Understand how to get a business loan

"How can I get a business loan?" This is a question that has been plaguing many small business owners in the United States. With strict lending criteria involving excellent credit requirement, detailed business plan, heavy paperwork, lengthy approval process and verification, it is often difficult to qualify for a small business loan from local banks, credit unions and other traditional lending sources. But getting funding is essential at times for a small business to sustain or grow to next level. Critical business investments such as inventory, equipment purchase, payroll, daily cash flow, expansion, etc. call for external business financing. Therefore, it is indispensable for business owners to understand how a business loan works, how to apply for, what are the qualifications for a small business loan and the respective loan terms.

If you are unable to secure small business funding from traditional lenders, then do not worry. Business Advance Lenders, the trusted online lender, can help you get the needed funds because we understand that business opportunities would not wait for long. Know how to get a business loan in quick steps:

  • Ask why you need to borrow money
  • Find the loan based on your industry or specific need
  • Find the best and reliable online lender
  • Check the small business loan requirements
  • Get ready with the required documents and apply

How business loans work online: A typical example

Small business loans online work differently from SBA loans and other government loans. However, the funding process with many of the small business lenders online usually involve three phases- application, approval and funding.

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Applying Online:
The first step to get a small business loan is to access no obligation loan application online. You can apply through your laptop, tablet or mobile device anytime from the privacy of your home or while on the go. Just fill out the basic personal and business information accurately and submit it online within minutes.

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Getting Approval:
Online small business loan requirements are just few and relaxed. The approval is based on the performance and gross monthly revenue of your small business more than your credit score. Accordingly, business loan approval rate online is high. There is no collateral and no hard credit check; therefore, the loan decision is quick.

small-business-funding

Getting Funds:
Obtaining money via online lending companies is seamless and there is never any need to write a check. Once approved, you can receive small business capital of upto $500,000 directly deposited into the agreed upon bank account within 24 hours mostly. If not, you can have funds the next business day.

Learning how to get a business loan is not enough; know the online repayment process.

The loan process does not simply end with getting funding for business. It is followed by the responsible repayment of the loan. Therefore, understanding of how do you pay back the small business loan matters. Unlike repayment of business loans from banks, business loan repayment schedule online is free from standing in lines and writing checks manually. The money is wired electronically and the payments are debited or withdrawn automatically from the business owner's bank account. The loan term varies with each lender. In contrast to the traditional long term business loans, online business lenders like us offer short- term loans. A typical small business loan term is 4-12 months.

What are the common business loan requirements while applying online?


SBA loan requirements and online small business loan requirements are not the same. However, rest assured that a bad credit would not decrease your chances of getting approved for a business financing online through us. The common criteria for how to qualify for a business loan include:

  • Age of your small business should be minimum 6 months
  • Minimum gross monthly revenue of $5000
  • There should not be any open bankruptcies
  • Good credit score would be a plus point but not mandatory
  • Business Federal Tax ID / EIN
  • Business owner’s SSN
  • Lease agreement / Landowner’s contact information
  • Bank statements and business credit card transaction processing statements (past 3 months)

If you happen to meet the above small business loan requirements, you can be definite of qualifying for business funding online or getting approved easily.

Grow your small business with confidence knowing the ease of applying online

“How do you get a business loan”- is no more a worry! So you can get started with choosing the best financing option that fits your business needs and qualify for small business loan online with confidence. Apply today for a business loan and get upto $500,000 the next business day.