America’s Top Small Business Funding Partner
GET STARTED
How Can I Get a Business Loan? Tips, Requirements, and Options
You can get funding from alternative business lenders that have less stringent qualifying criteria.
As a business owner, you may need to seek out a loan for various reasons – whether it’s to expand your inventory, buy equipment or take on new personnel. But how do you know where to turn when you need financing? Getting a business loan can be tricky – it can be difficult to know where to start or what criteria lenders are looking for. Here’s everything you need to know about business loans and how to get one.
These days it can be difficult to obtain a small business loan from a major bank due to their rigid guidelines, business credit score factors, annual revenue analysis, and high capital reserve requirements.
Many small businesses owners find that it is often necessary to seek business loans from online lenders that can provide financing options much faster & much easier. Thankfully, the qualifying standards with regard to personal credit score, business credit score & assets are less stringent. After all, companies still need capital to cover payroll, inventory, maintenance, repairs, and other expenses -> even if the banks refuse to help charge up your cash flow regardless of what may be a solid business plan.
Business owners often ask: “How can I get a business loan quickly”? The banks & credit unions will take 2-3 months to go through the loan application process to get a business loan. That’s if you can even get approved. Their eligibility requirements include a formal business plan, business assets, a strong balance sheet, high personal credit scores & tax returns showing annual revenue.
So who can I contact to get a business loan that can fund right away? Will I qualify for a small business loan with an online lender? What kind of loan programs do online lenders offer? How much cash can I get? With Fast Business Funds it’s very easy to qualify. In most cases we provide same day approval & same or next day funding. We also have all of the most popular loan products that businesses need.
If you’re a small business owner, you know that funding is essential to keeping your business afloat. But where do you turn when you’re struggling to make ends meet? There are a few different options for small business loans, each with its own set of requirements.
Expand Your Business
Marketing
Company Outreach
Grow Your Brand
The More You Know…
Understanding your funding options is half the challenge
One option for business owners’ is to go through a bank or local credit union. These lenders typically have more rigid requirements than online lenders, and they’re usually not willing to work with businesses that are in financial “hot water”. However, alternative small business lenders only require that you have good cash flow and are in decent shape with regard to your credit score. Meaning no big issues like an open bankruptcy or major collection outstanding.
A good option is to take out a short-term loan from an online lender. These loans are typically easier to qualify for than traditional bank loans, and they can give you the quick infusion of cash you need to keep your business running.
There are a variety of loan options with an established lender like Fast Business Funds. Even if your credit is less than perfect we have term loans, credit lines, equipment financing & easy merchant cash advance loans.
No matter which option you choose, getting funding for your small business couldn’t be easier. With a quick comparison of loan products and a review of your cash flow + business profile, you should be able to find the right loan for your needs regardless of your current personal credit score.
If you’re looking for the easiest place to get a business loan, alternative business lenders are generally the way to go because of the easy process & simple application. There are a few different types of loans, but they all have one thing in common: they’re relatively easy to get approved for. That’s because alternative business loans are typically smaller in size and have a shorter repayment period than long term loans from traditional banks. As a result, lenders are willing to take on a bit more risk when it comes to approving these short term loans. They’re usually between 3 -36 months in length. They won’t just look at your personal credit score & decision the file based on that alone. They’ll consider your time in business, annual revenue, deposits & monthly cash flow as well as credit score. In other words, even if you have bad credit, you still have a great chance at getting approved for unsecured business loans through an online lender like FBF.
Of course, no business loan is guaranteed. But if you have strong cash flow and a personal guarantee, you’ll increase your chances of getting approved for a loan. And if you’re approved, you can use the loan to finance your dream business. Just remember that short term loans typically have a maximum loan amount equal to one month gross revenue, so you’ll need to find another source of financing if you need more money. Fast Business Funds can help you in any scenario. Maybe you need an equipment loan & working capital. Perhaps a merchant cash advance along with a credit line will work best. It just depends on your business plan. You’ll want to speak with one of our Loan Specialists to help sort out the best plan of action.
How to Apply for Business Funding
Here Are The Steps To Take to Fund Your Business
Call Fast Business Funds – Our Loan Specialists are knowledgeable & easy to work with. There are so many loan options that it’s faster to speak with a Loan Specialist than it is to try to figure out the eligibility requirements on your own.
Fill Out & Return the Application – A Loan Specialist will send you our simple short form application. It takes about 5 minutes to fill out.
Review Your Offer – The loan offers are very transparent. It will show your loan amount, term, and the amount you will pay back.
Finalize Your Loan Terms – The Loan Specialist will help you choose the best loan type, rate, term & payment.
Funding – Once you have finalized the best loan for your business, the fundsare wired directly into your business account.
Small Business Loans Frequently Asked Questions
Term Loans & Merchant Cash Advance FAQ
Q: Do I need excellent personal credit scores to get approved?
A: No. For small business term loans. credit scores are only a minor factor. These loans are based primarily on your business cash flow shown on your business bank statements. We can get most small business owners approved even if their personal credit scores are in the 500’s as long as they have consistent revenue. Having a good credit score does unlock additional loan options & features that aren’t available if you have bad credit.
Q: How long does it take to get approved?
A: In most cases we can get you approved within a couple of hours & funded the same or next day. These loans don’t take 45 days like an SBA loan. Term loans are the fastest way to get small business financing.
Q: Is there a Pre-Payment Penalty if I pay my business loan off early?
A: No. It’s quite the opposite in fact. Most short term small business loans come with a DISCOUNT if you pay it off early.
Q: How long are the terms for this type of business loan?
A: The repayment terms can be anywhere from 3 -36 months. It just depends on what you qualify for & how long you want the business loan. Our Specialists will help small business owners pick the best term to meet their goals.
Q: Are there any fee’s to apply for a business loan?
A: No. Just fill out our short business loan application & we’ll get right to work on your loan approval. There are NO upfront fees or obligations to find out what you qualify for.
Q: Do I need to have established business credit scores?
A: No. This type of business financing does NOT require business credit. If your company has established good credit under the business name, it can help with the loan approval, but it isn’t a necessity.
Q: Will there be a lien placed on my business, home or personal assets?
A: No. Unlike banks & credit unions, they do not put a lien on your business or home. All of our term loans, credit lines & merchant cash advances are unsecured business loans. You will only need a personal guarantee, which just means you can’t take the money & then not make your loan payments.
Business Line of Credit FAQ
Q: What credit score do I need to qualify for a business credit line?
A: We have two different levels of credit lines available. For the top tier business credit lines you will need at least a 650 credit score. If you have bad credit, we can still get you approved for credit lines down to about a 550 credit score. Credit history factors into the approval more so than with term loans or merchant cash advance. Speak with a Loan Specialist for details.
Q: How long does it take to get approved for a business credit line?
A: We can usually get it approved & funded the same day depending on the demand. Sometimes it may take up to 72 hours.
Q: What is required to get approved for a Business Line of Credit?
A: We only require our simple small business loan application & recent business checking account statements. Our credit lines are much easier to qualify for than credit lines with major financial institutions.
Q: Do I have to put up collateral to get a line of credit?
A: No. As with our term loans & merchant cash advances, these are unsecured loans.
Q: Can I pay down the credit line & reuse it?
A: Of course. That’s the entire purpose of a credit line. It works similar to a business credit card, except with more favorable terms & much lower rates in most cases. It’s also easier to get approved for our credit lines, than traditional business loans or lines of credit from your bank or credit union.
Equipment Financing FAQ
Q: What credit score does a business owner need to qualify for an equipment loan?
A: We have two different levels of equipment financing options. The top tier requires a minimum credit score of 650 & they like to see at least some amount of business credit history for your company. The second tier can get almost anyone approved for an equipment loan even if your personal credit scores are in the 500’s. We have very high equipment loan approval rates.
Q: How long does it take to get equipment financed?
A: We usually have the approval within a few hours of submitting your loan application. The length of time to fund depends on if you are buying the equipment from a dealer or a private seller. Either way it’s pretty quick. Plan on 24/48 hours from a dealer & a couple of extra days for a private seller.
Q: What kind of business equipment can you finance?
A: Pretty much any type of equipment. We have loan products for heavy construction equipment, office equipment, restaurant equipment etc… Speak with one of our Loan Specialists for complete details.
Q: What kind of business equipment can you finance?
A: Pretty much any type of equipment. We have loan products for heavy construction equipment, office equipment, restaurant equipment etc… Speak with one of our Loan Specialists for complete details.
Q: Does equipment financing require a deposit?
A: Yes. You will need somewhere between 10% – 20% of the purchase price. The equipment itself is the collateral.
Even More Small Business Loan Programs
We Have Additional Loan Products Available to Our Clients
As a trusted small business lender, we have access to these favorable loan options that offer competitive interest rates and longer repayment terms. Plus, with the backing of the government, lenders feel more confident in offering these loans to small businesses. These loans are only available through an sba approved lender.
*** Keep in mind that both sba loan programs require at least a 650 – 675 minimum credit score, depending on which program you are applying for. They typically take about 45 days to close if you can get approved.
Specialized loan products
We have several other loan options available for companies that have more specialized funding needs. If you are looking for commercial real estate funding, loans for residential real estate investors, invoice factoring or a cash advance tied to your credit card sales we have those products available as well. For more information on these programs contact one of our Loan Specialists.
Apply Now and Grow Your Business. Fast!
Here Are The Steps to Take to Fund Your Business
You’ve Found the Right Lender
Not all lenders are created equal. You’ve most likely shopped around looking for one that is willing to take a chance on your business. You may have checked with local banks and credit unions first. They may be less likely to work with you since they have no vested interest in seeing your business succeed. If you didn’t have any luck there, try working with Fast Business Funds. We have many loan options available as outlined above. We recommend speaking with one of our Loan Specialists for help with choosing the best loan product, with the most favorable terms for your business.
Be Prepared
When you go to apply for a loan, you will need to present the lender with a variety of information about your business. Luckily, with Fast Business Funds that list is pretty short. You will only need to include three months business checking account statements with your short form application to get started. You will need to provide some basic information about your business on the application, but there’s no lengthy business plan or personal assets statements required, so it’s really simple. Getting prepared for underwriting doesn’t get much easier. Gathering the short list of documents is all we need to get started, and most businesses have a great chance of getting an approval.
Get Funded
Speaking with a Loan Specialist is the first step in getting the money you need to grow your business. They can help you understand what type of loan is best for you, and walk you through the application process. Once you have your short list of required documents, completing the quick application is easy. And before you know it, you’ll be on your way to financing the growth of your company. Contact us today to get started!