Need a Small Business Loan Now?
For the quickest loan types consider short term, equipment financing, or merchant cash advances as these have the highest approval percentage in the shortest duration. When it really comes to fast funding though, focus on your credit score, business’s annual revenue and history of your business as these greatly increase your chances on getting a timely loan.
Beat the Banks (Here’s How!)
The problem still exists that banks look out only for themselves. When you need them most, they hesitate to offer you a loan. There’s a simple solution, and fast: comparison shop to qualify for a concierge lender in minutes. Never heard of concierge lenders? No surprise. Just after the recession, concierge services popped up to combat the banks’ unwillingness by using analytics tech to assess creditworthiness and service loans unconventionally — but most importantly they approve loans often in as little as 48 hours!
Don’t waste time contacting each bank or scouring the web, make the banks compete, and comparison shop for your business’s loan:
Make Sure the Juice is Worth the Squeeze
You don’t want to waste time getting considered for an impractical amount. Calculate your monthly payment before you apply for a small business loan to help you determine how much to request. Getting into a loan that you can’t afford to pay off can cause a lot of damage to your small business. But, missing that opportunity can also be a deal-breaker for your competitive business. Having an exact number will give you stronger leverage and allow you a better chance of fast negotiation with a lending company or funding partner.