These days it can be difficult to obtain a small business loan from a major bank due to their rigid guidelines & high capital reserve requirements. Many Small Businesses find that it is often necessary to seek working capital from other sources that can provide funding much faster & with much easier qualifying standards. After all, companies still need capital to cover payroll, inventory, maintenance, repairs, and other expenses.

Business owners often ask: "How do I get a Fast Business Loan"? The bank says it will take 2-3 months for funds - if I can even get approved. So who can I contact for working capital that I can use right away? Will I qualify for a small business loan with a private lender? What kind of loans do they offer?  Here's how to get a fast business loan that's easy to qualify for & funds in 1- 3 days:

1. Decide how much money you need to borrow. If you have a specific goal for your business you are going to want to make sure you can borrow enough money to achieve that objective.

2. Find out what types of business loans are available to you. Choosing the right loan product is half the battle. There are a variety of small business loans to choose from these days. The most popular are term loans, lines of credit, equipment loans, cash advances & real estate secured loans. For businesses that aren't established yet, you'll need startup funding, it's a slightly different process but we make it easy. Click the link or use the tab in the main menu.

3. Choose the best lender for your company. There are a number of small business lenders out there, but they aren't all created equally. Some put a lien on your business, some only have one product, and some have very high interest rates - While others provide FAST unsecured working capital, with several loan options & great rates.

4. Get qualified for your loan. Each individual business owner has a different situation, so it can be hard to figure out on your own what you qualify for. It's best to speak with a professional Loan Specialist to guide you through the first 4 steps.

5. Apply for your loan. Once you've decided on your loan amount, the type of loan & the best lender, you’re ready to send in your application & a short list of documents to get approved. A Fast Business Funds Loan Specialist can help you to complete these steps with a 5 minute phone call.

Things to Know...

If you could just obtain more funding, you’re certain that your small business can take off & go to the next level. The assets that you might use for collateral are all tied up – leaving you with no available options at your bank. The good news is that it is still possible for you to get unsecured working capital. Here are some things you need to know about unsecured business loans and why they will work for you.

An unsecured business loan is easy to qualify for and lenders are becoming more competitive all of the time. More and more lenders are making funds available for small businesses. So, not only are the funds getting easier to acquire, but the rates, features, terms & product lines are becoming more amicable. Right now, it is possible to get anywhere from $5,000 – up to $3,000,000 or more in unsecured working capital. Obviously, your business needs to be doing business at a level that is conducive to paying back those larger loan amounts. If you own a pizza shop doing about $30k per month – you don’t have the cash flow to make payments on a 6 or 7 figure loan, but can easily obtain at least $30k or more without a lien on your business or personal property.

Another cool feature is that the interest & costs associated with your loan are 100% tax deductible as a business expense at the end of the year. It's not like capitalized interest or depreciation. So you can Borrow the money - put it to work - then write off 100% of the costs at the end of the year.  That means unsecured working capital for you to grow your company & good news for your bottom line.

Besides not needing any collateral, another thing that makes these loans so attractive is the reduced paperwork. Generally, you will not need more than the application & 3-6 months of business bank statements to get approved. Some will require tax returns and a P&L if you are borrowing $100k or more. The easy documentation allows you to get a Fast Small Business Loan with no hassle whatsoever.

The restrictions are also limited. With Fast Business Funds you are free to use the money as you see fit for your business, without some “bank” telling you what you can or cannot do with the money. 

The payment terms on an unsecured business loan are flexible. You can get anywhere from 4 up to 36 months to pay back the loan. The lender will limit you on this, though, depending on your cash flow situation & some other factors. 

Getting an unsecured business loan also makes sense when you want to start a new business. Business start-ups can be costly because you need to buy all your equipment and materials, rent the office space, printing expenses and promotions, and hire the personnel you need just to get started. A business Startup loan can be obtained within a week or less.  Just complete the online application and a Startup Loan Specialist will help you get the funding for your new business. The process is simple & you only need about a 650 credit score to get approved. They even have 0% credit lines, so you can pay it back before the interest kicks in.

Although no collateral is needed for an unsecured business loan, there will be a basis as to how much you can borrow. The primary focus to determine this amount will be your monthly cash flow and your ability to pay the money back. These things will also determine the term & type of loan that you can qualify for.

As with any financing, you should make sure you are getting the best product for your business. Do not make the assumption that just because the first lender you found at the top of your internet search is willing to extend you the money - that it is the best loan type or interest rate out there. In fact, more often than not, you can get a way better loan than those Big Name brands that buy their way to the top of the search engine results offer you.

One last tip – Be careful when it comes to filling out an online application with many of those companies listed at top of the page in the search engine results. Many of them are NOT lenders – they are “lead farms” that sell your information. If you fill one of those out you may be inundated with “joker brokers” pounding your phone. Make sure you are dealing with an actual lender. The easy way to check that,  is to call them directly – if the phone number is not readily available on the website – chances are it’s a lead aggregator & you’re about to get hassled with dozens of sales calls. It can also cause issues if they submit your loan multiple times. What happens is the funding houses see the loan package submitted by multiple brokers & become very concerned that a borrower is trying to get multiple loans approved simultaneously. That can get your file “red flagged” by the underwriters in their backend systems & denied across the board with ALL the funding houses (they all have access to that system). That’s the FIRST thing they check when they receive a loan package.

Fast Business Funds has the lowest base rates, most complete product selection & fastest funding in the business. If you need a fast small business loan, we'll get you approved & funded right away. Call us today to speak with a professional Loan Specialist.

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