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How to apply for a Quick Business Loan

Published on 6th June 2018 - Last update on 27th November 2018

Need access to cash sooner rather than later? You may want to consider applying for Quick Business Finance. Whether you’re looking to fund an APN, pay staff wages or repair broken equipment, applying for Quick Business Finance could offer you an appropriate solution. So, although raising funds for your business in a hurry could seem like a daunting endeavour, there are, in fact, a number of business finance products that could help. Therefore, if you’ve got an unexpected expense that you want to resolve at short notice, here’s what you need to apply for a Quick Business Loan.

  • Security
  • Documents
  • Credit Checks

Will I need to offer collateral?

Even if your business doesn’t own any assets, your business could qualify for a Quick Business Loan. This is because Quick Business Finance covers a wide range of finance solutions that can be classed as either Secured or Unsecured. If you are willing to provide collateral, you can usually do so using assets such as equipment, machinery, vehicles, property or monthly receivables. However, this will mean putting your assets at risk should your business fall behind in the repayment scheme, but could earn you a more favourable interest rate. But, if you’d not put your assets on the line, you could instead use an Unsecured solution, or offer a Personal Guarantee.

Have a business project that’s gone over budget? Or do you need help coping with an unexpected emergency? Apply for a Quick Business Loan or learn more about how your business could benefit.

What documents will I need to submit?

When applying for a Quick Business Loan, as well as providing proof of your identity, you may also need to provide recent and past bank statements, profit and loss statements, sales reports, inventory reports, invoices, collateral documentation and the Standard Industrial Classification (SIC) for your sector. Providing these documents is essential as they allow lenders to gain a more in-depth understanding of your business and calculate how much money to lend. Therefore, in order to speed up the application process and gain the funds that you require sooner rather than later, assess what documents are required for each product.

How much attention will lender pay towards my credit score?

Although lenders may ask to review your business credit profile, your credit score won’t always be used against you when forming a decision. This is because lenders may prefer to look at other factors when dealing with certain products, such as past income, business assets or any outstanding invoices. Nevertheless, lenders may ask for permission to review your credit profile since this will allow them to determine your business’ performance and interest rate. So when conducting their credit checks, they’ll incorporate factors ranging from unresolved CCJs, outstanding financial obligations and arrears to whether you have a reliable history of paying off debt. As such, the stronger your credit score the less interest you’ll be charged, and vice versa.

But if there are any issues that you feel lenders need to know about, be upfront. Doing so will encourage lenders to look more favourably upon your application and increase your chances of getting an acceptance.

Is your business in need of a Quick Business Loan?

Acquiring the funds you need to support and maintain your business can be tricky, but if you can’t afford to be kept waiting for weeks or even months, you could apply for a Quick Business Loan. Quick Business Finance covers a diverse range of business finance products, for all manner of financial situations. But how can you source an appropriate solution for your business? Fortunately, we’ve already got that covered. Whether you’re looking to pay off an unexpected expense, replace ageing equipment or support uneven cashflow, apply for a Quick Business Loan or find out more with Rangewell.

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David Harrison

David Harrison

Content writer
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