Loans and Fast Funding. Our services are free to use and we’ll also guide you through the application process. So if your business needs capital at short notice, apply for a Quick Business Loan today or find out more with Rangewell.

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David Harrison

David Harrison

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