Business loans are typically taken after much planning and consideration. Oftentimes, a business loan has a long-term and deep-founded impact on a business’ future. Sometimes however, a need is so immediate that strategizing and implement a planned strategy related to the decision of a business loan is simply out of the questions. Funds might be an urgent need and any funding may be useful only if it materializes within a day or two. Here, we share the 2 ways in which most businesses today, find options providing next day funding.
These ways are both practical and legitimate. An assumption that we have had to make however, is that your business is eligible for one or both of these options.
1. A Revolving/Pre-Approved Credit Option – Business Line of Credit
Having a business line of credit can provide many advantages. Similar to a credit card, a business line of credit is like a credit line from which the business can use any amount for any period of time (with capping limits) and get charged interest for only the funds that are used. An annual fee typically applies in addition to that. This flexible arrangement requires for there to be a pre-approved limit assigned to the business in the first place. If that is already available, then such a credit option can loan the money to the borrowing business instantly or in a few hours, depending upon the terms of the arrangement.
Do note that if your business doesn’t already have an approved line of credit, then getting one approved might take days or even weeks. Hence, for a business that doesn’t already enjoy a business line of credit, this option would not be of use when the need of funds is immediate. It is also important to note that having a healthy credit history and score is likely to be required for such a loan to be approved.
2. An Alternative Online Business Loan from a Reliable Lender
We at Business Advance Lenders are an alternative online business lender. With years of experience as business lenders, we provide business loans which can be applied online. We offer quick approvals and a high rate of approval of loans makes us one of the most reliable lenders of alternative business loans.
Being a non-bank lender, we can approve loans of up to $500,000 within a single business day. If all eligibility terms are met and your loan is approved, we can also credit the funds with no further delays. Our quick online loans can help your business get the funds easily even if you’re a first-time user of our service. Bad credit score holders are also welcome to apply for the business loan we provide.
Prerequisites for Your Business Loan Approval
The eligibility terms for a business loan from us at Business Advance Lenders are quite simple to meet. Your business shall be eligible for our loan if:
- You’ve been in business for 6 months or more
- Your business generates a monthly revenue of $5,000 or more
- Your business has a steady monthly cash flow
- Your business has not had a recent bankruptcy and does not have an open bankruptcy.
Preparations that can Help You Get Your Business Loan Quickly
At Business Advance Lenders, it gives us pride to be able to serve you quickly. However, it is essential to ensure a fair margin of safety while approving a loan and for this, we need to make certain basic assessments and verifications to understand your business’ eligibility and repayment ability for the loan that you seek to apply for.
Keeping the following information and/or documents ready, can help you apply for the loan smoothly and quickly, hence making the entire loan process swifter:
- Know the purpose of the loan you wish to apply for
- Determine how much money you need to borrow
- Know the age of your business and keep handy, a valid proof of the establishment
- We shall need your Business Federal Tax ID / EINY
- The bank statement (recent 3 months)
- Business credit card transaction processing statement (recent 3 months, only if applicable)
- Lease agreement of the site