How to Qualify for Fast Business Loans in 5 Simple Steps

No matter how well you are managing your cash flow, there always come times when you may need quick access to capital to manage short-term financial needs – or to take advantage of immediate business opportunities. From inventory purchases and emergency repairs to handling cash flow shortages during slow business cycles, fast business loans can be a great way to manage operating expenses and avoid cash flow disruptions. But what are the steps that you will need to take if you want to qualify for fast business loans? As a leader in private credit, National Business Capital has prepared this comprehensive guide to answer all of your questions related to fast business loans.

What Are Fast Business Loans?

Before we discuss the eligibility criteria for fast business loans, it is important to understand the characteristics of this type of financing. So, what exactly are fast business loans, and how do they work? Fast business loans refer to a range of financing options designed to provide quick access to capital for companies that need immediate funding. They are ideal for addressing urgent business needs like emergency repairs, cash flow shortages, and vendor payments, among others. Depending on the lender, you can get approved and receive your funds in less than 24 hours.

What Are the Different Types of Fast Business Loans?

In order to qualify for fast business loans, you will also need to understand the different types of fast loans available. This is important because eligibility criteria and requirements may vary depending on the type and size of the loan. The most common types of fast business loans include:

TYPE OF FINANCING	DESCRIPTION
Small Business Loans	Time to fund: 24 hours Terms: 6 months to 10 years Small business loans are among the most sought-after types of fast business loans, as they can be used for practically any business purpose. With a small business loan, you will get a lump sum payment to invest in your business without an exchange of equity. You can choose between secured or unsecured small business loans – secured options require collateral, while unsecured ones don’t.
Business Line Of Credit	Time to fund: 24 to 48 hours Terms: Revolving If you are looking to qualify for fast business loans, you can also opt for a business line of credit. This type of financing offers flexible access to a predetermined amount of money, and you can draw from the line as needed, only paying interest on the amount used. Lines of credit are great if you need quick access to capital without having to go through an application process each time you need it. You can use the financing as an emergency fund.
Equipment Financing	Time to fund: 24 to 48 hours Terms: 1 to 5 years Equipment financing is another option if you are looking to qualify for fast business loans – it allows you to purchase, lease, or upgrade new or used equipment without a large upfront investment coming straight from your pocket. Repayment terms for equipment financing typically range from one to five years, aligning with the expected lifespan of the equipment. Payments can be monthly, quarterly, or annually, with interest rates influenced by your creditworthiness and economic conditions.
Hybridge SBA loan	Time to fund: 24 to 48 hours Terms: Up to 25 years (combining both phases) Hybridge SBA loans are the fastest and probably the easiest SBA loan product on the market, offered exclusively by National Business Capital. They combine a quick, short-term loan to meet immediate funding needs with a subsequent SBA loan that offers longer repayment terms and lower interest rates once approved. You can get cash in advance of your SBA loan in as little as 24 hours, and get your expedited SBA funds as soon as 45 days – that’s 4x faster than banks! During the short-term phase, the loan typically needs to be repaid within a few months to a year. During the long-term phase, terms vary between 5 and 25 years.
Revenue-Based Financing	Time to fund: 24 to 48 hours Terms: 3 to 5 years When it comes to qualifying for fast business loans, another type that you can opt for is revenue-based financing, in which you agree to repay the borrowed amount by giving the lender a fixed percentage of your monthly revenues. The duration of the repayment period isn’t fixed and depends on your revenue performance. Typically, companies aim to complete their repayment within 3 to 5 years, but this can vary.

 

How To Qualify For Fast Business Loans in 5 Steps

So, how do you qualify for fast business loans? Continue reading as we take you through the steps you will need to take:

1. Assess your needs

The first step you will need to take if you want to qualify for fast business loans is to assess your needs. As we just mentioned, there are different types of fast business loans that you can apply for, each with its own unique characteristics and repayment terms. In order to evaluate your needs thoroughly, you should be asking yourself some of these questions:

• What is my purpose with this loan?
• How much money do I really need?
• How quickly do I need the funds?
• What is the current financial health of my business?
• What are my repayment options?

If you don’t know how to choose the best type of fast loan for your business, you can also speak with one of our Business Finance Advisors – they can help you make the right choice.

2. Check your credit score

The next step you’ll need to take if you want to qualify for fast business loans is to check your credit score – you can obtain your business credit report through one of the major credit card bureaus such as Dun & Bradstreet, Equifax Business, and Experian Business. Lenders may set minimum scores, but in most cases, you will need to show a minimum personal score of 680 or higher and a minimum business credit score of 75 on a scale from 1 to 100.

3. Prepare your financial, legal, and business documentation

If you want to qualify for fast business loans, you will also have to be prepared to show financial, legal, and business documentation throughout the application process. The exact documents will typically vary by the type of loan and the lender, but some of the most common requirements include:

Financial Documentation	Recent business bank statements (last 3 to 6 months) Business tax returns (last 2 to 3 years) Personal tax returns (for sole proprietorships) Balance sheets Profit and loss statements (P&L)
Legal Documentation	Business licenses and permits Articles of incorporation Proof of business registration Partnership and/or franchise agreements Commercial leases
Business Documentation	A strong and detailed business plan Personal information of the owner/s Insurance information Employee information Proof of collateral Market analysis

Before you begin the application process for fast business loans, make sure to check with your lender on the exact documentation that you may need – keep in mind that you may not need to provide all of the above-mentioned information. However, it is better to be prepared than to slow down the process because you lack important documents!

4. Research lenders & compare loan offers

Undoubtedly, one of the most important steps you’ll need to take if you want to qualify for fast business loans is to research lenders and compare loan offers. One way to do that is to take the manual route, doing your due diligence and contrasting lenders and offers one by one. However, this can be a daunting and time-consuming process and can be counterproductive to your final goal: access to quick capital. For this reason, it is best to apply with a marketplace that is able to get you multiple offers simultaneously. With National Business Capital, you can cap into an exclusive and extensive network of over 75 lenders, securing the most competitive options that you can qualify for:

• Exclusive relationships – our application process allows you to get offers from lenders you can’t find anywhere else, helping you choose the right option.
• Funding in hours – NBC is great if you want to qualify for fast business loans; you can get your finds in hours once your application has been accepted.
• Business advisors – we understand that each business has a unique situation and faces different challenges – our business advisors will help you maximize your ROI.
• Borrow up to $10 million – with National, you can combine different lending options to maximize the money you can borrow.

5. Apply for fast business loans

If you want to qualify for fast business loans, the next – and the most important step – is to actually apply! If you are applying through National Business Capital, all you need to do is click here and begin our fast, easy, and streamlined process. It only takes a few simple steps to get access to the fast funding you need, and begin taking your business to the next level.

Qualify For Fast Business Loans with NBC

If you are looking to leverage the benefits of fast business loans, look no further than National Business Capital. With a single application, you can get access to dozens of exclusive offers from +75 lenders so you can make the best decision for your business. With $2+ billion financed since 2007, multiple awards, and an experienced team of Business Finance Advisors, we have everything you need to find the best financing options for your project. Are you ready to get started? Apply here.

Frequently Asked Questions

Is an ACH Loan Right for You?

That depends – Do you have an immediate opportunity or challenge, less than favorable credit score, and need funding quickly?

If yes, then the ACH loan is something to consider as you explore your options. For more information about the alternative financing options your business qualifies for, complete our digital application to start the process with our Business Finance Advisors.

What Are the Benefits of Getting an ACH Loan?

There are many benefits to the ACH loan, but two of the most prominent are the lack of formal credit score requirements and the funding speed. You also don’t need to offer collateral for an ACH loan, which makes it that much more attractive to growing entrepreneurs.

How Much Does an ACH Loan Cost?

The cost of your capital will depend on the factor rate, which is influenced by the lender you’re working with, the financial background of your business, and the economic conditions surrounding the transaction, among many others. Those who can exceed minimum qualifications are most likely to receive lower factor rates.

Can I Use an ACH Loan for Any Purpose?

Yes and no, as this will depend on the lender you’re working with. Some lenders are more restrictive than others, so it’s best to apply with multiple lenders to ensure you’re able to find an offer that allows you to grow without restraint.